Tuesday, Jan 06, 08:41 GMT
EUROPEAN Trading Newsletter
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Forex Blogs
FxBootcamp: News Trade Alert by Curt Wehrley
Tuesday's release of results from the latest non−manufacturing purchasing manager surveys in the UK and US might draw some attention prior to Tuesday's London close, but it's likely that further contraction of the services sectors in those countries is already "baked in."
Forex Trading Today: EUR/USD Continues To Ski Down the Slope by Tim Salem
1st on Forex: Currency Correlations - Out Of Order! by Jerry Furst
Live Sessions Schedule
The Weather Report: Ichimoku Cloud Trading
Expert: Chris Capre
Start: Tue, Jan 6, 15:00 GMT
Type of Session: Webinar
Trading with Autochartist
Expert: Raghee Horner
Start: Tue, Jan 6, 16:00 GMT
Type of Session: Webinar
| Sponsored by | ||||
| Tue, Jan 6, 12:00 GMT | FX Instructor Live Trading Room  | Mark De La Paz | WBN |  |
| Tue, Jan 6, 14:00 GMT | New Year's trading resolutions | Adam Rosen | WBN |  |
| Tue, Jan 6, 15:00 GMT | The Weather Report: Ichimoku Cloud Trading | Chris Capre | WBN | |
| Tue, Jan 6, 16:00 GMT | Trading with Autochartist | Raghee Horner | WBN | |
Current Session: Europe
EUR/USD
EUR: Buy at 1.3540; stop well below 1.3500
Mizuho Corporate Bank − Comment: Retracing 50% of December's rally holding on the top of a very large weekly Ichimoku ‘cloud'. The move is seen as an A, B, C−type correction where C=A, currently trading at the 26−day moving average and the lagging Span also has support from the ‘cloud'. Therefore we expect the Euro to base around current levels today and rally towards 1.4100 by the end of the week.
Strategy: Buy at 1.3540; stop well below 1.3500. First target 1.3800, then 1.4000.
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EUR/USD
Forex Technical Analysis − EUR/USD: (1.3517) Below Triangle off 1.4719 by KBC Bank
Below Triangle off 1.4719 (see graph): Support area at 1.3505 (today's low?), with next levels at 1.3468 (daily envelope bottom) and 1.3410 (daily Long Term Moving Average↑): tough on 1st attempts.
Asian Session Recap
Market Session Recaps − Late Dollar surge set the markets moving by FOREX.com
The quiet was fleeting as a late Dollar surge set the markets moving. The calming 100 pip range in Asia was a nice respite after the overnight US drop of four handles.
Analyst Sentiment Index (ASI)
Analysts Sentiment Index - EUR/USD
**Source : ActionForex.com, CMS Forex, Danske Bank A/S, FXstreet.com, i-knowindices.com, Mizuho Corporate Bank, MolFX - Management
[ View ASI page ] [ View EUR/USD page ]
Charting the Market Movers
USD JPY, Hourly
GBP USD, Hourly
Top Market Movers Preview
EMU CONSUMER PRICE INDEX
| Date (GMT) | Event | Cons. | Previous | |
| Jan 6 | 10:00 | Consumer Price Index (YoY) | 1.8% | 2.1% |
Trading News Report - EUR/USD: Trading the Euro−Zone CPI Estimate by FXCM
The euro could face increased selling pressures over the next 24 hours of trading as economists expect the Euro−Zone CPI estimate to fall to an annual rate of 1.8% from 2.1% in November. The inflation outlook for the Euro−Zone fell at its fastest pace in nearly two decades as oil prices slipped below $55 a barrel.
[ Full Story ]Daily Market Briefing - Euro Tumbles on Dovish ECB Comments, Euro−zone CPI Could Exacerbate Sentiment on Tuesday by FXCM
EMU economic indicators - EMU inflation flash estimate (December): down to 1.6% yoy by BHF−Bank
Top Market Movers Review
UK NATIONWIDE HOUSING PRICES S.A
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jan 6 | 07:05 | Nationwide Housing Prices n.s.a (YoY) | -15.9% | -14.7% | -13.9% |
| Jan 6 | 07:00 | Nationwide Housing Prices s.a (MoM) | -2.5% | -1.5% | -0.4% |
DATA SNAP: Nationwide: UK Dec House Prices Post Record Drop (Dow Jones)
U.K. house prices posted their biggest drop on the year in December and are likely to come under more pressure in 2009 due to tight credit conditions and weaker demand as the economy is hit by recession, the Nationwide Building Society said Tuesday.
[ Full Story ]- Read the Housing data at Nationwide
- UK Dec house prices fall 2.5%, drop 15,9% YoY (FXstreet.com)
- UK house prices fall 2.5 pct in Dec − Nationwide (Thomson Financial News)
- UK Dec Nationwide Housing Prices fall 15.9% YoY, the biggest annual drop (FXstreet.com)
Japan MONETARY BASE
| Date (GMT) | Event | Actual | Cons. | Previous | |
| Jan 5 | 23:30 | Monetary Base (YoY) | 1.8% | - | 1.9% |
Japan Dec monetary base rises 1.8 pct yr/yr − BOJ (Thomson Financial News)
Japan's monetary base rose 1.8 percent in December from a year earlier, increasing for the fourth straight month, Bank of Japan data showed on Tuesday. Current account deposits at the central bank jumped 14.7 percent in December after an 11.3 percent rise in November.
[ Full Story ]- Read the Monetary data at Bank of Japan
Economic Events
| Date (GMT) | Country | Event | Actual | Cons. | Previous | |
| Jan 5 | 15:00 | US | Construction Spending (MoM) (Nov) | -0.6% | -1.3% | -0.4% |
| 23:30 | JP | Monetary Base (YoY) (Dec) | 1.8% | 1.9% | ||
| Jan 6 | 07:00 | UK | Nationwide Housing Prices s.a (MoM) (Dec) | -2.5% | -1.5% | -0.4% |
| 07:05 | UK | Nationwide Housing Prices n.s.a (YoY) (Dec) | -15.9% | -14.7% | -13.9% | |
| 08:55 | DE | Purchasing Manager Index Services (Dec) | 46.4 | 45.1 | ||
| 09:00 | EMU | Purchasing Manager Index Services (Dec) | 42.0 | 42.5 | ||
| 09:30 | UK | Purchasing Manager Index Services (Dec) | 40.1 | 40.1 | ||
| 10:00 | EMU | Consumer Price Index (YoY) (Dec)  | 1.8% | 2.1% | ||
| 13:30 | CA | Industrial Product Price (MoM) (Nov) | -1% | 0% | ||
| 15:00 | US | Factory Orders (Nov) | -2.3% | -5.1% | ||