Press review - page 64
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USDCAD fundamentals: December 23 - 27
Monday, December 23
Canada is to release monthly data on gross domestic product, the broadest indicator of economic activity and the leading measure of the economy’s health.
The U.S. is to produce government data on personal spending and expenditure, while the University of Michigan is to release revised data on consumer sentiment and inflation expectations.
Tuesday, December 24
The U.S. is to release data on durable goods orders, a leading indicator of production, as well as a report on new home sales.
Wednesday, December 25
Markets in Canada and the U.S. will remain closed for the Christmas Day holiday.
Thursday, December 26
Markets in Canada will remain closed in observance of Boxing Day.
Meanwhile, the U.S. is to release weekly data on initial jobless claims.
Friday, December 27
The U.S. is to round up the week with a report on crude oil supplies.
EURUSD fundamentals: December 23 - 27
Monday, December 23
The U.S. is to produce government data on personal spending and expenditure, while the University of Michigan is to release revised data on consumer sentiment and inflation expectations.
Tuesday, December 24
Markets in Germany will remain closed in observance of Christmas Eve, while France is to release data on consumer spending.
The U.S. is to release data on durable goods orders, a leading indicator of production, as well as a report on new home sales.
Wednesday, December 25
Markets in Europe and the U.S. will remain closed for the Christmas Day holiday.
Thursday, December 26
Markets in Europe will remain closed in observance of Boxing Day.
Meanwhile, the U.S. is to release weekly data on initial jobless claims.
Friday, December 27
The U.S. is to round up the week with a report on crude oil supplies.
Trading Resolutions For 2014 - Your HowTo for 2014 (adapted from dailyfx article) :
Trading the News: U.S. Durable Goods Orders (based on dailyfx article)
Demands for U.S. Durable Goods are projected to increase 2.0% in November and a strong rebound may spark a bullish reaction in the greenback as the Fed moves away from its easing cycle.
What’s Expected:
How To Trade This Event Risk
Bullish USD Trade: Orders Rebound 2.0% or Greater
Bearish USD Trade: Demands Contract for Second Month
Market News International’s FX Bullet Point News Now Available on MT4 and MT5 platforms
The wholly owned subsidiary of Deutsche Börse Group, Market News International (MNI), has today announced the launch of MNI FX Bullet Points now available on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) FX trading platforms by MetaQuotes.
2013-12-24 15:00 GMT (or 16:00 MQ MT5 time) | [USD - New Home Sales]
if actual > forecast = good for currency (for USD in our case)
==========
U.S. New Home Sales Drop 2.1% In November But Come In Above Estimates
While the Commerce Department released a report on Tuesday showing a drop in new home sales in the U.S. in the month of November, sales still came in above economist estimates due to an upward revision to the October data.
The report said new home sales fell 2.1 percent to a seasonally adjusted annual rate of 464,000 in November from the revised October rate of 474,000.
Economists had expected sales to climb to edge up to 450,000 from the 444,000 originally reported for the previous month.
With the upward revision, the annual rate seen in October reflected the highest since new home sales hit a rate of 477,000 in July of 2008.
The Commerce Department noted that new home sales in November are up by 16.6 percent compared to the same month a year ago despite the monthly decrease.
Bitcoin - India, China, Norway and then EU
This was expected as China has already banned Bitcoin from financial transactions wherein it said that it can be used as a commodity that means it has it has limited use now. Similar guidelines were issued by Norway and then EU that it is not real money and any grievances from customers that they lost their Bitcoin during transaction or from a wallet won’t be entertained.
India has, as has always been following what others do, announced that Bitcoin and other similar digital currencies cannot be used as these pose significant risks to the users, holders and traders. The guideline issued by the Reserve Bank of India (RBI) warned the public against the use of virtual currencies like Bitcoin.
2013-12-25 23:50 GMT (or 00:50 MQ MT5 time) | [JPY - Monetary Policy Meeting Minutes]
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Yen Declines After BoJ Minutes
The Japanese yen lost ground against other major currencies in early Asian deals on Thursday as minutes of the Bank of Japan's latest monetary policy meeting showed that some board members expressed concern over the deceleration of real GDP growth rate during the July-September quarter.
Some members observed that there were unfavorable developments with respect to the results of the real GDP growth rate in the third quarter, taking into consideration of the degree of the contribution of inventories to real GDP growth and fall in compensation to employees from the prior quarter, it showed.
"One member said that the deceleration in the real GDP growth rate might not be a temporary development but rather could represent a downward shift in its trend, the minutes revealed.
Meanwhile, the members agreed to maintain the current guideline that the Bank would conduct money market operations to increase monetary base at an annual pace of about 60-70 trillion yen, the minutes of the BOJ's November 20-21 meeting said.
2013-12-26 13:30 GMT (or 14:30 MQ MT5 time) | [USD - Unemployment Claims]
if actual < forecast = good for currency (for USD in our case)
==========
U.S. Weekly Jobless Claims Show Significant Decrease
Reflecting the volatility seen during the holiday season, the Labor Department released a report on Thursday showing a steep drop in weekly jobless claims in the week ended December 21st following the sharp jump seen earlier in the month.
The Labor Department said initial jobless claims tumbled to 338,000, a decrease of 42,000 from the previous week's revised figure of 380,000. Economists had expected claims to drop to 340,000 from the 379,000 originally reported for the previous week.
Forex Volumes Light With Traders Out Of The Markets
The US dollar is trading at 80.67 without much of a gain after the Fed’s began to taper their asset purchases. With the US recovery accelerating as unemployment falls faster than expected the housing market showing a spotty but strong recovery and retail sales and consumer confidence climbing the greenback should be a lot stronger against its crosses. Against the JPY the dollar has climbed to 104.76 as the two central banks begin to diverge. The US reducing stimlus and Japan preparing for another huge injection as the country tried to recover from deflation.
The dollar is trading in a positive mode against the Asian Pacific currencies with the Australian dollar falling to trade at 0.8886 falling as investors’ sentiment remains negative on a push by Glenn Steven’s Director of the Reserve Bank to avoid intervention or interest rate change. He is using words to push down the currency which has toppled from the 91 range since he said the currency is too strong. Its cousin the New Zealand dollar is trading at 0.8169 weighed down by the tapering by the US Fed and the strength of the US dollar as the NZ economy seems to be flourishing.