Forex Market Trading May16 Aftermath

Forex Market Trading May16 Aftermath - The eur and gbp rebounded against the dollar in Forex Market Trading today with the eur gaining 61 pips and the gpb gaining 114 pips. We had an array of economic data coming out and that accounted for a volatile day.

In today Forex Market Trading we had the German ZEW survey come out at a reading of 50, while the consensus was 60, a fall after last month's 62.7 number. After the repost the eur hit a low for the day at 1.2769, but rebounded and it was trading at 1.2815 prior to the us open.

Forex market trading in us session brought a lot of reports and here are the results: The core PPI reading for April was slightly softer than expected at 0.1%, unchanged from March but weaker than the expected 0.2%. The headline figure meanwhile rose to 0.9%, edging both estimates of a rise to 0.7% and the previous 0.5% reading. Housing starts for April dropped to 1.849 mln units, compared with 1.996 mln a month earlier. The drop in the housing starts marked its lowest rate since November 2004. The April permits were down by 5.4% at 1.984 mln units, versus a decline of 2.7% from March, which marked its lowest rate since February 2004.

Forex trading saw the eur spike to 1.2866 on the PPI reports, and after some zig-zagging the eur closed the day higher at 1.2844. Gbp closed at 1.8870.

I didn't take any trades but was testing a new forex trading strategies called "The 10 minute strategy". You can read more about this forex strategy here or you can visit forex trading strategies SB forum for more.

That's all for today's forex trading may16 aftermath.