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- Dollar Goes Down on Job Losses
EUR/USD grew today to its monthly maximum and remained well above the yesterday’s close level after the bad data on employment was released in U.S. today. Other economic releases failed to support the dollar today.
ADP employment report surprised markets with 79k drop in jobs in June, whereas the forecast was a 40k decline. This was the first drop in employment since February according to ADP.
Factory orders rose in May by 0.6%, better than the 0.5% growth in the consensus forecast, but below the April’s 1.3% growth (revised up from 1.1%). Manufacturing remains the only sector of the economy unaffected by the ongoing crisis.
Crude oil inventories decreased by 2 million barrels last week and they are still near the lower boundary of the average range for this time of year.
Posted on Forex blog.
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Переслать - Automated Trading Championship 2008 Open for Registration
MetaQuotes Software is organizing its third yearly automated trading championship (basically a contest of the expert advisors). There are three sponsoring Forex brokers this time — FXCM, Interbank FX and FXDD. The total prize funds are $80,000 with $40,000 going for the first place, $25,000 — for the second one and $15,000 — for the third. The registration for the championship opened today, July 1, and will last until September 19th. The automated contest itself will start on October 1st and will run for almost 3 months until December 26th.
As always, this is a pure virtual money contest (but with the eal money prizes of course), which is free for anyone to participate. The expert advisors should be written for MetaTrader 4 platform and can be both in form of the source files (*.mq4) and in compiled form (*.ex4). The last year contest showed some very brilliant Forex expert advisor ideas with more than 1,300% gain on the winning one. This time the quality of the participants’ submission may get even better.
My expert advisor for the 2007 championship was quite lossy and I hope to get a rematch this time. I’ve already registered for this competition and I am looking forward to optimize some interesting EA before the contest starts.
Register for Automated Trading Championship 2008.
Posted on Forex blog.
Try easy Forex experience with Easy-Forex.Переслать - Dollar Holds Steady on Construction and PMI
The dollar traded with an elevated volatility against the euro today, going both high above the opening level and diving down below it. The overall fundamental background is positive for the greenback today. Yesterday’s report on Chicago PMI index also supported the U.S. currency. Currently EUR/USD is trading near its open level at 1.5754.
Total construction spending in May was down 0.4% after 0.1% decline in April (revised down from 0.4% decline) — that’s not very good itself, but the markets awaited at least 0.6% drop in the spending, so this result may even benefit dollar bulls on Forex.
ISM report on manufacturing sector — PMI index — was very positive for June. It rose up from 49.6% to 50.2%, while a decline to 48.6% was expected. Growing PMI is another signal of the recovering economy despite the declining housing market.
Chicago PMI report for June was released yesterday and it showed a growth from 49.1% to 49.6% in the purchasing managers’ sentiment. The consesus forecast for the report was a decline to 48.0%.
Posted on Forex blog.
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