Forex Market Updates & Commentary

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• Stress test methodology being leaked to the market
• Forex Morning Report- July 23
• EU on the Newswires
• Feeling Stressed? Eurozone Stress Test raises traders pressure
• Forex QUICK: USDJPY making a break to the upside
• The NY Opening Forex Commentary for July 23rd is available for trading
• Canada CPI
• UK Prelim GDP q/q
• Gonzalez-Paramo on the wires…
• Abberger Comments…
• Italian Retail Sales m/m
• German Ifo Business Climate
• Euro Falls After Several Spanish Savings Banks Fail Stress Tests
• 7-23 Economic Calendar
• Aussie Q2 Import/Export Prices

Stress test methodology being leaked to the market Posted: 23 Jul 2010 06:36 AM PDT

Forex Morning Report- July 23 Posted: 23 Jul 2010 06:30 AM PDT Forex Morning Report- July 23

EU on the Newswires Posted: 23 Jul 2010 06:14 AM PDT EU stress test said limited to bank ‘trading book losses’

Feeling Stressed? Eurozone Stress Test raises traders pressure Posted: 23 Jul 2010 06:02 AM PDT

Forex QUICK: USDJPY making a break to the upside Posted: 23 Jul 2010 05:34 AM PDT

The NY Opening Forex Commentary for July 23rd is available for trading Posted: 23 Jul 2010 04:31 AM PDT

Canada CPI Posted: 23 Jul 2010 04:08 AM PDT Canadian CPI came in at -0.1% versus the forecast of 0.0% and prior reading of 0.3%. Core CPI was -0.1%; worse than the survey of 0.1% and prior showing of 0.3%

UK Prelim GDP q/q Posted: 23 Jul 2010 01:34 AM PDT The GBP made new highs against all of the major currencies following the release of better than expected Q2 prelim GDP which read 1.1% versus the forecast of 0.6% and previous reading of 0.3%. The following additional data was also released: BBA Mortgage Approvals - Survey: 37.0K   Actual: 34.8K   Prior: 36.7K Index of Services 3m/3m - Survey: 0.7%   Actual: 0.8%   Prior: 0.6%

Gonzalez-Paramo on the wires… Posted: 23 Jul 2010 01:18 AM PDT The ECB’s Gonzlaz-Paramo believes that inflation expectations remain firmly anchored and that it is crucial in the current situation to adopt credible budgetary adjustment plans to give markets, and people confidence. Bank stress test will help dissipate uncertainty on the conditions of Europe’s banks.

Abberger Comments… Posted: 23 Jul 2010 01:15 AM PDT The IFO’s Abberger made these comments following the German IFO release: Improvement is coming in all sectors including construction and trade. Drinks sector has benefitted from the heat wave and world cup. There are signs however that the economy could be more subdued in the second half of the year. Job cutting has been ceasing. Strong euro forex swings are proving difficult for firms, but export optimism is similar to previous month’s level. Main interest rate is at a proper level in view of austerity plans in Europe.

Italian Retail Sales m/m Posted: 23 Jul 2010 01:03 AM PDT Italian retail sales for June were -0.3% versus the survey of 0.2% and prior reading of -0.3%.

German Ifo Business Climate Posted: 23 Jul 2010 01:01 AM PDT The euro traded higher after Germany’s June Ifo business climate came in at 106.2; better than the forecast of 101.5 and prior reading of 101.8.

Euro Falls After Several Spanish Savings Banks Fail Stress Tests Posted: 22 Jul 2010 11:05 PM PDT After testing the 100% retracement level on the move from the high to the low on July 21st, the euro has weakened after it was released that several Spanish savings banks have failed the stress test. Shown on the chart below, the pair made a full retracement yesterday but could not close above. After retreating, it has tested the 1.2913 level multiple times. Currently, the EUR/USD is trading around the 1.2870 level which is a support level from the beginning of the week. If the downward momentum continues, we may see the pair reach the 61.8% line at 1.2844.

7-23 Economic Calendar Posted: 22 Jul 2010 09:08 PM PDT

Aussie Q2 Import/Export Prices Posted: 22 Jul 2010 06:40 PM PDT The 2nd quarter Export Price Index came in above expectations, as did the Import Prices; the AUD initially gained mild bid on this inflationary release. Import Price Index (QoQ) - Survey:1.0%   Actual:1.9%   Prior:0.3% Export Price Index (QoQ) - Survey:13.5%   Actual:16.1%   Prior:3.8%

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