The Forex Daily Digest – July 15, 2009
It was announced today that China's foreign exchange reserves increased at a record pace in the second quarter to top the $2 trillion mark for the first time, even as the nation's exports remained under pressure during the period because of weak global demand. The Chinese mainland's foreign exchange reserves, the largest in the world, expanded to $2.13 trillion at the end of last month, as a record $178 billion were added to the reserves during the April to June period.
This after it was released earlier this week that the US budget deficit reached more than one trillion dollars for the current fiscal year in June as the government struggles with a long-drawn-out recession. And nine months into the 2009 fiscal year, that ends September 30, the budget deficit widened by 94.316 billion dollars in June to 1.086 trillion dollars.
The British unemployment rate rose to 7.6% in the three months ending in May, rising from 6.7% in the previous three-month period and from 5.2% in the same period last year.
Numbers that show the second-quarter earnings season has started positively, following results from Goldman Sachs and Intel, lifted risk appetite and placed the dollar and yen into a bit of a slide in Europe today. But, currencies are still well within their recent trading ranges as investors remain guarded ahead of the U.S. Federal Open Market Committee minutes and economic data due to be released later today, as well as the results from other U.S. financial companies due later in the week.
The EUR rose against the JPY and USD in Asia as another stronger-than-expected earnings announcement by a major U.S. firm encouraged Asian investors to buy riskier currencies. Early in Asian trade, chip giant Intel Corp. reported greater-than-expected revenues in the April-June period, and forecast further gains in this quarter. Asian stock markets increased as the earnings reports made investors more hopeful, with Hong Kong's benchmark Hang Seng and Singapore's Straits Times indices up around 1.5% midday.
The economic calendar for the day looks like this. The Consumer Price Index will lead off the day and economists are expecting the CPI to come in a 0.6 percent after a 0.1% increase last month. The Core CPI is expected to remain the same at 0.1 percent. Look for the Empire State Manufacturing Index and later in the morning it’s the Capacity Utilization and Industrial Production reports for June. It’s Wednesday so the Crude Inventories report will be released today and later this afternoon (at 2 pm Eastern Time) the minutes from the FOMC Meeting will his the streets.
Earnings out today that could make a difference include AMR Corp, Gannett, WW Grainger, Texas Industries, and Wolverine World Wide.
Have a very profitable day today. Don’t forget to listen to the JDfn professionals each and every morning on the JDfn Internet broadcasts to find out what they see as far as daily setups. And if you haven’t signed up for one of our webcasts or the new James Dicks Forex Alerts yet, I urge you to consider doing so. Have a great day!
Happy Trading
James Dicks
This after it was released earlier this week that the US budget deficit reached more than one trillion dollars for the current fiscal year in June as the government struggles with a long-drawn-out recession. And nine months into the 2009 fiscal year, that ends September 30, the budget deficit widened by 94.316 billion dollars in June to 1.086 trillion dollars.
The British unemployment rate rose to 7.6% in the three months ending in May, rising from 6.7% in the previous three-month period and from 5.2% in the same period last year.
Numbers that show the second-quarter earnings season has started positively, following results from Goldman Sachs and Intel, lifted risk appetite and placed the dollar and yen into a bit of a slide in Europe today. But, currencies are still well within their recent trading ranges as investors remain guarded ahead of the U.S. Federal Open Market Committee minutes and economic data due to be released later today, as well as the results from other U.S. financial companies due later in the week.
The EUR rose against the JPY and USD in Asia as another stronger-than-expected earnings announcement by a major U.S. firm encouraged Asian investors to buy riskier currencies. Early in Asian trade, chip giant Intel Corp. reported greater-than-expected revenues in the April-June period, and forecast further gains in this quarter. Asian stock markets increased as the earnings reports made investors more hopeful, with Hong Kong's benchmark Hang Seng and Singapore's Straits Times indices up around 1.5% midday.
The economic calendar for the day looks like this. The Consumer Price Index will lead off the day and economists are expecting the CPI to come in a 0.6 percent after a 0.1% increase last month. The Core CPI is expected to remain the same at 0.1 percent. Look for the Empire State Manufacturing Index and later in the morning it’s the Capacity Utilization and Industrial Production reports for June. It’s Wednesday so the Crude Inventories report will be released today and later this afternoon (at 2 pm Eastern Time) the minutes from the FOMC Meeting will his the streets.
Earnings out today that could make a difference include AMR Corp, Gannett, WW Grainger, Texas Industries, and Wolverine World Wide.
Have a very profitable day today. Don’t forget to listen to the JDfn professionals each and every morning on the JDfn Internet broadcasts to find out what they see as far as daily setups. And if you haven’t signed up for one of our webcasts or the new James Dicks Forex Alerts yet, I urge you to consider doing so. Have a great day!
Happy Trading
James Dicks
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