{"id":3753,"date":"2009-09-10T07:44:10","date_gmt":"2009-09-10T12:44:10","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3753"},"modified":"2009-09-10T07:44:10","modified_gmt":"2009-09-10T12:44:10","slug":"etoro-daily-market-review-10-09","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/10\/etoro-daily-market-review-10-09\/","title":{"rendered":"eToro Daily Market Review 10.09"},"content":{"rendered":"

Market Movers of the Day<\/strong><\/p>\n

Asia – Pacific<\/strong><\/p>\n

*Australian Retail Sales dropped 1.0%<\/strong> in July<\/p>\n

*Australian Home Loan Approvals fell 2.0% <\/strong>in July<\/p>\n

*Australian Consumer Confidence gained 5.2% <\/strong>(Sep)<\/p>\n

*Japan\u2019s Leading Economic Index climbed to 8<\/strong>3.0<\/strong> in July<\/p>\n

*New Zealand\u2019s central bank left its benchmark interest rate unchanged at 2.5%<\/strong><\/p>\n

*New Zealand\u2019s Terms of Trade Index dropped 9.0%<\/strong> <\/strong>(2Q)<\/p>\n

Europe<\/strong> <\/strong><\/p>\n

*German Consumer Price Index fell 0<\/strong>.1%<\/strong> in July on an annualized\u00a0basis<\/p>\n

*UK Trade Balance in July worse than expected at -\u20a46.5B<\/strong><\/p>\n

*UK Total Trade Balance, worse expected -\u20a42.4B<\/strong><\/p>\n

*UK NIESR GDP Estimate increased <\/strong>0.2%<\/strong> (Aug)<\/p>\n

Americas<\/strong> <\/strong><\/p>\n

*Canadian Housing Starts in August better than expected at 150.4K<\/strong> on an annualized\u00a0basis<\/p>\n

*US Fed\u2019s Beige Book<\/p>\n

\"\"<\/a><\/div>\n

The Overall Sentiment<\/strong><\/p>\n

US stock markets ended on the positive side and the Dollar continued to weaken as the Fed\u2019s Beige Book business survey indicated that most regions of the country show signs of stabilization or improvement. The Canadian dollar advanced as Canada\u2019s Housing Starts in August came better than expected but ended little changed as the market awaits the BoC\u2019s meeting and interest rate decision. The Pound weakened against the Euro as UK\u2019s Trade Balance showed a widened deficit for a second month adding signs that the recession hasn\u2019t ended for the British economy. In the Asia-Pacific region New Zealand\u2019s central bank kept its benchmark interest rate unchanged and the New Zealand dollar\u2019s rally of the past days lost some strength as New Zealand\u2019s Terms of Trade Index fell to its lowest levels in almost three years. The Australian dollar dropped as Retail Sales disappointed with an unexpected decline and Home Loan Approvals surprised for the worst overshadowing the positive Consumer Confidence data. The Yen continued to strengthen as Japan\u2019s Leading Economic Index climbed in July more than forecasted.<\/p>\n

The Day Ahead<\/strong><\/p>\n

The day will start in Australia with the Melbourne Inflation Expectation presenting the consumer expectations of future inflation during the next 12 months and Australia\u2019s Employment Change for August which is followed by traders as it has an impact on consumer spending, labor conditions, and overall economic activity. In the UK the Bank of England will announce its monetary policy decision where a large market consensus points to the benchmark interest rate remaining unchanged at 0.5% and no modifications in the BoE\u2019s asset-purchase program. Nevertheless, the bank can always surprise as it did in its last meeting by unexpectedly increasing its Quantitative Easing program. It will be a big day for the Canadian dollar with the release of Canada\u2019s International Merchandise Trade figures and the Bank of Canada\u2019s interest rate decision where market estimations point to an unchanged rate of 0.25%. In the US Initial Jobless Claims are expected to fall as an additional sign that the US economy is improving. Some volatility for the Yen is likely at the end of the day with the release of Japan\u2019s GDP figures.<\/p>\n

Technical Analysis<\/strong><\/p>\n

<\/strong><\/p>\n

AUD\/JPY DAILY<\/strong><\/p>\n

\"\"<\/a><\/p>\n

AUD\/JPY<\/strong> has traded in range for the last three weeks developing a channel with supports at 76.50<\/strong> and an upper boundary just below 80<\/strong>.\u00a0 With an additional day where it failed to break above 80<\/strong> and a lower closing than a day before the cross is confirming the opportunity to enter a Short position that we indicated a couple of days ago. Stop Loss should be set above 80<\/strong> and entering a Long position should be considered if that resistance is breached.<\/p>\n

Market Analysis provided by eToro<\/a><\/strong><\/p>\n

Disclaimer: Trading in the Foreign Exchange market might carry potential rewards, but also potential risks. You must be aware of the risks and are willing to accept them in order to trade in the foreign exchange market. Don\u2019t trade with money you can\u2019t afford to lose.<\/p>\n

\u00a9 2009 eToro Blog.<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By eToro – The day will start in Australia with the Melbourne Inflation Expectation presenting the consumer expectations of future inflation…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3753","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=3753"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3753\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}