Posted: 02 Oct 2009 03:40 AM PDT

A new site named News Data Report is live on air. It announces the major economic news in a very clear and speedy way. That’s it. Very simple. Here’s a quick review.

There are many sites have excellent economic calendars. My number one site is Forex Factory. Another good site is FXStreet. These sites have lots of other features, with a nice calendar being one of them.

News Data Report focuses solely on breaking news. Their goal is to bring the most recent news as fast as possible, and to emphasize it. Their site currently of consists of one and only page. The page shows the upcoming major event, or two complementary events. I’m writing this review in anticipation to the Non-Farm Payrolls, so we can currently see both Non-Farm Payrolls and the Unemployment Rate.

NewsDataReport.com – Click to enlarge

In addition to showing the news (or upcoming news) in a large font, the site also speaks out the news, using Text-To-Speech (TTS). As soon as the news breaks out, I’ll hear it. It’ll grab my attention instantly.

While a single purpose site is very simple to understand and use, I hope these guys will have more features in the future. The first feature I’d like to see is a separate page for past and future events. Though there are already excellent sites for this, such complementary information is essential.

Another feature is a blog: I think that a blog is great for every company, and especially for new companies. I’d like to see who’s behind the company, what’s in the pipeline and what these guys think.

All in all, it looks like a young and good initiative which is already a good tool for forex traders. I hope that they’ll enhance their site in the future.

Non-Farm Payrolls and the Pound

Posted: 02 Oct 2009 02:59 AM PDT

The monthly Non-Farm Payrolls makes the markets go crazy. Even in this madness, some swing patterns can be identified and handled. While most currencies can swing back and forth, GBP/USD might fall and not come back.

1. But the rumor, sell the fact: This known traders’ saying also works in the forex markets. In some cases, specific expectations cause serious price action before the Non-Farm Payrolls release. The dollar can weaken significantly before the release, and then regain all the losses upon the release. This doesn’t have to be correlated with the real results.

2. Wrong knee jerk reaction: In other cases, the markets go in the wrong direction. Last month, on September 3rd, the dollar made serious gains against the Euro, only to lose these gains in a matter of two hours. Kathy Lien states :

Seven out of the last eight times non-farm payrolls were released, the knee jerk reaction was quickly erased. Even though the direction associated with these instances has not always been the same, we can see that the immediate reaction is usually not sustained, and eventually reversed into a more substantial move that lasted for the course of the trading day.

One currency to note is the British Pound. It has lost a lot in the past few weeks, and it’s in a very dangerous spot.

A knee-jerk reaction can send GBP/USD under the recent low of 1.5767. While other currencies can make the U-turn and get back up, I’m not sure the Pound can make it. Non-Farm Payrolls can ride on the weakness and push it below the bottom. I sure might be wrong, and the Pound could swing up to a comeback. But I’ve always been Pound-bearish…

The NFP is always fascinating to watch. I’ll closely follow the British Pound this time.

Forex Daily Outlook – October 2nd 2009

Posted: 01 Oct 2009 10:06 PM PDT

King of forex, Non-Farm Payrolls is published today. Will the dollar’s strength continue also today? How will the dollar close the week? Will the Swissy recover from the intervention? Let’s see what will impact the markets today:

British Nationwide HPI is an important figure for the beaten Pound. After rising by 1.6% last time, this month’s Nationwide House Price Index is predicted to rise by only half – 0.8%. Later in Britain, Construction PMI is predicted to rise from 47.7 to 48.2, still below the crucial 50 point mark. For an updated technical analysis of GBP/USD, read Mohammed Isah’s post.

In Europe, there are hopes of curing from deflation. PPI is predicted to rise by 0.5%, after falling by 0.8% last time. Note that a referendum is held today in Ireland about the European “Lisbon Treaty”. If the Irish accept the treaty, this will boost the Euro. Another rejection will significantly hurt the EU, and also the currency.

For an updated technical analysis for EUR/USD, do read Casey Stubbs’ analysis.

Non-Farm Payrolls are expected to fall by 179K jobs. The most important event in forex trading is expected to improve for the fourth month in a row. Some analysts whisper that a rise in jobs is also possible, already now. Most analysts think it will come only in the 4th quarter, if not only later.

The accompanying figure, Unemployment Rate, is expected to edge up from 9.7% to 9.8%. Apart from one drop two months ago, the unemployment rate is going up, and aims to reach 10%. Barack Obama already said that he expects this double digit number in 2009, before things will get better.

In more American news, Average Hourly Earnings are expected to rise by 0.2% after rising by 0.3% last time. Factory Orders are predicted to rise by 0.3% after a 1.3% jump last tine.

That’s it for today. During the weekend, I’ll return with the regular posts: the Forex Weekly Outlook, and the specific currency weekly outlooks.

Profit Economics

Friday, October 2, 2009

Forex Crunch NewsDataReport.com – Speaking the News Out

Forex Crunch NewsDataReport.com – Speaking the News Out

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