Good morning – its Tuesday February 8th and the 39th day of 2005. With another light day on the economic calendar one wonders if there is sufficient catalyst to break price out of the pause markets entered into yesterday.
On the currency front, the on-going or pending breakouts and retests have all transpired—GBPUSD bear flag hit its target in a single day. The currency market is now facing the prospect of an up-trending US dollar and still the commentators are talking about a falling dollar. At this point its rising until proven otherwise, and it doesn’t have very long to change this tack if indeed it can.
US Market Calendar
- 7:45 am: ICSC-UBS Store Sales
- 8:55 am: Redbook – Feb. 5th week
- 10:00 am: House Ways and Means Committee hears testimony from Treasury Secretary John Snow the administration’s budget proposal for fiscal year 2006.
- 3-year note auction
Canadian Market Calendar
- 8:15 am: Housing Starts – Jan.
Earnings and the Federal Reserve
For earnings highlights, please see today's WSJ Earnings Calendar.
For a list of upcoming speeches, congressional testimony, Federal Open Market Committee material, and statistical releases, please visit the What's Next page of The Federal Reserve Board website. Recently released Federal Reserve Board material, including market moving FOMC decisions and speeches by members, will be found on their What's New page.
05.02.08 08:48 #