Forex Market Updates & Commentary |  |
- FXDD Forex Trading Class Online March 2nd Details
- GBPUSD corrects up to the 38.2% of the days trading range
- Forex Morning Update - March 1
- Canada GDP better than expected. USDCAD falls through support.
- US Personal Income and Spending, along with PCE due at 8:30 AM
- Bobbys Corner-Open Market-March.1.2010
- GBPUSD falls sharply but rebounds. The 1.4854 level key level on downside now
- EURUSD breaks through 200 and 100 hour MA.Now they become resistance
- March 1st 2010 NY Opening Forex Commentary is available for viewing
- Greek uncertainty impact on the pound
- Papaconstantinou, Rehn comments at EU Greece meeting
- Eurozone Unemployment
- UK Manufacturing PMI & Mortgage Approvals
- Eurozone Final PMI
- Swiss SVME PMI
| FXDD Forex Trading Class Online March 2nd Details Posted: 01 Mar 2010 06:31 AM PST
Be sure to attend the next FXDD Forex Trading Class Online this Tuesday, March 2 2010 at 4pm Register Here |
| GBPUSD corrects up to the 38.2% of the days trading range Posted: 01 Mar 2010 06:31 AM PST
The 38.2% of the days trading range comes in at the 1.4943 level. I would expect selling against the level. A break, however, will look toward the 1.4993 level. So key time for the GBPUSD as the stock market gets set to open in the US. On the downside, the price has been rising steadily after moving back above the 1.4854 level (61.8% of the 2009 trading range) This is somewhat positive as the flush out lower seemed to be a huge liquidation of positions. Look for support at the 1.4880 level which was a corrective low after the initial move back higher this morning. There also may be buyers against the 1.4901 level (another low corrective price level). With the large range we saw today, the corrections can be quite extensive. Be aware that risks are elevated as a result. |
| Forex Morning Update - March 1 Posted: 01 Mar 2010 06:30 AM PST |
| Canada GDP better than expected. USDCAD falls through support. Posted: 01 Mar 2010 05:35 AM PST
The USDCAD comes in at +5.0% for the 4th quarter higher than the 4.2% expectations. This has sent the USDCAD lower. The price has broken through the 100 and 200 hour MA and tests the 61.8 % of the Feb 22nd low tot he Feb 25th low. at the 1.0486 level. A move below would next target key support at the 1.0405-15 level. Upside resistance comes in at the 200 hour MA at the 1.0494 level and then at the 1.0517-1.0523 level.
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| US Personal Income and Spending, along with PCE due at 8:30 AM Posted: 01 Mar 2010 05:25 AM PST The Personal Income and Spending is due out at 8:30. The expectation is for a gain of 0.4% for both measures. Personal INcome rose by 0.2% last month while Spending rose by 0.2%. The PCE Core for January will be released with expectation of 1.4% vs 1.5% YoY. The MoM is expected to show a 0.0% change. Later today, the ISM Manufacturing will be released at 10 AM. The expectation is for a fall to 57.9 from 58.4. The component pieces for comparison last month came in at the following: Prices paid 70.0 |
| Bobbys Corner-Open Market-March.1.2010 Posted: 01 Mar 2010 05:15 AM PST Good Morning: The GBP slid below $1.50 for the first time in 10 months, as polls show that the Tories have the smallest lead over the Labour Party in more than 2 years-thus any legislation to assist the economy may get stalled in Parliament. World equity markets rose-and US Futures are pointing to a higher oipening this morning. Oil:$79.57 Gold:$1112.70 TODAY’S RELEASES HAVE A GREAT DAY & GOOD LUCK |
| GBPUSD falls sharply but rebounds. The 1.4854 level key level on downside now Posted: 01 Mar 2010 05:03 AM PST
The 1.4854 level is the 61.8% of the 2009 low to high trading range. The price plunge this morning took the price down below this level to a low of 1.4782. The corrective move higher has taken the price back above the key retracement level (1.4854) and as a result, this level will now be eyed as support once again on dips. On the topside look for sellers against the 38.2% of the days high to low trading range. That level comes in at the 1.4943 level. This also corresponds with the first low on the move down. I would expect sellers against this level with stops on a break above the level. See the chart below for the levels.
The low for the day extended to 1.4782. The last time the market traded at this level back in March to April 2009, the level was a ceiling on a number of occassions (see numbers on the chart below from 2009 period). Today, the market used the level as support on the plunge lower. The level will continue to be a level of importance should the market break back below the key 61.8% retracement support level at the 1.4854 level.
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| EURUSD breaks through 200 and 100 hour MA.Now they become resistance Posted: 01 Mar 2010 04:49 AM PST
The EURUSD fell through the 200 and 100 hour MA, which turns the bias back to the downside for the pair. The 200 hour MA comes in at 1.3579 and the 100 hour MA comes in at the 1.3558 level. These levels now become resistance for today. Look for sellers with stops should the price be able to extend back higher. The bounce back corrective price off the lows extened up to the 1.3561 level but it was only for a very brief moment. On the downside, the 1.3496 level was a low level from last week and there is a double bottom area thet covers the 1.3444-51 area. This will need to be broken ultimately to extend the range futher down. |
| March 1st 2010 NY Opening Forex Commentary is available for viewing Posted: 01 Mar 2010 04:28 AM PST |
| Greek uncertainty impact on the pound Posted: 01 Mar 2010 03:37 AM PST It appears that the uncertainty in Greece now has traders looking ahead at the next trouble spot in Europe. The GBP/USD has fallen more than 200 points, making a low of 1.4942, its lowest level since May 3rd. As indicated in an earlier post parallels are being drawn between the situation in Greece and the UK. Until the market sees some genuine signs of recovery future sterling weakness is likely. |
| Papaconstantinou, Rehn comments at EU Greece meeting Posted: 01 Mar 2010 02:30 AM PST Greece’s Minister of Finance George Papaconstantinou says implementation of Greek stability plan has risks during discussion with EU’s Olli Rehn. Rehn syas risks to Greek program are materializing. Papaconstantinou vows Greece will work with EU to reduce deficit and calls tackling the deficit a “national duty”. Eur/Usd off about 25 points to 1.3615. |
| Posted: 01 Mar 2010 02:03 AM PST Eurozone Unemployment came in at 9.9%, better than the 10.1% expected and prior reading of 10.0%. Eur/Usd is up about 10 points since release currently trading at 1.3647. |
| UK Manufacturing PMI & Mortgage Approvals Posted: 01 Mar 2010 01:34 AM PST UK Manufacturing PMI came in at 56.6, slightly stronger than the 56.5 expected and barely weaker than the 56.7 prior reading. Mortgage Approvals came in at 48,200, weaker than the 50,000 expected. The prior month’s reading of 59,000 was revised down to 58,200. Gbp/Usd was bought up to 1.5180 on good PMI figure but abruptly came of about 20 points after the release of weaker than expected Mortgage Aprrovals. |
| Posted: 01 Mar 2010 01:03 AM PST Eurozone Final PMI came in at 54.2, slightly stronger than the 54.1 expected and prior reading of 54.1. No major market reaction upon release of figure although Eur/Usd is trading higher in recent trading currently at 1.3637. |
| Posted: 01 Mar 2010 12:32 AM PST Swiss SVME PMI came in at 57.4, stronger than the 56.5 expected and 56.0 prior reading. This should be a positive number for the CHF currency. Eur/Chf currently trades at 1.4640 and Usd/Chf at 1.0748. |
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