The Forex Daily Digest – August 4, 2009
It was all about the earnings. Solid profits for Barclays and HSBC prompted another day of gains for the financials, while increasing demand for commodities. This assisted Alcoa to lead the broader market to its highest closes in almost nine months. With the USD deteriorating and a report showing manufacturing activity in China is growing, prices of crude oil and several metals increased.
One of the biggest earnings reports of the day came from Ford Motor Company. The automaker reported that their July sales were up from the same period last year for the first time in nearly two years. Those numbers helped push share of Ford up 33 cents, or 4.1%, to 8.33. Also helping its share price was the government's "cash for clunkers" program.
The USD dropped to its lowest point this year after the Institute for Supply Management's (ISM) index on U.S. manufacturing improved more than analysts anticipated last month. The ISM report followed a number of others that portrayed manufacturing overseas as in a recovering mode. This, along with some improved earnings reports from foreign banks, supported the stock markets and indicated trouble for the USD because investors no longer want its safe-haven status.
The EUR extended gains versus the USD to trade above $1.44 for the first time this year. Stronger stocks and oil prices also helped the NZD and the CAD to hit 10-month highs against the dollar. Canada’s dollar performed best against the U.S. dollar last month, rising 7.9 percent. Canada’s stock markets were closed yesterday for a civic holiday but Canada is scheduled to release a report on building permits on Thursday and employment data on Friday.
Economic reports scheduled for release in the U.S. today include Personal Income and Spending for June and the Pending Home Sales report for June. Other major reports you can expect this week include the ADP Employment numbers, Factory Orders, the ISM Services Index and the Non-Farm Payrolls report for July on Friday morning.
Earnings scheduled for release today come from Toyota, BNP Paribas, Deutsche Bourse, D.R. Horton, Archer Daniels Midland, Duke Energy, Kraft Foods, Avis Budget Group, Tenet Healthcare, Entergy, Simon Property Group, and Yamana Gold.
To enhance your Forex trading abilities, I encourage you to consider one of our in-house classes. Our professional Forex traders will teach you the skills you need to improve your trading skills and become more profitable. Learn how to apply fundamental trading skills, how to use technical analysis and learn trading strategies that you can use in any market condition. Whether you are a beginner, intermediate or advanced trader, there is a class designed especially for you. To reserve your seat for one of the JDfn Forex classes with one of our expert traders, call 1-800-474-8079.
Happy Trading,
James Dicks
One of the biggest earnings reports of the day came from Ford Motor Company. The automaker reported that their July sales were up from the same period last year for the first time in nearly two years. Those numbers helped push share of Ford up 33 cents, or 4.1%, to 8.33. Also helping its share price was the government's "cash for clunkers" program.
The USD dropped to its lowest point this year after the Institute for Supply Management's (ISM) index on U.S. manufacturing improved more than analysts anticipated last month. The ISM report followed a number of others that portrayed manufacturing overseas as in a recovering mode. This, along with some improved earnings reports from foreign banks, supported the stock markets and indicated trouble for the USD because investors no longer want its safe-haven status.
The EUR extended gains versus the USD to trade above $1.44 for the first time this year. Stronger stocks and oil prices also helped the NZD and the CAD to hit 10-month highs against the dollar. Canada’s dollar performed best against the U.S. dollar last month, rising 7.9 percent. Canada’s stock markets were closed yesterday for a civic holiday but Canada is scheduled to release a report on building permits on Thursday and employment data on Friday.
Economic reports scheduled for release in the U.S. today include Personal Income and Spending for June and the Pending Home Sales report for June. Other major reports you can expect this week include the ADP Employment numbers, Factory Orders, the ISM Services Index and the Non-Farm Payrolls report for July on Friday morning.
Earnings scheduled for release today come from Toyota, BNP Paribas, Deutsche Bourse, D.R. Horton, Archer Daniels Midland, Duke Energy, Kraft Foods, Avis Budget Group, Tenet Healthcare, Entergy, Simon Property Group, and Yamana Gold.
To enhance your Forex trading abilities, I encourage you to consider one of our in-house classes. Our professional Forex traders will teach you the skills you need to improve your trading skills and become more profitable. Learn how to apply fundamental trading skills, how to use technical analysis and learn trading strategies that you can use in any market condition. Whether you are a beginner, intermediate or advanced trader, there is a class designed especially for you. To reserve your seat for one of the JDfn Forex classes with one of our expert traders, call 1-800-474-8079.
Happy Trading,
James Dicks
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