MARKET REVIEW - Dollar tumbled on weaker than expected U.S. jobs report
======================================================
Dollar took a beating on Friday due to the dramatic weaker than expected U.S. non-farm payrolls for July. The data only grew by 32,000 against the economists' forecast of 228,000. The unemployment rate, however, fell to 5.5% in July from 5.6% in June.
The weak non-farm payrolls suggested that although the Fed would still increase interest rates by 0.25% at next week's FOMC meeting, it would take a longer period of time before the next possible hike. As a result, the U.S. unit fell to 109.82 and 1.2493 against the Japanese yen and Swiss franc, while Euro and cable rallied to 1.2290 and 1.8475 respectively.
This week's focus will be the FOMC meeting on Tuesday, with the market already having discounted a hike of 0.25% in Fed Fund rate. On the data front, Monday will see the release of U.K PPI for July and U.S. wholesale inventories for June.
======================================================
Premier Package
Intraday/daily/weekly recommendations, medium term outlook, daily technical outlook, wave analysis
(Majors) - USD 300/m, (Majors/Minors/Crosses) - USD 360/m
Contact us for further information query@acetrader.com
======================================================
======================================================
Major Economic Indicators for Today (Jul 23, 2004)
======================================================
Time Country Indicator
0830 U.K. PPI Output M/M Jul
0830 U.K. PPI Output Y/Y Jul
1400 U.S. Wholesale Inventory Jun
======================================================
TODAY'S FOREX MARKET OUTLOOK
======================================================
Update Time : 00:45GMT
USD/YEN - 110.25
As dollar has penetrated 110.82 (previous support) on Friday after the release of much weaker than expected non-farm payroll data, suggesting recent upmove from 107.02 has made a top at 112.49 earlier and a strong retracement of this move is under way for further losses but 109.27 sup would remain intact today.
======================================================
Daily Technical Outlook
EUR/USD, USD/CHF, GBP/USD, USD/YEN
USD 80/m, Contact us for further information query@acetrader.com
======================================================
======================================================
WEEKLY TECHNICAL OUTLOOK ON USD/CHF
======================================================
Last Update At : 2004/08/09 01:01
USD/CHF..1.2530..Dlr gyrated within a broad range of 1.2686-1.2860 initially last week b4 falling sharply after lower lvl was penetrated on Friday n at least a strg correction of the rise fm 1.2202 is under way, bring further weakness twd 1.2453 (61.8% r), however, a daily close below 1.2407 (previous res now sup) is needed to signal aforesaid upmove has ended n bring eventual re-test of 1.2202.
On the upside, abv 1.2686/88 anytime wud signal decline fm 1.2860 has ended instead, then recent upmove fm 1.2202 to retrace the selloff fm 1.3230 wud resume for one more rise twd 1.2929 (70.7% r of 1.3230-1.2202) but said res is expected to remain intact n yield further choppy trading within the triangle-like consolidation fm this year's low at 1.2140.
Today, although dlr has recovered fm 1.2493, this move is viewed as a minor correction of last Friday's selloff n 1.2560/65 (current lvl of 21-hr ema) shud limit upside, yield another decline later today. Abv 1.2600 wud defer this bearish scenario but 1.2686/88 shud hold...
======================================================
Standard Package
Daily/weekly recommendations, medium term outlook, daily technical outlook, wave analysis
(Majors) - USD 150/m, (Majors/Minors/Crosses) - USD 240/m
Contact us for further information query@acetrader.com
======================================================
======================================================
YESTERDAY'S RECOMMENDED TRADE
======================================================
Update Time : 2004/08/06 00:10GMT
DAILY AUD/USD OUTLOOK - 0.7020
Despite y'day's choppy sideways trading, as long as 0.6990 sup holds, mild upside bias remains for early rise fm 0.6932 to retrace intermediate decline fm 0.7348 to resume, abv 0.7078 wud confirm n bring subsequent gain to 0.7100/10.
Trade fm long side, stop below 0.6990, break signals top made n yields 0.6955 but 0.6932 wud hold..
Rate: 0.7020
Strategy: Hold long
Position: Long at 0.7040
Objective: 0.7100
Stop-Loss: 0.6988
Resistance: 0.7078/0.7143/0.7189
Support: 0.6990/0.6957/0.6932
======================================================
AceTrader Performance Update
======================================================
July 2004 (Pips)
Intraday Daily
USD/YEN +217 -31
EUR/USD +509 +186
USD/CHF +529 +499
GBP/USD +752 +301
YTD 2004 (Pips)
Intraday Daily
USD/YEN +338 -31
EUR/USD +2550 +1130
USD/CHF +2421 +1001
GBP/USD +2941 +548
Alex Tsui
Sales Manager - Internet Based Business
Trendsetter Financial Markets Limited
Tel: (852) 2865 2059
Fax: (852) 2525 9443
email: alex@acetrader.com
URL: www.acetrader.com - 24 hours real-time intra-day forex
strategies
Reuters Index: TREN01 since 1989
P.S. If you want to be removed from our list, please reply this email with subject 'Remove'.
======================================================
Disclaimer
======================================================
Trendsetter does not warrant or guarantee the accuracy, timeliness or
completeness to its service or information contained therein.
Trendsetter does not give, whatsoever, warranties, expressed or
implied, to the results to be obtained by using its services or
information it provided. Users are trading on their own risk and
Trendsetter shall not be responsible under any circumstances for the
consequences of such activities. Trendsetter and its affiliates, in no
event, be liable to users or any third parties for any consequential
damages, however arising, including but not limited to damages
caused by negligence whether such damages were foreseen or
unforeseen.
