The Forex Daily Digest – August 3, 2009
The USD fell more than 1% at the end of the week after the U.S. government said the economy contracted less than economists expected, but still indicated negative trends in consumer spending. Gross domestic product fell 1% in the second quarter, better than the 1.2% decrease which was expected by economists. Traders picked through revisions of past data and components of the report and watched stocks since the USD is so closely tried to indications of investors' risk appetite.
The USD and to a much bigger extent, the JPY, normally strengthens when investors' tolerance for risk is on the decline, typically rising as equities fall. For the week, the USD index fell from 78.921, which is 2.2% from 80.133 at the end of June. The EUR gained slightly against the USD since last week.
The EUR continued its advance in spite of a greater than anticipated decline in the euro-zone annual consumer prices in July. Eurostat said annual CPI fell 0.6% in July. The CPI fell 0.1% in June, which was the first annual drop since the euro was launched in 1999. Eurostat also reported that unemployment in the single-currency region rose to 9.4% in June. That's the highest level in a decade, but was below market expectations for an increase to 9.7%.
The USD traded lower against all of the major currencies. The sustainability of the improvement in risk appetite will be contingent upon the busy economic calendar this week which includes 3 interest rate decisions and the U.S. non-farm payrolls report.
This week’s U.S. economic calendar is full of important news. Some of the major reports will be Construction Spending, the ISM Manufacturing and Services Index, Auto and Truck Sales, Personal Income and Spending, Pending Home Sales, the ADP Employment report, Factory Orders, the weekly Initial Jobless Claims and the Crude Inventories. We finish out the week with the Non-Farm Payrolls report for July along with Hourly Earnings, the Unemployment Rate and the Consumer Credit Report.
Expect earnings from Anadarko Pete, Loews, Pulte Homes, Archer Daniels Midland, Avis Budget Group, Deutsche Bourse, Kraft Foods, Martin Marietta, Toyota, Yamana Gold, Cisco Systems, Procter & Gamble, Unilever NV, Beazer Homes, the NASDAQ OMX Group and Sirius Satellite Radio.
It’s time to get all the information you need to be able to make the critical decisions pertaining to your Forex trading activity. There are so many things happening worldwide that will affect your trading accounts. I urge you to listen to the JDfn traders each and every day and learn from their experience. Every morning they offer potential setups forming in the Forex market and I assure you that this is information you need to become successful in your trading account. JDfn traders are here for you – take advantage of their expertise.
Happy Trading,
James Dicks
The USD and to a much bigger extent, the JPY, normally strengthens when investors' tolerance for risk is on the decline, typically rising as equities fall. For the week, the USD index fell from 78.921, which is 2.2% from 80.133 at the end of June. The EUR gained slightly against the USD since last week.
The EUR continued its advance in spite of a greater than anticipated decline in the euro-zone annual consumer prices in July. Eurostat said annual CPI fell 0.6% in July. The CPI fell 0.1% in June, which was the first annual drop since the euro was launched in 1999. Eurostat also reported that unemployment in the single-currency region rose to 9.4% in June. That's the highest level in a decade, but was below market expectations for an increase to 9.7%.
The USD traded lower against all of the major currencies. The sustainability of the improvement in risk appetite will be contingent upon the busy economic calendar this week which includes 3 interest rate decisions and the U.S. non-farm payrolls report.
This week’s U.S. economic calendar is full of important news. Some of the major reports will be Construction Spending, the ISM Manufacturing and Services Index, Auto and Truck Sales, Personal Income and Spending, Pending Home Sales, the ADP Employment report, Factory Orders, the weekly Initial Jobless Claims and the Crude Inventories. We finish out the week with the Non-Farm Payrolls report for July along with Hourly Earnings, the Unemployment Rate and the Consumer Credit Report.
Expect earnings from Anadarko Pete, Loews, Pulte Homes, Archer Daniels Midland, Avis Budget Group, Deutsche Bourse, Kraft Foods, Martin Marietta, Toyota, Yamana Gold, Cisco Systems, Procter & Gamble, Unilever NV, Beazer Homes, the NASDAQ OMX Group and Sirius Satellite Radio.
It’s time to get all the information you need to be able to make the critical decisions pertaining to your Forex trading activity. There are so many things happening worldwide that will affect your trading accounts. I urge you to listen to the JDfn traders each and every day and learn from their experience. Every morning they offer potential setups forming in the Forex market and I assure you that this is information you need to become successful in your trading account. JDfn traders are here for you – take advantage of their expertise.
Happy Trading,
James Dicks
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