The Forex Daily Digest – July 20, 2009
As we start another week, it’s looking very thin in economic reports. On Tuesday five of the Dow 30 will be reporting their earnings numbers. Also this week, Fed Chairman Ben Bernanke will present his semi-annual testimony on monetary policy to Congress, speaking before the House Financial Services Committee tomorrow and the Senate on Wednesday.
The EUR experienced some relatively serious price action last week. Fundamental traders are thanking the market’s reaction to earnings and growing financial troubles which kept traders’ attention on those currencies with more obvious connections to risk appetite. But, the EUR is certainly not immune to these underlying motivators; and we will likely see EUR investors continue to respond to those influences.
From the EUR/USD response to the increase in risk appetite during the past week, the effect of each fundamental issue usually has a diverse affect for the various currencies. Besides the risk involved, another important matter in Forex is solid growth. Analysts and investors are holding tight to the apparent early signs of an economic recovery, which many experts believe is more of a slow down in the rate of recession.
The CHF remained range-bound against the USD and the EUR last week following an improvement in market opinion, and the currency may maintain its sideways trend against its counterparts over the near-term as the Swiss National Bank tries to find a bottom on the exchange rate.
The CAD had the strongest progress against the USD in the past week even though domestic information was definitely mixed and the USD/CAD connection to risk trends is relatively minor. But after nearly a month of tight trading - with a noteworthy bias in the USD favor – an eventual breakout was very predictable.
Today, the Conference Board will release its index for leading economic indicators for June. Analysts expect the LEI to post its third straight gain. Economists anticipate it to rise 0.5% after increasing 1.2% in May. Other economic reports scheduled for release this week include Crude Inventories on Wednesday, Initial Jobless Claims and Existing Home Sales for June on Thursday. Sales are expected to come in a bit higher than last months report. Then on Friday, expect the revision to the July University of Michigan Consumer Sentiment report.
Some of the major earnings reports scheduled this week include Ford, McDonalds, Halliburton, Microsoft, Legg Mason, Apple, Caterpillar, Lockheed Martin, Merck & Co., AT&T, Starbucks, Yahoo, Delta Airlines, Amazon, GlaxoSmithKline, Altria Group, Morgan Stanley, Boeing, and American Express.
Pay close attention to the events of the day and follow the daily setups offered by our traders on the James Dicks Forex Network. Every morning and throughout the day, our seasoned traders will guide you through what they are seeing and explain how the various currency pairs are trading. Take advantage of their years of experience and make sure the pips come your way this week.
Happy Trading,
James Dicks
The EUR experienced some relatively serious price action last week. Fundamental traders are thanking the market’s reaction to earnings and growing financial troubles which kept traders’ attention on those currencies with more obvious connections to risk appetite. But, the EUR is certainly not immune to these underlying motivators; and we will likely see EUR investors continue to respond to those influences.
From the EUR/USD response to the increase in risk appetite during the past week, the effect of each fundamental issue usually has a diverse affect for the various currencies. Besides the risk involved, another important matter in Forex is solid growth. Analysts and investors are holding tight to the apparent early signs of an economic recovery, which many experts believe is more of a slow down in the rate of recession.
The CHF remained range-bound against the USD and the EUR last week following an improvement in market opinion, and the currency may maintain its sideways trend against its counterparts over the near-term as the Swiss National Bank tries to find a bottom on the exchange rate.
The CAD had the strongest progress against the USD in the past week even though domestic information was definitely mixed and the USD/CAD connection to risk trends is relatively minor. But after nearly a month of tight trading - with a noteworthy bias in the USD favor – an eventual breakout was very predictable.
Today, the Conference Board will release its index for leading economic indicators for June. Analysts expect the LEI to post its third straight gain. Economists anticipate it to rise 0.5% after increasing 1.2% in May. Other economic reports scheduled for release this week include Crude Inventories on Wednesday, Initial Jobless Claims and Existing Home Sales for June on Thursday. Sales are expected to come in a bit higher than last months report. Then on Friday, expect the revision to the July University of Michigan Consumer Sentiment report.
Some of the major earnings reports scheduled this week include Ford, McDonalds, Halliburton, Microsoft, Legg Mason, Apple, Caterpillar, Lockheed Martin, Merck & Co., AT&T, Starbucks, Yahoo, Delta Airlines, Amazon, GlaxoSmithKline, Altria Group, Morgan Stanley, Boeing, and American Express.
Pay close attention to the events of the day and follow the daily setups offered by our traders on the James Dicks Forex Network. Every morning and throughout the day, our seasoned traders will guide you through what they are seeing and explain how the various currency pairs are trading. Take advantage of their years of experience and make sure the pips come your way this week.
Happy Trading,
James Dicks
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