Forex Daily Economic Video: Comprehensive Market Insight for July 1st 2008 FXDD
Forex Daily Economic Video: Comprehensive Market Insight for July 1st 2008 FXDD
Forex Trading GBPUSD looks tired
Looking at the GBPUSD chart, the pair looks tired. The 1.9922 level acted as a floor for nearly 12 hours. The bottom gave way, but was able to break back above where the high was tested on three separate hourly bars. Failure to move to new highs led to a move back down below what is now a ceiling at the 1.9922 level. 1.9879 was the low yesterday. This will need to be broken to push lower.
Forex Trading USDJPY approaches resistance at 106.34 to 106.44 area
The level is the 38.2% retracement level of the move from the high on June 16th to the low on June 30th. Also have the high levels from yesterday providing resistance (up to 106.44)
Forex News Tankan survey comes in better than expected
- Large Manufactures Index, 5 versus 3 estimate
- Large Manufacturing Outlook, 4 versus 3 estimate
- Non-Manufacturing 10 versus 8 estimate
- Non Mfg Outlook, 8 versus 7 estimate
- Large All Industry, 2.4% versus 2.0%
All are better than expected.
Exports to China and other Asian growth countries may be taking the sting away from the US slowdown.
During the 2002 recession the survey fell to -38 and in 1998 the index fell to -51. These figures suggest that yes things are slowing but they have some support from exports elsewhere. Overall, it should be supportive to the JPY.
Forex News Australia Aig Performance of Manufacturing Index comes in at 47.0
The Australia Aig Performance of Manufacturing index came in at 47 below the key 50 level. This is the first contraction since May of 2006. The decline was led by a decline in orders. The Aig further added that Australia Manufacturers should face "further squeezing in activity and margins" in the coming months.
Manufacturing represents 10% of the economy of Australia.
The RBA meet later today and are expected to announce no change in rates.
The weak data should put pressure on the AUDUSD
Forex News Preview: Japanese Tankan report due at 7:50 PM EDT
At 7:50 AM the Tankan Large Manufacturers Index, The Tankan Index measures the general business conditions of large manufacturers. The quarterly survey asks respondents to rate subjects such as general business conditions, supply and demand conditions for products and inventories, prices, sales, and employment. Since the most recent peak of 25 in the 4th quarter of 2006, the index has not had an uptick. Last quarter the index stood at 11.
This quarter it is expected to decline to 3 as higher inflation, slower domestic spending and slower exports to the
Forex News Preview: Australia Aig Performance of Manufacturing Index due at 7:30 PM
The Australia Aig Performance of Manufacturing Index is due at 7:30 PM. Last month the index came in at 51.2. This was the lowest level since September 2007. There is no estimate for this release. However a move below the key 50 level will be of concern for the AUD bulls.
Forex Trading. USDCAD holds resistance and heads lower
The USDCAD pair tested the 61.8% retracement level at 1.0216 and backed off (see previous post). The pair has moved from the high at 102.15 to the low of 1.0184. I would expect that the pair quiets down as we head further into the Asian session. With crude oil perhaps influencing trade in the early hours of the new trading day. Good support comes in at 1.0171.
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