actionforex.com
Today's Market Outlook
03.07.2008 14:17
actionforex.com
EURUSD: Continued to trend higher from 1.5303, 12 Jun low, taking out the key 1.5844 high from 09 Jun, now attacking the 1.5897, 31 Mar/21 Apr highs. Corrective dips have so far been short-lived, until the latest collapse through 1.5777. Overbought studies and a false break of 1.5897 have underpinned...
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Service Sector Activity Slips in June
03.07.2008 14:17
actionforex.com
The Institute for Supply Management's non-manufacturing index (NMI) fell below expectations, down 3.5 points to 48.2 in June. The subcomponents confirmed the headline weakness as business activity, new orders and employment all contracted last month. Despite the slowdown, service sector activity likely added to Q2 real GDP growth.
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Employment: Weakness Continues - Households Under Pressure
03.07.2008 14:17
actionforex.com
Jobs fell 62,000 in June after declines each month so far this year. Job losses were widespread as evidenced by the diffusion index. The unemployment rate was unchanged and remains over 5 percent since March. Hourly earnings continue to moderate so there are reduced wage-push inflation fears. Households and the...
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NZDUSD Rally Should Be Sold
03.07.2008 14:17
actionforex.com
Slowly, the NZDUSD has fallen over 700 pips from its March top. We view the drop as just the beginning of a much larger decline. How low can Kiwi go? You may surprised by our target. We've preferred the bearish count presented above for some time. The rally from .3897-.7463...
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Foreign Exchange Market Daily Update
03.07.2008 13:19
actionforex.com
Foreign exchange markets are widely ignoring weak US jobs data in light of ECB President Trichet's neutral stance on interest rates following today's widely anticipated 25 basis point interest rate hike. Markets were anticipating a larger gain in unemployment, so a loss of only 62,000 jobs was relatively good news...
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U.S.: ISM Non Manufacturing Slumps in June
03.07.2008 12:18
actionforex.com
The U.S. non manufacturing ISM index fell to 48.2 in June, which was a cyclical low, though not an all-time low. The composite index is now below the 6-month average of 49.2 and most of the subcomponents pared back or indicated some pressure in June. The most notable was the...
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U.S. Market Update
03.07.2008 12:18
actionforex.com
The USD firmed following the ECB's first interest rate hike in 13 months. The ECB duly noted that the rate decision was taken to prevent second-round inflationary effects, as expected. Oil hit fresh all-time highs of $145.85 ahead of the decision. Currency dealers debated whether the rate hike was a...
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Australian Dollar Crosses Entering Consolidation Phase
03.07.2008 12:18
actionforex.com
AUDNZD: Longer term, the pair is headed for a test and likely a break of the 2000 high of 1.3506. A consolidation/pullback should get underway soon as a 4th wave. We'll reiterate what we've mentioned in recent weeks though; shorting is dangerous because there is the possibility that the advance...
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Chart Of The Day: EUR/USD
03.07.2008 12:18
actionforex.com
Price action on the EUR/USD daily chart, as shown, took a major turn down today as a result of the Non-Farm Payrolls report in the morning. This downturn occurs at a significant technical resistance level around 1.5900, which is represented on the chart by the horizontal support/resistance line marked ?A?....
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Forex Fundamental Outlook
03.07.2008 12:18
actionforex.com
In U.S. news, June non-farm payrolls declined by 62,000 while the unemployment rate was steady at 5.5% and average hourly earnings were up 3.4% y/y The jobs report was weak including a cumulative 52,000 downward revision to April's and May's non-farm payrolls numbers. Notably, June was the first time since...
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ECB Fires A Shot Across the Bow
03.07.2008 11:16
actionforex.com
After signaling in June the likelihood for higher interest rates, the European Central Bank carried through with their insinuations and raised rates by a quarter point, bringing the Eurozone refi rate to 4.25%. In the June press conference, President Jean-Claude Trichet announced a "state of heightened altertness" which he said...
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US: Continued Moderate Job Losses
03.07.2008 11:16
actionforex.com
In June the employment report continued to print moderate job losses consistent with a nearly stagnant, but not recessionary, US economy. The economy shed 62,000 jobs (DB -50,000, Consensus - 60,000) in June and on top of this the employment figures for the previous months were revised down by 52,000....
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Inline Job Loss While Trichet UNBIASED
03.07.2008 11:16
actionforex.com
THE DOLLAR IS ON A STREAK! The job loss came nearly inline with expectations the six straight monthly shed, and the unemployment rate was unrevised at 5.5% yet the trigger was taken for profit taking and the dollar shot back especially as Trichet justified the move and now has taken...
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EUR/JPY Mid-Day Outlook
03.07.2008 11:16
actionforex.com
EUR/JPY's failure below 169.46 and sharp retreat today argues that consolidation from 169.46 is going to extend further before completion. Intraday outlook is neutral with risk mildly on the downside for another test of 166.08. Nevertheless, downside should be contained by 165.27/31 cluster support (38.2% retracement of 158.60 to 169.46...
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USD/CAD Mid-Day Outlook
03.07.2008 10:18
actionforex.com
USD/CAD's outlook was turned mixed after retreat fro 1.0238 pushed it through mentioned 1.0141 support. At this point, it's unsure whether correction from 1.0322 has completed at 1.0048 already. On the upside, though, break of 1.0238 will revive the case that rally from 0.9818 is resuming for 1.0322. Break will...
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