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Forex News: US Trade Deficit narrows

Posted by Greg Michalowski on Fri, 05/09/2008 - 8:48am in

The US Trade Deficit narrowed to 58.2 Billlion.  This is good for GDP. The dollar is getting a bid off of that.  Imports slowed and exports also slowed.  This indicates slower US and possibly slower global growth as well. 

The market does not really know how to interpret the data I feel.   On one side, a lower deficit is a boost to GDP.  On the other side, the slower imports and exports is a sign of weak domestic economy.  So, expect pushes one way, then the other.  

Bobby's Corner-Market Open 5.9.2008

Posted by Bob Slade on Fri, 05/09/2008 - 8:19am in

Friday May 9, 2008

Good Morning:

Last night’s jump in oil prices and continued concerns over the equity markets contributed to the dollar’s weakness overnight.

Oil rose over $125/barrel as attacks against Nigeria’s oil supply continue, and speculation that this may lead to lower exports by Nigeria-thus curbing US supplies as the summer driving season starts Memorial Day Weekend.

World Equity markets are ending the week on a lower note.

US futures are lower this morning.

Oil: $125.12

Gold: $887.00

Forex Trading: GBP has been under pressure overnight, but support at 1.9469 approaches

Posted by Greg Michalowski on Fri, 05/09/2008 - 7:53am in

Trendline resistance comes in at 1.9469.  A break will target lower levels.

Forex Trading: NZDUSD approaching support

Posted by Greg Michalowski on Fri, 05/09/2008 - 7:47am in

The 200 day moving average for the NZDUSD comes in at 0.7665.  A close below this level today would be bearish for the pair.  In January, the pair had one day when it closed lower, but rebounded back above it the next day.

Forex Trading News: CAD Employment Data Released

Posted by Mr. Danish FX on Fri, 05/09/2008 - 7:15am in

The Employment Change number comes out higher than expected at 19.2K from the previous 14.6K.  10.0K was forecast.

The Unemployment Rate comes out a drop higher as well at 6.1K from the previous 6.0%.  No change was expected. 

With the unexpected job growth, the CAD was able to firm up initially vs. the USD after this data. 

Forex Trading: USD/CAD touching what looks like formation bottom in a comparatively benign CAD number...

Posted by Michael FX on Fri, 05/09/2008 - 7:14am in

USD/CAD touching what looks like formation bottom in a comparatively benign CAD number for Unemployment rate and change in net employment, which came out as 6.1% and +19.2k.

 

Forex Trading: Canada Unemployment Rate 6.1 versus 6.0

Posted by Greg Michalowski on Fri, 05/09/2008 - 7:10am in

The net change in employment rose 19,200 jobs in the month of April.  This was greater than expected.  The unemployment rate at 6.1% is the highest rate since June 2007.  The low was 5.8%. 

Construction (+16,200), food and accomodation (+22.200), education (+13,800) and energy sectors benefitted the most.  While agriculture (-5,400), manufacturing (-14,900) and Managment (-11,700), led the job losses.

Forex Trading: USD/CAD getting a little bounce this hour though Crude is near its highs...

Posted by Michael FX on Fri, 05/09/2008 - 6:29am in

USD/CAD getting a little bounce this hour though Crude is near its highs. We have some CAD data out in ~30 min which should bring some interesting price action...

Forex Trading News: Crude Oil Hits Another New Record

Posted by Mr. Danish FX on Fri, 05/09/2008 - 6:23am in

Crude Oil has hit another high today at $125 a barrel.  We see this as the USD has taken a hit through Tokyo and the start of London session.