Forex Market Updates & Commentary

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• IMF comments on the newswires
• Forex Morning Report- July 8
• Other Trichet comments
• Forex QUICK: EURUSD keeps short term bullish bias above 1.2650 area
• FXstreet Webinar with Greg Michalowski at 10am
• Trichet starts his press conference
• US Initial Jobless Claims and Continuing Claims Both Better
• Bobbys Corner-Open Market-July.8.2010
• US Initial Jobless Claims and Continuing Claims Due at 8:30AM
• The NY Opening Forex Commentary is available for viewing
• UK Keeps Bank Rate at 0.50%
• Cable Continuing Lower
• German Industrial Production m/m
• UK Manufacturing/Industrial Production
• Cable finding possible support near 1.5160

IMF comments on the newswires Posted: 08 Jul 2010 06:34 AM PDT Says dollar is moderately overvalued Risk of double dip in US Housing market Weakening commercial Real Estate poses a risk Inflation very low.  Unemployment 9% Fed has well defined toolkit to exit stimulus High level of accomodation is appropriate

Forex Morning Report- July 8 Posted: 08 Jul 2010 06:21 AM PDT Forex Morning Report- July 8

Other Trichet comments Posted: 08 Jul 2010 06:13 AM PDT All countries must comply with budget and fiscal policy plans More ambitious targets may be needed for some Euro framework must be improved to avoid a repeat of the Greece issues Unlimited liquidity is appropriate at the moment

Forex QUICK: EURUSD keeps short term bullish bias above 1.2650 area Posted: 08 Jul 2010 05:54 AM PDT

FXstreet Webinar with Greg Michalowski at 10am Posted: 08 Jul 2010 05:46 AM PDT FXstreet Webinar with Greg Michalowski at 10am TODAY- Part 5Click here for Free registration details

Trichet starts his press conference Posted: 08 Jul 2010 05:38 AM PDT Rates appropriate Price development moderate - inflation contained Economic recovery continued Growth will be uneven Anchoring inflation expectations is most important Inflation may increase later in the year Market tension mayhurt confidence Monitoring data closely Monentary expansion is moderate Banks must expand credit to non-financial sector Welcomes decision to publish stress test results Action will need to be taken after the results of stress tests are known

US Initial Jobless Claims and Continuing Claims Both Better Posted: 08 Jul 2010 05:31 AM PDT Jobless Claims:     Survey: 460K         Actual: 454K          Prior: 472K        Revised: 475K Continuing Claims:           Survey: 4600K           Actual: 4413K         Prior: 4616K          Revised: 4637K   Market Steady on the news. USD/JPY trading slightly higher.

Bobbys Corner-Open Market-July.8.2010 Posted: 08 Jul 2010 05:14 AM PDT Good Morning: Both the ECB and BOE left interest rates unchanged, which was highly expected in the marketplace.  Australian employment data printed at 45.9k  versus 15.3K-and the unemployment rate declined to 5.1%.  The Australian economy continues to surge ahead-as the rest of the world tries to keep up with their positive economic momentum. The Yen lost some ground-as stocks rallied-and investor’s demand for the JPY waned. Worldwide stocks gained on news from the IMF that they expect global economies to grow by 4.6% in 2010 (a bit optimistic for me).  This is a revision by the IMF-as they originally made comments in April that global growth would expand by 4.2%. US Futures are slightly higher at this time-oil rose-gold is stable. Oil:$74.75                                          Gold:$1201.20 TIME FOR  EST PRIOR 8:30A.M. INITIAL JOBLESS CLAIMS 3-Jul 460K 472K 8:30A.M. CONTINUING CLAIMS 26-Jun 4600K 4616K 10:30A.M. ICSC CHAIN STORE SALES YoY JUNE 2.60% 3:00P.M. CONSUMER CREDIT MAY -$2.3B $1.0B HAVE A GREAT DAY & GOOD LUCK

US Initial Jobless Claims and Continuing Claims Due at 8:30AM Posted: 08 Jul 2010 05:04 AM PDT

The NY Opening Forex Commentary is available for viewing Posted: 08 Jul 2010 04:54 AM PDT

UK Keeps Bank Rate at 0.50% Posted: 08 Jul 2010 04:01 AM PDT The Bank of England kept the official bank rate at 50 basis points, and the asset purchase facility at 200B. The market had a limited reaction to the release.

Cable Continuing Lower Posted: 08 Jul 2010 03:11 AM PDT The GBP/USD pair moved through the 1.5160 level which it tested earlier, and has now moved through the 61.8% fibo line at 1.5141. If the selling continues, the next target brings us to the 200 hour moving average at 1.5105.

German Industrial Production m/m Posted: 08 Jul 2010 03:02 AM PDT The euro traded slightly higher after German industrial production came in at 2.6%; better than the survey of 0.8% and prior reading of 0.9%.

UK Manufacturing/Industrial Production Posted: 08 Jul 2010 01:33 AM PDT May manufacturing and industrial production came in close to expectations and much better than the prior readings. The details are as follows: Industrial Production (m/m) - Survey: 0.4%   Actual:  0.7%  Prior: -0.4% Industrial Production (y/y) - Survey: 3.1%   Actual: 2.6%   Prior: 2.1% Manufacturing Production (m/m) - Survey: 0.3%   Actual: 0.3%   Prior: -0.4% Manufacturing Production (y/y) - Survey: 4.5%   Actual: 4.3%   Prior: 3.4%

Cable finding possible support near 1.5160 Posted: 08 Jul 2010 01:14 AM PDT As shown on the hourly chart below, the GBP/USD pair has tested the 100 hour moving average at 1.5160; additional support added by the 50.0% retracement line on the move from yesterday’s low to today’s high, also coming in at the same level. If support does not hold, the next stop is the 61.8% line at 1.5141. We will see what happens after the releases of the manufacturing and industrial production numbers coming up within the hour.

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