Good morning my fellow European Traders! Ready for an awesome day making some serious pippage?

Let’s get right to the news!

Oil: The sweet stuff has taken a major drop in price over the last couple to $136.38 on the Electronic New York Mercantile Exchange. SUV Owners REJOICE!!!

England’s Consumer Confidence fell short of expectation at 63, and below the previous number of 69. The consensus was betting at 65.

Over in Japan, we got a positive word on Core Machinery Orders. 10.4% INCREASE, nearly doubling the production increase from last month, and the expectation was a tiny 1.1%. NICE!

In Australia, the Westpac Melbourne Institute unleashed their Consumer Sentiment number at -6.7%, which is unfortunately, worse than last month’s number at -5.6%. Keep your chin up folks and your dreams high!

Also we got some bad news from down under on Home Loans. Home loans had declined -7.9% from last month’s -4.2%. They were only expectating -2%, but with how the subprime credit crisis, and now that credit requirements are ever increasing, proves that now you cannot get a dollar loaned to you anymore if your credit is even ok. That wasn’t a shock to me at all!

So, What is going on with the european market? Plenty! Hopefully not as depressing as most of the Asian market was….

right at 600 GMT, we have another statement from Japan regarding Machine Tool Orders. Yes, even Wrenches and Screwdrivers have their own Indicator.

At the same time we will see Germany release their numbers on Trade Balance. Of course the consensus is taking the high road to expect a magic number of 17.4 Billion. Now only if the US could learn a thing or two from this. (But then again, doesn’t this country export awesome Beer, and then Beemers, Benzs, and Volkswagens too! DAMN! That is why their Trade Balance rocks!!!) NEXT TOPIC!!

45 minutes later we will see the French with their Trade Balance as well. Unfortunately this fine country of Wines, Cheeses, Fine Cooking, Stereolab, and Fine Marques such as Renault, Nissan, Peugeot and Citroen is looking at an sour expectation of -3.9 Billion.

And of course Jean Claude Trichet, the European Central Bank President has to step in and get a few words out as well. This time, Jean will be at a plenary Session of the EU Parliament in Strasbourg. Jean will present the Annual Report for 2007 there. Maybe some historical data and maybe some monetary policy to get our Forex News Junkies a bit to chew on please?

Then to finish out the major news events, England will have a trio of numbers coming out. at 1830 GMT we start with the Halifax Housing Price Index. We are looking at a decline of 1% for the magic number. Trade Balance, which compared to France’s Expectation, this one is looking to have a awfully grum day at -7.4 Billion. Then to finish out the England block, BRC’s Shop Price Index, which compares to previous year prices at any one of your local British Retail Consortium stores!

That is the european report. See you in the morning, and TRADE ON!!!!

Thomas Howell
editor
GoForexTrade.com

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