The Forex Daily Digest – July 31, 2009
After two consecutive days of declines, the Dow finished the day up almost 84 points to 9154.46 yesterday marking its highest close since Nov. 4th. With one day left in the month, the index is up 8.4% and is in line for its best monthly percentage increase since October 2002. The Labor Department reported that initial claims for jobless benefits were up, though the number of continuing weekly claims fell to its lowest level since April 11th.
The USD gave up some midweek gains yesterday, falling as better-than-expected corporate earnings and a negative trend in unemployment data rallied the desire for stocks, emerging-market investments and other precarious investments. The hope for a global economic recovery is helping hold down the USD as investors look for currencies from nations with a less-stable economy than the U.S. but with higher interest rates.
The USD and the JPY fell for the first time in three days against the EUR after a Japanese government report showed manufacturers increased production for a fourth month, discouraging demand for the currencies as a refuge. The USD fell the most against the GBP after an economic report showed British home prices increased for a third month. The NZD declined the most in three weeks after the nation’s central bank kept its interest rate unchanged for a second month and Reserve Bank Governor Alan Bollard said rates may fall even more.
Next week’s economic calendar is full of important reports. Look for Construction Spending, the ISM Manufacturing and Services Index, Auto and Truck Sales, Personal Income and Spending, Pending Home Sales, the ADP Employment report, Factory Orders, the weekly Initial Jobless Claims and the Crude Inventories. We finish out the week with the Non-Farm Payrolls report for July along with Hourly Earnings, the Unemployment Rate and the Consumer Credit Report.
Expect earnings from Anadarko Pete, Loews, Pulte Homes, Archer Daniels Midland, Avis Budget Group, Deutsche Bourse, Kraft Foods, Martin Marietta, Toyota, Yamana Gold, Cisco Systems, Procter & Gamble, Unilever NV, Beazer Homes, the NASDAQ OMX Group and Sirius Satellite Radio.
Have a profitable day today and an enjoyable weekend. 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 the James Dicks Forex 5.0 Alerts yet, I urge you to consider doing so. We have an exciting week ahead – see you on Monday.
Happy Trading,
James Dicks
The USD gave up some midweek gains yesterday, falling as better-than-expected corporate earnings and a negative trend in unemployment data rallied the desire for stocks, emerging-market investments and other precarious investments. The hope for a global economic recovery is helping hold down the USD as investors look for currencies from nations with a less-stable economy than the U.S. but with higher interest rates.
The USD and the JPY fell for the first time in three days against the EUR after a Japanese government report showed manufacturers increased production for a fourth month, discouraging demand for the currencies as a refuge. The USD fell the most against the GBP after an economic report showed British home prices increased for a third month. The NZD declined the most in three weeks after the nation’s central bank kept its interest rate unchanged for a second month and Reserve Bank Governor Alan Bollard said rates may fall even more.
Next week’s economic calendar is full of important reports. Look for Construction Spending, the ISM Manufacturing and Services Index, Auto and Truck Sales, Personal Income and Spending, Pending Home Sales, the ADP Employment report, Factory Orders, the weekly Initial Jobless Claims and the Crude Inventories. We finish out the week with the Non-Farm Payrolls report for July along with Hourly Earnings, the Unemployment Rate and the Consumer Credit Report.
Expect earnings from Anadarko Pete, Loews, Pulte Homes, Archer Daniels Midland, Avis Budget Group, Deutsche Bourse, Kraft Foods, Martin Marietta, Toyota, Yamana Gold, Cisco Systems, Procter & Gamble, Unilever NV, Beazer Homes, the NASDAQ OMX Group and Sirius Satellite Radio.
Have a profitable day today and an enjoyable weekend. 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 the James Dicks Forex 5.0 Alerts yet, I urge you to consider doing so. We have an exciting week ahead – see you on Monday.
Happy Trading,
James Dicks
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