Long trade triggered on the rally beyond the Aug 27 low and Aug 28 high at 115.85. Wary of massively o/b hourlies but have to respect the outside-day-up session"s bullishness. Daily studies are mostly back in buys now. Our target is the Aug 27 swing high at 116.75. 117.10 is more important resistance beyond there.
Finotec Analysis Team 30 August 2007
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Today's Economic Events
Time
Event
Currency
Period
Previous
Forecast
Significance
Actual
23:30
Core Tokyo CPI y/y
JPY
Jul
-0.1%
-0.1%
Derivative of the Tokyo Consumer Price Index (CPI) that excludes the Fresh Food items.
23:30
Overall Household Spending y/y
JPY
Jul
0.1%
0.2%
23:30
Unemployment Rate
JPY
Jul
3.7%
3.7%
Measures the percentage of the total work force that is unemployed and actively seeking employment. A falling trend has a positive effect on the nation's currency. Working people tend to spend more, and consumer spending is a major driver of the economy. However, unemployment usually draws little attention because traders view it as a lagging indicator.
23:30
Manufacturing PMI
JPY
Aug
49
50
The Chartered Institute of Purchasing and Supply (CIPS) Manufacturing Purchasing Manager's Index (PMI) measures the activity level of purchasing managers in the manufacturing sector, with a reading above 50 indicating expansion. A rising trend has a positive effect on the nation's currency. To produce the index, purchasing managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries, and inventories. Traders watch these surveys closely because purchasing managers, by virtue of their jobs, have early access to data about their companyӳ performance, which can be a leading indicator of overall economic performance.
12:30
GDP Annualized q/q (r)
USD
3.4%
4.0%
4.0%
12:30
GDP Deflator Annualized q/q (r)
USD
2.7%
2.7%
2.7%
12:30
Core PCE Q2
USD
1.4%
1.4%
1.3%
12:30
Unemployment Claims
USD
Weekly
322K
322K
334
Measures the number of individuals who filed for unemployment insurance for the first time over the past week. A falling trend has a positive effect on the nation's currency. Working people tend to spend more, and consumer spending is a major driver of the economy. However, unemployment usually draws little attention because traders view it as a lagging indicator.
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