Forex Market Updates & Commentary

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• FXDD Weekend Forex Market Technical Review
• FXDD Review of Key Economic Releases and Events for March 7th -11th Week
• Merkel and Greece Papandreou finish meeting in Berlin. Support but no money
• CNBC: Government stands behind the GSE Debt
• Canada’s Flaherty on the newswires
• Forex Midday Report - March 5
• GBPUSD spikes higher as London/Europe look to exit
• EURUSD breaks higher to test 100 hour MA

FXDD Weekend Forex Market Technical Review Posted: 05 Mar 2010 12:55 PM PST Click here to view the embedded video.  Greg Michalowski of FXDD analyzed the following currencies from a daily and hourly perspective.

FXDD Review of Key Economic Releases and Events for March 7th -11th Week Posted: 05 Mar 2010 12:52 PM PST Click here to view the embedded video.

Merkel and Greece Papandreou finish meeting in Berlin. Support but no money Posted: 05 Mar 2010 10:10 AM PST Must prevent speculaton.  Says Eurozone will take neccesary steps to maintain stability in EURO.  Germany can show solidarity for Greece. EURUSD a touch better bid on relief of a cooperative statement but no money pledge as per expectations.  It remains a Greek problem. George Papandreou comment “Greece has not asked for any financial support.  We've noted with great satisfaction that the federal government supports our measures. I am thankful for the preparedness to work together to fight speculation," Friday afternoon.  Be aware.

CNBC: Government stands behind the GSE Debt Posted: 05 Mar 2010 10:03 AM PST There should be no uncertainty on Governments commitment to FNMA/Freddie Mac. The question is will the government guarantee the debt of the two entities or not.  They are suggesting that they will.

Canada’s Flaherty on the newswires Posted: 05 Mar 2010 09:49 AM PST SEES MODEST BUT NOT DRAMATIC GROWTH IN CANADA ECONOMY

Forex Midday Report - March 5 Posted: 05 Mar 2010 09:30 AM PST Click here to view the embedded video.

GBPUSD spikes higher as London/Europe look to exit Posted: 05 Mar 2010 08:44 AM PST The GBPUSD held the 100 hour after a brief move below after the NFP number and then used the level as a spring board to higher levels (see prior post by clicking here). The market then pushed through the 1.5066 level on its way to test the 1.5135 area.  This was outlined as a target level on the top in the pre-employment report  (CLICK HERE FOR POST). The high has extended to a high price of 1.5147 and is currently coming back a little as London and Europe square up.  The next key target comes in at the 1.5165 level which is the 200 hour MA level. The price has remained below this MA level since Feb 7th when it broke at the 1.5660 level.  I would expect profit takers against this level on the first test at least.

EURUSD breaks higher to test 100 hour MA Posted: 05 Mar 2010 07:25 AM PST The EURUSD has broken higher and looks to test the 100 hour MA at the 1.3603. Look for some profit taking sellers against the level with a break signalling a further move higher in the pair.  The London close is approaching along with position squaring. This is likely to lead to some added volatility for the pair.  Watch support at the 1.3581-1.3586 to contain the downside correction. If it holds the downside, a further push higher would have added incentive.

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