Wednesday, August 12, 2009

Who dugg: S&P 500 day trading course July 23 home sales learn trading

Who dugg: S&P 500 day trading course July 23 home sales learn trading

Yen strengthens on Chinese equities slipping, learn to trade currency

The yen rose for a third day against the euro and the dollar as Asian stocks extended a global slide in equities, increasing demand for the relative safety of Japan's currency.
The yen also gained versus all of its 16 major counterparts after China's Commerce Ministry said efforts to boost the economy cannot fully offset slumping export demand.
The dollar weakened against the yen on speculation the Federal Reserve will today affirm its commitment to keeping interest rates low, reducing the appeal of U.S. bonds.
The yen advanced to 134.82 per euro as of 7:48 a.m. in London from 135.82 in New York yesterday, after earlier rising to 134.79, the highest level since Aug. 3. Japan's currency climbed to 95.46 per dollar from 95.99. The dollar traded at $1.4125 per euro from $1.4149.
Gold advanced after U.S. stocks fell and the dollar depreciated on concern that bank earnings will not improve in the second half. Bullion snapped a five-day decline, the longest run of losses in five months, as the Dollar Index also fell on speculation the Federal Reserve will affirm its commitment to keeping interest rates low. Gold for immediate delivery rose as much as 0.3 percent to $948.45 an ounce before trading at $946.70 at 12:58 p.m. in Singapore. The metal is up 7.3 percent this year.


This weeks news for Forex trading Aug 12-14

Wednesday, 12 August 2009
all times GMT
(last release in parentheses)

0100 Australia August Westpac consumer confidence (9.3%)
0130 Australia Q2 wage cost index (0.8% q/q)
0130 Australia Q2 wage cost index (4.2% y/y)
0430 Japan June industrial production
0430 Japan June capacity utilization (8.0% m/m)
0500 Japan Bank of Japan monthly report
0645 France July consumer price index (0.1% m/m)
0645 France July consumer price index (-0.5% y/y)
0645 France July CPI, harmonized (0.1% m/m)
0645 France July CPI, harmonized (-0.6% y/y)
0645 France June current account (-€2.2 billion)
0800 Italy July consumer price index
0830 UK July jobless claims change (23,800)
0830 UK July claimant count rate (4.8%)
0830 UK June ILO unemployment rate (7.6%)
0830 UK June average earnings, bonus (2.3%)
0900 Eurozone June industrial production (0.5% m/m)
0900 Eurozone June industrial production (-17.0% y/y)
0930 UK Bank of England quarterly inflation report
1100 US MBA mortgage applications
1230 US June trade balance (-US$ 26.0 billion)
1230 Canada June international merchandise trade
1230 Canada June new housing price index (-0.1% m/m)
1815 US Federal Open Market Committee interest rate decision

Thursday, 13 August 2009
all times GMT
(last release in parentheses)

N/A Japan July Tokyo-area department store sales (-11.4% y/y)
N/A Japan July nationwide department store sales (-8.8% y/y)
0100 Australia August consumer inflation expectations (3.2%)
0130 Australia Average weekly wages
0400 Japan July Tokyo-area condominium sales (-23.0% y/y)
0600 Germany Q2 gross domestic product (-6.7% y/y)
0645 France Q2 gross domestic product (-1.2% q/q)
0645 France Q2 gross domestic product (-3.2% y/y)
0715 CH July producer and import prices (0.0% m/m)
0715 CH July producer and import prices (-5.6% y/y)
0800 Eurozone European Central Bank monthly report
0900 Eurozone Q2 gross domestic product (-2.5% q/q)
0900 Eurozone Q2 gross domestic product (-4.9% y/y)
1230 US Continuing jobless claims (6.310 million)
1230 US Weekly initial jobless claims (550,000)
1230 US July import price index (3.2% m/m)
1230 US July import price index (-17.4% y/y)
1230 US July retail sales (0.6%)
1230 US July retail sales, ex-autos (0.3%)
1230 US June business inventories (-1.0%)
2245 NZ Q2 retail sales, ex-inflation (-2.9% q/q)
2245 NZ June retail sales, ex-autos (1.6% m/m)
2245 NZ June retail sales (0.8% m/m)
2330 Australia Reserve Bank of Australia Governor testifies
2350 Japan June tertiary industry index (-0.1% m/m)
2350 Japan Bank of Japan Policy Board meeting minutes
2350 Japan July M3 money supply (1.7% y/y)

Friday, 14 August 2009
all times GMT
(last release in parentheses)

0645 France Q2 wages (0.8% q/q)
0900 Eurozone July consumer price index (0.2% m/m)
0900 Eurozone July consumer price index (-0.1% y/y)
0900 Eurozone July consumer price index, core (1.4% y/y)
1230 US July consumer price index, ex-food and energy (0.2% m/m)
1230 US July consumer price index, ex-food and energy (1.7% y/y)
1230 US July consumer price index (0.7% m/m)
1230 US July consumer price index (-1.4% y/y)
1315 US July capacity utilization (68.0%)
1315 US July industrial production (-0.4%)
1400 US University of Michigan consumer sentiment (66)



Currency support and resistance Aug 12

Support Resistance Support Resistance

EUR/ USD USD/ JPY


L1. 1.3780 1.4295 90.05 98.85
L2. 1.3605 1.4630 88.60 101.65
L3. 1.3400 1.5105 87.10 105.05

GBP/ USD USD/ CHF

L1. 1.5845 1.6495 1.0510 1.1165
L2. 1.5690 1.6740 1.0275 1.1270
L3. 1.5440 1.6830 0.9750 1.1555

AUD/ USD USD/ CAD

L1. 0.7715 0.8250 1.1340 1.1920
L2. 0.7440 0.8555 1.1130 1.2190
L3. 0.7165 0.9050 1.0725 1.2520


NZD/ USD EUR/ JPY

L1. 0.6190 0.6665 125.65 134.50
L2. 0.6020 0.6945 121.70 139.80
L3. 0.5655 0.7760 118.50 141.50

EUR/ GBP EUR/ CHF

L1. 0.8320 0.8770 1.4905 1.5380
L2. 0.7870 0.9080 1.4670 1.5580
L3. 0.7590 0.9355 1.4420 1.5880

GBP/ JPY CHF/ JPY

L1. 146.10 157.75 81.55 93.55
L2. 142.05 160.30 79.20 97.90
L3. 135.70 167.30 75.40 105.05





Major currencies, learn to trade forex at live trading room Aug 12


The euro gained marginal ground vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4185 level and was supported around the $1.4110 level. Most traders believe the Federal Open Market Committee will keep interest rates unchanged when its policy decision is announced tomorrow. Many economists believe the FOMC will keep interest rates unchanged through at least 2010 on account of the global credit crisis. Traders are curious to see if the Fed changes any significant verbiage in its statement and gives any further clues about unwinding its massive monetary stimuli. The Fed’s balance sheet is currently right around the US$ 2 trillion level and has been declining over the past few weeks, an indication it is gradually reducing some of its quantitative easing programs. One program that traders are paying close attention to is the Fed’s purchase of U.S. Treasury securities. It is expected the Fed will allow its current US$ 300 billion purchase program to expire when that amount is reached, likely in September. There is speculation the Fed will be actively discussing pending problems in the U.S. commercial real estate market. There is an expectation the sector could worsen significantly early next year. Fed Chairman Bernanke recently noted the Fed is “paying very close attention” to the sector and highlighted “increased vacancy, declining rents, and falling prices.” Data released in the U.S. today saw Q2 non-farm productivity improve 6.4% from a downwardly revised Q1 reading of 0.3%. While these data mean U.S. workers are becoming more productive, they also signify higher productivity is coincident with considerably higher unemployment. Q2 labour costs were off 5.8%, down from a revised -2.7% in Q1, and June wholesale inventories were off 1.7%, down from a revised -1.2% in May. In eurozone news, the German July wholesale price index was off 0.5% m/m and 10.6% y/y while the July consumer price index was unchanged m/m and off 0.5% y/y. Euro bids are cited around the US$ 1.3900 figure.


¥/ CNY
The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥95.75 level and was capped around the ¥97.15 level. The yen extended recent gains across the board with U.S. equities under pressure and risk appetite lower globally, favouring the yen. As expected, Bank of Japan’s Policy Board voted unanimously to keep the overnight call rate target unchanged at 0.10% and kept its economic assessment unchanged. BoJ Governor Shirakawa pessimistically noted “Even if we have a recovery, I don’t think its strength will be impressive. I can’t be confident about the strength of final demand after inventory adjustments and policy measures run their course.” The central bank reiterated it remains concerned about “downside risks to economic activity and prices” and merely noted the economy has “stopped worsening.” Data to be released next week may show Japan’s economy expanded around 4.0% in the three months that ended 30 June. Deflationary pressures have returned to the economy. Consumer prices excluding fresh food fall a record 1.7% in June and this may pressure policymakers into keeping rates low through 2011. Data released in Japan overnight saw the government’s consumer sentiment index improve to 39.4 from 37.6 in June, its highest level since November 2007 and the seventh consecutive monthly improvement. The Nikkei 225 stock index climbed 0.58% to close at ¥10,585.46. U.S. dollar offers are cited around the ¥104.15 level. The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥135.25 level and was capped around the ¥137.40 level. The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥157.80 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥88.40 level. In Chinese news, the U.S. dollar gained ground vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8355 in the over-the-counter market, up from CNY 6.8313. Data released in China overnight saw July exports decline a staggering 23% y/y while July factory output was up a weaker-than-expected 10.8%. Also, July CPI was off 1.8% y/y and July PPI was off 8.2% y/y with July retail sales up 15.2% y/y.

The British pound lost minor ground vis-à-vis the U.S. dollar today as cable tested bids around the US$ 1.6430 level and was capped around the $1.6520 level. Traders await the release of Bank of England’s quarterly inflation report tomorrow. Data released in the U.K. today saw the June DCLG house price index off 10.7% while the June goods trade deficit increased to ₤6.5 billion from ₤6.2 billion. Other news out of the U.K. today suggests the BoE earned more than a 10% return on its ₤918 million portfolio of corporate bonds. Cable bids are cited around the US$ 1.6215 level. The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.8615 level and was supported around the ₤0.8560 level.


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