On Tuesday, 02-23-10, at 10:00AM ET the USD Consumer Confidence report was released along with one other US economic news release.
USD – Richmond Manufacturing Index
The Consumer Confidence appears to have the greatest impact on the economy.
The last “preview” was posted on Monday, 02-22-10, click here for a review.
The Consumer Confidence is released by The Conference Board, Inc.
The USD – Richmond Manufacturing Index is released monthly by the Federal Reserve Bank of Richmond.
Lets take a look at what is going on with this news release:
USD Consumer Confidence Stats:
Previous = 55.9———– revised = 56.5
Forecast = 55.0
Actual = 46.0
Here is how I was set up, and the results:
USD-8-00AM-02-23-10
Looking for a 5.0 difference
Actual > Forecast = Good for the USD
USD CB Consumer Confidence
——actual———-forecast———-previous
_____46.0_______55.0_________55.9
_____46.0_______ 55.0________ 56.5
out at 60.0 or higher – BUY USD/JPY
out at 50.0 or lower – SELL USD/JPY
Bad – “actual” came out lower then “forecast” by 9.0
Bad – “actual” came out lower then “previous” by 9.9
Bad – “actual” came out lower then revised “previous” by 10.5
USD Richmond Manufacturing Index _____ 2 _____ 0______ -2
I had set to trade the currency pair USD/JPY with a 5.0 difference between the “actual” and the “forecast”.
Well, the “actual” did come out greater then the 5.0 difference and I did enter 2 trades and both were winners.
Check out the charts.
(EUR/JPY)
a one minute EUR/JPY chart
The currency pair EUR/JPY had a move down 37 minutes about 108 PIPS
(EUR/USD)
a one minute EUR/USD chart
The currency pair EUR/USD – not much re-action
(GBP/JPY)
a one minute GBP/JPY chart
The currency pair GBP/JPY moved down for 37 minutes about 127 PIPS
(GBP/USD)
a one minute GBP/USD chart
The currency pair GBP/USD moved down/up for 8 minutes about 10 PIPS/ 16 PIPS
Moved down next 27 minutes about 42 PIPS – right direction
(USD/CAD)
a one minute USD/CAD chart
The currency pair USD/CAD moved up for 57 minutes about 70 PIPS – right direction
(USD/JPY)
a one minute USD/JPY chart
The currency pair USD/JPY moved down for 37 minutes about 64 PIPS – right direction
Had 2 winning trades!!!
The next release of these reports will be on Tuesday, 03-30-10 at 10:00 AM ET.
I will probably post a “preview” a day or two prior.
Past performances are not an indication of future results.
So—Stay tuned!
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