Colt FX Late Edition November 17th
Colt FX Late edition Monday November 17th 2008
In this week’s issue:
Forex Focus November 17th to 21st
Monday November 17th Update
Live trading session: Wednesday November 19th
Colt on candles
New prices for Colt FX Total
Forex Focus 17th to 21st
Global slowdown favours Us dollar and yen
The week saw the yen and the greenback gain ground as the currency markets continued to track fluctuating risk appetite on the equities markets…video + charts + text
Calendar November 17th to 21st
For an extensive list of the week’s economic releases and events see our economic calendar.
Monday November 17th News round-up
Saturday’s G20 meeting was full of pledges to do ‘whatever’ is necessary to shore up growth and reform regulation of the financial system, but its lack of any promise of coordinated action to kick-start the global economy left the forex market dissatisfied. Both EUR/USD and GBP/USD opened by gapping down against the greenback, while the dollar did likewise against the yen. As the Asian session progressed GBP/USD recovered to fill its gap and is currently 200 pips above last week’s close. EUR/USD has moved up too, but has encountered strong resistance at the level of last week’s close (1.2688). USD/JPY is having similar difficulties and all attempts to break through last week’s close around 97 have been repulsed.
Economic data has been thin today. Recession blues continued with Japanese GDP shrinking for the second quarter in a row meaning that the world’s second biggest economy has joined the euro zone in technical recession. It seems it won’t be long before the UK follows them there. Last week Bank of England governor, Mervyn King, said last week that Britain is probably already in a recession and this morning the CBI, the UK’s largest employers’ organization, revised its quarterly forecast down saying that unemployment could hit 9% next year and the UK economy could contact by 1.7% before bottoming late in the year.
Over in the US, markets opened to the sobering news that Citigroup was cutting 50000 jobs in the near future. The world’s biggest banking group, who have already reduced their work force by more than 20000 this year are making the cuts to offset massive losses. The other big story of the US session was that New York Fed’s Empire State manufacturing index fell to -25.43, its lowest level since the index was started in July 2001.
Key events to look forward to this week are Bernanke s testimony (Tuesday 14:30 GMT) to the US House of Representatives on the TARP (Troubled Asset Relief Program). On Wednesday, look out for the Bank of England’s MPC minutes which should give us more insight as to what went on and why the Bank decided on its monumental cut.
Key levels to monitor as I write are:
EUR/USD: 1.2688
GBP/USD: 1.5000
USD/JPY: 97.00
GBP/USD: 1.5000
USD/JPY: 97.00
Live Trading Sessions
The next session will be on November 19th at 15:30 to 17:30 GMT. We will be trading the Colt FX pairs; and the Jam FX system; looking at price gaps and taking a look at what is happening on the charts.
If you’d like to join in, write to me at colt@coltfx.com.
Colt on candles My latest blog which aims to test the effectiveness of Japanese candlestick analysis.
Forex Club’s Platinum Package
Forex Club is offering the Colt FX distance learning course as part of their package of incentives to open a Platinum account. You can learn more about the details of this offer at http://www.fxclub.com/platinum/. You can find out more about Colt FX in our short film What is Colt FX?
Forex Club is offering the Colt FX distance learning course as part of their package of incentives to open a Platinum account. You can learn more about the details of this offer at http://www.fxclub.com/platinum/. You can find out more about Colt FX in our short film What is Colt FX?
If you have any questions about this newsletter or any of our services, please drop me a line at colt@coltfx.com.
Disclaimer
www.coltfx.com, and any of its affiliates, will not be held responsible for the reliability or accuracy of the information available in this newsletter. The content provided is put forward in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Colt FX or its affiliates. The reader agrees not to hold Colt FX or any of its affiliates, liable for decisions that are based on information in this newsletter. We highly recommend that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.
www.coltfx.com, and any of its affiliates, will not be held responsible for the reliability or accuracy of the information available in this newsletter. The content provided is put forward in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Colt FX or its affiliates. The reader agrees not to hold Colt FX or any of its affiliates, liable for decisions that are based on information in this newsletter. We highly recommend that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.
17 November | 
0 comments
0 comments