Forex Market Updates & Commentary

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• EU Rehn and Bini Smaghi
• Japan will continue its intervention in foreign exchange markets tomorrow if needed
• GBPUSD. Making some sense from a volatile situation.
• Industrial Production and Capacity Utilization not far from expectations
• EURUSD tests intraday trendline resistance. Will momentum continue?
• Forex Morning Report- Sept 15
• EURJPY surges on BOJ intervention. 100 day MA eyed above
• Report: US warns all Americans to get out of Jordan
• Empire Manufacturing comes in weaker at 4.10. Canada sales weaker
• US Capacity Utilization and Industrial Production will be released at 9:15 AM
• Bobbys Corner-Open Market-Sept.15.2010
• Japan Government Official on newswire
• Canada Manufacturing Sales due out at 8:30
• NY Empire Manufacturing due out at 8:30 AM
• NY Opening Forex Commentary: BOJ Intervention the focus today

EU Rehn and Bini Smaghi Posted: 15 Sep 2010 07:19 AM PDT Says Greece has achieved impressive results And urges them to maintain reform efforts EU longer term growth potential very modest Financial markets still fragile Employment starting to recover Growth more self sustaining now Bini Smaghi highlights: Markets lost confidence in Greece Monetary policy cannot solve fiscal policy

Japan will continue its intervention in foreign exchange markets tomorrow if needed Posted: 15 Sep 2010 07:13 AM PDT A little change in the intervention chatter…. Japan will continue its intervention in foreign exchange markets tomorrow if needed. This again was attributed to a government official on condition of annonymity.

GBPUSD. Making some sense from a volatile situation. Posted: 15 Sep 2010 06:57 AM PDT

Industrial Production and Capacity Utilization not far from expectations Posted: 15 Sep 2010 06:39 AM PDT IP rises by 0.6%. However for July the 1.0% gain was revised lower to 0.6%. This kept the Capacity Utilization contained. The Cap Utilization caem in at 74.7% vs 75% expectation with July revised to 74.6% from 74.8%. The market will be paying more and more attention to US economic statistics as the FOMC meeting approaches next week. There was an article in the WSJ saying the Fed was torn between more QE or status quo. The debate, they argue, will likely lead to no change from the Fed. Yesterday we saw the EURUSD move higher on “reported rumors” the Fed was going to have another QE program. http://online.wsj.com/article/SB10001424052748704285104575491813115042140.html?KEYWORDS=hilsenrath

EURUSD tests intraday trendline resistance. Will momentum continue? Posted: 15 Sep 2010 06:32 AM PDT

Forex Morning Report- Sept 15 Posted: 15 Sep 2010 06:25 AM PDT Forex Morning Report- Sept 15

EURJPY surges on BOJ intervention. 100 day MA eyed above Posted: 15 Sep 2010 05:55 AM PDT

Report: US warns all Americans to get out of Jordan Posted: 15 Sep 2010 05:46 AM PDT …for fear of a terrrorist attack.

Empire Manufacturing comes in weaker at 4.10. Canada sales weaker Posted: 15 Sep 2010 05:33 AM PDT The Empire Manufacturing for the month of September came in weaker than expected at 4.10 vs 7.10 last month and 8.0 expected.  This is the lowest reading since July 2009 Prices Paid           22.39  vs 20.00 last month Prices Received        1.49 vs  -2.86 last month  New Orders             4.33 vs  -2.71 last month  Shipments             -0.27 vs -11.50 last month  Delivery Time        -11.94 vs  0.00 last month=  Inventories            1.49  vs 2.86 last month Unfilled Orders       -5.97 vs -10.00 last month  Number of Employees   14.93 vs 14.29 last month  Despite the decline most of the components rose. The difference is due to the separate questions for each piece (i.e. it is not a calculated index per se) Meanwhile Canada Manufacturing Sales fell 0.9%. This was an unexpected fall (est +0.1%).  The fall was due to car drop. The USDCAD got a boost off the data.

US Capacity Utilization and Industrial Production will be released at 9:15 AM Posted: 15 Sep 2010 05:24 AM PDT

Bobbys Corner-Open Market-Sept.15.2010 Posted: 15 Sep 2010 05:23 AM PDT Good Morning: A very busy and unexpected session overnight caused quite a stir in the FX marketplace. For the first time since 2004 the Japanese government intervened in the foreign exchange markets.  Japanese officials were concerned that the strength of the JPY would undermine any attempt to pull the country of the economic slowdown which has plagued global economies. Prime Minister Kan’s newly elected government has been under pressure to halt the Yen’s strength, as it slows the growth of  exports which is the main catalystof Japan’s economy.  Many market participants felt that the newly elected government would have a  laissez-faire attitude toward monetary policy. Tokyo equity markets were higher after the Japanese Government intervened in the FX markets.  European equity markets are lower-as are US Futures at this time. Oil fluctuated, and Gold stayed in record territory. Oil:$75.68                                       Gold:$1271.10   TIME FOR EST. PRIOR 7:00A.M. MBA MORTGAGE APPLICATIONS 10-Sep -1.50% 8:30A.M. IMPORT PRICE ,INDEX MoM AUG. 0.30% 0.20% 8:30A.M. IMPORT PRICE INDEX YoY AUG. 3.80% 4.90% 8:30A.M. EMPIRE MANUFACTURING SEPT. 8.OO 7.10% 9:15A.M. INDUSTRIAL PRODUCTION AUG. 0.20% 1.00% 9:15A.M. CAPACITY UTILIZATION AUG. 75.00% 74.80% HAVE A GREAT TIME & GOOD LUCK

Japan Government Official on newswire Posted: 15 Sep 2010 05:20 AM PDT An unnamed Japanese Government official is on the newswires saying  that the government will not rule out intervention in European or NY hours. This has led to an increase in the USDJPY

Canada Manufacturing Sales due out at 8:30 Posted: 15 Sep 2010 05:17 AM PDT

NY Empire Manufacturing due out at 8:30 AM Posted: 15 Sep 2010 05:16 AM PDT

NY Opening Forex Commentary: BOJ Intervention the focus today Posted: 15 Sep 2010 05:00 AM PDT

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