Monthly Archives: July 2010
Check out what’s going on in Forex today!
Once again we are fortunate to have Abe’s insight into the Forex market. Enjoy! This Friday morning we have some important patterns emerging. Continue reading
Canadian Economy Grows by 0.1%
Statistics Canada reported today that the Canadian economy grew by 0.1 percent in May. A jump in the cost of oil and gas was mostly responsible for the increase. Most other areas of the economy were flat, or actually lost ground, including construction which fell 1.6 percent, while the services industry declined 0.1 percent. Continue reading
China Claims to Be World’s 2nd Largest Economy
In an interview with China Reform magazine, Yi Gang, China’s chief currency regulator, said that China has surpassed Japan to become the world’s second-largest economy. Gang also noted that depending on how fast its exchange rate rises, China is set to overtake the US economy around 2025. Continue reading
US Recession Worse Then Previously Believed
Recent revisions to US GDP figures by the Commerce Department, suggest that the recession triggered in late 2007 was actually worse then previously believed. According to the latest information, the US economy actually contracted by 4.1 percent from the fourth quarter of 2007 to the second quarter of 2009. Originally, growth decline was pegged at 3.7 percent. Continue reading
US GDP Falls to 2.4%
The US Commerce Department announced today that the US Gross Domestic Product (GDP) fell to an annualized rate of 2.4 percent in the second quarter, compared to 3.7 percent in the first quarter. The result is the latest in mounting evidence suggesting that the US economy is slowing. Continue reading
Abe’s Daily Outlook
Abe Cofnas has been analyzing the Forex market for years. Here is his outlook for today’s action in the Forex market. USDCHF – This pair is in a retracement from a low of 1.0396 to a high of 1.0641. It is probing a 50% retracement level. A break of 1.0518 is a key support point. A break of 1.049 would be a major sell signal. Continue reading
US Jobless Claims Fall by 11,000
The number of new claims for jobless benefits for the week ended July 24th, fell by 11,000 from the week before to 457,000 new claims. Overall however, the number of people receiving unemployment benefits increased raising concerns that job growth in the US is slowing Continue reading