Thursday, Jul 09, 11:10 GMT
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Forex Blogs
Forex Trading Today: Long−Term Views Prevail In The Current Climate by Tim Salem
With The Massive Risk−Averse Volatility and Strength of The Yen and The Dollar, IntraDay Perspectives surely felt some Heat moving through the most recent Trading Sessions.
The advisor Blog: Starting the day by Valeria Bednarik
Sponsored by 
Live Sessions Schedule
Live Look at Today's Markets
Expert: Derek Frey
Start: Thu, Jul 9, 17:00 GMT
Sponsored by: 
Type of Session: Webinar
Trading Day's Live Wrap Up
Expert: Valeria Bednarik
Start: Thu, Jul 9, 22:30 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Thu, Jul 9, 15:00 GMT | Advanced Methods for Finding Dominant Trends in Forex Markets  | Mark Whistler | WBN |  |
| Thu, Jul 9, 17:00 GMT | Live Look at Today's Markets | Derek Frey | WBN | |
| Thu, Jul 9, 22:30 GMT | Trading Day's Live Wrap Up | Valeria Bednarik | WBN | |
| Fri, Jul 10, 09:00 GMT | Trading the Harmonic patterns | Sunil Mangwani | WBN |  |
Current Session: Europe − U.S.
Swiss e Trade AG − Caught within tight range trading, the USD has not yet made a decisive move. No wonder, with the world central banks all pursuing their own rescue plans, targeting monetary policy to near zero interest rate, and trying "quantitative easing," i.e. money printing by buying up long−term bonds. Whatever the fundamental data will bring, the chart technicals are enough to target the support / resistance zones and the overbought and oversold level for now. EUR/USD is on a recovery path in this European morning, currently trading at 1.3960, near a resistance zone. We expect this resistance zone to be broken later today, after a setback to 1.3920, soon to set in. Later we see the up move to a maximum at 1.4020.
Oil
Daily Oil Prices − OPEC suggests global demand for crude oil will take at least five years to recover by Master The Markets
OPEC confirmed that the average consumption of its oil reached a peak of 31m barrels a day in 2008, before the crisis, but that it could be as late as 2013 before they see this level once again.
AUD/USD
Aussie could fall to 0.7400 in the next three weeks against Dollar: Commerzbank by FXstreet.com
After finding support at 0.7725 yesterday American session, Aussie has begun to recover against the Dollar during the Asian and European session to reach levels above 0.7850.
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, i-knowindices.com, Mizuho Corporate Bank, MolFX - Management
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
EUR USD, Hourly
GBP USD, Hourly
Top Market Movers Preview
US WHOLESALE INVENTORIES
| Date (GMT) | Event | Cons. | Previous | |
| Jul 9 | 14:00 | Wholesale Inventories | -1.0% | -1.4% |
US economic indicators - We forecast that wholesale inventories will have decreased by about 1.0% mom in May by BHF−Bank
Wholesale inventories went down by almost 5% in the last three months, and the depletion of inventories accounted for 40% of the GDP decline in the first quarter. The inventory correction will have continued in Q2, but possibly at a slower pace, so that inventories could have contributed positively to GDP in the 2nd quarter. We forecast that wholesale inventories will have decreased by about 1.0% mom in May.
[ Full Story ]Top Market Movers Review
UK BOE INTEREST RATE DECISION
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jul 9 | 11:00 | BoE Interest Rate Decision | 0.5% | 0.5% | - |
BoE leaves unchanged its interest rate; GBP/USD climbs (FXstreet.com)
GBP/USD has broken the 1.6210 resistance to trade above 1.6250 after the BoE interest rate decision.
[ Full Story ]- Read the Official Statement at the BoE
- BOE Verbatim Statement On July Interest Rate Decision (Dow Jones)
- BoE leaves its interest rate on hold at 0.5% (FXstreet.com)
- Forex: GBP/USD trades close to 1.6200 ahead BoE interest rate decision (FXstreet.com)
BOE: likely to expand QE to GBP 150bln from GBP 125bln by RANsquawk
Asian Session: BoE Expected to Expand Asset Purchase Program by ACM − Advanced Currency Markets
Daily World Market Update - Eyes Down For Bank Of England by World First UK Ltd
UK GOODS TRADE BALANCE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jul 9 | 08:30 | Total Trade Balance | -£2.17B | -£2.75B | -£3.00B |
| Jul 9 | 08:30 | Goods Trade Balance | -£6.3B | -£6.8B | -£7.1B |
DATA SNAP: UK May Trade Deficit Narrowest Since June 2006 (Dow Jones)
The U.K. May global goods deficit narrowed to its lowest level since June 2006, as imports from non−European Union countries fell sharply, the Office for National Statistics said Thursday.
[ Full Story ]- Read the Trade Balance data at UK Statistics
- UPDATE: UK May Trade Deficit Narrowest Since June 2006 (Dow Jones)
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Jul 9 | 00:00 | G8 Meeting | ||||
| 06:00 | JP | Machine Tool Orders (YoY) (Jun)  | -73.1% | -79.2% | ||
| 08:00 | EMU | ECB Monthly Report (Jun) | ||||
| 08:30 | UK | Goods Trade Balance (May) | £-6.3B | -£6.8B | -£7.1B |
|
| 08:30 | UK | Total Trade Balance (May) | £-2.17B | -£2.75B | -£3.00B | |
| 11:00 | UK | BoE Interest Rate Decision | 0.5% | 0.5% | ||
| 12:15 | CA | Housing Starts s.a (YoY) (Jun) | 130.0K | 128.4K | ||
| 12:30 | US | Continuing Jobless Claims (Jun 27) | 6702K | |||
| 12:30 | US | Initial Jobless Claims (Jul 4) | 610K | 614K | ||
| 14:00 | US | Wholesale Inventories (May) | -1.0% | -1.4% | ||
Educational Resources
The Psychological Utility of Technical Analysis
This report is about one of the most fascinating and essential topics in currency trading; the interaction between the psychology of the market and the decisions of the individual trader. A currency moves because market participants make basic assumptions about future price behavior based on the record of past price action. Read the report!
Related Resources
Man vs. Market - Ebook by Rob Booker
Making good decisions - Report from The Trader's Journal