Forex Market Updates & Commentary

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• EURUSD comes down below support. 1.3153 next key level to get through
• Forex Morning Report- August 5th
• EURUSD tests support at 1.3180,but be careful
• ECB’s Trichet on the Wires
• EURUSD stays within the range as Trichet and US data dominate
• ECB Trichets comments balanced
• Canada Building Permits Very Strong Data
• Canada Building Permits much better than expectations
• Jobless and Continuing Claims Both Weaker
• EURCHF corrects lower to test trendline support
• Bobbys Corner-Open Market-August.5.2010
• US Jobless Claims and Continuing Claims Data at 8:30AM
• ECBs Trichet to spark the fire? Comments awaited
• Canada Building Permits Data 8:30AM
• Pimco’s El-Erian says US on the road to deflation

EURUSD comes down below support. 1.3153 next key level to get through Posted: 05 Aug 2010 06:57 AM PDT

Forex Morning Report- August 5th Posted: 05 Aug 2010 06:30 AM PDT Forex Morning Report- August 5th

EURUSD tests support at 1.3180,but be careful Posted: 05 Aug 2010 06:26 AM PDT Trichet warned to not make too much of the current data and that has pressured the EURUSD back down. The price is testing support at 1.3180, but be careful of a further move lower. The market may have priced in better comments and the warning comments may get the bulls a little nervous. The next key level is the 1.3153 which corresponds with the 100 hour MA, the 38.2% retracement of the move up from the July 30th low to the high,  and the trendline support.  A move below that level should lead to additional selling pressure with a target of the 200 hour MA at the 1.3080 area.

ECB’s Trichet on the Wires Posted: 05 Aug 2010 05:58 AM PDT Trichet Says: Benchmark interest rate ‘appropriate’ ECB expects price developments to remain moderate ECB sees low domestic price pressures ECB sees economy to grow at moderate, uneven pace Economy still in environment of ‘uncertainty’ Medium-Term inflation pressures remain contained ECB expects price stability to be maintained inflation expectations remain ‘firmly anchored’ anchoring of inflation expectations of the essence will do whats needed to maintain price stability all non-standard measures are temporary in nature ECB remains firmly committed to price stability monetary policy stance will be adjusted when needed ECB to monitor all developments ‘very closely’ data suggest strengthening of activity in 2Q available 3Q data better than expected ECB expects real GDP to expand at moderate pace says recovery may be hurt by balance-sheet adjustments risks to economic outlook are broadly balanced trade may recover more than expected renewed financial market tensions among downside risks inflation rates will show further volatility rates will remain moderate overall

EURUSD stays within the range as Trichet and US data dominate Posted: 05 Aug 2010 05:58 AM PDT

ECB Trichets comments balanced Posted: 05 Aug 2010 05:41 AM PDT Benchmark interest rates appropriate Low price pressure Economy strengthened in 2nd quarter Expect economy to grow at moderate uneven pace Still in uncertain environment Medium term inflation contained ECB to monitor all developments very closely Monetary policy will be adjusted when needed Stress test is important step in restoring confidence 3rd quarter growth better than expected

Canada Building Permits Very Strong Data Posted: 05 Aug 2010 05:35 AM PDT

Canada Building Permits much better than expectations Posted: 05 Aug 2010 05:35 AM PDT

Jobless and Continuing Claims Both Weaker Posted: 05 Aug 2010 05:31 AM PDT Jobless Claims:     Survey: 455K         Actual: 479K          Prior: 457K        Revised: 460K Continuing Claims:           Survey: 4515K           Actual: 4537K         Prior: 4565K          Revised: 4571K

EURCHF corrects lower to test trendline support Posted: 05 Aug 2010 05:24 AM PDT

Bobbys Corner-Open Market-August.5.2010 Posted: 05 Aug 2010 05:09 AM PDT Good Morning: The FX markets were fairly range bound prior to the announcements from the BOE and ECB regarding interest rates. The BOE and ECB left their key interest rates unchanged-which was widely expected.  The BOE had no press conference after their announcement, but the ECB will hold their press conference at 8:30 AM EST today. In overnight trading-the euro remained strong against the USD as speculation that the ECB will show signs of optimism in the regions economic growth during this mornings press conference. Tommorrows US jobs data is expected to be weak, which is causing considerable pressure on the greenback-as this is further evidence that the US economy’s growth is faltering. Asian and European equity markets rose, and US futures are also looking for a higher opening this morning. Oil:$82.06                                                             Gold:$1197.70 TIME FOR  EST PRIOR 7:00A.M. BK. OF ENGLAND RATE DECISION 7:45A.M.  ECB RATE DECISION 8:30A.M. ECB PRESS CONFERENCE 8:30A.M. INITIAL JOBLESS CLAIMS 31-Jul 455k 457k 8:30A.M. CONTINUING CLAIMS 24-Jul 4515k 4565k 10:30A.M. ICSC CHAIN STORE SALES YoY July 3.00% HAVE A GREAT DAY & GOOD LUCK

US Jobless Claims and Continuing Claims Data at 8:30AM Posted: 05 Aug 2010 05:06 AM PDT

ECBs Trichet to spark the fire? Comments awaited Posted: 05 Aug 2010 05:02 AM PDT

Canada Building Permits Data 8:30AM Posted: 05 Aug 2010 04:55 AM PDT

Pimco’s El-Erian says US on the road to deflation Posted: 05 Aug 2010 04:52 AM PDT On the newswires. ECB expected to have positive comments. US deflation. The fundamentals support the EURO over the USD. Nevertheless, the market awaits the Trichet comments with support the 1.3183, the floor from Tuesday and part of Wednesday

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