Monday, January 11, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

ECB’s Trichet on the wires: Recovery a possibility now

Posted: 11 Jan 2010 06:01 AM PST

ECB’s Trichet on the wires today, speaking at a news conference sited as “The global economy continues to recover from worst recession in 70 years with “dynamic” emerging markets leading the way.” The European Central Bank President Jean-Claude Trichet, said “Fiscal consolidation was essential for a sustainable recovery and for economic confidence.” “There is a confirmation of the progressive normalisation of the economy and of the fact that at a global level we are on a recovery mode.”

Forex Morning Report Jan 11th

Posted: 11 Jan 2010 05:30 AM PST

USD/CAD bounces off of support at 1.0201 level

Posted: 11 Jan 2010 05:28 AM PST

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The USD/CAD appeared unable to move lower this morning and has bounced higher off of mid term support at 1.0201. The pair will likely test the 100 Day moving average at 1.0335 if the current move continues. Above that is the 200 Day moving average (green line) which comes in at 1.0394. If the pair gets caught in the 100 Day moving average and makes a return to the downside there are two key levels to watch for. Below the 1.0201 level, even par at 1.0000 comes into play, below that, 0.9819 will act as long term support.

Bobbys Corner-Open Market-Jan.11.2010

Posted: 11 Jan 2010 04:03 AM PST

bob-slade-forex-trading-8-150x200Good Morning:

The USD was weaker overnight.  Signs that any signal from the Fed regarding increasing interest rates was pushed forward after Friday’s disappointing jobs data.  Also adding to the greenbacks woes was a release from China that they are now the largest auto market in the world.  This ends more than a century of the US being the largest auto market.  The ruble also rallied against the USD as the Russian markets opens for their first time in 2010.

Worldwide equity markets are higher-as US futures are pointing to a higher opening.
Crude oil continues to rise as cold weather blankets the US and most of Europe. 
Orange juice futures may also extend their rally because of cold weather in Florida.
Metals increased across the board.

Oil:$83.89                                       Gold:$1156.50

No major data today.

HAVE A GREAT DAY & GOOD LUCK

January 11th 2010 NY Opening Forex Report is available for viewing

Posted: 11 Jan 2010 03:38 AM PST

Swiss Retail Sales

Posted: 10 Jan 2010 11:12 PM PST

November retail sales out of Switzerland came in worse than expected at 0.6% versus its forecast of 1.9% and prior release of 3.1% but the market showed a limited reaction to the reading.

French Industrial & Production

Posted: 10 Jan 2010 10:46 PM PST

French Industrial Production m/m came in at 1.1%, stronger than the 0.5% expected and -0.6% prior reading. Y/Y came in at -3.8%, stronger than the -5.2% expected and prior reading of -8.0%.

Manufacturing Production m/m came in at 1.6%, stronger than the 1.0% expected and -0.5% prior reading. Y/Y came in at -2.9%, stronger than the -4.4% expected and prior reading of -8.2%

Not much market effect in regard to these figures as Eur/Usd remains to trade either side of 1.4500.

SNB Encourages Weaker Franc

Posted: 10 Jan 2010 10:34 PM PST

Philipp Hildebrand just announced that the Swiss National Bank will continue to prevent “excessive’ Franc gains against the Euro.  In response to this; the EUR/CHF gained an initial 40 pips and pushed to a new session high of 1.4095 but has since come off and is trading below the 1.4080 handle.  In addition, the USD gained 28 pips aginst the CHF and it is still approaching the 1.0200 level.

1-11 Economic Calendar

Posted: 10 Jan 2010 07:28 PM PST

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EUR/USD Breaks 1.45

Posted: 10 Jan 2010 06:10 PM PST

On a quiet Japanese holiday the thin Asian session has continued the push against the USD, moving EUR/USD through 1.45. On Friday following a weaker than expected employment report from the US, risk pairs and equities somewhat surprisingly again gained support at the 200 day moving average and this session has moved through what was seen as mild resistance at 1.45. The next resistance level appears around the 100 day moving average, whereas a break of the 200 day could bring the 1.37 handle into play.

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