The Forex Daily Digest – August 10, 2009
Get ready for another exciting trading week ahead. It appears that Asian markets started the week on an upbeat note after strong gains at the end of the week on Wall Street. Japanese shares received an additional boost as the yen's recent sharp fall encouraged exporters such as Honda Motor Co.
Japanese core machinery orders jumped 9.7% in June from the previous month, a much larger increase than the 2.9% rise expected on average by economists. Core orders exclude often-large orders for ships and those from electric power companies, which can distort the data. Total orders rose 2.3% in June from May.
Crude futures fell on Friday, reducing their weekly gains, as a rising dollar offset an upbeat economic report that showed U.S. job losses slowed to the lowest level since last August. September oil futures ended down $1.01, or 1.4%, at $70.93 a barrel on the New York Mercantile Exchange. Trading was very choppy.
The USD rallied more than 2% against the JPY to the highest level since June. It also traded higher against the EUR and the GBP. Dollar strength tends to weigh on dollar-denominated commodity prices because it makes them more expensive for holders of other currencies.
It’s going to be a very bust economic week ahead. Reports scheduled for release this week include preliminary Productivity numbers for the second quarter, Wholesale Inventories, U.S. Trade Balance numbers for June, Treasury Budget for July, Import and Export Prices, the July Retail Sales, Business Inventories for June, the Consumer Price Index for July, Capacity Utilization and Industrial Production as well as the first look at the August University of Michigan Consumer Sentiment report.
Earnings scheduled this week include Boots and Coots International Well Control, EchoStar Corp, Dynegy, Anheuser-Busch InBev, General Steel Holdings, BHP Billiton Plc, Sysco Corp, Advance Auto Parts, Great Basin Gold, ING Groep, The Progressive Corp, Briggs & Stratton, Kohl’s, Nordstrom, Prudential Plc, Urban Outfitters and Wal-Mart.
Here’s something I urge you to consider. If you are you having difficulty trading during the current sideways market, we can help! Recently, the Forex Market has been confined to channels. Even during these challenging times, our professional traders have still been able to identify trades and post them in our James Dicks Forex Alerts service. To help you in trading the alerts during the current trend of the market, we invite you to attend a Free 1-Hour Webinar to discuss the specifics of how we are recognizing trades. It will be held Tuesday evening 7 pm to 8 pm (Eastern Time). Learn from the comfort of your own home. To register just go to www.premieretradeforex.com/emails/consolidating/register.asp.
Happy Trading,
James Dicks
Japanese core machinery orders jumped 9.7% in June from the previous month, a much larger increase than the 2.9% rise expected on average by economists. Core orders exclude often-large orders for ships and those from electric power companies, which can distort the data. Total orders rose 2.3% in June from May.
Crude futures fell on Friday, reducing their weekly gains, as a rising dollar offset an upbeat economic report that showed U.S. job losses slowed to the lowest level since last August. September oil futures ended down $1.01, or 1.4%, at $70.93 a barrel on the New York Mercantile Exchange. Trading was very choppy.
The USD rallied more than 2% against the JPY to the highest level since June. It also traded higher against the EUR and the GBP. Dollar strength tends to weigh on dollar-denominated commodity prices because it makes them more expensive for holders of other currencies.
It’s going to be a very bust economic week ahead. Reports scheduled for release this week include preliminary Productivity numbers for the second quarter, Wholesale Inventories, U.S. Trade Balance numbers for June, Treasury Budget for July, Import and Export Prices, the July Retail Sales, Business Inventories for June, the Consumer Price Index for July, Capacity Utilization and Industrial Production as well as the first look at the August University of Michigan Consumer Sentiment report.
Earnings scheduled this week include Boots and Coots International Well Control, EchoStar Corp, Dynegy, Anheuser-Busch InBev, General Steel Holdings, BHP Billiton Plc, Sysco Corp, Advance Auto Parts, Great Basin Gold, ING Groep, The Progressive Corp, Briggs & Stratton, Kohl’s, Nordstrom, Prudential Plc, Urban Outfitters and Wal-Mart.
Here’s something I urge you to consider. If you are you having difficulty trading during the current sideways market, we can help! Recently, the Forex Market has been confined to channels. Even during these challenging times, our professional traders have still been able to identify trades and post them in our James Dicks Forex Alerts service. To help you in trading the alerts during the current trend of the market, we invite you to attend a Free 1-Hour Webinar to discuss the specifics of how we are recognizing trades. It will be held Tuesday evening 7 pm to 8 pm (Eastern Time). Learn from the comfort of your own home. To register just go to www.premieretradeforex.com/emails/consolidating/register.asp.
Happy Trading,
James Dicks
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