Forex Intelligence

The economic summit being held in Jackson Hole on Friday is definitely not a new event, the annual conference has been held every year since 1978

Forex weekly overview for July 31 – August 5: US debt crisis is averted as US Congress passes debt bill. Bank of Japan intervenes in currency markets to devalue Yen. BOE, ECB leave rates unchanged. Nonfarm payrolls to be released.

This articles describes the top 5 Forex events of the week: US ISM Manufacturing Index, AUD Interest Rate Decision, US ADP National Employment Report, Swiss Consumer Price Index, US Nonfarm Payrolls.

This week has so far proved to be quite an eventful one in online forex news as the EU continues to struggle with ongoing sovereign debt concerns and the US public debt deadlock remains unresolved.

Initial Jobless Claims, Retail Sales, and Fed Chairman Bernanke’s testimony are the three major economic events of the day.

As the financial markets continue to be impacted by the debt crisis, it appears there is legitimate concern as to whether or not we are heading for a new stock market crash.

Last Friday, the euro lost ground vis-a-vis the US dollar, trading at 1.4263 at the end of the day.
Graphic of the EURUSD week.

Risk sentiments had a drastic turnaround last week as Greece has secured the fifth tranche of bailout fund from EU at EUR 12b to avoid and immediate default.

The U.S. Dollar continued delivering a mixed performance against the major currencies on Tuesday according to the daily forex news.

The daily forex news showed the U.S. Dollar continued mixed against the major foreign currencies on Monday.

The U.S. Dollar repeated a mixed performance on Wednesday according to the daily forex news, rallying strongly against both Sterling and the Euro and gaining marginally against the Canadian Dollar.

An overview of Wednesday’s realtime forex price action for GBPUSD shows that the rate fell sharply, as did EURUSD, after both rates had shown considerable strength lately.

The U.S. Dollar turned in a mixed performance on Tuesday according to the daily forex news, dropping sharply against Sterling, the Australian Dollar and the New Zealand Dollar, while rising marginally against the Euro, the Swiss Franc and the Canadian Dollar.