Forex News Tankan Report Out in Japan- Large Manufacturers Index
Actual -3
Expected -2
Prior 5
Above 0.0 indicates improving conditions, below indicates worsening conditions. Manufacturing plays a critical role in the Japanese economy, and this survey is considered the best gauge of the industry’s health due to it’s large sample size and respected source;
Forex News AUD AIG Performance of Manufacturing Index Out at 47.2
Previous 47.0
level of diffusion ndex based on surveyed manufacturers. Survey of about 200 manufactuerers which asks respondents to rate the relative level of business conditions including employment,production, new orders, prices, supplier deliveries and inventories.
Forex News Preview: September 30th Asian Session
Forex Trading EURJPY Looking to Test Lows after Failing Trendline Resistance and Retracement Level
From H/L 169.95/ 147.02 EURJPY retrced to 38.2% Fibonacci Level at 155.70, attempted a break to the upside and failed for almost a week. Since then it has begun it’s steady decline back to the low around 147.00/05 area and a break through that level could yield new lows. Keep your eye out for 147.00 unless we see some sort of reversal candle on the daily and if that levels breaks, look to it for new resistance on the pair’s way back to new lows.
Forex Trading – Third quarter comes to a close
Usually we are intentently focused on the economic updates of the day
However in the current conditions we are facing some month end closing activity should be reviewed
1. Equity funds that must be full invested are giving support to US equities
2. Mutual funds are doing their month end hedging (at 11 am NYC time)
3. Congress is locked up on the TARP bill
4. Day to day money in USD funds are trading over 10% and credit bank to bank is still a major concern
Forex Trading Euro – Zone CPI Estimate
The Euro – Zone CPI estimate is usually an important economic release, but especially in this market. With the world looking at the European Central Bank to ease in the coming months and futures are pricing in a rate cut more aggressively in recent weeks, an inflationary indicator like CPI should go a long way to helping the ECB determine whether they believe that has become an appropriate measure, particularly with the ECB’s hawkish rhetoric for the past year. The release which was expected at 3.6% for September came in as expected. Once again the Euro has had a limited reaction to this flat data reading.
Forex Trading – UK Finalized 2nd Quarter GDP
The UK release of the final GDP reading and Total Business Investment for the 2nd quarter was as follows:
GDP (qoq)- Survey: 0% Actual: 0%
GDP (yoy)- Survey: 1.4% Actual: 1.5%
Total Business Investment (qoq) – Survey: -1.9% Actual: -1%
Total Business Investment (yoy) – Survey: 1.9% Actual: 1.2%
The Sterling had a limited response to this release, as markets continue to look toward the "big picture."
Forex Trading – GBP/USD Reacting to Some Technicals in a Light Market (Click for Chart)
Revisiting our hourly retracement analysis (8/22 highs and 9/11 lows) on the GBP/USD pair, we notice that with the markets in flux awaiting a resolution from the US Congress in regards to the bailout and absorbing the beginning of UK bailouts, no clear direction exists as the pair trades off the lows. During today’s session we see the Cable trade up to the 50% retracement level and then bounce lower. It looks as if the pair can trade between the 50% and 38.2% retracement levels until a resolution out of the US Congress is reached. Also note the 100 hour moving average is crossing below the 200 hour mavg. Please click the chart below to view the full analysis.
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