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Written by Brad Zigler
Wednesday, 04 March 2009 12:03

Real-time Inflation Indicator (per annum): 7.0% (New Low)

A 2.2% year-over-year increase in gasoline demand reflected in this week's U.S. Energy Department inventory report seems to belie dire prognostications about the U.S. economy. Last year, gasoline prices were on the rise, just as they are now.

Crude oil prices moved steadily higher overnight after leading the petroleum complex rally in yesterday's NYMEX day session. Tuesday's trading ended with a 3.7% rise in oil prices. Gasoline and heating oil futures rose 2.6% on the day.

Traders apparently sensed the oil supply situation in anticipation of the report. This ...

Analyst picks for: 2009/03/04
Written by the DailyFX Research Team

The Japanese Yen has been the single worst performing currency against the US Dollar so far this week, slipping -1.8% in just two days as USDJPY builds momentum for a test of the critical 100.00 level. However, markets don't move in a straight line and periods of retracement typically follow large bursts of directional momentum. Indeed, at least one analyst is looking to sell the pair to capture a bearish correction. A large dollop of US event risk lays ahead, culminating in the all-important Non Farm Payrolls release and threatening to take some of the wind out the sails of the buoyant greenback. The DailyFX team offers their thoughts on what lies ahead ...

Tuesday, 03 March 2009

by John Jagerson


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The USD/CAD broke out of its pennant consolidation pattern two days ago. This breakout accompanied an announcement from the Bank of Canada that they will be joining several other major economies with a near-zero interest rate policy. The bank cut its benchmark interest rate to 0.5% and the statement indicated that they may cut again in the near term.

The rate cut is going to be supportive for the pennant breakout and many forex traders are likely to take advantage of the move with a long position on the USD/CAD currency pair. From here there are several ways make an initial estimate for the length of the next trend.
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