The Forex Daily Digest – August 21, 2009
Concern over the continued volatility of the world economy helped support the USD against major counterparts. There were a number of economic fundamentals that affected early trading. Initially, the spotlight was on Germany's finance ministry, which warned that it remains unsure whether the stabilization of the economy will hold. This just a week after German gross domestic product unexpectedly returned to growth in the second quarter.
A Bank of Japan board member told business executives that the country's export recovery could slow in the autumn, and that a sustained recovery would require "support from governments and central banks."
A Conference Board report suggests an economic recovery may begin soon, and data suggest that the recession is bottoming out. For its fourth consecutive monthly gain, the index of leading economic indicators rose 0.6% in July, following an upwardly revised increase of 0.8% in June. However, July's gain was below the consensus forecast of 0.7%.
The Philly Fed index rose to 4.2 in August from negative 7.5 in July, the highest reading since November 2007 and the first positive reading since September 2008.
First-time claims for state unemployment benefits rose by 15,000 to a seasonally adjusted 576,000 last week, marking the highest level in initial claims since July 25th. Both initial claims and continuing claims moved higher in the latest readings, indicating that it's still very tough to find or keep a job.
The CAD hit its strongest level this week, erasing earlier losses, after Goldman Sachs Group recommended buying the currency against the USD. The CAD gained for a third day as Goldman recommended in a research note selling the USD and buying the CAD because of its “strong exposure” to oil.
Bank of America Merrill Lynch said this week that it hired two foreign exchange options traders to head its global foreign exchange options business. Christopher T. Bae, a former Goldman Sachs managing director, and Thomas S.B. Gillie, a former Credit Suisse manager, will join the company as managing directors and co-heads of global foreign exchange options. They will join the company in October, reporting to Chris Vogel, head of G10 currency trading.
It’s been a very busy week and I hope your trades went the way you planned. It’s another very busy week ahead with all kinds of opportunities. In order to take advantage of these daily Forex changes, make sure you have the education and the tools that are available right now to help you. Let me remind you that the James Dicks Forex alert teams are still pulling in the pips in our model portfolios! For the month of August, the James Dicks Forex alerts have gained hundreds of PIPs and is they still counting. See for yourself and get the alerts risk free for 30 days; try before you buy! If you don’t see the value, you can cancel anytime during the first 30 days and not be charged. The James Dicks Forex Alerts are available to anyone to try - Risk Free for 30 days. Just visit www.JDForexAlerts.com today!
Have a great weekend and I’ll see you next week,
James Dicks
A Bank of Japan board member told business executives that the country's export recovery could slow in the autumn, and that a sustained recovery would require "support from governments and central banks."
A Conference Board report suggests an economic recovery may begin soon, and data suggest that the recession is bottoming out. For its fourth consecutive monthly gain, the index of leading economic indicators rose 0.6% in July, following an upwardly revised increase of 0.8% in June. However, July's gain was below the consensus forecast of 0.7%.
The Philly Fed index rose to 4.2 in August from negative 7.5 in July, the highest reading since November 2007 and the first positive reading since September 2008.
First-time claims for state unemployment benefits rose by 15,000 to a seasonally adjusted 576,000 last week, marking the highest level in initial claims since July 25th. Both initial claims and continuing claims moved higher in the latest readings, indicating that it's still very tough to find or keep a job.
The CAD hit its strongest level this week, erasing earlier losses, after Goldman Sachs Group recommended buying the currency against the USD. The CAD gained for a third day as Goldman recommended in a research note selling the USD and buying the CAD because of its “strong exposure” to oil.
Bank of America Merrill Lynch said this week that it hired two foreign exchange options traders to head its global foreign exchange options business. Christopher T. Bae, a former Goldman Sachs managing director, and Thomas S.B. Gillie, a former Credit Suisse manager, will join the company as managing directors and co-heads of global foreign exchange options. They will join the company in October, reporting to Chris Vogel, head of G10 currency trading.
It’s been a very busy week and I hope your trades went the way you planned. It’s another very busy week ahead with all kinds of opportunities. In order to take advantage of these daily Forex changes, make sure you have the education and the tools that are available right now to help you. Let me remind you that the James Dicks Forex alert teams are still pulling in the pips in our model portfolios! For the month of August, the James Dicks Forex alerts have gained hundreds of PIPs and is they still counting. See for yourself and get the alerts risk free for 30 days; try before you buy! If you don’t see the value, you can cancel anytime during the first 30 days and not be charged. The James Dicks Forex Alerts are available to anyone to try - Risk Free for 30 days. Just visit www.JDForexAlerts.com today!
Have a great weekend and I’ll see you next week,
James Dicks
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