Monday, March 8, 2010

Forex Daily Outlook – March 9th 2010

The dollar gained back some of the losses amid a light calendar. Also today, there aren’t any huge events, but there are some indicators that will move currencies. Let’s see what’s up for today.

British BRC Retail Sales Monitor began the day with a rise of 2.2%. This can hint about the official retail sales figure. The RICS House Price Balance was quite disappointing with a drop to 17%, half the expectations. More regions are reporting a drop in house prices.

Later in Britain, Trade Balance is expected to show a smaller deficit than beforehand, only 6.9 billion. For more on the Pound, read the GBP/USD forecast.

Australia’s ANZ Job Advertisements were excellent, rising by 19.1%. This is a volatile release (it fell by 8.1% last month), but the outcome gives a lot of hope for the official employment figures later in the week.

Also in Australia, the NAB Business Confidence rose from 15 to 19 points, also good for the Aussie. On the other side of the day, Westpac Consumer Sentiment will show how Australian consumers feel about the economy. For more on the Australian dollar, read the AUD/USD forecast.

In Japan, Leading Indicators jumped to 97.1%, exceeding expectations. Later in Japan, Core Machinery Orders are predicted to drop by 3.8% after a leap of 20.1% last time.

In Europe, the only indicator is French Trade Balance. The Euro/Dollar continues the range trading. For more on the Euro, read the EUR/USD forecast and Casey Stubbs’

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Monday, March 1, 2010

Euro facing great challenges-Germany's Merkel


The euro is facing great challenges and it hurts all euro zone states if markets can attack the currency, German Chancellor Angela Merkel said on Monday. Currencies | Bonds "We agree that economic policies must be better coordinated and that it is most important that we adhere to the Stability Pact," Merkel told joint news conference with Spanish Prime Minister Jose Luis Rodriguez Zapatero Full Story

Chart of the Day

EUR/USD Daily Chart — March 1, 2010

Price action on EUR/USD, a daily chart of which is shown, has formed yet another short-term consolidation within the context of a strong bearish trend that has been in place since early December.

3/01/2010 – EUR/USD – Price action on EUR/USD, a daily chart of which is shown, has formed yet another short-term consolidation within the context of a strong bearish trend that has been in place since early December. The current consolidation continues to carry a bearish bias. The bottom of the consolidation resides around the 1.3450 price region, just above key general support in the 1.3400 area. Further bearish price action that breaks down below both the consolidation and this 1.3400 level should confirm a downtrend continuation potentially targeting further key support in the 1.3100 price region. Upside resistance within the context of the strong current downtrend tentatively resides around the 1.3700 price region, just above the top of the current consolidation.

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James Chen, CMT
Chief Technical Strategist,
FX Solutions

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