Forex Market Updates & Commentary

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• Mexico Overnight Rate Stays Unchanged
• Thanks for support..
• EURUSD breaks to new lows. Looking for momentum
• AUDUSD. The proxy for risk appetite. Watch 100 day MA for clues
• GBPUSD works toward resistance. 1.5487 key support.
• NY Trading Session
• NY Opening Forex Commentary: Risk Shunned Overnight
• Lack of demand for German bonds weaken Euro
• EU comments on Greece
• 8-20 Economic Calendar
• New Zealand Credit Card Spending
• Battellino on the wires…
• EURUSD. Confused yet? The market is.
• Feds Bullard on newswires

Mexico Overnight Rate Stays Unchanged Posted: 20 Aug 2010 07:02 AM PDT Global Economic Indicator IGAE:      Survey: 7.3%                Actual:                  Prior: 8.9%                 GDP Constant(YoY):   Survey:  7.5%               Actual: 7.6%                 Prior: 4.3%              Overnight Rate:         Survey:  4.50%               Actual:  4.50%                  Prior:   4.50%

Thanks for support.. Posted: 20 Aug 2010 06:11 AM PDT I will be presenting at the SF MoneyShow today so will be radio silent as I prepare. I will look to update from the floor of the convention but no guarantee. The morning commentaries posted cover the key levels to watch today. Follow the rules and look for your targets. Wishing all good fortune with your trading today. Greg Michalowski

EURUSD breaks to new lows. Looking for momentum Posted: 20 Aug 2010 05:55 AM PDT

AUDUSD. The proxy for risk appetite. Watch 100 day MA for clues Posted: 20 Aug 2010 05:35 AM PDT

GBPUSD works toward resistance. 1.5487 key support. Posted: 20 Aug 2010 05:19 AM PDT

NY Trading Session Posted: 20 Aug 2010 05:05 AM PDT Good Morning morning everyone and happy Friday! Today we have no US Data. Canada Data at 7am read as follows, CPI was 1.8% vs a predicted 1.9% (YoY) , Additional CPI was 0.5% vs a predicted 0.6% (MoM). I will be following up on the Mexico Data at 10AM. Overnight rate data and GDP Constant will be released. Stay tuned today for headlines and analysis on the market.

NY Opening Forex Commentary: Risk Shunned Overnight Posted: 20 Aug 2010 04:27 AM PDT     Overnight the risk pairs were shunned.  EURUSD broke through key support at 1.2775 area, GBPUSD fell toward key support.  USDCAD moved higher toward trendline resistance. AUDUSD tested 100 day MA level (AGAIN).  USDJPY is contained however.  No economic data has the market watching the stocks today. For a preview of the key technical levels, click on the Morning Forex Commentary. Video coming

Lack of demand for German bonds weaken Euro Posted: 20 Aug 2010 01:18 AM PDT Germany sought bids on 4 billion euros of 12 month zero coupon government bills, said the Bundesbank. This lack of demand has weakened the Euro as Eur/Usd is off 25 points to 1.2805.

EU comments on Greece Posted: 20 Aug 2010 12:38 AM PDT The EU has issued a review of Greece’s economic adjustment program. Here are some of their comments ; * There are risks to Greek deficit cutting efforts; largely on track to meet deficit targets * Greece must safeguard adequate liquidity and financial stability in banking sector Eur/Usd currently trades at 1.2820 in light trading.

8-20 Economic Calendar Posted: 19 Aug 2010 08:50 PM PDT

New Zealand Credit Card Spending Posted: 19 Aug 2010 08:04 PM PDT July credit card spending in New Zealand came in at 2.7% versus the prior showing of 4.4%. The market had a limited reaction to the release.

Battellino on the wires… Posted: 19 Aug 2010 07:53 PM PDT Speaking in Brisbane, the RBA’s Ric Battellino made the following comments: Australia must be alert to inflation risk. Mining investment is already 4.25% of GDP, set to rise. Australian economy is operating close to capacity. Inflation may be a smaller problem in this boom. Consumer spending subdued, even as confidence is high. Business investment is very high, likely to accelerate. Australia needs disciplined policies for growth. Sees world growth slowdown, accelerating inflation as risks.

EURUSD. Confused yet? The market is. Posted: 19 Aug 2010 12:27 PM PDT

Feds Bullard on newswires Posted: 19 Aug 2010 10:58 AM PDT Could get in trouble if shock lowers inflation Currently no need to be alarmed Hoping inflation moves back up like in 2004 Would like to anchor inflation expectations near inflation targets Should not raise taxes when trying to get economic recovery Easist thing to do now is work on Long term rates If do more Quantitative easing respond to data in measured way

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