Forex Market Updates & Commentary

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• Michigan comes out much worse than expected
• Forex QUICK: USDCAD moves toward key 1.0060 resistance
• Forex QUICK: EURUSD fills the gap officially. Now what?
• Forex Morning Report - April 16
• Fed’s Warsh on the newswires
• Housing data better for the US. Canada data mixed
• Forex QUICK: GBPUSD testing moving average levels
• Bobbys Corner-Open Market-April.16.2010
• Forex QUICK: EURUSD testing key area at 1.3532-41
• Rebroadcast of Thursday’s FXDD Forex Webinar
• Forex QUICK: USDJPY moves higher on comments and falls right back down.
• JPY Trades Lower After Ruling Party Comments
• Eurozone Trade Balance
• Swiss PPI
• Eur/Jpy continues lower

Michigan comes out much worse than expected Posted: 16 Apr 2010 06:55 AM PDT Comes in at 69.5 vs expectations of 73.6. The Economic Conditions fell to 80.7 from 82.4 and the Economic Outlook component fell to 62.3 from 67.9 (lowest level since March 2009).  This is a disappointment for the market who is looking for signs of increased growth. USDJPY moves lower on the news. 92.50 support eyed once again.

Forex QUICK: USDCAD moves toward key 1.0060 resistance Posted: 16 Apr 2010 06:46 AM PDT

Forex QUICK: EURUSD fills the gap officially. Now what? Posted: 16 Apr 2010 06:35 AM PDT

Forex Morning Report - April 16 Posted: 16 Apr 2010 06:30 AM PDT

Fed’s Warsh on the newswires Posted: 16 Apr 2010 06:23 AM PDT Says US in the thooes of a cyclical recovery.   Meanwhile volcanic ash keeps planes grounded in Europe.  Germany’s Merkels plane diverted back to Germany due to the ash. One must wonder what the economic impact will be if the cloud continues to keep planes grounded and/or the volcano remains active with periodic spews of ash.  Clearly, global economic activity in the region will remain pressured.

Housing data better for the US. Canada data mixed Posted: 16 Apr 2010 05:36 AM PDT Housing starts increased t0 626K annualized units from a revised 616K last month. Also Building Permits surprised on the upside rising to 685K from a revised 637K last month. Later today we have Michigan Confidence (9:55 AM). THe expectation is for a rise to 75.0 from 73.6. New Moter Vehicle sales in Canada rose by 8.1% for the month. THis is higher than the 7.0% expectations. The Manufacturing Sales came in weaker at 0.1% vs 1.0% expectations. The prior month was also revised lower to 1.8% from 2.4%. The BOC meets on April 20th. They are expected to keep rates unchanged.

Forex QUICK: GBPUSD testing moving average levels Posted: 16 Apr 2010 05:31 AM PDT

Bobbys Corner-Open Market-April.16.2010 Posted: 16 Apr 2010 05:11 AM PDT Good Morning: The JPY and USD rose as investors sought the safe haven of these currencies, as  Greece has asked for a meeting with the EU, IMF and ECB, and China took additional steps to slow down their economy .  Greece’s debt issues are also adding additional pressure to the Euro and to the Euro Zone’s economy in general. The EZ is hoping to prevent the first default of a member  nation-and have pledged 30 Bil euros  in loans, and the IMF will offer 15 Bil euros in outright funds. China is looking to cool down real estate speculation-as this seems to be one of the main catalysts for the Chinese economies jump. World equity markets traded lower-and the US market is expected to follow suit. Oil:$84.59                                                         Gold:$1157.00           8:30A.M. HOUSING STARTS MAR. 610K 575K 8:30A.M. HOUSING STARTS MoM MAR. 6.10% -5.90% 8:30A.M. BUILDING PERMITS MAR. 625K 612K 8:30A.M. BUILDING PERMITS MoM MAR. -1.90% -1.60% 9:55A.M. U. OF MICHIGAN CONFIDENCE  APRIL P 75.O 73.6O HAVE A GREAT DAY & WEEKEND & GOOD LUCK

Forex QUICK: EURUSD testing key area at 1.3532-41 Posted: 16 Apr 2010 05:01 AM PDT

Rebroadcast of Thursday’s FXDD Forex Webinar Posted: 16 Apr 2010 05:00 AM PDT Rebroadcast of Thursday’s FXDD Forex Webinar - Click here to watch

Forex QUICK: USDJPY moves higher on comments and falls right back down. Posted: 16 Apr 2010 04:53 AM PDT

JPY Trades Lower After Ruling Party Comments Posted: 16 Apr 2010 03:14 AM PDT The JPY traded lower against all of the major currencies after the Japanese ruling party released comments that the government should set a 2% inflation target for the BOJ to achieve within 2 years.  Additionally, they believe there should be some foreign exchange intervention to weaken the yen and help with deflation issues. Lastly, the ruling party believes that the BOJ should abandon its cap on Japanese bond buying to help grow the economy. On the back of this release the USD/JPY made a new session high of 93.13.

Eurozone Trade Balance Posted: 16 Apr 2010 02:03 AM PDT The market showed little reaction to a better than a slightly better than expected February trade balance out of the eurozone. The details are as follows: Trade Balance - Survey: 3.1B   Actual: 3.3B   Prior: 1.8B CPI (y/y) - Survey: 1.5%   Actual: 1.5%   Prior: 1.5% Core CPI (y/y) - Survey: 0.9%   Actual: 0.9%   Prior: 0.8%

Swiss PPI Posted: 16 Apr 2010 12:23 AM PDT Swiss PPI came in at 0.5%; better than the forecast of 0.2% and prior reading of  -0.3%. USD/CHF is currently approaching the 1.0600 handle.

Eur/Jpy continues lower Posted: 15 Apr 2010 11:25 PM PDT We have been following Eur/Jpy for a good part of this week from a daily perspective. Yesterday the pair closed below its 100 day M/A of 126.87 and has since sharply come off. The 38.2% fibo of March 24 low (121.41) and April 5 high (127.37) comes in at 125.47. The pair is currently below this level of support and may have its eyes set on the 50% fibo at 124.69, which should provide stronger support. If Eur/Jpy reverses its course look for a move to 126.00. A break there brings the pair to 126.50-55, a trendline of old daily highs.

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