Monday, May 17, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Forex QUICK: EURUSD pushes to highs on ECB Bond buying. Watch 1.2381 support now

Posted: 17 May 2010 06:51 AM PDT

ECB announces Bond Purchases of EU16.5 billion

Posted: 17 May 2010 06:39 AM PDT

The ECB just announced they purchased EU16.5 billion of bonds. This is helping to keep the rates lower for the bonds. This has given the EURUSD a boost and the price is now above the close from Friday at 1.2381. Support now at the level.

Forex Morning Report - May 17th

Posted: 17 May 2010 06:30 AM PDT

Forex Morning Report is ready for viewing

U.S. March NET LONG-TERM Foreign Asset Buying at $140.5 BLn

Posted: 17 May 2010 06:02 AM PDT

Much higher than expectations as it seems money flowed into the US and away from the risk of the EURO region.. The data is for March and therefore is looking in the rear view mirror of what happened, but it shows the extent of dollar buying.

Forex QUICK: USDJPY holds the intraday support moving averages

Posted: 17 May 2010 05:58 AM PDT

Greg Michalowski on FXStreet today at 12pm

Posted: 17 May 2010 05:50 AM PDT

Greg Michalowski will be teaching the first of four webinars today on FXstreet.com. The topic is called Anticipating the Forex Trends - Part 1: Foundations for Trading Forex

Start: Mon, May 17 2010, 16:00 GMT 12PM EASTERN NYT TIME

Forex QUICK: GBPUSD deciding on intraday direction

Posted: 17 May 2010 05:49 AM PDT

NY State Manufacturing Index at 19.1 worse than expected

Posted: 17 May 2010 05:32 AM PDT

The expectation was for a move to 30 from 31.86 last.

Prices Paid 44.74 vs 41.77
Prices Received 5.26 vs 6.33
New Orders 14.30 vs 29.49
Shipments 11.29 vs 32.10
Delivery Time -6.58 vs 2.53
Inventories 1.32 vs 11.39
Unfilled Orders -7.89 vs -3.80
Number of Employees 22.37 vs 20.25

fxdd_reg_pic0312

Forex QUICK: EURUSD tests Fibo resistance at 1.2364. Watch support at 1.2321 now.

Posted: 17 May 2010 05:28 AM PDT

Bobbys Corner-Open Market-May.17.2010

Posted: 17 May 2010 04:51 AM PDT

bob-slade-forex-trading-8-150x200Good Morning:

I will we traveling to Cairo, Egypt today for the Trend 2010 Expo this week.

The  Euro continued to be battered as speculation persists that the European debt crisis is worsening.
The Euro dropped to the lowest level in 4 years (EUR/USD 1.2233) as signs that austerity plans to reduce sovereign debt will undermine growth in the Euro Zone.

The GBP also fell as new U.K. Prime Minister Cameron stated that the government has found “very bad” spending practices from the previous administration, along with data that showed that London home prices fell.

Asian equity markets fell, and Europe is higher at this time. U.S Futures are also pointing to a higher opening this morning.

Oil fell, Industrial metals also fell, Gold stable.

Oil:$71.79                                            Gold:$1229.10

HAVE A GREAT DAY & GOOD LUCK

The NY Opening Forex Commentary is available for viewing

Posted: 17 May 2010 04:35 AM PDT

ECB’s Nowotny

Posted: 17 May 2010 02:41 AM PDT

Speaking to reporters in Berlin, the ECB’s Nowotny has made these statements:

  • The drop in the value of the euro is of “no specific concern”.
  • Interested in “orderly” euro moves.
  • ECB has no explicit exchange rate target.
  • ECB bond purchases have no impact on independence.
  • ECB has instruments to sterilize bond purchases.
  • ECB is the most independent central bank in the world.
  • Could sterilize purchases with deposit facility.

JPY Approaching 38.2% Retracement

Posted: 17 May 2010 02:21 AM PDT

After finding a session low of 91.75, the lowest level since May 7th, the USD/JPY pair has traded continually higher with the next stop at 92.47; the 38.2% retracement level on the hourly chart. If the pair can break through the next target is 92.69; both the 100 hour moving average and the 50.0% fibo retracement come in at this level.

5-17-euro-hrly

U.K. Chancellor Osborne on the wires…

Posted: 17 May 2010 02:09 AM PDT

Speaking at a news conference in London,U.K. Chancellor Osborne made these comments:

  • “Need to get moving” on deficit reduction.
  • Deficit is a legacy of fiscal irresponsibility.
  • Greece is a reminder of the need to act decisively.
  • The consequences of failing to act may be disastrous.
  • Confidence in the economy must be reestablished.
  • Need long-lasting change in drawing up budgets.
  • He’s removing “temptation to fiddle the figures”.
  • The budget will show the overall path for public finances.
  • The bulk of savings will go to reduce the deficit.
  • Cuts can help keep interest rates lower for longer.
  • The budget will take steps on a fairer tax system.
  • There is 6 billion pounds of government waste.
  • U.K. will live within means, rates will be lower.
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