Forex Market Updates & Commentary |  |
- GBPUSD also pushed higher. Kraft/ Cadbury M & A activity may also be helping
- Bobbys Corner-Open Market-Nov.9.2009
- EURUSD pushing 1.5000 as NY enters the dollar selling party
- FXDD RE_BROADCAST of Online Training Nov 5 2009
- German Industrial Production
- Eurozone Sentix Investor Confidence
- 11-9 Economic Calendar
- Australian Home Loans & Investment Lending
| GBPUSD also pushed higher. Kraft/ Cadbury M & A activity may also be helping Posted: 09 Nov 2009 05:51 AM PST The Kraft hostile bid for UK’s Cadbury seems to be part of a influence for higher GBPUSD. The 1.6636 was the double top from last Thursday and Friday. The market opened up above this level, retraced below the value where the price tested the 100 bar MA at the 1.6608 level (low was 1.6616) and the price moved steadily higher for the rest of the day.
The price is currently testing the 100 bar MA at the 1.6775 level. This is the first move below the moving average today. However just below at the 1.6759 level is trendline support. A break below this level should solicit additonal selling toward the 1.6718 level which is the 38.2% of the move up from Friday’s low and the 200 hour moving average. This should be good support. Moves above the 1.6600 level has been difficult in the past for the GBPUSD. The break higher has caught a lot of traders off guard and this helps contribute to the short covering bid today. Look for supporting bids as traders cover some of the risk. |
| Bobbys Corner-Open Market-Nov.9.2009 Posted: 09 Nov 2009 05:28 AM PST
We wake up to a very interesting Monday morning. The USD is weaker across the board. Worldwide equity markets and commodities rallied. Gold hit a record. The USD declined to 1.50 on the EUR/USD pair. The Group of 20 ended their weekend meeting in Scotland by agreeing to maintain stimulus packages in their countries. The meeting made no mention of the USD’s decline-so USD weakness continues. Speculation that the FED will be unable assist the greenback (as they will not be able to raise interest rates any time soon), until the economy and the employment data gets back on it’s feet. This will keep the USD weak for the time being. All world indexes increased, and commodity markets also soared. US Futures are pointing to a higher opening this morning. The US Treasury is set to auction $81 Bill of 3, 10, and 30 year debt this week. The auction schedule is: Oil:$78.51 Gold:$1109.10 No major data due out today. HAVE A GREAT DAY & GOOD LUCK |
| EURUSD pushing 1.5000 as NY enters the dollar selling party Posted: 09 Nov 2009 05:10 AM PST The talk over the weekend was that the G20 did not mention the dollar from their communique this weekend. Also, the IMF reported that the dollar was being used as the funding currency for carry trades. On a carry trade, participants buy higher yielding currencies and sell the lower yielding currency - in this case the US dollar. This is keeping pressure on the US dollar.
The high for the day extended up to the 1.5011. The low was down at the 1.4853. Friday’s market closed at 1.4845. The sharp rise held the 100 bar moving average after the initial correction early in the day and has maintained a comfortable distance for the rest of the day so far. This moving average will be used as support today. The current level is 1.4967 (and moving higher). Look for support at this level. Additional support comes in at the 1.4935/43 level which is the 38.2% of the most recent low on Friday to the high at 1.5011 and an initial high/consolidation area.
On the topside, the highs from October 23rd and 26th came in at 1.5060 and 1.5062 respectively. These levels are where the target resitance will be found on rallies above the 1.5000 level. With the price up so strongly and the psychological 1.5000 level being the end point, there should be some slowing/profit taking. Watch support, however. If the support levels can hold, it could lead to a spring board to the upside later today. In intermarket activity, oil is up $0.84 cents. S& P futures are up 10 and Dow Futures are up 89 points. Finally, Gold is also up $13. All of which helps contribute to the lower dollar as well today. Further gains in each today should keep the pair supported. |
| FXDD RE_BROADCAST of Online Training Nov 5 2009 Posted: 09 Nov 2009 04:00 AM PST
CLICK TO WATCH THE RE-BROADCAST HERE from Thursdays training |
| Posted: 09 Nov 2009 03:17 AM PST German Industrial Production m/m came in at 2.7%, stronger than the 1.2% expected. Eur/Usd has already been bought up 150 points from its low which may explain why this positive data for the Euro had no market effect. Eur/Usd is currently trading at 1.4995. |
| Eurozone Sentix Investor Confidence Posted: 09 Nov 2009 02:02 AM PST Sentix Investor Confidence came in at -7.0, stronger than the -11.2 expected. Good number for the Euro as USD bearishness continues this session. Eur/Usd currently trades at its high of 1.4987. |
| Posted: 08 Nov 2009 08:44 PM PST
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| Australian Home Loans & Investment Lending Posted: 08 Nov 2009 04:39 PM PST The September Australian Home Loans reading came out better than expected at +5.1% versus the estimate of 3.0% and better than the prior reading of -0.6%, which was revised lower (-1.9%.) Investment Lending fell in September to -0.1% from a +7.6% reading in August (revised higher to 8.3%.) The AUD has recovered from its early session lows on the back of this release. |
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