NEWSLETTER US SESSION 24/04/2007
Date: Tuesday, April 24 @ 09:48:00 GMT
Topic: Forex Daily Forecast
A) CALENDAR
-GMT 13:00 CAN BoC Rate Decision EST 4.25% PREVIOUS 4.25%
-GMT 14:00 USA Cons Confidence (Apr) EST 105 PREVIOUS 107.2
Definition
The Consumer Confidence index attempts to gauge consumers' feelings about the current condition of the economy and their expectations about the economy's future direction.
-GMT 14:00 USA Existing Home Sales (Mar) EST 6500k PREVIOUS 6690k
-GMT 14:00 USA Existing Home Sales (m/m), (Mar) EST -2.8% PREVIOUS 3.9%
Definition
Existing Home Sales is a measure of the selling rate of pre-owned single-family homes, collected by the National Association of Realtors from 650 realtor associations.
B) SUPPORT-RESISTANCE
EURO/USD USD/JPY GBP/USD
R3 1.3640 119.40 2.0100
R2 1.3610 119.05 2.0050
R1 1.3585 118.70 2.0010
S1 1.3540 118.20 1.9955
S2 1.3510 118.00 1.9930
S3 1.3475 117.80 1.9875
C) WATCH
-Interest Rates
-GMT 13:00 CAN BoC Rate Decision
-GMT 14:00 USA Cons Confidence
-GMT 14:00 USA Existing Home Sales
D) NEWS
-The yen gained for a second day against the euro and the dollar as traders increased their bets that the Bank of Japan will raise interest rates.
- The dollar may weaken on speculation U.S. reports today on manufacturing, consumer confidence and home sales that may add to evidence economic growth is slowing.
Economists expect consumer confidence is expected to slow to 105 in April from 107.2 the month before.
- Euro zone industrial orders fell 0.7 pct in February from January, and were up 4.7 pct year-on-year, EU statistics agency Eurostat reported.
Eurostat revised its release for January to a month-on-month fall of 0.2 pct from the earlier estimate of a 0.1 pct decrease.
It also revised its year-on-year figure for January to a 12.0 pct increase from a 12.2 pct rise.
- External rate setters on the Bank of England's Monetary Policy Committee today reiterated their commitment to keep the inflation rate on target.
Appearing before the Treasury Select Committee, David Blanchflower said the committee would "do everything to keep inflation down."
There was broad agreement among the ranks of the external members, namely Tim Besley, Andrew Sentance, Kate Barker and David Blanchflower on the matter and they stressed the importance of managing wider inflation expectations.
E) TRADING TIPS
Learning to place stops is like learning to drive defensively
(Alexander Elder)
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