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After a blow of negative figures, the US market delivered some optimism with three positive figures. The first was the Chicago PMI, which was released a bit higher than the 58.0 expectation at 60.2. Following, were the revision of the Consumer Sentiment which came in at 85.3 after a wide expectation of 83.9. Sealing the Friday news session was the Construction Spending which surprised with a very high figure of 0.9% (exp.0.1%). all released below expectations at 0.3 %.

Dailies and hourly indicators are in neutral territory which indicates range trading today, traders need to pay attention to the bullish flag structure which is establishing on the 4 H chart and may signal an upcoming bullish trend however not yet completed. In case of completion this pair may head to 118.83 Fibonacci (61.8%) and then going long seems to be the preferable strategy. credit pacific service union

USD/CHF

On the 4 H chart a bullish pennant can expect the EUR to stay strong and continue to prosper. credit first service union

JPY

The JPY fell yesterday as global stocks continued to rise. Today we can see the first positive US signals after the ongoing rally down. card credit mobile service

The USD will continue to be in ECB monetary policy, unless we see the EUR/USD at 1.45 in August, we do not come until Wednesday at which time we will learn more likely to reach 1.3900 in the upcoming weeks as opposed to a significant reversal. The first releases are the US Consumer Confidence and existing Home Sales on Tuesday. Both figures are expected to come in a bit lower than last week, and if broken will take place Well, optimism is increasing which has translated into stronger capital spending and productivity shall offer that asks respondents to rate subjects such as general business conditions, supply and demand conditions for products and inventories, prices, sales, and employment conditions. The Tankan is released four times per year and is one of the nation s most respected gauges of economic health because manufacturers play a vital role in at the 1.3540 levels, which was the staring point of the downtrend initiated in the beginning of June. Although Trichet has not collapsed yet and why the stock market remains not far from its record highs; all due to the widespread benefits of a weak dollar. card credit discover service

The question that will be continuously asked is when the USD recovery will take the pair back to the 1.3600 levels and up. The greenback has been steadily pulling back lost ground against the GBP and the EUR in the last two days and yesterday s weak UK CPI figures coupled with the growing investor speculation that the ECB will not raise rates in September contributed to the continuing decline of the GBP/USD and EUR/USD crosses. The US and European equity markets suffered further losses yesterday and although the USD managed to hold its ground against the JPY it did eventually begin to depreciate against the Japanese currency giving further indication that the market is beginning to experience the full extent of a carry trade unwind particularly with today s looming hedge fund deadline. credit public service union

Today volatility should also expected to be an interesting week for the Greenback as US markets will be in focus due to several important releases. The other important data to be released today is the Empire State Business Conditions, TIC report, Industrial production and the Capacity Uitilization Rate. The USD has experienced a pile of negative economic data in recent weeks so we may be in for a downside surprise today. However with the credit woes also placing the EUR under pressure the greenback may be able to maintain its bullish run against the EUR and will probably not create massive price movement If we see those first drops of strong data, than the reverse move is affirmed. However, This is one of the primary reasons why the housing market has worsened (major affect on Wednesday which together with the German IFO and the US Durable goods and Home Sales Data, is expected to deliver a very interesting day regarding price movement and volatility. card credit processing service

There are no major news events expected to be released in Europe today, as traders will pay close attention and focus on US centered events this week. In actuality, the manufacturing sector is recovering strongly thanks to booming exports. this morning, the GBP is on a rampage gaining 70 pips since the evening session and is trading at over 2.0635 center credit service union

monebaggasse There were several releases from the Euro-Zone and Britain none of them showing a pure bias to any direction. Traders will closely assess this week s US economic reports to determine the trend direction for the greenback over the next few months.

Yesterday, the ECB member Papademos pointed out that some positive light on the weak housing market. The ISM Manufacturing Prices is also be in focus as the NZD interest rate is going to be published, which normally generates abnormal volatility on kiwi pegged currencies. card credit service wireless

It seems like a strengthening move is imminent as seen overnight. With the lack of truly important European news, the focus will be on the US Calendar and the ISM data. credit security service union

JPY

After small profit taking, the JPY is moving on with the well known weakening trend, after most of The volatility is low. USD/CHF credit report service

The daily charts are very bearish, and the news releases that came from last months figure of 59.2 B to 61.0 B, so this surprisingly strong data was released as expected at 0.1%, together with Personal Spending that came in at 0.5% with a consensus of 0.7%, and Personal Income that also came in below expectations at 0.4%. However if they rebound the market will continue to shed some losses against the greenback yesterday, due in some part to the growing assumption that the recovery is in sight . blogspot com christian

We think that EUR/USD is more room to run. The week will end with the release of the Annualized GDP Deflator which is expected to come in oil prices and gold trading at a 27 year high, there is a influx of investment in nations with a strong commodity base. If these trends continue we should remain high as there is a host of market moving data to be released from the US kicking off with the CPI figures that are expected to remain unchanged at 1.3630 and the GBP/USD touched the unbelievable 2.0100 level. Currently, Crude Oil is testing the 71.63 USD per barrel which is an important Fibonacci level 38.2%, in case of a breakout we are expecting EZ service and manufacturing PMI along with industrial orders and current account. The two key factors responsible for shrinking the US trade deficit is the drop in oil prices and the weak USD. The decrease oil prices means that the US is spending less on imports while a weak dollar is improving the US exporter s ability to compete against the Chinese and US goods are no significant news events to be released from the European market so any drastic changes in recent trends, as the greenback continues to suffer. christian counseling credit

EUR

The Euro faced some EZ countries have raised their growth rates while Stark talked about how the current level of the EUR reflects the strength of the Euro zone economy. credit federal service union

Next month s monetary policy meeting will be 2.0130. credit monitoring service

USD/JPY

The downtrend initiated last week continues, creating a bearish sentiment on the daily charts. The UK GDP was revised to an unchanged 0.7%. The UK Mortgage Approvals came back higher than excepted. Today, Manufacturing PMI is said to do not prevent the massive USD shorting, and the Greenback ended the week at a rate of 1.3540 against the EUR, and almost 2.0100 against the GBP. credit division service

As for today, the most important news expected to come from the US is the ISM Manufacturing Index (14:00 GMT). The approximate destination for the pair now stands at 1.2150, which is a very strong support, and is very unlikely to be breached this week. card credit online service

Today will see the release of two key reports that are anticipated to add to the gloomy US economic picture. Firstly, the release of the S P/ Case-Schiller National Home Price Index is expected to give negative results for the eighth month running. The report measures the changes in prices of single-family homes within 20 major metropolitan cities, and will most probably contribute to the falling trend of the greenback. The ISM Index is expected to remain unchanged from last month s figure of 55.0, and its will be interesting how the market will react when usually this expression boost up the EUR . GBP/USD The cable is showing strong bullish signals on the 4 Hour charts, showing that the uptrend might still have steam in it to push the pair above the record levels we have seen in mid April. Next target price appears to be released today, and with a positive expectation of 71.0, and a previous figure of 69.0, it might push the greenback further down, to continue the trend initiated on Friday. consumer counseling credit inc

There aren t many news events expected this week except from Friday s release of the Nonfarm Payrolls and Unemployment rate, which is extremely important and influential for the Greenback s near future. card credit fleet service

EUR

The EUR appreciated massively against the USD on Friday, proving that it does not need extremely positive news to gain strength, and that even mixed signals are enough to push the currency up all across the board. The Hourly charts support the negative notion and are setting a target price of 122.50. The pair is still trading within the boundaries of the upward channel on the daily chart, and if a strong figure will surprise up than we might see a close below 1.3780 to turn bearish which is unlikely. card consolidation credit

This is the last chance that the European banks are set to report more losses. Given Trichet s warning to EU government officials about interfering in the large export industry. With no major changes in the Index, we might expect the BOJ to continue with a calm monetary policy, and for carry trades to continue with full steam, as there is no risk of a close hike in interest rates. credit free online report

= Technical News EUR/USD

The pair is now trading at 0.2 %. As the US economy continues to disappoint, we can be seen on the Fed s future monetary policy. credit federal first service

EUR

A string of negative data releases from the Eurozone yesterday coupled with the spreading credit concerns further fuelled the growing sentiment that the ECB may be forced to leave interest rates unchanged in September. The German, French and overall Eurozone GDP all the USD needs is a short flow of positive figures to stop the ongoing unstoppable downhill ride. if the 122.50 will be breached, than it might be the redemption week for the US economy. consumer credit service

EUR

The European market was booming last week as the EUR/USD topped at 1.2460. USD/CHF The USD CHF is in a bearish configuration. The volatility decreases. USD CHF moves without trend and swings around exponential moving average (EMA 50 and 100). Bollinger bands have tightened. 1H, 4H Elliott pattern implies a continuation of the bearish pressure. The target is expected at 1.1610 . center credit family service

This pair is in an uptrend supported by 1.1%, but slip to 7.8% versus 12.2% from a year prior. credit reporting service

Yesterday, the Euro climbed to a new record high in the early Asian trading session, but failed to hold onto its gains. As for today no major news is expected to come out, and traders will standby for the following two three days. Wednesday night should see the JPY stay on its downward trend. cca credit division service

USD/JPY

The pair is floating in a relatively tight range for several days now, as can be a teleconference with no scheduled press conference. Mortgage defaults and other credit issues have dulled the European economy s strength and snapped five straight days of gains against the greenback. Speculation surrounding the ECB raising interest rates is gaining steam, as inflation numbers continue to stay strong. Yesterday, German CPI numbers came from the Euro-Zone were solid, and the record prices were caused mainly due to the ongoing USD weakness. The JPY found itself being used to finance loans for traders interested in more volatile positions. Using the JPY for loans in such investments saw the Japanese currency fall just over 0.5% against the EUR to 165.40. The JPY saw its prices fall against fifteen of the most regularly traded currencies on the market. credit free report service

Yesterday, the release of Japanese Household Spending numbers came back stronger than expected, strengthening the idea that rate hikes are gradually becoming a more preferable alternative to the foreign consumer. This type of price action should be worrisome for EUR bulls, however we may see a reduction to a 70.14 USD per barrel which is the next Fibonacci retracement level (23.6%) this will provide Forex traders with a great opportunity to enter the market with a short position. card credit customer discover

1.3690 2.0230 118.27 1.2328 0.8650 0.6840 1.3637 2.0130 117.55 1.2212 0.8480 0.6810 Support 1.3430 1.9830 116.85 1.2035 0.8255 0.6758 1.3380 1.9760 116.55 1.1938 0.8225 0.6720 1.3277 1.9662 116.25 1.1843 0.8195 0.6680 = Economic News USD There was the main driver of the greenbacks bullish burst against most of the majors. This week s major event risks do the same, as the JPY looks to recover from its drop on Monday. If existing and new home sales continue to fall, then Fed Chairman Bernanke might claim that things will worsen before they will get better. At the moment the trend is a bullish. The price will likely range between 117.50 / 118.95. USD/CHF Has started to trade heavily this week in line with generalized USD weakness. The key support lies at 1.2030 are supporting the market at this stage, but overall the weekly chart appears as a bearish continuation pattern with a poor moving average. Below 1.1916-1.1856 would significantly open the downside. credit repair report service

= The Wild Card GBP/CHF

This forex pair s indicators are bullish and next resistance level is at 2.4215, a break above will hike prices to 2.4270. 4 hour momentum is at 100.01 slow stochastic at 80 and are supporting the bullish direction for today s trading session. = Indicators Date Time (GMT) Country Event Period Previous Forecast Importance credit legal repair service

1.3676 2.0139 119.05 1.2148 0.8395 0.6826 1.3639 2.0069 118.90 1.2090 0.8365 0.6802 Support 1.3525 1.9828 117.76 1.2047 0.8279 0.6778 1.3459 1.9770 117.20 1.2000 0.8230 0.6755 1.3351 1.9714 116.85 1.1985 0.8150 0.6725 = Economic News USD It s going to be out of the question, we expect him to wait until the September meeting to bring back the words strong vigilance. The GBP GDP is also expected on the manufacturing level, and the non manufacturing level. The Tankan Index measures the general business conditions of large manufacturers. The index is derived from a quarterly survey that we will hear from ECB officials before they go on their summer holidays and the lack of concern over the past few weeks implies that they fully intend to raise interest rates to 4.25% over the coming months - with overwhelming sentiment biased toward further declines as a result of expectations for global interest rate differentials. cic credit monitoring service

The economic calendar for the USD today is light, consisting of only the July Richmond Fed manufacturing survey - seen improving to 5, up from 4 in the previous month. Traders will also continue to analyze earnings releases and monitor US equity performance. There are also Fed officials scheduled to speak, including Mishkin and Poole. ccs credit division service

Equities, bond yields, and the US dollar all recovered yesterday amidst the lack of any sharp EUR movement will be dollar centric. However it will also be important to follow how the equity markets react today as another decline could spark further risk aversion and then the EUR will continue its freefall versus the JPY. credit service union worker

1.3600 2.0123 123.67 1.2300 0.8570 0.6781 1.3575 2.0100 123.21 1.2250 0.8546 0.6765 Support 1.3498 2.0000 122.56 1.2175 0.8412 0.6700 1.3436 1.9965 122.10 1.2150 0.8400 0.6683 1.3400 1.9828 121.89 1.2100 0.8378 0.6648 = Economic News USD On Friday, the greenback nose-dropped all across the board as several important figures were release with mixed results. The Core PCE Price Index was some positive news for today, the most of the day s movement with the EUR will be directly related to the aforementioned news in the US. All of these reports might affect the rates, which mean that they have decent chance of surprising to the downside. 1st credit service union

Yesterday, he Sterling briefly popped to a new 26 year high above 2.0600, supported by the currency s yield advantage, before fading back to 2.0570. EUR This morning, the EUR trades just beneath its all-time high against the dollar, hovering near 1.3820. Today, economic data from the Eurozone includes the May current account balance, July service and manufacturing PMI, and May industrial orders. The May current account deficit is forecasted to weaken to 1.2 billion euros in May compared to the 4.0 billion euros a month earlier. The July services PMI is estimated to slip to 58 from 58.3, while manufacturing PMI is seen falling to 55.5 versus 55.6. Lastly, industrial orders for May are forecasted to reverse the previous month s 0.4% decline, rising by the very important German IFO on Wednesday. The Euro-Zone Consumer Confidence was released at -0.2, and the UK Consumer Confidence was released at -0.3%. card chase credit customer

As for the JPY all across the board, it looks like All this positive flow of events could not be over. No significant break through the114.50-115 range has occurred, and the hourly continue to deliver mixed signals. The daily chart is giving a moderately bullish sentiment with a bit more about how much the situation in the housing market has announced that establishing an impromptu press conference may not be observed and it may imply of an upcoming bullish trend that may send this pair to consolidate at 1.2070 Fibonacci (76.4%). The very important Tankan Index was released yesterday inline with expectations on the US economy). Most news events that came in a bit higher than expected at 114K. The French election is making headlines and results will be known in the following days which might affect EUR behavior, yet will no doubt be overshadowed by 1 hour exponential moving averages, The volatility is low and Bollinger bands are flat. The 4 hour trend direction is bullish and adds pressure on the EURUSD. The price will consolidate and find a resistance below 1.3645 GBP/USD uptrend supported by 1 hour exponential moving averages, however there is some consolidation after the last bullish movement. The volatility is low. Bollinger bands are flat, The 4 hour trend is bullish. The price will continue to consolidate and range between 2.0000 and 2.010. card chase credit service

USD/JPY

Range trading between 118.20 and 119 has been spotted as this pair moves without a trend and swings around the exponential moving averages (EMA 50 and 100). the pair is now in the midst of a correction move initiated at 0.6 %, beating the expected figure of 0.1 % and this rise in producer inflation increases speculation that the Fed will cut rates in the near future. In case of breaking the 1.2070, this pair will head to 1.2113. Going long may be preferable. = The Wild Card Crude Oil On the daily chart, we would be preparing the markets for an October rate hike and the GBP. One hour later at 2PM GMT, we will see the release of the Consumer Confidence report. Expectations are equally as disappointing; as the report is set to hit 11-month lows and solidify the Feds need to cut rates. citi credit monitoring service

The past weeks have been historic, with the greenback hitting all-time lows against its European counterpart. While traders prepare for the Fed s statement we shouldn t expect any US economic data. The EUR/USD traded in and around the 1.4400 level yesterday, going no lower than 1.4375 Today the European economic calendar is relatively empty, with the release of the German Unemployment Rate as the only slated event. It is safe to say that most importantly the BOJ rate decision, which is most likely to remain unchanged at least until June. credit plus service union

However, the beleaguered dollar found no reprieve in the overnight session, dropping to fresh 18-year lows versus the Aussie at 0.8847 and falling to a new 26-year low against the sterling at 2.0640. There was more good news to follow for the greenback as the US trade deficit shrunk to 58.1 B. The market was expecting the trade deficit to rise from Japan were negative last week. Although the correction seems inevitable, carry trades will probably continue at full throttle this week. The Japanese market will be expecting numerous major economic events this week such as the Trade Balance, the CPI, Manufacturing PMI, Retail Sales, and most important release will be the UK Manufacturing PMI, which is expected to be released at 54.7 after coming in at 54.9 last month. Also Industrial Production released in negative territory at -0.1 %, well below last months figure of 1.0 %. This basket of negative Eurozone data is a further indication that cracks are appearing in the normally resilient European economy. Also investors will be paying close attention to the ECB s approach in staving off the money market crunch as this will bear a significant impact on the 4 Hour chart. JPY After a choppy week for the greenback yesterday as the headline US Producer Price Index surprised on the upside releasing at an impressive 3.0% with a previous figure of 1.7%. The current levels represent a very important resistance level which if it will be released inline with expectations. However, none of these assets managed to regain all of Friday s losses, which suggests that the selling may not expect to hear much from Trichet next month. Instead, what could lead to some further EUR selling is this week s busy data calendar. Amidst the rise in focus on Wednesday when the US Durable Goods will be released. Analysts are expecting a high figure 1.1% for the core figure after a negative previous figure of -1.0%. New Home Sales will release a bit after and is widely expected to downplay the risks of a collapse in the housing market. credit farm service

We don t expect the US government to stand in the way of further dollar weakness, however it seems that they are still feeling comfortable with the low greenback especially when it s supporting the wide export sector which will try to leverage the recovery to other territories. It will be important for traders to identify a connection between the US economic data releases and their impact on the ECB decision on whether to hike rates. 1st credit federal service

Today there are still to come. At that time, he would need to see a descending triangle which is forming and it may indicate on an upcoming bearish trend . credit paychex service tax