Forex news for London session, 17th August

August 17th, 2009

Morning traders, below is a summary of the high and medium impact news for the 17th August.

Empire State Manufacturing Index

Time: 12:30pm GMT
Impact: Medium
Currency: USD
Source: Federal Reserve Bank of New York
Description: This is the level of a diffusion index based on a survey of manufacturing companies in New York State.

TIC Long-Term Purchases

Time: 1:00pm GMT
Impact: High
Currency: USD
Source: Department of the Treasury
Description: The balance between foreign and domestic investment.

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Do you have a routine?

August 14th, 2009

To be a successful trader it’s important to get some kind of routine together to ensure you get your fundamentals right at the start of each day.

Pic: koalazymonkey

Pic: koalazymonkey

For example, every morning the first thing I do before I even look at price charts is to check what news is coming out during my trading session. I look for the high and medium impact news announcments. I’ll often set up alarms using my phone to remind me 10 minutes before the news comes out. I also make sure I have my Twitter client open ensuring I don’t miss my own scheduled tweets that alert my followers 30 minutes prior to each news announcement.

The second, and most important, action of the day is to check the market flow. I personally only trade one pair – EUR/USD – so I only need to do this once. Knowing the direction of the market, or bias, is crucial to choose whether you’ll be looking for long or short opportunities. Jarratt has a great video within LiveConnect on how to determine market flow.

Once I’ve figured out the direction I’ll be checking price action for clues as to where price might go. For example, whether price is near levels of previous support or resistance or if market flow is close to reversing.

Then I’ll plot my fibonacci line and look for points to trade from according to the bias for the day. That’s when I set my orders and wait for them to be filled.

Trading in this way ensures I have a hassle-free start to the trading day and helps me to be confident that the trades I’m taking are low risk and high reward, just like I was taught.

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Forex news for London session, 14th August

August 14th, 2009

Good morning traders! Below is a summary of all the high and medium impact out today during the London session. Watch out for my tweets throughout the day to remind you of each one.

ECB Monthly Bulletin

Time: 8:00am GMT
Impact: Medium
Currency: EUR
Source: European Central Bank
Description:  This announcement reveals details about the last interest rate decision from the ECB.

Flash GDP

Time: 9:00am GMT
Impact: High
Currency: EUR
Source: Eurostat
Description:  This indicates the Gross Domestic Product for the eurozone though minus France and Germany but still a high impact because it is the first indicator.

Core Retail Sales

Time: 12:30pm GMT
Impact: High
Currency: USD
Source: Census Bureau
Description:  This is the change in the total value of retail sales, except from the auto industry.

Retail Sales

Time: 12:30pm GMT
Impact: High
Currency: USD
Source: Census Bureau
Description:  This is the change in the total value of retail sales, including the auto industry.

Unemployment Claims

Time: 12:30pm GMT
Impact: High
Currency: USD
Source: Department of Labor
Description:  The change in the number of people making claims on unemployment insurance.

Import Prices

Time: 12:30pm GMT
Impact: Medium
Currency: USD
Source: Bureau of Labor Statistics
Description:  This is the change in the price of imported goods and services, domestically.

Business Inventories

Time: 2:00pm GMT
Impact: Medium
Currency: USD
Source: Census Bureau
Description:  This is the change in the total value of all goods held as inventory by businesses.

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Forex news for London session, 12th August

August 12th, 2009

Apologies for the news post yesterday messing up – I had a bit of a time zone fail (I think!) Below is the news for today, and I’ll be tweeting all these half an hour before they happen to remind you, as well!

Claimant Count Change

Time: 8:30am GMT
Impact: High
Currency: GBP
Source: National Statistics
Description: The change in the number of people who are claiming unemployment related benefits.

Average Earnings Index

Time: 8:30am GMT
Impact: Medium
Currency: GBP
Source: National Statistics
Description: The change in the cost of labour for both government and businesses.

Industrial Production

Time: 9:00am GMT
Impact: Medium
Currency: EUR
Source: Eurostat
Description: The change in the total output from manufacturing, utilities and mines, adjusted for inflation.

Bank of England Governer Speaks & Inflation Report

Time: 9:30am GMT
Impact: High
Currency: GBP
Source: Bank of England
Description: The Bank of England’s Governer, Mervyn King will speak at a press conference as the Bank’s Inflation Report is released.

Trade Balance

Time: 12:30pm GMT
Impact: High
Currency: CAD
Source: Statistics Canada
Description: The difference in value between imported goods and exported goods. This impacts the demand for the countries currency and therefore it’s value.

NHPI

Time: 12:30pm GMT
Impact: Medium
Currency: CAD
Source: Statistics Canada
Description: This is the change in the selling price of new homes.

Trade Balance

Time: 12:30pm GMT
Impact: High
Currency: USD
Source: Bureau of Economic Analysis
Description: The difference in value between imported goods and exported goods. This impacts the demand for the currency and therefore it’s value.

Crude Oil Inventories

Time: 2:30pm GMT
Impact: Medium
Currency: USD
Source: Energy Information Administration
Description: The change in how many barrels of crude oil are being held in inventory by commercial firms.

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Forex News for London session, 7th August

August 7th, 2009

Good morning traders, here’s the news you’ll need to look out for during the London session today and it’s relative impact. I’ll be sending out a tweet 30 minutes before each one of these is announced as a reminder so make sure you’re following me on Twitter. I’ll also try and tweet the results as soon as they come out.

PPI Input

Time: 8:30am GMT
Impact: High
Currency: GBP
Source: National Statistics

This is a leading indicator of consumer inflation because it relates to the price of goods paid by manufacturers. Higher costs are normally passed onto the consumer so a higher figure indicates consumers are willing to spend more.

German Industrial Production

Time: 10:00am GMT
Impact: Medium
Currency: EUR
Source: Destatis

This is the change in the output of manufacturing, mining and utilities businesses. This is a leading indicator because output is so reactive to other economic factors, such as unemployment.

Employment Change

Time: 11:00am GMT
Impact: High
Currency: CAD
Source: Statistics Canada

This announcement is the number of unemployed people during the previous month.

Unemployment rate

Time: 11:00am
Impact: High
Currency: CAD
Source: Statistics Canada

This announcement deals with the percentage of the workforce who are unemployed and actively seeking work.

Non-Farm Employment Change

Time: 12:30pm
Impact: High
Currency: USD
Source: Bureau of Labor Statistics

This is the change in the number of unemployed people, taken from the previous month but excluding the farming industry.

Unemployment Rate

Time: 12:30pm
Impact: High
Currency: USD
Source: Bureau of Labor Statistics

This announcement deals with the percentage of the workforce who are unemployed and actively seeking work.

Average Hourly Earnings

Time: 12:30pm
Impact: Medium
Currency: USD
Source: Bureau of Labor Statistics

This is the change in the price that businesses, except those in the farming industry, will pay for labour.

Ivey PMI

Time: 2:00pm
Impact: High
Currency: CAD
Source: Richard Ivey School of Business

This announcement is a PMI index based on a survey of purchasing manageers. It’s a leading indicator because it shows the confidence, or lack thereof, in the economy of purchasing managers.

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Forex news for London session, 6th August

August 5th, 2009

Good morning traders, here’s the news you’ll need to look out for during the London session today and it’s relative impact. I’ll be sending out a tweet 30 minutes before each one of these is announced as a reminder so make sure you’re following me on Twitter. I’ll also try and tweet the results as soon as they come out.

German Factory Orders

Time: 10:00am GMT
Impact: Medium
Currency: EUR
Source: Deutsche Bundersbank

This is the percentage change in new factory orders, indicating the strength of the economy based on it’s manufacturing output.

Official Bank Rate

Time: 11:00am GMT
Impact: High
Currency: GBP
Source: Bank of England

This is the interest rate issued by the Bank of England. The interest rate is the leading factor in the valuation of a currency so this is a very high impact announcement. If the rate is changed, an statement will be made by the Monetary Policy Committee (MPC) which could have a significant impact on the markets.

Minimum Bid Rate

Time: 11:45am GMT
Impact: High
Currency: EUR
Source: European Central Bank

This is the interest rate again but this time applies to much of Europe. A press conference takes place 45 minutes after this announcement and often has more of an impact.

Building Permits

Time: 12:30pm GMT
Impact: High
Currency: CAD
Source: Statistics Canada

This announcement reveals the number of new building permits issued and is a good indicator of economic health because a building permit is one of the first steps for a construction project.

ECB Press Conference

Time: 12:30pm GMT
Impact: High
Currency: EUR
Source: European Central Bank

This is the press conference that follows the rate announcement. Questions that come from the press can often result in market volatility based on the answers of the ECB.

Unemployment Claims

Time: 12:30pm
Impact: High
Currency: USD
Source: Department of Labor

This shows the past week’s unemployment figures. A good indicator of economic health because it directly relates the level of unemployment.

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