Forex Crunch Forex Daily Outlook – June 25 2010

Forex Daily Outlook – June 25 2010
Bucksapalooza – Currensee Presents a Give-Back Event
Rumor: Israel to Attack Iran Soon – Reason for a Stronger Dollar?

Forex Daily Outlook – June 25 2010

Posted: 24 Jun 2010 02:00 PM PDT

The US GDP and US Revised UoM Consumer Sentiment together with the G8 and G20 meetings in Ontario and Toronto, Canada closes this week’s trade. Let’s review the events awaiting us today.

In the US, Final GDP expected to maintain 3.0% from the previous quarter reflecting a deceleration in the market. The Final GDP Price Index also rebounds at 1.0% as in the previous quarter.

More in the US, Revised UoM Consumer Sentiment is likely to remain 75.5% following the rise in May and the Revised UoM Inflation Expectations is about to maintain the reduction in May reaching 2.7%.

For more on USD/CAD, read the Canadian dollar forecast.

Canada will chair the G-8 Summit, which will be held in Ontario's Muskoka region. Immediately afterward, Canada will host the G-20 Summit, which will take place in Toronto. The leaders of the world's most industrialized countries gather annually at the G-8 summits to discuss a broad range of issues, such as fiscal and monetary policy coordination and international development. Industrialized and leading emerging countries also meet regularly at G-20 meetings, which have become an important international forum to advance economic cooperation. The honorable Peter Van Loan, Minister of International Trade, calls for increased focus on free and open trade, pointing to the Canada-United States relationship as an example of a free trade success story.

In Europe, German Import Prices expected to drop 1.0% from the unexpected rise of 2.0% in May.

For more on the Euro, read the EUR/USD forecast and Casey Stubbs' latest analysis.

In Switzerland, Swiss National Bank Quarterly Bulletin Monetary policy report' and 'The economic situation from the vantage point of the delegates for regional economic relations', and is used by the Governing Board for the quarterly assessment. It has a mild affect on the market since much of the information is released 2 weeks earlier in the Monetary Policy Assessment.

That’s it for today. Happy forex trading!

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Bucksapalooza – Currensee Presents a Give-Back Event

Posted: 24 Jun 2010 07:48 AM PDT

Anyone that signs up for Currensee within that timeframe will receive 10 Bonus Bucks as a reward for joining. During "Bucksapalooza", current Currensee members will also earn 10 Bonus Bucks to spend in addition to the Bucks they've already earned -Bonus Bucks are good toward the purchase of any products available in the Currensee Marketplace. This promotion is valid until June 30th.

Currensee’s socail network enables traders to see and share their live trades, view performance of different forex strategies and lots more. Joining Currensee is absolutely free. These 10 Currensee Bucks can be used to get premium education, live trading and special widgets. Here are a few of them and more details:

Sign up for Currensee between Thursday, June 24, and Wednesday, June 30, and receive 10 Bonus Bucks as a Currensee reward for being a member of the trading social network. During Bucksapalooza, current Currensee members will also earn 10 Bonus Bucks to spend in addition to the Bucks they've already earned for participating in the trader network. Bonus Bucks are good toward the purchase of any products available in the Currensee Marketplace.

"We are the first social network to give our members real rewards," said Currensee CEO Dave Lemont. "We also like to have fun and thought, what better way to kick off the summer than with a give-back to our trader network. We provide our members with the collaboration and community to make more informed trading decisions. The Marketplace complements the social network and is all about being the trusted source of Forex products and services and we are excited to offer free Bucks for all members to put to good use."

During the event, members will be able to use their 10 Bonus Bucks to purchase products such as:

· Weekly Trade Planning Session with Mike Baghdady: Live trade planning webinar provides a trade outlook for the upcoming trading week along with tradable set-ups

· Daily Trade Setups by Shaun Downey: Daily newsletter headlines major currency pairs, offers daily recommendations and forecasts major, intermediate and short-term trends

· Thomson Reuters IFR Trading Desk widget: Unique professional-level data provides in-depth information for each currency pair with technical analysis results and trade recommendations

· SpotEuro Live Trading News & Trading Sessions: Live news and trading sessions provide commentary, guidance and trade set-ups during economic announcements

Bucksapalooza is open to new and current members of the Currensee trading network and Bonus Bucks will be awarded to all members starting Thursday, June 24, at 9 a.m. ET. Any unused Bonus Bucks will expire Wednesday, June 30, at 4 p.m. ET.

Full Disclosure: I’m affiliated with Currensee.

Rumor: Israel to Attack Iran Soon – Reason for a Stronger Dollar?

Posted: 24 Jun 2010 06:04 AM PDT

There are unconfirmed reports in the Iranian press about Israeli planes landing in Saudi Arabia, unloading military equipment as a preparation for an air strike in Iran. This could be the reason for the drops in European stocks this morning, and gains in the US dollar.

According to Israel’s Globes, this is what’s causing fear in the markets:

A trader told “Globes”, “This is the talk of the day in London. Traders there interpret the report to means that Israel may be close to attacking Iran, hence the fears and market losses.”

The US dollar index rose from 85.60 in the early hours of the European morning to 86 later in the day. This is felt in EUR USD as well as the commodity currencies. Another “safe haven” currency, the Japanese yen, is also on the move: USD/JPY fell to 89.25 before bouncing a little bit higher.

This report about the preparations in Saudi Arabia join other unconfirmed reports about 12 American warships that crossed the Suez canal from the Mediterranean to the Red Sea on their way to Iran. There’s an additional report about martial law in northwest Iran, in fear that an Israeli-American attack will come from Azerbaijan and Gergioa.

It’s important to emphasize that none of these reports are confirmed. Nevertheless, rumors have an impact on the markets, at least a temporary impact. With nothing else to move the markets during the European session, these rumors could be driving risk aversive trading.

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