US and Canada Forex Market Session August 7th 2008
August 7, 2008 by Thomas Howell /

Good morning and welcome to another Forex Trading Session! Are you ready to make some serious pips? Are you recovering from the raucous European Market Session, with two bank rate statements which should be read shortly, and of course the oncoming US Market Session: Let’s roll out the pippage shall we?

Crude Oil is shooting up a bit towards the $120 pricepoint, currently sitting just under it at $119.89.

This is how the European Market Performed Newswise so far!
German Trade Balance did fine with an 18.1 Billion Surplus, France did not so well with a 5.6 Billion Deficit with their Trade Balance Reading.

WE finally received the numbers on the Halifax House Price Index from England and note a 1.7% decline in house prices.

Industrial Production was a big one in Europe as well, as Germany and Italy had numbers to release. Germany reported only a .2% increase where the forecast was slated for .8%. Italy, only increased by .1%, but the consensus was looking for .2%.

As we are still waiting for the European Central Bank’s and the Bank of England’s Rate Decision, we will let you know what is up when we get the announcements.

MAJORS:
EUR/USD: 1.5466
GBP/USD: 1.9507
USD/JPY: 109.47
USD/CHF: 1.0561

So, without further adieu, here is the news on the US & Canada Markets:
First, Canada will have a number on Building Permit fluctuations from previous month. This will happen around 1330 GMT/8:30A EDT. At the same time, we should expect news on the ECB Bank Rates, and the unemployment claims should be released in the US.

1500 GMT/10:00A EDT We will see another heavy hitter, Pending Home Sales. Recalling from my real estate agent days, this means the period from when you place and offer on a home, it gets accepted by the selling party, goes to conveyancing, and ends when you hit the settlement table and exchange cash and paper for a set of home keys.

1535 GMT/10:35A EDT Natural Gas Storage for the US. Look for 60 Billion cubes from the consensus.

2000 GMT/3:00P EDT Consumer Credit monthlies for the US.

Stay tuned and make some serious pips folks! Pay attention to europe and also the US pending home sales, as these will flip the EUR/USD one way or the other.

TRADE ON!!!
Thomas Howell
GoForexTrade.com


Filed under: North Amercian Open/Europe Midday News by Thomas Howell


One Response to “US and Canada Forex Market Session August 7th 2008”

  1. Credit Crunch » US and Canada Forex Market Session August 7th 2008 Says:
    August 7th, 2008 at 7:19 am

    [...] Magnitude Digital Blog wrote an interesting post today onHere’s a quick excerpt Good morning and welcome to another Forex Trading Session! Are you ready to make some serious pips? Are you recovering from the raucous European Market Session, with two bank rate statements which should be read shortly, and of course the oncoming US Market Session: Let’s roll out the pippage shall we? Crude Oil is shooting up […] [...]

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