IMF Upgrades Expected World Growth Lowering US Expectations

The World Bank has revised it’s Economic Outlook upward to 5.2% for our “Blue Orb”. It’s looking good for China’s GDP with a expectation of an increase of 1.2% there. For the US however, concerns about the housing correction see US GDP revised down 0.2% to 2.0%. The IMF expects the US GDP to pick up next year to 2,.8%  

Note: I will be doing a Free Webcast covering this weeks US GDP Report on FX Street. The broadcast begins at 11:30 GMT (7:30am EST)

Click Here to Register for this Educational and Technical Analysis Session

Click Here to read the full IMF report on Global Growth and Market Risks published today.

Bank of New Zealand Raises Rates

in Line with Expectations to 8.25%. This resulted in a spike from the 0.8030 range topping out at approx 0.8055 and posting a low of approx  0.7990. My sympathies to the stops being taken out on both sides as price then slowly settled back to the 0.8015 range about an hour later.

See the 1 minute Chart Below - Click to Enlarge

As Sr. Analyst, and Trader Jerry Furst - Founder of Investors Education Network (IEN),  is also a mentor and trading coach to select clients.

At Noon EST Wednesday the US Dollar was Trading at

1.3709 to the Euro with Lows for the day at 1.3695

2.0507 to Sterling with Lows at 2.0483

1.2029 to the Yen with Highs at at 121.68

1.0414 to the Canadian Loonie - Highs at 1.0451

1.2137 to the CHF - Highs at 1.2168 - (Click on Chart to Enlarge)

As Sr. Analyst, and Trader Jerry Furst - Founder of Investors Education Network (IEN),  is also a mentor and trading coach to select clients.

Dollar -Yen testing 120.00

Euro - Yen testing 166.00

Pound - Yen testing near 247.00

Dow to Blame?

Blame is being placed on the US Equities Markets as the DOW drops over 200 points Tuesday. However, the reduction of risk in the Carry Trade and talk of the Asian markets tightening their monetary policies may cause a quick race to the exits.

(Click on Chart to Enlarge)

Be sure to tune in for Live Webcast Coverage of the US GDP report this Friday starting at 7:30am EST - Click Here to Register

As Sr. Analyst, and Trader Jerry Furst - Founder of Investors Education Network (IEN),  is also a mentor and trading coach to select clients.

Canadian Retail Sales came in at 2.8% far surpassing expectations of 0.6%

The Canadian Loonie has seen continued strengthening as the US Dollar continues to fall. The Dollar fell over 75 pips on the announcement and is seeing a base of support at approx 1.0370.

The Euro also weakening against the Loonie falling more than 100 pips from 1.4450 to form a new base at approx 1.4350

(Click on Chart to Enlarge)

As Sr. Analyst, and Trader Jerry Furst - Founder of Investors Education Network (IEN),  is also a mentor and trading coach to select clients.

With two hours left in the NY trading session the US Dollar is trying to break above last weeks trading range. At 3pm EST the USD-CHF was trading at approx 1.2070.

Potential Resistance points are 1.2095 and 1.2114, However the Euro and Pound are not confirming this move yet.

(Click to Enlarge Chart)

As Sr. Analyst, and Trader Jerry Furst - Founder of Investors Education Network (IEN),  is also a mentor and trading coach to select clients.

I’ve just returned from a working vacation in Colorado and the NYSE. A rather stark contrast in settings going from the scenic valleys of Aspen to the Steel Canyons of New York City.

Coming Around the Mountains of Colorado approx 12,000 ft

Jerry Furst interviews John Thain at the NYSE

during two days of briefings at the NYSE Euronext. Key Point of discussion: Will the retail US trader be able to trade equities on a global time frame as the NYSE Euronext continues to expand their reach across the globe?

US Dollar Continues to Slide Down The Slopes

Aussie Dollar Continues to Climb (Click to Enlarge Chart)

As Sr. Analyst, and Trader Jerry Furst - Founder of Investors Education Network (IEN),  is also a mentor and trading coach to select clients.

As the US Dollar continues to slide to record lows - This Trader is off for a working vacation - with limited internet access - so beware as usually when I take off for extended periods of time - the markets make extraordinary moves !

The Monday Morning “1st in Forex - the Week Ahead” Webinars and Blog entries here will resume July 23 at 7am EST followed by the Live Coverage of the US GDP Report on Friday July 27th starting at 7:30am EST

Until then - Good Trading to All

As Sr. Analyst, and Trader Jerry Furst - Founder of Investors Education Network (IEN),  is also a mentor and trading coach to select clients.