Mena Report back issues from May 2009:
FX Market Price Action Remains Choppy, US Dollar Faces ISM Manufacturing on Deck on Friday (Forex Video).
May 01, 2009 ... Price action throughout the FX market remains very choppy. US, European data was disappointing today, but how will Friday's US ISM Manufacturing report fare? Stories To Watch on DailyFX - Get your fundamental and technical fix with the DailyFX weekly forecasts. - What ...
US Dollar Gains Slightly, Japanese Yen Slips as Chrysler Files for Bankruptcy, US Personal Spending Contracts.
May 01, 2009 ... - Euro, British Pound End on Mixed Note as European Data Points Toward ECB Rate Cut, Credit Easing - New Zealand Dollar Under Pressure Post-RBNZ Rate Cut, Canadian Dollar DominatesUS Dollar Gains Slightly, Japanese Yen Slips as Chrysler Files for Bankruptcy, US Personal Spending Contracts ...
DailyFX Trend Report.(Brief article)
May 01, 2009 ... About the DFX Trend Index The DFX Trend Index ranges from -100 to +100 and is updated everyday at 5 pm eastern US time. The numbers correspond to specific trend conditions. 50 to 100: uptrend / potential for a top increases the closer the index is to 100 25 to 50: in a range / bullish ...
EURUSD Support Tomorrow / Next Week.(Brief article)(Statistical data)
May 01, 2009 ... As detailed in numerous technical reports today, EURUSD wave structure has changed from bearish to bullish, at least for a few weeks. In order to position for the move up through 1.3742, it is necessary to identify near term support. Watch the 61.8% of ...
A Drop in Volatility Could Expose a Strong CADJPY Range.
May 01, 2009 ... Volatility in the currency market is starting to ease heading into the weekend; but the stability of major technical levels and trends should still be considered highly suspect. For CADJPY, throttling back on the wild price action would leave the pair with a very prominent formation that ...
Australian, New Zealand Dollar Coming Off 9-Year High.
May 01, 2009 ... Australian Dollar price action has hit highs seen at the start of this past March and in July of 2008 against its New Zealand counterpart (Chart 1). A wider perspective reveals that these exchange rate levels are at highs last seen in late-2000 (Chart 2). Chart 1. AUDNZD 04/08-04/09 Much ...
Pound/Franc Oscillating In 100-Pip Pennant.
May 01, 2009 ... GBPCHF has traded in an oscillating pennant for the last week. A consolidating trend may be seen on the chart below. Currently it looks as though ...
Japan's Unemployment Rate Jumps to 5-Year High.
May 01, 2009 ... The Japanese unemployment rate jumped to a 5-year high, by 0.4 percentage points to 4.8%. Economists had forecast the figure to come out to 4.4%. The move just a day after the Bank of Japan announced it would ...
Japanese Consumer Prices Fall By Most in 3.5 Years.
May 01, 2009 ... Japan's national Consumer Price Index, fell for the second straight month and by the most in 3.5 years. The 0.3% decline in prices represents the downward pressure exhibition on the economy by a lack of demand ...
Dollar, Stocks And Risk Appetite Reaction To Fed's Stress Test May Not Be Straightforward.
May 01, 2009 ... The steady and relatively unimpeded rise in risk appetite over these past few months may have finally been put off its pace. After a bout of high volatility that coincided with heavy event risk, the markets seem to have lost their clear bias with momentum receding and the fundamental ...
FXbootcamp London Outlook 05/01/2009.
May 01, 2009 ... Hello traders. The first day of May promises to be an interesting one. I continue with the Pound theme today and build a trade plan for the Pound Yen. We are showing significant hourly MACD divergence, not surprising given the move we have seen this week. I have no desire to be the first ...
Japanese Labor Cash Earnings Fall For 10th Month.(Brief article)
May 01, 2009 ... Japan's workers have seen their average monthly cash earnings dwindle for the 10th straight month in March as the economy came to a halt and demand for their goods from foreigners plummeted. Unemployment in the country jumped 0.4 percentage points to 4.8% in same month. Continued labor ...
Japan's Unemployment Rate Jumps to 5-Year High.
May 01, 2009 ... The Japanese unemployment rate jumped to a 5-year high, by 0.4 percentage points to 4.8% in March. Economists had forecast the figure to come out to 4.4%. The deviation between expectations and the actual release may have come on the back of the labor force participation statistic. March ...
Japanese Consumer Prices Fall By Most in 3.5 Years.
May 01, 2009 ... Japan's national Consumer Price Index for April, fell for the second straight month and by the most in 3.5 years. The 0.3% decline in prices represents the downward pressure exhibition on the economy by a lack of ...
Japanese Labor Cash Earnings Fall For 10th Month.(Brief article)
May 01, 2009 ... Japan's workers have seen their average monthly cash earnings dwindle for the tenth straight month in March as the economy came to a halt and demand for their goods from foreigners plummeted. Unemployment in the country jumped 0.4 percentage points to 4.8% in same month. Continued labor ...
FX Market Price Action Remains Choppy, US Dollar Faces ISM Manufacturing on Friday (Forex Video).
May 01, 2009 ... Price action throughout the FX market remains very choppy. US, European data was disappointing today, but how will Friday's US ISM Manufacturing report fare? Stories To Watch on DailyFX - Get your fundamental and technical fix with the DailyFX weekly forecasts. - What ...
US Dollar Trend Remains Bullish Despite Setback.
May 01, 2009 ... The US dollar has suffered some notable setbacks in recent days as equity markets continued to rally, dampening demand for the safe-haven currency. Still, technical positioning suggests the dominant bias continues to favor weakness in risky assets and a stronger greenback. The MSCI World ...
US Dollar Bias Remains Bullish Against Major Currencies.
May 01, 2009 ... The US Dollar remained under pressure last week, upsetting expectations of a return to bullish momentum as healthy gains in risky assets kept the safe-haven asset du jour on the defensive. Although last week proved costly, current positioning suggests the bias for US Dollar remains bullish ...
Trend for the Day -AUD/CAD.
May 01, 2009 ... Aussie Cad has demonstrated a nice trend. Daily oscillators are oversold and a bounce north can be ...
Short-Term Forex Technical Outlook: NZD/USD.
May 01, 2009 ... The New Zealand dollar slipped lower the greenback following the Reserve Bank of New Zealand's rate decision earlier this week, and the high-yielding currency may continue to face increased selling pressures over the near-term as the central bank maintains a dovish policy stance going ...
Overnight Interest Rate Update 05.01.09.
May 01, 2009 ... Current Yesterday USD 0.23125 0.22750 GBP 0.55125 0.55125 EUR 0.49750 0.47125 JPY 0.17000 0.17125 CHF 0.11000 0.11333 AUD 3.03000 3.02500 ...
Asia FX Summary: EURUSD and GBPUSD Consolidated in Holiday-Thinned Asian Trading.(Dollar (United States))(Gross domestic product)(Brief article)
May 01, 2009 ... Consolidation was the theme in Asia with many of the key markets, Hong Kong and Singapore, closed for holidays and with many European markets closed later in the day. The approaching Golden Week holiday in Japan also sapped trading interest for the session. USD-JPY cleared stops above ...
Euro, British Pound Diverge Against US Dollar as Prices Test Key Levels (Euro Open).
May 01, 2009 ... The Euro gained while the British Pound slipped lower against the US Dollar in overnight trading as the greenback tested the boundaries of its 9-month up trend while global equity markets hoped to break the downward trajectory that has characterized prices since October 2008. Key Overnight ...
Improving U.S. ISM Manufacturing Would Support the Bearish Technical Outlook.
May 01, 2009 ... The April ISM manufacturing report is expected to improve to 38.4 from 36.3 the month prior as easing credit markets have started to help fuel activity. It would be the fifth straight month of improvement and the highest level since September, 2008. Fundamental Outlook The April ISM ...
Post of the Day: Using Fib Levels.(Brief article)
May 01, 2009 ... Student's Question: Sell USD/CAD 1.2444-make sense? Power Course Instructor's Response: In a move to the downside, a trader would draw the Fib line from the Swing high to the Swing low and then look for a retracement to occur to one of the Fib levels. In the case on your chart, price ...
Aussie/Yen Spotlight: Indicator of the Day.
May 01, 2009 ... INDICATOR OF THE DAY" - AUD/JPY 2009 HIGH More often than not, simply using a daily high or low as an indicator can be the most effective form of technical analysis. Even non-technicians are well aware of this simplest form of technical analysis and use these levels in their day to day ...
Stocks May Decline as Nasdaq and Dow at Major Resistance Levels.
May 01, 2009 ... Index Strat Risk Target DJIA Flat NASDAQ Flat S&P500 Flat To review: "The decline from the October 2007 high is in 5 waves, therefore a multi-month countertrend 3 wave advance is underway. Fibonacci resistance does not begin until 8736." The short term pattern has cleared up a bit. Wave B ...
EUR/USD: Trading the German Retail Sales Report.
May 01, 2009 ... Retail spending in Germany is expected to increase 0.2% in March as falling price pressures continues to drive up consumer spending power however, private-sector consumption may unexpectedly fall for the third consecutive month as households face a weakening labor market paired with ...
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May 01, 2009 ... Haga clic aqui para ver articulo original publicado el 4/30 Tech Talk 04.30.2009 Contracting GDP Would Validate Canadian Dollar Bearish Technical Outlook Higher Euro Zone Inflation Unlikely to Signal Recession is Abating (Euro Open) Short-Term Forex Technical Outlook: GBP/CHF New Zealand ...
Improving Manufacturing and Looming Stress Test Results To Dictate Sentiment.
May 01, 2009 ... We could see a flat trading day as traders may be reluctant to add positions with the results of the bank stress test coming next week.What To Watch For In The US Session • Bank Stress Test Results Next Week • Auto Sales Expected To Have Plunged • ISM Manufacturing On Tap ...
DailyFX Roundtable.(Brief article)(Statistical data)
May 01, 2009 ... My picks: Stay Short AUD/CAD Expertise: Fundamentals Combined With Technicals Average Time Frame of Trades: 1 Day - 1 WeekI am looking to stay short AUD/CAD with a stop above 0.8940, with enough space allowed for any widening of ...
Jamie Pick.(Brief article)(Statistical data)
May 01, 2009 ... My picks: limit entry AUDUSD long at .7190, against .6985, target .7590 Expertise: Technical Average Time Frame of Trades: The correction from the October low is still underway. The AUDUSD has broken through the 200 day SMA and is at its highest level since early October. Short term ...
US Dollar Fails at Key Levels; More Weakness Likely.
May 01, 2009 ... -EURUSD 1.3125 Fibonacci support -GBPUSD to stay above 1.4514 -AUDUSD support at .7185 -USDJPY nears potential resistance -USDCAD resistance at 1.2065 -USDCHF resistance at 1.1475 Euro / US Dollar The push above channel resistance suggests to me that the EURUSD corrective advance from ...
Markets Mixed on US Releases and Overnight Developments.
May 01, 2009 ... US markets opened lower this morning by more than half of one percent despite better-than-expected releases in ISM and confidence figures. Going into the morning, trading was mixed as grim news including a delay in the stress test results and Chrysler's bankruptcy was matched by uplifting ...
Euro Technical Outlook.(Dollar (United States))(Brief article)(Statistical data)
May 01, 2009 ... The push above channel resistance suggests to me that the EURUSD corrective advance from 1.2510 is not yet complete. In fact, recent developments suggest a rally through 1.3742 and possibly as high as 1.4150-1.4200 (61.8% of decline from 1.4723 and 100% extension of 1.2510-1.3742). Staying ...
British Pound Technical Outlook.
May 01, 2009 ... Cable is confounding right as the pair still has the head and shoulders top 'look'. Structure is not clear near term. The only statement that I can make with a high degree of certainty is that the rally from 1.35 is a larger 4th wave (corrective) and that it is highly ...
Australian Dollar Technical Outlook.
May 01, 2009 ... The correction from the October low is still underway. The AUDUSD has broken through the 200 day SMA and is at its highest level since early October. Short term Fibonacci support begins at .7323 and extends to .7139. The rally from .6953 is ...
New Zealand Dollar Technical Outlook.
May 01, 2009 ... Like the GBPUSD, the NZDUSD is unclear. The head and shoulders 'look' is still there but the decline from .5987 is in 3 waves, which warns of additional upside ...
Euro Rallies Limited Despite Stronger Mix of US Data (Midday Snapshot).(Dollar (United States))
May 01, 2009 ... MIDDAY SNAPSHOT SNAPSHOT & ANALYSIS OF SELECTED RATES With the overnight session so quiet on the lightened holiday trade, market participants were content on settling in ahead of the US economic data which have now been released. Overall, the releases were encouraging with both ISM ...
Yen Technical Outlook.
May 01, 2009 ... The long term trend remains down and I expect a resumption of that trend although there is near term upside potential. There is potential ...
Canadian Dollar Technical Outlook.
May 01, 2009 ... A larger USDCAD decline is underway towards 1.1359 and perhaps even lower. Weakness, which is accelerating, strongly suggests that 5 waves from .9055 are ...
Swiss Franc Technical Outlook.
May 01, 2009 ... The USDCHF decline is also likely to extend. 1.0925 is the 61.8% of the advance from 1.0367 and potential support. Staying below 1.1606 keeps the pair ...
Euro Strength Suggested by Candlestick Patterns.
May 01, 2009 ... An investigation into monthly candlestick patterns, specifically those of the EURUSD, USDCHF, and EURCHF, reveals what may be the best trade in May.Euro / US Dollar A bullish engulfing candle formed in the EURUSD in March, signaling the potential for additional gains. In April, the pair ...
Dollar/Cad Breaks Below 200-Day SMA; Looking to Buy @1.1780 (Daily Classical).(Statistical data)
May 01, 2009 ... Euro reaches key inflection point. Dollar/Yen gains seen limited above 100.00. Cable confined to range despite recent surge. Dollar/Swiss still focused on 200-Day SMA. Dollar/Cad dips below 1.1800 viewed as compelling buy opportunity. Australian Dollar to fresh 2009 highs but stalling. New ...
Dollar Shorting Opportunities Next Week.
May 01, 2009 ... Index Strat Risk Target EUR/USD Flat USD/JPY Flat GBP/USD Flat Euro / US Dollar The push above channel resistance suggests to me that the EURUSD corrective advance from 1.2510 is not yet complete. In fact, recent developments suggest a rally through 1.3742 and possibly as high as ...
FX Correlations (May): How Do Currencies Move In Relation To Each Other?
May 01, 2009 ... The following is our monthly correlations update for May. As we have stated time and again, correlations between different currency pairs will inevitably shift over time. Therefore, it is of utmost importance to keep abreast of these fluctuating relationships to fully understand your ...
Mainland European Markets Closed for Labor Day While UK FTSE Little Changed.
May 01, 2009 ... Central European stock markets were closed as nations celebrated Labor Day while the UK index showed little change on the session. Improving economic conditions sent commodities higher while concerns over financials increased.Europe Session Key Developments • Commodities Rise on ...
SSI: USDCAD Positioning Grows Extreme As Retail Traders Grope For A Bottom.(Brief article)(Statistical data)
May 01, 2009 ... Intraday Highlight: USDCAD - The ratio of long to short positions in the USDCAD stands at 3.08 as nearly 75% of traders are long. Yesterday, the ratio was at 2.63 as 72% of open positions were long. In detail, long positions are 7.5% higher than yesterday and 32.3% stronger since last ...
Australian Dollar Crosses: Breakout Trades.
May 01, 2009 ... -AUDCHF contructive -AUDCAD tests low side of channel -AUDNZD; time to break 1.3000 Australian Dollar / Swiss Franc The AUDCHF is above the 200 day SMA but the 50% retracement of the decline from 1.0091 has thwarted the advance from this point. However, the break above former resistance ...
Euro, British Pound, Australian Dollar All to Face Rate Decisions - Who Will Cut?
May 01, 2009 ... The euro, British pound, and Australian dollar will encounter rate decisions from the European Central Bank, Bank of England, and Reserve Bank of Australia this coming week, but only one is expected to reduce rates. Meanwhile, the US dollar will face ISM Non-Manufacturing and non-farm ...
Swiss Franc Outlook Remains Bleak as Growth and Inflation Falter.
May 02, 2009 ... Swiss Franc Outlook Remains Bleak as Growth and Inflation Falter Fundamental Outlook for Swiss Franc: Bearish - Swiss Leading Indicator Falls to Record-Low in April - UBS Consumption Indicator Increases as Falling Prices Boost Spending Power The Swiss franc was little changed against the ...
New Zealand Dollar May Weaken As Unemployment Expected To Rise.
May 02, 2009 ... Fundamental Outlook For New Zealand Dollar: Bearish - RBNZ cuts benchmark rate by 50 bps to a record low of 2.50% - NBNZ Business Confidence in April rose to -14.5 from -39.3 - New Zealand Trade Balance Surplus Shrunk to 324.0M, but higher than the 250.0M forecasted. The New Zealand dollar ...
US 10-year Treasury at Lowest Since Late November.
May 02, 2009 ... The 10-year US Treasury note is now trading at the lowest level since late November with the yield rising above 3.51% for the debt. Since topping in early December, the note has pulled back on a resurgence of strength in financials along with record issues by the US government amid a large ...
Prepare For Another Volatile Week In The FX Market (Forex Video).
May 02, 2009 ... A quiet end to the week sets the market up for another wave of heavy event risk and volatility when the markets come back on line. Stories To Watch on DailyFX - DailyFX technical reports forecast a coming breakout for EURUSD and many of the other ...
Australian Dollar Poised to Break 0.7300 Against US Dollar.
May 02, 2009 ... Continued rallies in global risky asset classes left the Australian Dollar higher against the US and New Zealand Dollars to end the week's trade. Overall momentum favors further Aussie Dollar appreciation, and we believe that a break of 0.7300 is likely. Australian Dollar Poised to Break ...
US Dollar, Japanese Yen Lose Ground in Quiet Day of Trading.
May 02, 2009 ... - Euro Under Pressure Ahead of Expected ECB Rate Cut, Credit Easing Announcement - British Pound Could Maintain Strength into Next Week If BOE Maintains Neutral Stance - Australian Dollar Could Continue Rally Next Week, Canadian Dollar to See Key Employment DataUS Dollar, Japanese Yen Lose ...
EURUSD Range Depends On Larger Market Forces.(Statistical data)
May 02, 2009 ... There is a sense of security when trading the world's most liquid currency pair. However, market depth and the stability it provides are only beneficial with the broader market is itself on a steady course. Considering the swings over the past few weeks, it is clear that EURUSD is just as ...
Japanese Yen Outlook Clouded as Risk Trends Remain in Flux.
May 02, 2009 ... The Japanese Yen is likely to see a nearly empty economic calendar give way to risk sentiment as the dominant force guiding price action once again. Japanese Yen Outlook Clouded as Risk Trends Remain in Flux Fundamental Outlook for Japanese Yen: Neutral - Retail Sales Shrink for Seventh ...
The Economist group enters Saudi Arabia and Levant.(Gray Business Communications)
May 02, 2009 ... Summary: Following the opening of a directly managed, Middle East sales office in Dubai, The Economist Group, the leading global media company, has appointed sales representatives in Saudi Arabia, Egypt, Lebanon, Syria, Iraq, Jordan and Palestine for all advertising and sponsorship sales. ...
Forex Trading Weekly Forecast - 05.04.09.
May 02, 2009 ... US Dollar Forecast Turns Bearish on S&P Rallies, NFP's Up Next Euro Long-Term Trend Could Be Decided By ECB Decision, Outlook Japanese Yen Outlook Clouded as Risk Trends Remain in Flux British Pound Makes Headway as UK Data Reflects Stabilization Swiss Franc Outlook Remains Bleak as Growth ...
Euro Long-Term Trend Could Be Decided By ECB Decision, Outlook.(European Central Bank)
May 02, 2009 ... It is fitting that the euro is on the cusp of a dramatic trend change considering what is at stake from the fundamental side of the currency this week. While the world's second most prolific currency has been visibly restrained from developing a major trend against most of its major ...
Canadian Dollar Strength Could Evaporate Should Labor Data Stumble.
May 02, 2009 ... The Canadian dollar has exhibited tremendous strength this past week, brought on by the Bank of Canada's hesitation to adopt quantitative easing and a notable cooling in nation's recession. However, will this advance last? Canadian Dollar Strength Could Evaporate Should Labor Data Stumble ...
AB Capital receives approval from the Capital Market Authority in Saudi Arabia.
May 03, 2009 ... Summary: AB Capital -- the investment banking arm of the Arab Bank Group -- announced that it has received approval from the Capital Market Authority ("CMA") in Saudi Arabia for its license application of Al Arabi Capital Saudi Arabia ("AB Capital Saudi Arabia"). Headquartered in Riyadh, ...
RAK Ceramics resets industry standard with over 115 million square metres in annual production capacity.
May 03, 2009 ... Summary: Global sales reach USD 717 million as UAE market alone secures 29 per cent revenue increase RAK Ceramics, the world's largest ceramic manufacturer, has recently announced that the USD 700 million global conglomerate's annual production capacity has now exceeded 115 ...
Middle East Intra-Regional Trade Up 28% between 2000 and 2007.
May 03, 2009 ... Summary: Asia overtakes Europe as the largest exporter of manufactured and agricultural goods to the Middle East Intra-regional trade in the Middle East has grown 28% between 2000 and 2007 and now represents 19.3% of all trade in the region, according to an Economic Note ...