Forex Market Updates & Commentary

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• USDJPY:84.80 proves to be a problem level for bulls
• USDCAD: 1.0551 key level. It is time to make a move.
• Forex Morning Report August 26th
• Stronger data. Stronger dollar? The better Initial Claims leads to EURUSD selling
• Bobbys Corner-Open Market-August.26.2010
• US Jobless Cliams Lower with Continuing Claims also Following the Trend
• Initial Claims come in better than expectations
• Fed’s Hoenig comments
• Rebroadcast of the FXStreet Webinar
• The NY Opening Forex Commentary: Be on alert, key levels to watch.
• UK CBI Realized Sales
• Eurozone M3 Money Supply
• Eur/Usd runs stops, makes high at 1.2743
• Swiss Employment Level
• GfK German Consumer Climate

USDJPY:84.80 proves to be a problem level for bulls Posted: 26 Aug 2010 07:04 AM PDT The 84.80 level was the low in November 2009 and the market did not reach that level again until this month when the price moved to 84.71. ON Friday the price moved to the new 15 year lows at the 83.57 level and has rebounded modestly over the last few days. With a narrow trading range today, look for a range extension. With rejection above against the 84.80, a move low may be the way. Risk is a move above 84.64 currently.

USDCAD: 1.0551 key level. It is time to make a move. Posted: 26 Aug 2010 06:43 AM PDT

Forex Morning Report August 26th Posted: 26 Aug 2010 06:30 AM PDT Forex Morning Report Also FXDD webinar today at 4pm 21:00 gmt with Greg and Shawn

Stronger data. Stronger dollar? The better Initial Claims leads to EURUSD selling Posted: 26 Aug 2010 05:44 AM PDT

Bobbys Corner-Open Market-August.26.2010 Posted: 26 Aug 2010 05:33 AM PDT Good Morning: Both the Yen and USD lost some ground overnight as Asian and European equity markets posted positive results. With stocks trading in the green-the demand for safe haven currencies dropped. The Fed’s annual symposium in Jackson Hole, WY is scheduled to begin today, and run through the weekend. Central bankers from around the world to meet and discuss the current worldwide economic status.  Central Bankers are expected to reiterate their intentions to keep stimulus measures in place to sustain the global recovery. Fed Chairman Bernanke speaks on Friday-and market participants are awaiting any word from him regarding additional QE steps to stimulate the faltering US economy. World equity markets rose, and US futures are flat at this time. Oil:$73.16                                         Gold:$1244.20 TIME FOR  EST PRIOR 8:30a.m. INITIAL JOBLESS CLAIMS 21-Aug 490K 500K 8:30a.m. CONTINUING CLAIMS 14-Aug 4495K 4478K 10:00a.m. MORTGAGE DELINQUENCIES 2Q 10.06% 10:00a.m. MBA MORTGAGE DELINQUENCIES 2Q 4.63% HAVE A GREAT DAY & GOOD LUCK

US Jobless Cliams Lower with Continuing Claims also Following the Trend Posted: 26 Aug 2010 05:32 AM PDT Jobless Claims:             Survey: 490K    Actual: 473K    Prior: 500K    Revised: 504K    Continuing Claims:      Survey: 4495K    Actual: 4456K    Prior: 4478K    Revised: 4518K

Initial Claims come in better than expectations Posted: 26 Aug 2010 05:31 AM PDT …at 473K. The USDJPY moves higher looks to test the key 84.80 level. A break above this level would be bullish for the pair. Meanwhile the EURUSD went higher to test the 200 bar MA and is now down testing the 100 bar MA (see chart below).  Look for a break to determine direction.

Fed’s Hoenig comments Posted: 26 Aug 2010 05:23 AM PDT Have modest recovery, but… Shouldn’t expect much more He also commented that the Fed should chart a little longer term path for the US economy Hoenig is a dissenting member on the board of the Fed who has voted for removal of the phrase “keeping rates low for an extended period of time” and advocates more of an exit strategy with higher rates.

Rebroadcast of the FXStreet Webinar Posted: 26 Aug 2010 05:08 AM PDT

The NY Opening Forex Commentary: Be on alert, key levels to watch. Posted: 26 Aug 2010 04:41 AM PDT

UK CBI Realized Sales Posted: 26 Aug 2010 03:01 AM PDT CBI Realized Sales came in at 35, stronger than the 23 expected and prior reading of 33. Not much of a market reaction as Gbp/Usd gained 10 points to 1.5545.

Eurozone M3 Money Supply Posted: 26 Aug 2010 01:34 AM PDT Eurozone M3 Money Supply came in at 0.2%, weaker than the 0.4% expected. Eur/Usd has come off some 30 points since release 30 minutes ago, currently trading at 1.2700.

Eur/Usd runs stops, makes high at 1.2743 Posted: 26 Aug 2010 12:25 AM PDT Eur/Usd ran some stops between 1.2720-35 level and came to an abrubt halt at the 50% fibo (hi 1.2910, lo 1.2585) at 1.2743. This level may serve as resistance with the 200 hour M/A just above at 1.2756.

Swiss Employment Level Posted: 26 Aug 2010 12:18 AM PDT Swiss Employment Level came in at 3,968,000, weaker than the 3,975,000 estimated. Usd/Chf  currently trades at 1.0305 with little change. Eur/Chf was bought up to highs just prior to release of figure and is of 10 points to 1.3118.

GfK German Consumer Climate Posted: 25 Aug 2010 11:02 PM PDT GfK German Consumer Climate came in at 4.1, inline with expectations and stronger than the 3.9 prior reading. Eur/Usd trading at session highs, 1.2719.

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