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The RBA meets Tuesday, 1 September; although there is a chance of a 25bps rate hike from the current 3.0%, it’s more likely they’ll await further data to confirm the recovery. Fundamentals to date remain encouraging, with 2Q2009 private CAPEX rising 3.3% q/q, 2Q2009 construction work done down only −0.1% q/q, and August DEWR skilled [...]
The hoped-for August break from EUR/USD summer ranges didn’t happen, as investors’ opinions on the sustainability of the global economic recovery remain mixed. However, September is historically the most volatile month in forex trading, and a range breakout therefore remains possible within the next few weeks. Below is an updated version of the daily EUR/USD [...]
As the most volatile of months for forex trading approaches, many currencies and commodities, including USD, gold, and crude oil, are all trading near significant pivotal levels. Equities markets in China whipsawed at the week’s end, the S&P500 rose to 2009 highs, and global central bankers, including Fed Chairman Bernanke, proclaim the cusp of recovery [...]
Week ending 14 August 2009 and the range goes on. Chinese equities indices declined sharply amid worries the rally was overdone, with fundamental data not meeting investor expectations. RBA Governor Stevens announced the next rate movement would likely be a rise. June investment lending fell −1.8% m/m. July business confidence improved to 10, business conditions [...]
With most currency pairs still stuck within summer trading ranges and the forex trading market jittering between risk aversion and normality, a plethora of fundamental announcements this week could shake things up a bit. These event risks include: addthis_url = ‘http%3A%2F%2Fforextradings.com.au%2F2009%2F08%2F12%2Fforex-trading-market-jittering-between-risk-aversion-and-normality%2F’; addthis_title = ‘Forex+trading+market+jittering+between+risk+aversion+and+normality’; addthis_pub = ”;
A pivotal week for long-term forex trading trends, with multiple currency pairs breaking free from summer logjams. The RBA left rates on hold at 3.0%, as expected, and removed the dovish stance from the accompanying statement as the economy added 32.2K jobs, all part-time, and the unemployment rate held at 5.8%. July PMIs printed 44.5 [...]
Often during the summer doldrums, the forex trading market flirts with psychologically important highs and lows. The traders remaining within the market take advantage of the Northern Hemisphere’s holiday-thinned volumes and higher volatility, pushing and testing support and resistance levels. By their nature, these significant highs and lows sometimes prove insupportable, unable to hold as [...]
Week ending 31 July 2009: The RBA meets Tuesday, 4 August, and are widely expected to maintain steady rates at 3.0%. The Conference Board’s May leading index fell −0.1% as 2Q2009 NAB business confidence improved to −4 from −24. June new home sales rose 0.5% m/m while June private sector credit was roughly flat at [...]
