FXstreet.com Live Sessions Archives: ADP & GDP live coverage

Live Blog:

ADP & GDP live coverage

(01/30/2008)
Powered by: CoveritLive

1:02	Welcome to the live coverage of both the ADP and GDP data releases.

1:11	Hi there everyone, this is Tony Juste covering live! the release of the ADP and GDP data and the market reaction resulting from them.

1:12	We start @ 13:15GMT (in just 3 minutes) with the ADP

1:12	The GDP is released 15 minutes later @ 13:30GMT

1:14	USD higher ahead of data

1:15	ADP January US Private Sector Jobs Expected +43,000 ADP Sees January US Private Sector Jobs +130,000

1:15	USD skyrockets on the back of the data

1:16	EUR/USD falls to 1.4790 on data, GBP/USD down to 1.9905 and USD/CHF up to 1.0915, seeing good USD potential from here

1:16	GBP/USD confirms a negative trigger after the data, and sells-off very hard

1:17	USD/CHF almost testing downtrend line @ 1.0930

1:17	Price reversal in USD majors

1:17	USD/JPY hits tough 107.20 resistance on the back of good US data

1:18	EUR/USD could trigger bearish signals if GDP confirms the positive USD tone

1:20	Prices stabilize after initial USD rally, way off the highs of the session.

1:20	GBP/USD resistance level remains 1.9910-20, EUR/USD 1.4820 and USD/CHF support is in the 1.0890-70 area.

1:22	Alright, taht pretty much wraps it up for the ADP coverage, I guess we'll have more after the GDP, so I hand over to my colleague Noemi Jansana, who will be covering the GDP release. I'll be back after she covers the data release with more market action analysis in just few minutes. Stay tuned.

1:35	Hello again from FXstreet.com and welcome to the GDP Live coverage

1:37	Hi again, this is Tony Juste covering the impact of GDP

1:37	USD sold off first, with USD/CHF going back below broken downtrend line @ 1.0930, which again is resistance now

1:37	EUR/USD is up to 1.48, but not with much strength at the moment

1:38	GBP/USD can't make it back above 1.99, relatively weak it is at the moment

1:38	US GDP data shows growth @ 0.6% rate in the 4Q, very slow growth

1:39	Official data link: http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

1:39	FXstreet.com covers the event up to the minute: http://www.fxstreet.com/news/

1:39	http://www.fxstreet.com/fundamental/

1:40	FOLLOW THE GDP HERE

1:41	USD/CHF continues to be dragged lower. Only back above 1.0930 goes bullish again.

1:42	Good question, how will the USD will finally go? If USD/CHF goes above 1.0930, we'll see it higher vs the Europeans.

1:42	WANNA KNOW HOW THE CURRENCIES ARE MOVING? GO TO THE RATES&CHARTS SECTION

1:43	I am also covering it all in my real-time Weblog. TONY JUSTE WEBLOG

1:43	USD/CHF is holding 1.0910-1.0900 support level, I guess we should see the USD edging higher from here

1:44	GBP/USD - tested again 1.9910 on this mini recovery rally but is falling, I presume we'll see it lower in the afternoon

1:45	EUR/USD can't move above a minor resistance 1.48, therefore selling pressure might send it down to 1.4760-50

1:45	AUD/USD has fallen from 0.89 on the back of the news, however this pair is moving very little today

1:46	USD/JPY upticks are sending the JPY crosses higher. The unit might hit tough area 107.40-45, from where fast shorts could be taken.

1:46	EUR/JPY is above 158.40, only a break below or test of 158.90 make shorts attractive for now.

1:47	GBP/JPY has tested the dynamic resistance @ 213.40 and has failed to regain it, therefore shorts have good odds of success.

1:48	USD/CHF testing 1.0930 resistance again, if it moves above it it could see 1.0950 again

1:48	GBP/USD I believe it is moving south from here, shorts from 1.9920-30 are very good in my opinion intraday

1:49	EUR/USD I also believe it has little upside room, and we should see it testing lower levels around 1.4750

1:49	NO matter how you look at tit, GBP/USD has broken ALL support lines intraday, taht's bearish

1:53	USD/CHF can't make it back above broken line @ 1.0930, Europeans bounce off, I have personal interest to sell GBP/USD again (done it 5 times today) if 1.9915-20 prints.

1:54	EUR/CHF is down from 1.6170 test (resistance level), and that is weighing a bit on USD/CHF, apart from the bearish MA's cross at the moment.

1:56	For those trading GBP/USD: the last support line (marginally broken) is @ 1.9885 now, if that line gives way, aggrssive shorts should be considered.

1:56	As I said, my interest in the Europeans lies in Cable around 1.9920, but I'd take and welcome a break of 1.9885

1:58	This intraday support line in Cable you'll find it drawing it connecting 28/1 and 29/1 lows. Do it in a real-time chart in the RATES&CHARTS section.

1:58	For those of you who follow my weblog, Cable looks good for a bearish MA's cross intraday (a bearish moving averages trigger), and so is EUR/USD

1:59	Target for Cable is 1.9885 breaks should be 1.9850

1:59	EUR/USD - if the bearish trigger is confirmed, 1.4750 should print

2:00	I have only interest in SHORT positions at the moment in the majors, as TRENDEX

2:00	users saw live today in several trading calls I made live there.

2:01

ALRIGHT, here finishes the live coverage of the market action on the back of the US data. I'll be back again TONIGHT, covering the market reaction LIVE! of the FOMC rate decision from around 19:20GMT. Look forward to seeing you then. Enjoy your day and trading. Bye 4 now. Keep up-to-date on rates here.