Dec 7
Forex Recap: What a number. What a day. What a week
Forex Recap: What a number. What a day. What a week
The November NFP plunged by 533,000 jobs. This was the 2nd largest decline on record but according to my numbers courtesy of the BLS, the 25th worst decline if adjusted for the size of the workforce (going back to 1948). As if that was not bad enough, the September and October were also revised sharply lower. The September number was revised from -284K to -403K (-119K) and the October number was revised to -320K from -240K (-80K). On a historical basis those the three numbers are the 25th, 40th and 53rd worst numbers adjusted for the size of the Labor Force on a historical basis. So far, that is not worse than 1949. Its not worse than 1958. Its not worse than 1974-75 but it is certainly not something to shrug off. Below is a table of the top 26 along with the placement
Forex Trading: USDJPY now tests upside resistance
The USDJPY is not testing the topside of the channel from the start of the day. The level comes in at 93.15. The market moved above the level but backed off . Now the market is testing again. In a day when anything can happen, expect anything to happen. A move above should solicit more short covering.
Forex Trading: US dollar moves higher, led by USDCHF
The US dollar has moved higher, led by the USDCHF which moved through the trendline resistance at the 1.2170 and has not looked back. The pair looks poised to move up and test the highs on November 21st at 1.2291 to 1.2297 area.
Dec 5 2008 FXDD Forex Video - Dismal Non Farm Payroll Numbers - Last day of trading
Charts for the technical analysis
Kinds of prices and time units. Charts for the technical analysis are being constructed in coordinates “price (the vertical axis) – time (the horizontal axis)”. The following kinds of currency prices represented on charts are being distinguished on Forex:
Forex New: Consumer credit falls by 3.5B
The expectation was for a gain of 2 billion. Auto and non revolving loans accounted for 3.4B of the $3.5B decline. This is the second decline in 3 months and indicative of a cash strapped consumer and an auto sector that is on it’s back.
How To Choose Your Forex Broker
As the forex market is still largely unregulated it has never been more important to know how to choose an honest and reputable broker.
