Forex Market Updates & Commentary

---

• FXDD Webinar July 29th 2010 4pm
• FOREX QUICK: EUR/GBP moving lower on EUR stalling
• Rebroadcast of Tuesday July 27 2010 Webinar
• Forex Morning Report- July 28
• Durable Goods Orders Worse Than Expected
• Bobbys Corner-Open Market-July.28.2010
• Durable Goods Data Due at 8:30AM
• Fisher Comments
• BOE Gov King Speaks
• ECB Statements Soften EUR
• German Prelim CPI
• UK’s Osborne Speaks in Mumbai
• Bruederle comments…
• Kamezaki on the wires…
• 7-28 Economic Calendar

FXDD Webinar July 29th 2010 4pm Posted: 28 Jul 2010 06:51 AM PDT Space is limited. Reserve your Webinar seat now at: https://www1.gotomeeting.com/register/890499793 FXDD Webinar July 29th 2010 - Greg Michalowski and Shawn Powell teach a special Forex analysis class at 4pm New York Time. Free to attend Title: FXDD Webinar July 29th 2010 4pm Date: Thursday, July 29, 2010 Time: 4:00 PM - 5:00 PM EDT After registering you will receive a confirmation email containing information about joining the Webinar.

FOREX QUICK: EUR/GBP moving lower on EUR stalling Posted: 28 Jul 2010 06:44 AM PDT FOREX QUICK: EUR/GBP moving lower on EUR stalling

Rebroadcast of Tuesday July 27 2010 Webinar Posted: 28 Jul 2010 06:32 AM PDT Rebroadcast of Tuesday July 27 2010 Webinar

Forex Morning Report- July 28 Posted: 28 Jul 2010 06:15 AM PDT Forex Morning Report- July 28

Durable Goods Orders Worse Than Expected Posted: 28 Jul 2010 05:31 AM PDT Durable Goods Orders:   Survey:  1.0%      Actual: -1.0%     Prior:  -1.1%     Revised: -.8% Durables Ex Transportation:   Survey:  0.4%      Actual:  -.6%     Prior:   0.9%    Revised:  1.2%

Bobbys Corner-Open Market-July.28.2010 Posted: 28 Jul 2010 05:29 AM PDT Good Morning: The GBP rose to a 5 month high-running through the 1.56 level before settling back into the 1.55 handle.  The positive news out of the UK may not be sustainable-but the bulls are in control for the time being. EUR/USD traded around the 1.30 handle most of the session.  The pair stalled at 1.3041 before settling in to a narrow range.  JPY was stronger overall.  As sentiment rises that the global economic recovery is slowing, investors looked to the safety of the JPY versus higher-yielding assets. Asian equity markets rose-European markets are lower-and US Futures are mixed at this time.  Concerns of the economic recovery slowing down added to today’s sell off in Europe.  We will be looking at this morning’s Durable Goods data for direction. Oil:$77.39                                                        Gold:$1162.60   TODAY’S RELEASES TIME FOR  EST PRIOR  REVISED 7:00A.M. MBA MORTGAGE APPLICATIONS 23-Jul 7.60% 8:30A.M. DURABLE GOODS ORDERS  JUNE 1.00% -1.10% -0.60% 8:30A.M. DURABLES EX TRANSPORTATION JUNE 0.40% 0.90% 1.60% 2:00P.M.  FEDS BEIGE BOOK           HAVE A GREAT DAY & GOOD LUCK

Durable Goods Data Due at 8:30AM Posted: 28 Jul 2010 04:58 AM PDT

Fisher Comments Posted: 28 Jul 2010 02:04 AM PDT Following King, these comments were made: Upside risks to CPI have grown, but also downside risks to global growth. Financial markets have become fragile, exacerbating tight credit. Expects the economy to evolve “broadly in line” with May inflation projections. Any future monetary tightening would involve a rise in rates first. Would not want to do anything that impacts Gilt market

BOE Gov King Speaks Posted: 28 Jul 2010 02:00 AM PDT Governor King made the following statements while testifying, along with other BOE MPC members, on monetary policy and financial stability: It is important to implement new basel standards over a long transition period. Financial markets are more volatile due to concerns about bank balance sheets. Q2 GDP growth is encouraging, but must be careful not to read too much into one number. Can’t be certain that recovery will be sustained in the UK. Risks on both upside and downside to inflation. Vat tax will likely keep inflation above target for much of 2011. MPC debate is above appropriate degree of stimulus; not applying brakes. Arguing that we have room to use monetary policy in either direction. It is very important for Britian to demonstrate that there is a plan to control government debt. Current growth rates (of money) are not a threat to inflation. When it comes to selling assets- must come with pre-announced program. Principle of bank levy as medium to long term instrument is sensible. Fiscal positions in Europe and U.S. are very different, but all must have a credible plan. Paying out large amounts in dividends and bonuses is not helping balance sheets. Lending agreements with banks have not been effective. Government needs to look at the role of state owned banks in boosting lending. The GBP/USD trading to a session low of 1.5544 following the release of these comments.

ECB Statements Soften EUR Posted: 28 Jul 2010 01:16 AM PDT The euro traded lower after the ECB released the following statements: Sovereign debt crisis appears to have worsened banks’ ability to obtain funding in Q2. Banks expect, in Q3,  difficulties in accessing wholesale funding to remain although not to the same extent as Q2. 24% of banks said that demand for home loans increased in Q2; 5% expect rises in Q3. Net tightening on credit standards to households for home loans reported by 10% of banks in Q2 versus 10% in Q1. 2% of banks said that firms’ demand for loans fell in Q2, 29% of banks expect a rise in demand in Q3. 5% of banks expect further tightening of credit standards in Q3. Shown on the hourly chart, the downward move following the statements has brought the EUR/USD back to the 23.6% fibo line on the move from the low on July 23rd to the high on the 27th. If downward momentum continues, the next target is 1.2965 where support has been found already today. Support found here may bring us to the 0.0% line at 1.3046.

German Prelim CPI Posted: 28 Jul 2010 01:07 AM PDT The following are the CPI releases from the individual German states: Brandenburg -    Actual: 0.3%   Prior: 0.1% Hesse -  Actual: 0.3%   Prior: 0.5% Wuerttemberg - Actual: 0.2%   Prior: 0.1% More will following later…..

UK’s Osborne Speaks in Mumbai Posted: 28 Jul 2010 12:07 AM PDT Urges India to raise foreign direct investment cap on insurance market to 49%. Wants to see  a deal on EU-India free trade agreement by early next week. UK financial services authority is giving India’s Exim bank a license to operate in the UK.

Bruederle comments… Posted: 27 Jul 2010 11:27 PM PDT German Economic Minister Rainer Bruederle told reporters that there is now sustainable recovery in Germany and they will now be exiting the crisis package step by step. Following these comments the EUR is trading at session highs against the USD.

Kamezaki on the wires… Posted: 27 Jul 2010 11:22 PM PDT BOJ policy board member Hidetoshi Kamezaki said that the central bank will not guide its policy with specific foreign exchange levels in mind. The following comments were also made: Yen’s rise will push down exports in the short term. No need to change outlook for Japanese economic recovery. Japan growth may stall temporarily in 4th quarter. Always need to watch the impact on yen’s rise. Expect Europe markets to regain calm after stress tests. Yen demand as a safe haven is rising. Expect Japan economy to absorb negative impact of expiring stimulus.

7-28 Economic Calendar Posted: 27 Jul 2010 08:50 PM PDT

You are subscribed to email updates from Forex News and Commentary by FXDD To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610