Forex Market Updates & Commentary

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• Forex QUICK: EURGBP moves higher on Greece debt pact
• US Wholesales Sales Inventories rise 0.6%, Sales +0.8%
• Forex QUICK: EURUSD moves higher on EU/Greece debt solution
• Greece backstop deal talk pushes the EURUSD higher
• Polish Central Bank official confirms buying
• Forex QUICK:EURUSD moves lower in NY trade and tests key support
• Forex QUICK: GBPUSD breaks higher but corrects lower in early NY trade
• Forex Morning Report - April 9
• Rebroadcast of Thursday’s Webinar - Great class
• EURUSD tests 100 hour MA
• Canada Unemployment
• ECB’s Nowotny
• UK PPI
• Usd/Chf tests 100 hour M/A
• Trichet on the wires

Forex QUICK: EURGBP moves higher on Greece debt pact Posted: 09 Apr 2010 07:12 AM PDT Click here to view the embedded video. ______________________________________________________  Trading forex is risky and should only be done with risk capital that will not change your lifestyle. Traders could lose all of their risk capital trading forex. FXDD does not guarantee any recommendation made within this commentary. Traders should make market assessments and take trading positions based on their own personal market analysis, risk tolerance and financial condition. In addition, care should be made to only use leverage which is congruent with your personal risk tolerance. Although care was taken in creating this report, FXDD does not guarantee the accuracy of the information

US Wholesales Sales Inventories rise 0.6%, Sales +0.8% Posted: 09 Apr 2010 07:00 AM PDT WHolesale Inventories rise 0.6% vs 0.4% exceptations. Wholesale Sales rise +0.8% Inventory to Sales ratio stays a a low 1.16. This suggests that there is no inventory overhang and that production is likely to remain supported for the time being.

Forex QUICK: EURUSD moves higher on EU/Greece debt solution Posted: 09 Apr 2010 06:59 AM PDT Click here to view the embedded video.

Greece backstop deal talk pushes the EURUSD higher Posted: 09 Apr 2010 06:45 AM PDT European Union officials have reached an agreement in Brussels on funding a backstop deal for Greece. The package will be a single “one-stop shop” between the other 15 Eurozone members, the EU’s institutions, and the IMF. If Athens wants to tap the 20-25 billion fund, it will have to apply to both the EU and the IMF jointly. The EU’s share of the finance will take the form of bilateral loans at a rate higher than that of the IMF (3-month euribor + 275 basis points) but well below those prevailing in the market currently. Greek debt prices have risen on the news and the EURUSD is up testing key resistance at the 1.3437 level.  The 200 hour MA and the 50% of the move down from the April high comes in at tthe 1.3441 and 1.3437 levels respectively.

Polish Central Bank official confirms buying Posted: 09 Apr 2010 06:36 AM PDT Polish Central Bank confirms that they bought EUROs in the market today.  This has given the EURUSD a push back to the upside and above the key 1.3385 level.

Forex QUICK:EURUSD moves lower in NY trade and tests key support Posted: 09 Apr 2010 06:34 AM PDT Click here to view the embedded video.

Forex QUICK: GBPUSD breaks higher but corrects lower in early NY trade Posted: 09 Apr 2010 06:11 AM PDT Click here to view the embedded video.

Forex Morning Report - April 9 Posted: 09 Apr 2010 06:00 AM PDT Click on the post to watch the video

Rebroadcast of Thursday’s Webinar - Great class Posted: 09 Apr 2010 05:00 AM PDT Rebroadcast of Thursday’s Webinar - Great class, click here to watch.

EURUSD tests 100 hour MA Posted: 09 Apr 2010 04:47 AM PDT The EURUSD is testing the 100 hour MA at the 1.3388 level.  The 100 bar MA on the 5 minute chart also comes in at the 1.3382.  As a result, look for support at the level.   The topside target would be the 1.3437 which is the 50%  retracement of the recent move down from the April high to the low this week and where the 200 hour MA is currently moving toward.  A break lower should lead to further liquidation with 1.3363 level the target support area.

Canada Unemployment Posted: 09 Apr 2010 04:02 AM PDT The CAD traded lower against all of the major currencies after the release of worse than expected March employment numbers. New Change in Employment - Survey: 26.0K   Actual: 17.9K   Prior: 20.9K Unemployment Rate - Survey: 8.1%   Actual: 8.2%   Prior: 8.2%

ECB’s Nowotny Posted: 09 Apr 2010 03:34 AM PDT Speaking on Austrian radio, ECB’s Nowotny made the following comments: No immediate help for Greece is needed from the IMF. Greece faces a very difficult situation ahead. Selling Greek bonds is a challenge. “Hopes” markets calm down in Greece. There is a need for trustful cooperation in Greece. Currently the euro is currently trading off session highs of 1.3418

UK PPI Posted: 09 Apr 2010 01:32 AM PDT Sterling made ground against the USD and the JPY after March PPI in the UK came in better than expected. PPI Input (m/m) - Survey: 1.3%   Actual: 3.6%   Prior: 0.3% PPI Output (m/m) - Survey: 0.4%   Actual: 0.9%   Prior: 0.3%

Usd/Chf tests 100 hour M/A Posted: 09 Apr 2010 01:21 AM PDT Usd/Chf is threatening to break below its 100 hour M/A of 1.0697. The pair should run into further support at the 50% fibo (1.0682) of move up from April 5. A break below should bring the pair down to 1.0658, the 61.8% fibo. If the pair holds look for a move through 1.0700, possibly up to 1.0720-25.

Trichet on the wires Posted: 08 Apr 2010 11:08 PM PDT ECB’s Trichet made these comments in an interview earlier: Greece bailout is not necessary “at the moment”. The IMF/EU plan for Greece is a “good” solution. It is not possible to board and exit the euro area “like a bus”. Greek default is not even a discussion. Italy is “absolutely not” in the same boat as Greece. The return to the “spirit” of stability pact is necessary.

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