Tuesday, April 13, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

IBD/TIP Economic Optimism Indicator rises to 48.4

Posted: 13 Apr 2010 07:07 AM PDT

fxdd-pic-0208Last month the index came in at 45.4. The expectation was 47.5.  The better data is helping the dollar move higher with the USDJPY back up toward moving average intraday resistance.

Forex QUICK: USDCHF rejects the lows and looks toward the key target at 1.0613

Posted: 13 Apr 2010 07:03 AM PDT

Forex QUICK: USDCAD bounces off key support at 1.0009 area

Posted: 13 Apr 2010 06:44 AM PDT

Forex QUICK:EURUSD rejects the break above days highs

Posted: 13 Apr 2010 06:38 AM PDT

Forex Morning Report - April 13

Posted: 13 Apr 2010 06:30 AM PDT

US Chain store sales down 1.3% in April

Posted: 13 Apr 2010 05:57 AM PDT

US Redbook sales are down 1.3% MoM vs March.

Trade Deficit worse in the US, better in Canada

Posted: 13 Apr 2010 05:42 AM PDT

The US Trade Balance widened to -39.7B from 37.0B as imports rose 1.7% on computers and Televisions. Exports also rose to the highest level since October 2008.   The increase in consumer goods is an indication the US consumer is waking up and starting to spend. With inventories low, this should continue the growth as they will need to be replenished.  Exports are also benefitting from higher growth overseas.  The US of course want China to increase the value of the Yuan which would open up more opportunities for trade to that nation which would increase job prospects in the US.  Overnight, China’s President Hu said that China will chart its own course in reforming the yuan.  It is likely they will raise the level but at a gradual pace so that they don’t hurt their export market too much.

The inflation adjusted deficit also rose to -42.5 billion from -40.9 billion. This is the deficit used in the GDP data. The first two months are about the same as the 4th quarter which suggests little impact on the overall trade contribution to 1st quarter GDP according to reports

Meanwhile in Canada the higher C$ had little impact on the Trade this month as exports rose and the country posted a surplus of 1.4 billion C$, the highest since October 2008.  Exports rose 2.8% led by a 7.2% gain in industrial goods and automotive output.  Imports meanwhile rose 0.9%. 

This report further points toward strength in the Canadian exonomy and should be bearish for the USDCAD.

In other news the US Import prices rose by 0.7% and are up 11.4% for the year on year.

Forex QUICK: AUDUSD corrects then moves higher

Posted: 13 Apr 2010 05:36 AM PDT

Key economic releases due out today at 8:30 AM

Posted: 13 Apr 2010 05:22 AM PDT

fxdd_reg_pic0014

fxdd_reg_pic0017

fxdd_reg_pic0018

fxdd_reg_pic0019

Bobbys Corner-Open Market-April.13.2010

Posted: 13 Apr 2010 05:08 AM PDT

bob-slade-forex-trading-3-150x200Good Morning:

The Euro was virtually unchanged in overnight trading.  Greece sold Treasury bills in the first debt auction since the EU and IMF pledged aid to alleviate Greece’s default.  The Euro has lost ground the last 3 months as Greece’s ability to contain their debt was in question.  The aid package that was offered to Greece is in the form of 15 billion euros from the IMF and up to 30 billion euros in 3 year loans from the EU.
GBP rose as positive news from the Office of National Statistics showed that exports surged-helping to cut their trade deficit.

World wide equity markets dropped, and US Futures are pointing to a lower opening this morning.
Oil fell for the fifth day-as did Gold and other metals.  Alcoa reported disappointing sales numbers, and speculation about the revaluation of the yuan is being downplayed by news out of China.

Oil:$83.63                                            Gold;$1153.60  

  TIME FOR  EST PRIOR
7:30 A.M. NFIB SMALL BUSINESS OPTIMISM MARCH  89.O 88.O
8:30A.M. TRADE BALANCE FEB. -$38.5B -$37.3B
8:30A.M. IMPORT PRICE INDEX MoM MAR. 1.00% -0.30%
8:30A.M. IMPORT PRICE INDEX YoY MAR. 11.70% 11.20%
10:00A.M. IBD/TIPP ECONOMIC OPTIMISM APRIL 47.5O 45.4O

HAVE A GREAT DAY & GOOD LUCK

The NY Opening Forex Commentary is available for viewing

Posted: 13 Apr 2010 04:46 AM PDT

USD/JPY Resistance at 61.8%

Posted: 13 Apr 2010 03:18 AM PDT

To follow up on the prior post, USD/JPY broke through both the 100 hr moving average and 61.8%, but is it now finding topside support at the 61.8% retracement level. As shown in the chart below, the pair tested and closed below the 93.13 level with the last hourly candlestick. Possible support may be found between 92.80 and 92.90 as there have been multiple hourly closes in that area over the last week.  Additionally, the next topside level takes us back to the 100 hr moving average.

usdjpy21

Greek auction goes well

Posted: 13 Apr 2010 02:24 AM PDT

Greece sells more bills than planned at auction which precipitated Eur/Usd to ascend to 1.3612.

The pair has since given back some gains and now trades just south of 1.3600.

Lagarde on the wires….

Posted: 13 Apr 2010 02:09 AM PDT

France’s economy minister Lagarde has made the following statements:

  • Euro zone countries agree on technicalities of any eventual Greek package.
  • There is no room for misunderstanding or disagreement over Greek package.
  • European commodity derivative markets need much better supervision.
  • French economy will continue to destroy jobs in 2010; jobs will be created in 2011.
  • French deficit forecasts are very ambitious.
  • We need to strengthen the capital of French companies.
  • We must put in place deterrents for banks against systemic risk.
  • We need to see whether we should ban or more closely regulate CDS trading.

UK Trade Balance

Posted: 13 Apr 2010 01:35 AM PDT

The GBP caught a slight bid after the release of a better than expected February trade balance number out of the UK, which read -6.2B versus a forecast of -7.3B and prior showing of -8.0B .

Also released at the same time was the y/y DCLG HPI which was 7.4%, slightly worse than its forecast of 7.9%
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)