Wednesday, July 21, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Next FXDD Webinar Thursday at 9am July 22 2010

Posted: 21 Jul 2010 06:31 AM PDT

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Next FXDD Webinar Thursday at 9am July 22 2010 - Register Here

Forex Morning Report- July 21

Posted: 21 Jul 2010 06:30 AM PDT


Forex Morning Report- July 21

Forex QUICK: USDJPY above support at 87.04/11 now. Looking for momentum higher to develop

Posted: 21 Jul 2010 06:29 AM PDT

Greg Michalowski Webinar on FXstreet today at 11am

Posted: 21 Jul 2010 05:54 AM PDT

Greg Michalowski Webinar on FXstreet today at 11am - Anticipating the Forex Trends - Part 6: The Game Plan and Rules of the Forex Trading Game - Get more information here

Bobbys Corner-Open Market-July.21.2010

Posted: 21 Jul 2010 05:52 AM PDT

bob-slade-forex-trading-6-150x200Good Morning:

GBP/USD rallied to over 1.53 and then in a quick blink of the eye the pair dropped over 100 pts-and then rallied back over 1.53.  There are all type of rumors as to the reasons for the roller coaster ride in GBP.  The story is that a trader in a Dutch bank had fat fingers on his keyboard-but whatever the reason-it made for an interesting overnight session.
The EUR/USD moved up to a high of 1.2913-and has settled down to the 1.2820 range. 
JPY has been steady throughout most of the evening.
Markets will be awaiting the results of the Eu’s stress test on the regions banks.  The results are expected to be released this Friday. 

Asian equity markets were mixed-and European markets are higher.  US Futures are also higher at this time.

Today we have Fed Chairman Bernanke’s semi annual testimony to Congress.  The markets will be looking for any indication that the Fed will come up with new measures to boost the lackluster economy. 

Oil:$78.14                                 Gold:$1195.80

HAVE A GREAT DAY & GOOD LUCK

Forex QUICK: GBPUSD breaks 1.5240. Looking for continued downside momentum.

Posted: 21 Jul 2010 05:51 AM PDT

Webinar Beta-test at 2pm on Thursday afternoon

Posted: 21 Jul 2010 05:35 AM PDT

We are looking for participants to attend a special beta test of a new webinar tool. The format will be similar to what we are already doing. If you are interested please email spowell@fxdd.com to attend. You must be available from 2-3pm Eastern time (New York Time) on Thursday July 22 2010.

Forex QUICK:EURUSD eyes 1.2775-85 support below and 1.2835 resistance above.

Posted: 21 Jul 2010 05:33 AM PDT

Canada Wholesale Sales Down

Posted: 21 Jul 2010 05:32 AM PDT

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ECBs Makuch on the newswires

Posted: 21 Jul 2010 05:12 AM PDT

Says:
No reason to expect rate increase until 2011
Bond purchases have deminished
ECB focused on content of program, not duration
Inflation contained
Recent data very good, no sign of double dip
Appropriate for overnight rates to rise

Canada Wholesale Sales Data at 8:30AM

Posted: 21 Jul 2010 05:05 AM PDT

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NY Opening Forex Commentary reviews key currency levels to eye today

Posted: 21 Jul 2010 04:47 AM PDT

ECB’s Nowotny comments…

Posted: 21 Jul 2010 03:05 AM PDT

  • Deficit reduction should be done as fast as possible across the euro zone.
  • There is ‘perhaps potential” for upgrading staff growth forecasts for this year.
  • Sees minor impact to exports, growth from stronger euro, could hit weaker economies more.
  • No need to change interest rates either way for now, core inflation seen low through 2011.

Merkel on the wires…

Posted: 21 Jul 2010 02:49 AM PDT

German Chancellor Angela Merkel said  that stress tests carried out on European banks must restore confidence in the financial sector. She also made these comments:

  • Economic recovery is strong.
  • Confidence in the banking sector must be created through the stress tests.
  • Labor market situation is better now than before the crisis.
  • Budget consolidation will be carried out as planned.
  • Conditions for stress tests are “very real”.
  • Should not look at stress tests without taking into account the euro rescue mechanisms.
  • Not enthusiastic about EU approach to coal subsidies.
  • Consumer sentiment is better in Germany when state focuses on consolidation.
  • Focus will likely be more on tax simplication than cuts in this legislative period.

BOE MPC Meeting Minutes

Posted: 21 Jul 2010 01:35 AM PDT

Sterling fell against the EUR and the USD after the release of the following Bank of England MPC July meeting minutes:

  • Voted 7-1 in July meeting to keep rates at 0.50%; Sentance voted for 25 bps rise.
  • Voted 8-0 to keep QE purcahses at 200 bln.
  • Considered arguments in favor of both “modest easing” and “modest tightening” of policy stance.
  • Says growth is likely to be weaker than previously expected, but inflation is higher for a while at least.
  • Risk that private sector inflation expectations may rise, but so far little evidence of this and pay growth subdued.
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