Forex Market Updates & Commentary

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• Forex QUICK:USDCHF stuck between the “Goal Posts”
• Forex Morning Report- July 19
• Forex QUICK: Gold moving lower toward key technical support
• The NY Opening Forex Commentary is available
• Eurozone Current Account
• Moody’s Downgrades Ireland to Aa2
• Schaeuble Comments…
• 7-19 Economic Calender
• Cable Breaks LT Resistance
• UK Rightmove House Prices

Forex QUICK:USDCHF stuck between the “Goal Posts” Posted: 19 Jul 2010 06:45 AM PDT

Forex Morning Report- July 19 Posted: 19 Jul 2010 06:28 AM PDT Forex Morning Report- July 19

Forex QUICK: Gold moving lower toward key technical support Posted: 19 Jul 2010 05:58 AM PDT Forex QUICK: Gold moving lower toward key technical support

The NY Opening Forex Commentary is available Posted: 19 Jul 2010 05:00 AM PDT

Eurozone Current Account Posted: 19 Jul 2010 01:12 AM PDT Europe’s May current account balance came in at -5.8B euros versus -5.6B in April. The euro is currently trading off session highs against the USD.

Moody’s Downgrades Ireland to Aa2 Posted: 18 Jul 2010 11:38 PM PDT The euro made new session lows against most of the major currencies after Moody’s accounced that they have downgraded Ireland to a Aa2 rating. Following the news German bond futures rose 19 ticks to new session highs. The chart below illustrates the move against the USD. Following the release the pair made a new low 1.2870.

Schaeuble Comments… Posted: 18 Jul 2010 11:07 PM PDT German Finance Minister Wolfgang Schaeuble made the following comments: German GDP growth in Q2 is likely to be ”significantly stronger’ than Q1 GDP growth. Recovery is likely to strengthen in the second half of 2010. The outlook for a further rise in German exports is good. Positive developments in industrial demand points to continuing upward trend in output in the coming months.

7-19 Economic Calender Posted: 18 Jul 2010 09:03 PM PDT

Cable Breaks LT Resistance Posted: 18 Jul 2010 05:37 PM PDT The quick breakdown in the GBP/USD pair that begun in the summer of 2008 to the lows in the winter of 2009 when the mortgage crisis spread from sub-prime (began summer of ‘07) to the entire market has been defended by a steep resistance  line that was tested numerous times as the pair attempted to retrace throughout 2009. Lat week we saw the pair finally break that line, which could be a big positive for the Sterling this year even if risk was to suffer. We will look for this line to provide some support even if the pair where to lose its bid as we see it is a steep slope. Some short-term resistance on the pair could be seen at the 200day moving average currently situated in the 1.55 handle and then the 100 week above that which has not been penetrated since the summer of 2008.

UK Rightmove House Prices Posted: 18 Jul 2010 04:14 PM PDT The UK’s Rightmove House Price reading declined by 0.6% in July, almost a full percentage point decline from the prior month where we saw the indicator rise by 0.3%. The year-over-year reading remained positive at 3.7%, but still a significant decline from the prior months reading of +5.0%. The Sterling did not have much of a reaction on what promises to be a quiet Monday morning in the Far East on a Japanese holiday.

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