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FOREX – Auto and Truck Sales measure the monthly sales of all domestically produced vehicles. They are considered an important indicator of consumer demand, accounting for roughly 25% of total retail sales. Demand for big ticket items such as autos and trucks tends to be interest rate sensitive, making the motor vehicle sector a leading indicator of business cycles.

Each auto maker reports sales individually. The reports are typically released over the course of the first three business days of the month. Using the individual reports, a total annual sales pace can be calculated after applying Commerce Department seasonal factors. It is this annual sales pace that the market refers to when discussing auto and truck sales for the month.
In Depth Read the rest of this entry »

Every once in a while, my status as a blogger gives me access to resources that otherwise might not be available to me. One such “perk” of the job is that I get to meet experts in the forex field and have an opportunity to pick their brain.

One such opportunity just came about with Abe Cofnas, one of the original pioneers of retail forex trading and author of three books on the subject. I first had occasion to run across Abe’s work when I started my own journey into forex. At the time I was trading futures and stocks, and came across Abe’s column in Futures magazine.

I was impressed by his straight-forward approach and ability to explain the intricacies of the forex market. I was hooked. So I went out and bought Abe’s book and dove right in and it was instrumental in my development as a forex trader. Read the rest of this entry »

FOREX – The US reported growth figures today that while positive, have missed expectations. US GDP came in at 3% vs. and expectation of 3.4%. In addition, initial jobless claims were reported at 460K, largely in line with expectations.

This morning has started out in full risk-taking mode, as no additional negative news has come out of the Euro zone. As I mentioned yesterday, every day without news will embolden the market and encourage risk-taking. Yesterday’s rumor du jour was that the Chinese government was re-evaluating its Euro zone holdings, which sent the market lower as fears of further selling in the Euro were heightened. However, the Chinese denied that rumor and the markets have rebounded strongly this morning. Read the rest of this entry »

FOREX – The Canadian dollar rose against its U.S. counterpart, paring previous losses, and extended its rally versus the euro today on the signs of the record economical growth and on rising oil prices, which caused the speculations that the central bank will increase the interest rates.

Canada’s gross domestic product grew 6.1 percent in the first quarter of this year, the fastest pace in a decade. July delivery for crude oil rose $0.71 (1 percent) to $74.68 per barrel on the New York Mercantile Exchange. Crude oil is the source of the biggest export revenue for Canada. Read the rest of this entry »