Forex Market Updates & Commentary

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• FOREX QUICK: USD/CHF pushes hard to support at 1.0393
• Forex Morning Report July 29
• Initial Jobless Claims a Touch Better as Continuing Claims Slip
• Bobbys Corner-Open Market-July.29.2010
• FXDD Live Training Saturday July 31 2010 Los Angeles CA with Greg Michalowski
• UK Mortgage Approvals/ Net Lending
• German Unemployment Change
• EUR/JPY Grinding Higher
• UK Nationwide HPI m/m
• EUR/JPY Testing 100 Hr MAVG
• 7-29 Economic Calendar
• Japan’s Retail Sales
• New Zealand Trade Balance
• RBNZ Official Cash Rate
• NZD Interest Rate Decision due at 5PM

FOREX QUICK: USD/CHF pushes hard to support at 1.0393 Posted: 29 Jul 2010 06:53 AM PDT FOREX QUICK: USD/CHF pushes hard to support at 1.0393

Forex Morning Report July 29 Posted: 29 Jul 2010 06:35 AM PDT Forex Morning Report July 29

Initial Jobless Claims a Touch Better as Continuing Claims Slip Posted: 29 Jul 2010 05:32 AM PDT Jobless Claims:     Survey: 460K         Actual: 457K          Prior: 464K        Revised: 468K Continuing Claims:           Survey: 4500K           Actual: 4565K         Prior: 4487K          Revised: 4484K

Bobbys Corner-Open Market-July.29.2010 Posted: 29 Jul 2010 05:23 AM PDT Good Morning: The Euro jumped overnight as the lackluster US recovery that is being stymied by Europe’s accelerating economy is causing concerns to investors, and is spurring demand for the single currency.  The euro also accelerated as a report showed that  European confidence regarding the economic recovery rose to the highest level in over 2 years. Speculation is that the US economy is slowing as stimulus packages are removed from the system.  Tomorrow’s report on GDP is estimated to show a 2.5%  growth rate-which is lower than last quarters 2.7% rate. Asian equity markets were mixed, and Europe is higher on better earnings and sentiment in the Euro Zone. US Futures are higher at this time. Oil:$76.74                                                     Gold:$1163.30   TODAY’S RELEASES TIME FOR  EST PRIOR 8:30A.M. INITIAL JOBLESS CLAIMS 24-Jul 460K 464K 8:30A.M. CONTINUING CLAIMS 17-Jul 4500K 4487K HAVE A GEREAT DAY & GOOD LUCK

FXDD Live Training Saturday July 31 2010 Los Angeles CA with Greg Michalowski Posted: 29 Jul 2010 05:00 AM PDT CLICK HERE TO REGISTER Date: Saturday, July 31st Location: Los Angeles Airport Marriott 5855 West Century Boulevard Los Angeles, California 90045 Directions: http://www.marriott.com/hotels/maps/travel/laxap-los-angeles-airport-marriott/ Any questions, feel free to contact me at greg@fxdd.com

UK Mortgage Approvals/ Net Lending Posted: 29 Jul 2010 01:33 AM PDT The British pound traded slightly lower against all of the major currencies after June net lending came in worse than expected and final mortgage approvals came in as expected. The details are as follows: Net Lending to Individuals (m/m) - Survey: 1.3B   Actual: 0.65B   Prior: 1.5B Final Mortgage Approvals - Survey: 48K   Actual: 48K   Prior: 48K

German Unemployment Change Posted: 29 Jul 2010 12:56 AM PDT The euro regained some strength after the German June unemployment change came in as expected at -20K; slightly better than the previous showing of -21K.

EUR/JPY Grinding Higher Posted: 29 Jul 2010 12:05 AM PDT In the prior post we acknowleged that the pair was using the 100 hour moving average as support, and it is still holding.  The pair has been slowly grinding higher and has reached a session high of 113.89. If this momentum continues we may see it reach 114.35 where we have seen some short term support and resistance.

UK Nationwide HPI m/m Posted: 28 Jul 2010 11:01 PM PDT The GBP traded slightly lower after UK’s July Nationwide HPI (m/m) came in at -0.5%; worse than the forecast of -0.2% and prior reading of 0.1%.

EUR/JPY Testing 100 Hr MAVG Posted: 28 Jul 2010 09:19 PM PDT On the hourly chart, EUR/JPY has tested the 100 hour moving average with the last three candlesticks but has not been able to break through to the downside. The pair is currently trading around the 113.30-40 area, which was a level of resistance from July 15th to the 20th. If support holds, the first target to the topside is the 23.65 fibo line (on the move from the low on July 21st to the high on the 28th) at 113.61.

7-29 Economic Calendar Posted: 28 Jul 2010 08:50 PM PDT

Japan’s Retail Sales Posted: 28 Jul 2010 05:03 PM PDT Japan’s June Retail Sales readings came in generally as expected, with a better reading for the larger retailers’. The markets have had a limited reaction, with no more significant data in the Asian session; we can expect to range into the London morning. The details of the release are as follows: Retail Trade (MoM sa) - Survey:.4%   Actual:0.4%   Prior:-2.0% Retail Trade (YoY) - Survey:3.2%   Survey:3.2%   Actual:2.8% Larger Retailers’ Sales - Survey:4.0%   Actual:-3.0%   Prior:-4.0%

New Zealand Trade Balance Posted: 28 Jul 2010 03:51 PM PDT Continuing with the Kiwi this Asian session, we had the New Zealand June Trade Balance reading for June fall short of expectations. The NZD/USD didn’t trade off on this release after being battered following the rate decision. Trade Balance - Survey:368M   Actual:276M   Prior:814M  Imports - Survey:3.36B   Actual:3.51B   Prior: 3.39B Exports - Survey:3.50B   Actual:3.78B   Prior:4.20B Trade Balance (12mo YTD) - Survey:729.5M   Actual:   Prior:91M

RBNZ Official Cash Rate Posted: 28 Jul 2010 02:13 PM PDT The Royal Bank of New Zealand was expected to raise rates by 25 basis points to 3% and did just that. However, the Kiwi sold off considerably on the dovish/negative c0mments from Bollard that accompanied the statement.  The comments were as follows: Pace of rate rises may be more moderate. NZD gains inconsistent with economic outlook. NZD gains inconsistent with export price decline. Levels of cash rate very supportive of economy. The Kiwi hit trendline support on the release, where we could see some support for the pair ahead of the 4-100hr moving average.

NZD Interest Rate Decision due at 5PM Posted: 28 Jul 2010 01:23 PM PDT …….

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