Forex Market Updates & Commentary

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• USDCAD tests our target support at the 1.0205 level.
• US PMI comes in better than expected at 55.5
• ISM Data and Construction Spending Both Improve
• The NY Morning Forex Commentary is available for viewing
• EURUSD moves toward 38.2% Fibo resisance at 1.3124
• GBPUSD rallies but running into resistance at 1.5845-65
• Forex Webinar with Greg and Shawn Tuesday at 4pm
• Bobbys Corner-Open Market-August.2.2010
• US Construction Spending and ISM Manufacturing/Prices Paid Data at 10AM
• NY Opening Forex Commentary for August 2nd is available for viewing
• UK Manufacturing PMI
• Euro Final Manufacturing PMI
• Cable Approaching Old Daily High of 1.5813
• Swiss SVME PMI
• Swiss Retail Sales y/y

USDCAD tests our target support at the 1.0205 level. Posted: 02 Aug 2010 07:12 AM PDT

US PMI comes in better than expected at 55.5 Posted: 02 Aug 2010 07:04 AM PDT The last month came in at 56.2 New Orders fell to 53.5 from 58.5 Employment rose to 58.6 from 57.8 Order backlog rose slightly to 57.5 from 57.0 Prices were also higher at 57.5 from 57.0 last month. THis is a good news bad news report. The main components remain above the 50 level indicative of growth. Also , it was higher than expectations at 54.5. THe bad is it is down on a month on month basis and things like new orders fell sharply. The USDJPY, the currency typically most reactive to economic data pushed higher off the release, moving above the 200 and 100 bar MA on the 5 minute chart. Support for that pair now comes in at 86.62 to 86.66 with the upside target at 86.86 and ultimately at 87.11.

ISM Data and Construction Spending Both Improve Posted: 02 Aug 2010 07:01 AM PDT ISM Manufacturing:    Survey:  54.5       Actual 55.5          Prior: 56.2 ISM Prices Paid:    Survey: 55.0         Actual: 57.5         Prior: 57.0 Construction Spending (MoM):     Survey: -0.5%         Actual: .1%       Prior: -0.2%      Revised: -1.0%

The NY Morning Forex Commentary is available for viewing Posted: 02 Aug 2010 06:27 AM PDT

EURUSD moves toward 38.2% Fibo resisance at 1.3124 Posted: 02 Aug 2010 05:54 AM PDT

GBPUSD rallies but running into resistance at 1.5845-65 Posted: 02 Aug 2010 05:41 AM PDT

Forex Webinar with Greg and Shawn Tuesday at 4pm Posted: 02 Aug 2010 05:38 AM PDT Free Forex Webinar with Greg and Shawn Tuesday at 4pm- Reserve your Webinar seat now at: https://www1.gotomeeting.com/register/872474361

Bobbys Corner-Open Market-August.2.2010 Posted: 02 Aug 2010 05:30 AM PDT Good Morning: I hope everyone had an enjoyable summer weekend-it was beautiful weekend in the New York area. The JPY or USD lost ground in overnight trading, as indications that the global recovery is gaining traction increased demand for higher-yielding assets. The GBP also benefited in overnight trading as data supported that the UK’s manufacturing slowed less than expected-which indicated that the UK’s economy is still expanding. World equity markets rallied  along with US Futures as earnings from both BNP Paribas and HSBC help reassure investors that the financial sector is staying strong. Oil:$79.83                                                            Gold:$1174.80 TIME FOR  EST PRIOR 10:00A.M. ISM MANUFACTURING JULY 54.6O 56.2O 10:00A.M. ISM PRICES PAID JULY 54.5O 57.O 10:00A.M. CONSTRUCTION SPENDING MoM JUNE -0.50% -0.20% HAVE A GREAT DAY & GOOD LUCK

US Construction Spending and ISM Manufacturing/Prices Paid Data at 10AM Posted: 02 Aug 2010 05:22 AM PDT

NY Opening Forex Commentary for August 2nd is available for viewing Posted: 02 Aug 2010 05:03 AM PDT

UK Manufacturing PMI Posted: 02 Aug 2010 01:30 AM PDT UK’s July manufacturing PMI was 57.3 versus the 57.0 forecast and 57.5 prior reading. The market showed a limited reaction as the GBP trades on session highs against most of the major currencies.

Euro Final Manufacturing PMI Posted: 02 Aug 2010 01:02 AM PDT The EUR traded slightly higher after the Eurozone’s July final manufacturing PMI came in unchanged at 56.5; slightly better than the survey of 56.5.

Cable Approaching Old Daily High of 1.5813 Posted: 02 Aug 2010 12:50 AM PDT With a session high of 1.5779, the GBP/USD pair is approaching the 1.5813 level where daily support was found multiple times last year. After pushing through the 200 day moving average last week, the 1.5813 is the next topside target for the pair; also the highest level since Feb 17th. With the UK manufacturing PMI due out in less than an hour it will be interesting to see if the pair can reach this level.

Swiss SVME PMI Posted: 02 Aug 2010 12:32 AM PDT Trading off session lows, the franc had little recovery following a better than expected SVME PMI which came in at 66.9 versus a survey of 64.9 and prior showing of 65.7. The franc is still trading on session lows.

Swiss Retail Sales y/y Posted: 02 Aug 2010 12:17 AM PDT The Swiss franc fell to session lows against most of the major currencies after Swiss retail sales (y/y) came in at 0.9%; worse than the forecast of 4.1% and prior reading of 3.8%.

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