Forex Market Updates & Commentary

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• Bernanke: Trim deficit or else
• Forex QUICK: USDJPY rallies on better economic data
• Richmond Fed and Consumer Confidence both Higher than Expections
• Forex QUICK:Gold bounces off 200 hour MA support. Watching closely
• Forex QUICK: EURUSD looks toward next support at 1.3268
• Forex QUICK: USDJPY breaks below 100 hour MA at 93.60
• Richmond Fed at 10:00 AM with Consumer Confidence
• Forex Morning Report - April 27
• Forex News S&P/Case Schiller Home Price Numbers Mixed
• Forex QUICK: USDCAD breaks above key 1.0060 level
• The NY Economic Releases and Events for April 27th
• The NY Opening Forex Commentary is available for viewing
• CBI Realized Sales
• UK BBA Mortgage Approvals
• Cable test 61.8% on hourly

Bernanke: Trim deficit or else Posted: 27 Apr 2010 07:13 AM PDT Bernanke is on the wires and warns that the US needs to trim the government deficit to avoid great damage to the economy.

Forex QUICK: USDJPY rallies on better economic data Posted: 27 Apr 2010 07:11 AM PDT Forex QUICK: USDJPY rallies on better economic data

Richmond Fed and Consumer Confidence both Higher than Expections Posted: 27 Apr 2010 07:09 AM PDT Richmond Fed Manufacturing Index: Survey:  10       Actual:  30        Prior:  6          Revised: -   Richmond fed has reached its highest number since  February of 2009.      Consumer Confidence: Survey:  53.5       Actual:  57.9      Prior: 52.5         Revised:52.3   Consumer Confidence has raised to the highest level since 2008.

Forex QUICK:Gold bounces off 200 hour MA support. Watching closely Posted: 27 Apr 2010 06:43 AM PDT Forex QUICK:Gold bounces off 200 hour MA support. Watching closely

Forex QUICK: EURUSD looks toward next support at 1.3268 Posted: 27 Apr 2010 06:37 AM PDT Forex QUICK: EURUSD looks toward next support at 1.3268

Forex QUICK: USDJPY breaks below 100 hour MA at 93.60 Posted: 27 Apr 2010 06:27 AM PDT USDJPY breaks below 100 hour MA at 93.60

Richmond Fed at 10:00 AM with Consumer Confidence Posted: 27 Apr 2010 06:26 AM PDT The Richmond Fed Manufacturing index is due out at 10:00 AM. The expectation is for the index to rise to 10  from 6 in the prior reading.  The recent high reached 14 in July, August and September of 2009.    Also at 10 AM the Consumer Confidence is expected to rise faintly from 53.5 from 52.5 last month.  Last month was the highest reading since September 2008.

Forex Morning Report - April 27 Posted: 27 Apr 2010 06:20 AM PDT

Forex News S&P/Case Schiller Home Price Numbers Mixed Posted: 27 Apr 2010 06:03 AM PDT CaseShiller Home Price Index for April was released a little bit worse than expected at 144.03 versus the 144.80 estimate and worse than the 145.32 reading the prior month. The 20 year over year composite had a reading of .64% lower than expected reading of 1.30%. The positive reading was the first increase on a YoY basis since Dec 2006. However, the fall from the high has taken home prices down 30% from the highs. So although good news to be positive, the pain from housing decline continues to weigh.

Forex QUICK: USDCAD breaks above key 1.0060 level Posted: 27 Apr 2010 05:57 AM PDT USDCAD breaks above 1.0060. See video

The NY Economic Releases and Events for April 27th Posted: 27 Apr 2010 05:15 AM PDT For a review of Economic releases and events for April 27th click on the video.

The NY Opening Forex Commentary is available for viewing Posted: 27 Apr 2010 04:37 AM PDT Todays Opening Commentary takes a look at the major currency pairs including the EURUSD, GBPUSD, USDCHF, USDJPY, USDCAD, AUDUSD and the NZDUSD. It will get you going to your NY trading day.

CBI Realized Sales Posted: 27 Apr 2010 03:02 AM PDT UK realized sales came in at 13; worse than the survey of 16, but in line with the prior reading. Cable is trading off session lows of 1.5329.

UK BBA Mortgage Approvals Posted: 27 Apr 2010 01:32 AM PDT  Mortgage approvals in the UK came in slightly worse than expected; 34.9K versus a forecast of 39.3K and prior reading of 35.3K. The market had a limited reaction as GBP/USD trades at the 1.5300 handle.

Cable test 61.8% on hourly Posted: 27 Apr 2010 12:54 AM PDT The GBP/USD has traded lower over the past two hours and has now tested the 61.8% retracement level at 1.5372. The prior hourly candlestick made a high of 1.5449, which also comes in at the 23.6% fibo line, and has traded continually lower.  During the move downward the pair broke through the both the 100 and 200 hour moving averages as well as the 50.0% and 38.2% retracement levels. After finding support at 1.5372, the pair has since traded slightly higher. The next significant level to the upside is the 200 hour moving average which comes in at 1.5391 and further is the 100 hr MAVG at 1.5403.

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