Crashing stocks Prompt record Bailout from US Government
For the week starting 22/09/08.
This Forex Trading Week Preview
In the States; light data week highlighted by speeches from the US Treasury and US Fed. On Tuesday we have the Richmond Fed Manufacturing Survey seen slightly better at -15 in September vs. -16 previously. Treasury’s Paulson, Fed’s Bernanke Testify on Credit Turmoil at senate Panel. On Wednesday we have August Existing Home Sales seen lower at 4.95M vs. 5M in July. Bernanke Testifies at Congress Joint Economic Committee. On Thursday we have August Core Durable Goods Orders seen -0.4% vs. a +0.7 reading in July. Also released August New Home Sales seen slightly lower at 510K vs. 515K. On Thursday we have Paulson and Bernanke Testifying on Fannie Takeover. On Friday we have the University Of Michigan September Confidence Index seen slightly lower at 71 vs. 73.1. Finally on Friday we have the Final Q2 GDP expected to be confirmed at 3.3% Q/Q. We will provide our previews and reviews of these data releases in the daily summary.
In the Eurozone; busy data week with a lot of surveys released. On Tuesday we have the Eurozone PMI data released with Manufacturing expected at 47.6(47.6 Previous) and Services at 48 (48.5 previous), also released July New Industrial Orders forecast -0.9%(-0.3% previous). On Wednesday the market eagerly awaits the Sept IFO expected at 94 (94.8 previously). On Thursday we have German Consumer Confidence expected at 1.3 and a speech from ECB Smaghi. On Friday we end the week with Q2 French GDP expected to be confirmed at -0.3%. In the UK; Light data week with the BBA House Loan data released Tuesday, previously at 22.4K expected at 20.5K. Also released this week the Nationwide House Price index expected -1.80% vs. -1.90% in August. We will provide our previews and reviews of these data releases in the daily summary.
In Japan; On Thursday we have Nationwide core CPI expected at 2.4% Y/Y for AUG with Sept Tokyo CPI sent at 1.4% Y/Y. We will provide our previews and reviews of these data releases in the daily summary.
In Australia; The RBA Semi-Annual Financial Stability Review the only news out from Australia and the NZ Q2 GDP is released on Thursday expected at -0.40% vs. -0.30% in Q1 We will provide our previews and reviews of these data releases in the daily summary.
Technical Analysis: Crashing Stocks
Euro (EUR)
Euro – 1.4495 : Initial support at 1.4074 (Sept 16 low) followed by 1.3973 (Sept 12 low). Initial resistance is now located at 1.4544 (Sept 4 high) at followed by 1.4617 (Sept 2 high).
Yen (JPY)
Yen – 106.60 : Initial support is located at 105.39 (Sept 19 low) followed by 103.54 (Sept 19 low). Initial resistance is now at 108.03 (Sep 19 high) followed by 109.08 (Sept 8 high).
Pound Sterling (GBP)
Pound – 1.8325 : Initial support at 1.7916 (Sept 19 low) followed by 1.7787 (Sept 17 low). Initial resistance is now at 1.8401 (Aug 28 high) followed by 1.8482 (38.2% retrace of 2.0157-1.7447 decline).
Australian Dollar (AUD)
Australian Dollar – 0.8305 : Initial support at 0.8011 (Sept 19 low) followed by the 0.7803 (Sep 17 low). Initial resistance is now at 0.8353 (Sept 8 high) followed by 0.8403 (Sept 3 high).
Gold (XAU)
Gold – 875 : Initial support at 825 (Sept 19 low) followed by 774.4 (Sept 17 low). Initial resistance is now at 910.30 (Sep 18 high) followed by 915.55 (Aug 4 high).
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