Monday, January 18, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Narrow trading range for the EURUSD as the market struggles for a directional clue.

Posted: 18 Jan 2010 05:56 AM PST

gregmike-00095

The 1.4365-69 area is a support level for the EURUSD while the 1. 4377-81 level is a resistance level for the pair in very narrowing range, looking for a directional break.  The logical approach is to use the 100 bar MA on the above chart as resistance with a break of the top trendline a semi confirmation of a move higher.  Look for momentum on the break.

Below the 100 bar MA at the 1.4369 level has held over the last few hours. A break below that line and the 1.4365 further confirms the bearish bias.   Look for momentum to carry the pair lower on a break of that area. 

Markets are quiet.

GBPUSD back down at the 100 day MA level

Posted: 18 Jan 2010 05:39 AM PST

gregmike-00094

The GBPUSD has moved back down to test the 100 day MA level at the 1.6309 level after falling below the 100 bar MA as per today’s morning video commentary.  The level continues to be a level the market is attracted to for the time being.  It has tended to slow the moves higher or lower at the area over the last few days, then moves away.  Additional support is at the 200 bar MA at the 1.6304 level.  I expect buying interest against the levels with a break changing the bias back to the downside, with a target of 1.6293 and 1.6273.  The close on Friday was 1.6258.

January 18th 2010 NY Opening Forex Commentary is available for viewing

Posted: 18 Jan 2010 04:32 AM PST

1-18 Economic Calendar

Posted: 17 Jan 2010 09:21 PM PST

 

region_forex_00007

Sakakibara Comments on USD/JPY

Posted: 17 Jan 2010 05:47 PM PST

In an interview, Eisuke Sakakibara, former currency-policy chief at Japan’s Ministry of Finance, commented that the U.S recovery may slow and possibly weaken the USD to 85.oo against the JPY.

BOJ’s Shirawaka on the wires…..

Posted: 17 Jan 2010 04:53 PM PST

Speaking at the quarterly Bank Branch Manager’s Meeting in Tokyo, BOJ Governor Shirakawa made the following comments:

  • Japan’s economy is picking up.
  • Momentum for sustained recovery is insufficient.
  • The pace of Japan’s recovery remains moderate.
  • Capital spending will remain flat for the time being.
  • CPI decline will ease as oil effect subsides.
  • JOB to keep extremely accommodative policy.
  • Beating deflation is a critical challenge.

Upon the release of these statements, the JPY sold off slightly against the USD.

Rightmove HPI m/m

Posted: 17 Jan 2010 04:07 PM PST

Sterling advanced slightly against the majors but immediately reversed its gains on the release of the Rightmove HPI out of the UK; which came in at 0.4% versus the prior reading of -2.2%.

Australian TD Securities Inflation Gauge

Posted: 17 Jan 2010 03:35 PM PST

The AUD sold of slightly on the release of the TD Inflation Gauge (m/m) which came in as expected at 0.3%; unchanged from it’s prior release in November.  The y/y release came in slightly higher than expected at 2.6% versus the prior reading of 2.1%. The Aussie, which has been trading in close range thus far this session, is trading at .9220 against the USD.
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