We decided to cover our short near the entry after prices showed no immediate inclination to extend losses much below the figure and with recent daily lows grouped in the 1.1983-90 range. Today"s breaking of the uptrend line from the Aug 6 major low, now resistance at 1.2033, puts us in the bear camp and looking for a better sell spot.
Finotec Analysis Team 07 September 2007
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Today's Economic Events
Time
Event
Currency
Period
Previous
Forecast
Significance
Actual
14:00
Wholesale Inventories m/m
USD
Jul
0.5%
0.5%
Wholesale Inventories m/m
Measures the value of goods held by wholesalers. A falling trend has a positive effect on the nation\'s currency because wholesalers order more goods from manufacturers when they have depleted inventories.
12:30
Nonfarm Employment Change
USD
Aug
92K
110K
Nonfarm Employment Change
Measures the change in number of employed people during the previous month, excluding the farming industry. A rising trend has a positive effect on the nation\'s currency
12:30
Unemployment Rate
USD
Aug
4.6%
4.6%
Unemployment Rate
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.
12:30
Average Hourly Earnings m/m
USD
Aug
0.3%
0.3%
Average Hourly Earnings m/m
Measures the rate of inflation found in the wages paid to nonfarm jobholders
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