Forex Market Updates & Commentary

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• EUR/USD testing the top of the Goalpost near 1.2109
• Forex Midday Report- June 10th
• Forex QUICK: GBPUSD test trendline resistance
• Forex QUICK:AUDUSD benefits from better technicals, better data, higher stocks and higher commodities
• Forex QUICK: USDJPY consolidating between support and resistance
• Forex QUICK: USDCAD finds support at trendline, but breaks 100 day MA
• Forex Morning Report- June 10th
• ECB Trichet comments on the EURO
• ECB Nowotny on the newswire
• Trichet on the Newswires
• Forex Quick: EUR/USD inside the goalposts
• ECB Trichet on newswire
• Trade Balance and Continuing Claims come out better as Jobless Claims a Touch Worse
• NY Opening Forex Commentary is available for viewing
• Bobbys Corner-Open Market-June.10.2010

EUR/USD testing the top of the Goalpost near 1.2109 Posted: 10 Jun 2010 11:04 AM PDT The EUR/USD continues to test the top of the Goalpost near 1.2109 at the 200MA (green line). The pair has been trending higher over the past few days and made a high for today at 1.2133. This level was rejected and the pair is back into the range. Above 1.2133 is the 61.8% retracement level which can be found at 1.2154. On the downside if the pair fails to make upward traction, levels below will include 38.2% at 1.2048 and 100MA (blue line) at 1.1976 and below at 1.1876.

Forex Midday Report- June 10th Posted: 10 Jun 2010 09:28 AM PDT Click here to view the embedded video. Forex Midday Report- June 10th

Forex QUICK: GBPUSD test trendline resistance Posted: 10 Jun 2010 08:32 AM PDT

Forex QUICK:AUDUSD benefits from better technicals, better data, higher stocks and higher commodities Posted: 10 Jun 2010 08:16 AM PDT

Forex QUICK: USDJPY consolidating between support and resistance Posted: 10 Jun 2010 07:39 AM PDT

Forex QUICK: USDCAD finds support at trendline, but breaks 100 day MA Posted: 10 Jun 2010 07:14 AM PDT

Forex Morning Report- June 10th Posted: 10 Jun 2010 06:53 AM PDT Forex Morning Report- June 10th

ECB Trichet comments on the EURO Posted: 10 Jun 2010 06:11 AM PDT EURO is “very credible currency” and that the Euro has the “capacity to preserve its value”. The comments are trying to support the currency. Whether they will be successful in the long run is not known, however, the shorts are feeling some pressure at the moment. The next target is the 1.2101 where the 200 hour MA and the 50% retracement of the June high to low range is found.  There should be profit taking against the level.   Support remains at the 1.2048 level.

ECB Nowotny on the newswire Posted: 10 Jun 2010 05:54 AM PDT Says: Governement purchase plan limited in size. Suggests that he believes the need for support will be limited to countries like Greece. Today Spain issued bonds with a bid to cover ration of 2.11 vs 1.79 at the last auction indicative of good investor demadn. The EURUS is getting a bid off of the headline. The price has moved back above the 100 bar MA on the 5 minute chart at the 1.2046 level. It is also above the 38.2% retracement of the move down from the June 3rd high.

Trichet on the Newswires Posted: 10 Jun 2010 05:43 AM PDT Trichet Says: recovery to be damped by balance sheet adjustment ongoing global recovery helping euro exports latest data shows economic rebound in spring ECB to monitor developments ahead very closely liquidity measures will be adjusted as needed all non-standard measures temporary measures temporary in nature and consistent with mandate monetary policy will do whats needed will do whats needed to maintain price stability inflation expectations “firmly anchored” sees price stability to be maintained every medium term inflation pressures “contained” over medium term quarterly growth rates to be uneven economic recovery continued in first half of 2010 domestic price pressures to remain low inflation forecasts reflect higher commodity prices rise in indirect taxes, administered prices upward risk actual m3 growth understates underlie money growth monthly bank loan flows are positive Banks should turn to markets to strengthen capital base welcomes EU stability facility says governments need to take decisive fiscal action fiscal vulnerability must be reduced sustainability of public finances must be guaranteed governments must take extra measures where needed structural reforms crucial for all euro countries inflation to be “moderate” amid recovery bond program was response to major market tensions inflexibly attached to price stability has not been fully understood by parts of public deposits show market not properly functioning there is only one ECB policy position asked about debt certificated says looking at all tools no immediate plans for debt certificated declines to give further details on bond purchasing economic outlook surrounded by uncertainty ECB will act according to market situation fixed-rate full allotment in upcoming 3 month refis repeats present ECB interest rates are ‘approrpriate’ market threat promped ECB bond purchases 3 mth refi decision was unanimous Euro is ‘very credible currency’ Euro has capacity to preserve its value ECB supports stronger gernance at G-20 level europe needs reiguours implementation of stability pact

Forex Quick: EUR/USD inside the goalposts Posted: 10 Jun 2010 05:42 AM PDT Forex Quick: EUR/USD inside the goalposts

ECB Trichet on newswire Posted: 10 Jun 2010 05:39 AM PDT Rates are appropriate Price pressure to remain low Growth to be uneven with growth at a moderate pace ECB will do what is needed All non standard measures are temporary i.e. Quantitative easing Risk to economic outlook balanced Recovery dampened by balance sheet Exports are expected to recover more strongly (i.e. weaker EURO helps) Recent inflation reflect energy prices (….not weaker EURo?) Banks should turn to markets to strengthen capital Governments need to take their own decisive actions on fiscal policy Sustanability of public bond finances must be guaranteed (via sounc fiscal condition and keeping vulnerabilities down) Warns that structural reforms are crucial for all EURO countries

Trade Balance and Continuing Claims come out better as Jobless Claims a Touch Worse Posted: 10 Jun 2010 05:34 AM PDT Trade Balance:          Survey: -41.0B       Actual: -40.3B         Prior: -40.4B        Revised:-40.0B Initial Jobless Claims:    Survey: 450K      Actual: 456K        Prior: 453K        Revised: 459K  Continuing Claims:     Survey:  4640K     Actual:  4462K     Prior: 4666K     Revised:  4717    EUR/USD trading slightly higher on the news.

NY Opening Forex Commentary is available for viewing Posted: 10 Jun 2010 05:34 AM PDT

Bobbys Corner-Open Market-June.10.2010 Posted: 10 Jun 2010 05:11 AM PDT Good Morning: Congratulations to the Chicago Blackhawks for winning the Stanley Cup by defeating Philadelphia 4-3 in overtime last night.  The Chicago fans have been waiting since 1961 for a NHL championship-Congratulations. The Euro was a touch stronger in overnight trading.  The auction of Spanish notes had higher demand than expected, and comments from China that the common currency will survive the debt crisis in the EU.  Any increase in the Euro may be limited as the ECB announces no change in interest rates, which was expected by the markets. The BOE  also left interest unchanged in the UK. The Aussie rose as a report showed that the country added 26,900 employees last month.  Kiwi also rose, as New Zealand raised their benchmark interest rates. Asian and European equity markets rose, and US Futures are also pointing to a higher opening this morning. Gold was lower, and Oil rose. Oil:$74.94                                                        Gold:$1225.50 Today’s data: 7:00AM BANK OF ENGLAND RATE DECISION 7:45AM ECB RATE DECISION 8:30AM ECB PRESS CONFERENCE 8:30A.M. TRADE BALANCE  MAY -$41.0b -$40.4b 8:30A.M. INITIAL JOBLESS CLAIMS 6-Jun 448k 453k 8:30A.M. CONTINUING CLAIMS 29-May 4620k 4666k 2:00PM MONTHLY BUDGET STATEMENT  MAY  -$140.Ob   HAVE A GREAT DAY & GOOD LUCK

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