Forex Market Updates & Commentary

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• Dec 23 2009 Forex Market Update
• EUR/USD in consolidation between major moving averages
• Bobbys Corner-Open Market-Dec.23.2009
• Dec 22 2009 Rebroadcast of the FXDD Online Training
• UK MPC Meeting Minutes
• UK Mortgage Approvals/Index of Services
• Italian Retail Sales
• French Consumer Spending
• 12-23 Economic Calendar
• New Zealand GDP release below expectations
• AUD/USD holding below the 100 day moving average
• USD/CHF between the goalposts, resistance up ahead
• Dec 22 2009 Forex Midday Report
• US Existing Homes sales for November beat expectations

Dec 23 2009 Forex Market Update Posted: 23 Dec 2009 05:30 AM PST New Video Pending Click here to watch

EUR/USD in consolidation between major moving averages Posted: 23 Dec 2009 04:23 AM PST The EUR/USD is in a period of consolidation as it looms just above the 200 day MA (1.4196). The pair has been running sideways unable to break below mid term support at the 1.4235 area. Above this the 100 hour moving average is pressuring the pair at 1.4312. This gives traders two targets to break through to help with trading descisions this morning. There are also a slew of economic releases due out at 8:30am and this may spur the pair to action. If the pair moves to the downside, expect a test of the 200 MA and volatility at this level. Long term support areas below this level are seen at 1.4005 and 1.3750. Failure to move lower, could seen the pair higher and resistance levels will be seen at 1.4300 and at 1.4445 areas.

Bobbys Corner-Open Market-Dec.23.2009 Posted: 23 Dec 2009 04:08 AM PST Good Morning: As speculation mounts that the US is exiting  from the worst recession in 60 years, the USD has continued to rally. With good U.S. data, investors are buying the greenback prior to the year end.  With interest rates at near zero the USD may come under pressure again in 2010. World wide equity markets rose, and US Futures are pointing to a higher opening this morning.  Continued speculation that  world economies are recovering from the  global recession have lead the equity markets to post positive returns the past few months. Oil and copper rose, Gold is range bound. Oil:$74.81                                          Gold;$1088.20   TODAY’S RELEASES TIME FOR  EST PRIOR 8:30A.M. PERSONAL INCOME NOV. 0.50% 0.20% 8:30A.M. PERSONAL SPENDING NOV. 0.70% 0.70% 8:30A.M. PCE DEFLATOR YoY NOV. 1.60% 0.20% 8:30A.M. PCE CORE MoM NOV. 0.10% 0.20% 8:30A.M. PCE CORE YoY NOV. 1.50% 1.40% 10:00A.M. U. OF MICHIGAN CONFIDENCE  DEC.F 73.8O     73.4O 10:00A.M. NEW HOME SALES  NOV.       436K     430K 10:00A.M. NEW HOME SALES MoM NOV. 1.40% 6.20% HAVE  A  HAPPY FESTIVUS for the rest of us! GOOD LUCK & HAVE A GREAT FESTIVUS!

Dec 22 2009 Rebroadcast of the FXDD Online Training Posted: 23 Dec 2009 03:55 AM PST Dec 22 2009 Rebroadcast of the FXDD Online Training click here to watch. Note: Please give it a minute to buffer and load

UK MPC Meeting Minutes Posted: 23 Dec 2009 12:38 AM PST The UK’s Monetary Policy Committee voted unanimously (9-0) to keep interest rates at 0.5% in December. It was also decided that they will keep their bond plan at 200 bln for December, but different bond plan sizes are still justified. The details of the minutes are as follows: Growth has yet to gain from inventory stabilization. News wasn’t enough to change views on CPI outlook. Money supply growth has been disappointing. The mix of demand signals in Q3 has caused greater momentum buildup. Labor market is more resilient than expected. Greece and Dubai are reminders of petential shocks. Immediately following the release the GBP fell 10 points, but after further reading of the statements it has climbed back 20 points and peaked at the 1.5950 handle.

UK Mortgage Approvals/Index of Services Posted: 23 Dec 2009 12:28 AM PST Mortgage approvals in the UK came in better than previously recorded and expected for December, but the Index of Services came in worse than anticipated. The details are as follows: BBA Mortgage Approvals - Survey: 43.3K   Actual: 44.7K   Prior: 42.4K Index of Services 3m/3m - Survey: 0.3%   Actual: -0.2%   Prior: -0.1%

Italian Retail Sales Posted: 22 Dec 2009 11:59 PM PST The market showed minimal reaction to Italy’s Retail Sales which came in equal to it’s prior reading of 0.0%; lower than its forecast of 0.2%.  Currently, the EUR trades at 1.4254 against the USD.

French Consumer Spending Posted: 22 Dec 2009 11:25 PM PST French Consumer Spending m/m came in at -0.1%, weaker than the 03% expected and prior reading of 1.0%. Not much change in Euro on news, as Eur/Usd continues to trade in tight trading range of 1.4245-65.

12-23 Economic Calendar Posted: 22 Dec 2009 07:22 PM PST

New Zealand GDP release below expectations Posted: 22 Dec 2009 01:00 PM PST New Zealand GDP release below expectations, at 0.2%, below the 0.4% forecast. The previous number was -0.2%. So the number was positive, but less than expected and may cause short term weakness in the NZD/USD pair.

AUD/USD holding below the 100 day moving average Posted: 22 Dec 2009 11:00 AM PST For the second day in a row the AUD/USD has held below the 100 day moving average. The 100MA comes in at 0.8859. The pair currently at 0.8872. For the first time since early March 2009 when it broke above the 100 day MA, is in a position where a change in the long term trend could take place. Below the current price are some area of support with significance. Starting first with the 0.8585 level, which was a factor in September of 2009 and then below that at the 0.8475 level which was the ceiling through out most of August 2009. Below this the 200 day MA comes in a long way off at 0.8258. In the near term the pair could correct back to the 100MA at 0.8859 which is now acting as top side resistance.

USD/CHF between the goalposts, resistance up ahead Posted: 22 Dec 2009 09:01 AM PST The USD/CHF has been inside the 100MA and 200MA goal posts since Dec 15th 2009, with upside targets at 1.0500 and 1.0537 which is a remembered price level from back in late August 2009, and further back in December of 2008. Above this level the pair will be heading toward the 200 Day moving average at 1.0699, this coincides with the 38.2% retracement of the move down from March of 2009. If the pair fails to move higher, key support will be found below the current price at the 100 day moving average at 1.0334. Below this area, further support will be found at the 1.0300 level and then near the 1.0165 price level.

Dec 22 2009 Forex Midday Report Posted: 22 Dec 2009 08:14 AM PST Click here to view the embedded video. Sign up for the online training today at 4pm, presented by FXDD here

US Existing Homes sales for November beat expectations Posted: 22 Dec 2009 06:05 AM PST US Existing Homes sales beat expectations at 10am this morning with an actual number of 6.54 million homes. Expectations were for a 6.250M increase. November 2009 sales are likely to come off of the October 2009 surge in sales.

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