Sleepy Trader, A look at the Fundamentals

The Friday May 11, 2007 economic calender was jammed packed and i slept in! I missed the actual announcement of all the indicators but still caught some of the moves. Gotta love forex right? Always giving you a second chance to get in a good trade. Around 9:30(NYT) i hopped out of bed and fired up the charts and calender to see what was going down in the markets. This is what i saw:

12:30	United States	Producer Price Index (MoM) (Apr)	!!!	0.7%	0.6%	1.0%
	12:30	United States	Producer Price Index (YoY) (Apr)	!!!	3.2%	3.1%	3.2%
	12:30	United States	Producer Price Index ex Food & Energy (MoM) (Apr)	!!!	0%	0.2%	0%
	12:30	United States	Producer Price Index ex Food & Energy (YoY) (Apr)	!!!	1.5%	1.8%	1.7%
	12:30	United States	Retail Sales (MoM) (Apr)	!!!	-0.2%	0.4%	1.0%

(The first number is the actual, middle one is the forecast and the last is the previous)

The first thing i look at when checking the calenders is which announcement is farthest away from what analysts are forecasting. Retail sales caught my eyes, -0.2% vs 0.4%. So my bias for the day was down for the us dollar.