U.S ISM Manufacturing PMI on Tap
A new trading year begins today, a year that all expect to correct last year's losses. Will this mean that the EUR/USD will rise back towards the 1.60 level, or could it drop to the 1.30 level? Currently, a downtrend seems more likely, as the EUR/USD is less than 40 pips from a 4-months low. In addition, analysts are all asking what direction crude oil is headed? Will the appreciation of the Dollar weaken the price of oil? Or could the global economic recovery elevate crude oil back to $100 a barrel? Currentl... ( read more )
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December 29, 2009 - Forex Daily Tips – December 29th 2009
Slow holiday trading today may be punctuated by several news events out of Europe and America. These events could create volatility in an otherwise dull market.
All Day EUR German Prelim CPI
-This event is listed as "All Day," because it is a preliminary report based on data from 6 German States, before the actual report set to be released in 15 days. Still, this report is the earliest indicator for consumer inflation among the Eurozone countries. Consumer inflation influences interest rates which have a play a direct role in how cur... ( read more )
December 28, 2009 - EUR and Crude Oil Rise on Low Volumes
During today's light trading, the EUR continues to rise against the dollar; rising to an intraday high of 1.4412 after opening today's trading at 1.4376. A lack of major news releases and low volumes have kept the EUR/USD and other major pairs trading in a tight range.
Trading during the European hours has been light due to a banking holiday in Great Britain and may have kept many major trading floors empty. Large private institutional trading desks are also thin due to the holidays. We may expect trading to be light until after the firs... ( read more )
December 24, 2009 - The USD Takes Losses Following Home Sales Report
Following a disappointing American New Home Sales Report released yesterday, the U.S. Dollar seems to have reversed course in trading against its major counterparts. Both the Euro and Yen made impressive gains against the greenback, which both seem to have held going into Thursday's trading session.
According to a new report released yesterday, new home sales in the U.S. have fallen to a 7-month low. Despite the numerous positive indicators that have been released in recent weeks regarding the U.S., investor confidence in the American r... ( read more )
December 22, 2009 - Daily Forex Tips – December 22nd 2009
Several events to focus on today:
9:30 GMT GBP Current Account
- Britain traditionally suffers from a deficit in the Current Account, which includes services and money flows, in addition to goods that are reported in the trade balance release.
- Britain releases this figure every quarter, and this makes it rather “heavyweight”. In the second quarter, the deficit jumped from 4.1 to 11.4 billion, weighing on the Pound. It’s expected to ease to a 8.1 billion deficit this time.
- A better than expected release may support the ... ( read more )