Wednesday, April 7, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Canada Ivey PMI better than expected. USDCAD Reverses back toward parity

Posted: 07 Apr 2010 07:05 AM PDT

The IVEY PMI index came in at 57.8 vs expectations fo 55.0 and up strongly from the 51.9 reading last month.  The move higher was led by a rise in employment component to 51.6 from 41.3.

Purchasers Index   57.8 vs  51.9
 3-mo. average       53.5  vs 50.4
Employment           51.6 vs  41.3
Inventory                   55.2  vs 47.9
Supplier Delivery    44.3 vs  45.1
Prices                        61.5 vs  55.9

Forex Video QUICK: GBPUSD stalls at upside target resistance at 1.5211.

Posted: 07 Apr 2010 06:58 AM PDT

Forex Morning Report - April 7

Posted: 07 Apr 2010 06:25 AM PDT


Click the post to watch the video

Forex Video QUICK: USDJPY tests 200 hour and 50% retracement support

Posted: 07 Apr 2010 05:54 AM PDT

Canada Building Permits fall by -0.5%. USDCAD bounces higher

Posted: 07 Apr 2010 05:36 AM PDT

The expectations was for a 2.1% gain.  The weaker number has sent the USDCAD higher (Weaker USDCAD).

The pair is approaching the 100 hour MA at the 1.0055 level. Additional key resistance comes in at the old 2010 lows at 1.060/65.  Look for sellers against the level. The decline was a result in multi dwellings which can be volatile (fell 28%).

fxdd-pic-0186

Later this morning the Canada IVEY PMI index will be released with the expectation of a rise to 55.0 from 51.9 last month (10 AM release time).

Forex Video QUICK. EURUSD satisfies Head and Shoulder target.

Posted: 07 Apr 2010 05:33 AM PDT

Next FXDD Webinar Thursday at 4pm - Register now

Posted: 07 Apr 2010 05:23 AM PDT

webinar-banner-03

Join us for a live free FXDD Webinar on Thursday at 4pm. Register in advance here now

Rebroadcast of Tuesday April 6th FXDD Webinar

Posted: 07 Apr 2010 05:05 AM PDT

Rebroadcast of Tuesday April 6th FXDD Webinar - Click here to watch

Sign up for the Thursday April 8th 2010 4pm Webinar - click here

GBPUSD holds that 200 hour MA support

Posted: 07 Apr 2010 05:03 AM PDT

fxdd-pic-0185

The GBPUSD fell sharply off the weaker data today but found the buyers against the 200 hour MA at the 1.5135 level.  The moving average will continue to be support on the downside today -especially since the market used it as a key support  ON the topside, the 1.5194 level is my topside target resistance level. This is the 38.2% retracement of the days sharp move lower.

fxdd-pic-01841

Greek Bond yields continue to go higher, keeping the EURUSD down.

Posted: 07 Apr 2010 04:55 AM PDT

fxdd_reg_pic0004

The yield on Greek 10 year bonds are still on the rise and this is leading to pressure in the EURUSD.  The yield has risen to 7.12% while the spread to German bunds has also risen to over 400 basis points. If Greece is to cut their budget deficit, borrowing costs must come down over time.  Right now, that relief is not coming. 

The EURUSD has broken through the floor that held the downside at the 1.3356 level over the last few days.  The price has dipped to a low of 1.3333.  Staying below the 1.3356-62  level could signal a new leg to the downside for the pair (see chart below). 

 fxdd-pic-0183

April 7th 2010 NY Opening Forex Commentary is available for viewing

Posted: 07 Apr 2010 04:38 AM PDT

Click here to view the embedded video.
  • GBPUSD fell sharply off weaker PMI data. The pair held 200 hour MA support at the 1.5135 level.  This will be a key level to watch going forward today
  • EURUSD also fell last night on follow through selling. The low floor from yesterday was breached on the NY opening at the 1.3356 level. Staying below that level will be key
  • USDJPY is still stuck between the 93.76 on the downside and the 100 hour MA on the upside after wandering below and above the extremes but failing to develop a trend move
  • USDCHF continues to move higher in sympathy with the higher dollar.  Swiss Retails sales were also weaker.
  • AUDUSD is stuck between being supported from the prospect of higher rates and the stronger overall dollar. 0.9256 is the trying to hold support. Additional support comes in at the 0.9220 should the market break lower
    		•

    German Factory Orders

    Posted: 07 Apr 2010 03:06 AM PDT

    German Factory Orders m/m came in at 0.0%, stronger than the -0.8% expected but weaker than the prior reading of 5.1%.

    Eur/Usd continues to trade 1.3385-90.

    Eurozone Final GDP & PPI

    Posted: 07 Apr 2010 02:08 AM PDT

    Eurozone Final GDP q/q came in at 0.0%, weaker than the 0.1% expected.

    PPI m/m came in at 0.1%, weaker than the 0.2% expected.

    Not much market reaction to release as generally the final reading does not pack the  punch that the initial or flash reading, which comes weeks earlier, does.

    Eur/Usd trades at 1.3390.

    UK Services PMI

    Posted: 07 Apr 2010 01:32 AM PDT

    UK Services PMI came in at 56.5, weaker than the 58.1 expected and prior reading of 58.4.

    Gbp has been hit across the board as Gbp/Usd is off 30 points to 1.5245, Gbp/Jpy 20 points to 143.20 and Eur/Gbp up 10 points to .8782.

    Eurozone Final Services PMI

    Posted: 07 Apr 2010 01:02 AM PDT

    Eurozone Final Services PMI came in at 55.9, stronger than the 55.5 expected.

    Eur/Usd might get a little boost off of  release. The pair is up 8 points to 1.3388 thus far.
    Posted by at

    No comments:

    Post a Comment

    Subscribe to: Post Comments (Atom)