Good morning and welcome to another day of forex trading. For the news trader today, or the person who loves financial news as much as I do! There is just a hideous outpouring of different news items today, from jobs reports to home sales, and Bank rate numbers and such!
From the asian market session, we can report that Japan’s Core Machinery Orders for June have fallen 2.6%, but not as bad as the markets predicted.
Australia’s Purchasing Managers Index for Construction was rated at 41.6.
We also had Australia’s jobs report as well, with an employment change of 10,900 jobs being added to the aussie economy, but the unemployment rate remaining the same at 4.3%.
WE can report also that Crude Oil has taken up a bit to around $119.
MAJORS:
EUR/USD: 1.5461
GBP/USD: 1.9493
USD/JPY: 109.44
USD/CHF: 1.0562
And here is the news for the European Market Session, noted in GMT:
0700 and 0745, the German and French Trade Balances at time of writing were already released and we can say that the German Trade Balance is 18.1 Billion Euros in surplus, and the French Trade Balance is at a 5.6 Billion Euro Deficit.
0900 GMT will produce two news releases. Firstly, the EU’s Italian Industrial Production Monthlies, which is forecasted for a .2% gain. Meanwhile in England we are looking at the Halifax Housing Price Index, which will see a 1.5% decrease in the forecast.
1100 GMT We will get the German Industrial Production which is seeing a forecast of .8% up.
Somewhere in the market session we will also get word on any fluctuation on the English Bank Rates as the Monetary Policy Committee will release their opinion and decision on rate changes if any.
Europe will then at 1245 GMT, release THEIR rate decision and have a press conference shortly thereafter discussing any fluctuations in policy or rates.
And this will cover the insane as heck European Trading Session. Have a fun day, make some mad pips and of course….
TRADE ON!!!
Thomas Howell
GoForexTrade.com