Forex Trading EURUSD consolidating as oil begins to hurt all
The EURUSD pair is consolidating as the market is pondering how the last surge in oil effects growth and inflaton the Eurozone and in the US. Nevertheless the pair remains near the 3 week high level.
Last night the low of the consolidation support held at the 1.5715 level (see chart above). It then moved higher and moved briefly above the trendline resistance at the 1.5770 level which represents the downtrend line (see chart below). The market is tired at these levels but the onus is on the bears to move the pair lower. However, the bulls might be inclined to take some profits as we head into the weekend. Watch the levels.
Forex Trading USDCAD at the 100 day MA again
The USDCAD which has largely been trading sideways for most of the year, is back at the 100 day MA level. The level comes in at 1.0064.
The pair was largely influenced by the price of oil in the past as Canada is an exporter of oil products. However, it has not been correlated strongly with the price of oil lately. Today it seems, the pair is paying attention as Crude Oil heads above $141 per barrel.
Forex Trading – Strong Personal Income
Personal Income up 1.9% vs 0.4% expected
Bobby’s Corner Market Open 6.27.2008
Good Morning:
Nervous markets will await today’s economic data, along with Equity and Futures market openings.
Yesterday’s 358 point drop in the Dow-along with last nights 277 drop in the Nikkei followed thru to the other Asian and European markets.
Oil traded over $142 overnight-but has settled to the $141 range presently.
Oil: $141.18
Gold: $924.90
Today we have data on:
Personal Income: Exp: .4% Prior: .2%
Personal Spending: Exp: .7% Prior: .2%
U of
Have a GREAT DAY-GREAT WEEKEND and GOOD LUCK
Forex Trading News EUR Consumer Confidence Out Below Forecast
The Consumer Confidence number comes out at -17 from the previous -15. This was forecast for a drop to -16.
The EUR did not react much to this data.
Forex Trading News – UK GDP Final
The final GDP reading for UK in the 1st quarter came in weaker than expected quarter over quarter and year over year; .3% vs. .4% qoq and 2.3% vs. 2.4% yoy. The Sterling had an initial sell off, but recovered immediately on a stronger than expected final reading for 1st quarter Current Account Balances (-8.4B vs. -12.1B survey.)
Forex Trading News UK Current Account Released
The UK Current Account comes out at -8.4B from the previously revised -12.2B. This was forecast for a drop to -12.0B
This data did come out better than forecast as the GDP came out a touch worse than expected. With this data, not much change was seen in the GBP across the board.
Forex Trading News EUR Current Account Released
The Current Account number comes out at -0.3B from the previously revised -13.2B. There was no forecast for this release.
This data did not effect the EUR much as it already had downward momentum across the board upon the release.
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