Prices were wedged today between the downtrend from the Aug 9 high, now support at 114.70, and the uptrend from the Aug 17 trough, now resistance at 115.55 and today"s high. Slight bearish bias seen on the daily studies, but recent price action has featured stop-running and reversal tactics, so tight stops are needed on breakout trades.
Finotec Analysis Team 07 September 2007
Print this article
Select Your Time Zone
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
05:00
Leading Index m/m
JPY
Jul
72.7
70.0
Leading Index m/m
Measures overall economic health by combining ten leading indicators including average weekly hours, new orders, consumer expectations, housing permits, stock prices, and interest rate spreads. The index is published monthly by The Conference Board, a leading private US research group, but traders tend to pay little attention because the components that make up the index are reported at an earlier date.
With an average daily traded volume of over $3 trillion, the forex market is by far the world's largest financial market. It is an "over-the-counter" market where currencies are bought and sold through an electronic network.
Trading in Foreign Exchange, CFDs, Options, Futures and Commodities and engaging in Spread Betting on financial products carries a high degree of risk to your capital and it is possible to lose more than your initial investment. You should only speculate with money that you can afford to lose. These products may not be suitable for all investors, therefore please ensure that you fully understand the risks involved and seek independent advice if necessary. Finotec Trading UK Ltd is authorized and regulated by the Financial Services Authority.