The Forex Daily Digest – July 16, 2009
The USD traded near a two-week low against the EUR after stocks rallied on the prospects for the economy and corporate earnings, discouraging demand for the safest assets. The JPY dropped the most against the EUR since May after a report showed U.S. industrial production fell in June less than economists anticipated. Intel Corp.’s revenue outlook exceeded analysts’ estimates. The CAD rose to a one- month high against the greenback as commodities advanced.
The Dollar Index, which is used to track the USD against the EUR, JPY, GBP, CAD, and the CHF, fell as much as 1.1 percent to 79.34, the lowest level since June 11th. The gauge dropped below the trend line tracking its 1.5 percent appreciation since June 2nd, when it reached 78.33, which is the lowest level since December.
Analysts expect official gross domestic product data to show next week the Chinese economy likely rebounded strongly in the three months through June 30th after hitting a bottom in the previous quarter, thanks to improving domestic demand. Economists said figures on June industrial production and fixed asset investment due for release on today will also reveal continued improvement in economic activity and investments on the mainland, though readings on inflation might be negative.
Reports from the International Monetary Fund suggest that the Japanese government and central bank could be ready to provide additional stimulus measures should global demand fail to improve enough to strengthen a recovery. The JPY generally improves during times of financial trouble because its trade surplus means the nation doesn’t have to rely on overseas lenders.
On the economic calendar today look for the normal Thursday Initial Jobless Claims report for the week of July 11th. Analysts are anticipating the report to show 552 thousand claims for the week versus the 565 thousand reported last week. Also expect the TIC data to be released this morning as well as the Philly Fed Index. That report came in at a negative 2.2 last month. This month the street is expecting a minus 5.0.
Major earnings on the calendar today include Nokia, Google, IBM, Harley Davidson, Cypress Semiconductor and Marriott International.
The events that guide currency trading in this volatile global economy are becoming more complex and that means you need as much education as you can get to learn how to make the decisions to become profitable in the Forex market. JDfn offers you daily Internet broadcasts that highlight the possible setups and strategies our professional traders are using in their daily trading. Their views will give you some excellent starting points that you can adjust to fit your own trading style. Also, consider signing up for a webinar, personal coaching sessions or classroom training. We offer it all and I urge you to sign up for education. Once you know how to do something - it’s easy. It can happen for you if you get the education you need. I do hope you are having a profitable week!
Happy Trading –
James Dicks
The Dollar Index, which is used to track the USD against the EUR, JPY, GBP, CAD, and the CHF, fell as much as 1.1 percent to 79.34, the lowest level since June 11th. The gauge dropped below the trend line tracking its 1.5 percent appreciation since June 2nd, when it reached 78.33, which is the lowest level since December.
Analysts expect official gross domestic product data to show next week the Chinese economy likely rebounded strongly in the three months through June 30th after hitting a bottom in the previous quarter, thanks to improving domestic demand. Economists said figures on June industrial production and fixed asset investment due for release on today will also reveal continued improvement in economic activity and investments on the mainland, though readings on inflation might be negative.
Reports from the International Monetary Fund suggest that the Japanese government and central bank could be ready to provide additional stimulus measures should global demand fail to improve enough to strengthen a recovery. The JPY generally improves during times of financial trouble because its trade surplus means the nation doesn’t have to rely on overseas lenders.
On the economic calendar today look for the normal Thursday Initial Jobless Claims report for the week of July 11th. Analysts are anticipating the report to show 552 thousand claims for the week versus the 565 thousand reported last week. Also expect the TIC data to be released this morning as well as the Philly Fed Index. That report came in at a negative 2.2 last month. This month the street is expecting a minus 5.0.
Major earnings on the calendar today include Nokia, Google, IBM, Harley Davidson, Cypress Semiconductor and Marriott International.
The events that guide currency trading in this volatile global economy are becoming more complex and that means you need as much education as you can get to learn how to make the decisions to become profitable in the Forex market. JDfn offers you daily Internet broadcasts that highlight the possible setups and strategies our professional traders are using in their daily trading. Their views will give you some excellent starting points that you can adjust to fit your own trading style. Also, consider signing up for a webinar, personal coaching sessions or classroom training. We offer it all and I urge you to sign up for education. Once you know how to do something - it’s easy. It can happen for you if you get the education you need. I do hope you are having a profitable week!
Happy Trading –
James Dicks
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