Forex Market Updates & Commentary

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• IMF on the Wires
• Forex Morning Report- Sept 29
• Canada Industrial Product Price & Raw Materials Released with Stronger Data
• Bobbys Corner-Open Market-Sept.29.2010
• Canada Industrial Product Price data 8:30AM
• KOF Barometer Better Than Expected
• ECB says 182 banks bid for 3 month funds
• Eurozone Economic Confidence highest since Jan. 2008
• Swiss KOF Barometer In Less Than 1 Hour…
• UK Net Lending/Final Mortgage Approvals/Index of Services
• ECB Bini Smaghi on the wires…
• EUR/USD Approaching Full Daily Retracement
• Due Out At 4:30 (eastern standard time)
• 9-29 Economic Calendar
• China’s HSBC Manufacturing PMI

IMF on the Wires Posted: 29 Sep 2010 07:02 AM PDT IMF says Australian Dollar mildly overvalued.

Forex Morning Report- Sept 29 Posted: 29 Sep 2010 06:40 AM PDT Forex Morning Report- Sept 29

Canada Industrial Product Price & Raw Materials Released with Stronger Data Posted: 29 Sep 2010 05:31 AM PDT Industrial Production Price Index MoM:    Survey:  0.2%          Actual: 0.4            Prior: 0.1%           Revised: 0.0 Raw Materials Price Index:      Survey: 0.5%        Actual:  2.2           Prior: 1.8%           Revised:  1.9

Bobbys Corner-Open Market-Sept.29.2010 Posted: 29 Sep 2010 05:23 AM PDT Good Morning: A fairly quiet overnight session: The EUR/USD pair traded within the 1.36 handle-as the Euro rally stayed on track. Even though the sovereign debt issues within the Euro Zone continue to plague the region, the markets seem to be shrugging off these concerns for now.  Tomorrow the markets will  be informed of the full cost for the Irish government to bailout Anglo Irish bank.  This could weigh heavily on the Euro Zone in general and add pressure to the Euro in the coming days. Also Moody’s is looking to see if they will downgrade Spain, as the regions 4th largest economy struggles to grow.   The JPY remained under 84, as the Tanken Report data released overnight showed that the manufacturing sector was stronger than expected.  The survey regarding future expectations showed that the business sector is extremely cautious in regards to 2011 growth. The USD continues to lose ground as speculation mounts that the Fed will increase their purchase of government debt to kick start the lackluster economy. Asian equity markets were mixed, and European markets slightly higher as we speak.  US Futures are also pointing to a small positive opening. Oil rose, and Gold set a new record. Oil:$76.29                                             Gold:$1310.60 NO MAJOR DATA out of North America today   HAVE A GREAT DAY & GOOD LUCK

Canada Industrial Product Price data 8:30AM Posted: 29 Sep 2010 05:12 AM PDT

KOF Barometer Better Than Expected Posted: 29 Sep 2010 02:31 AM PDT The market had a limited reaction to the Swiss KOF economic barometer which came in at 2.21; slightly better than the 2.12 forecast and 2.18 prior showing.

ECB says 182 banks bid for 3 month funds Posted: 29 Sep 2010 02:19 AM PDT Eur/Usd gains 25 points in a flash, trading at 1.3605.

Eurozone Economic Confidence highest since Jan. 2008 Posted: 29 Sep 2010 02:03 AM PDT Eurozone Economic Confidence came in at 103.2, stronger than the 101.3 expected and the strongest reading since Jan. 2008. The Business Climate Indicator came in at 0.77, stronger than the 0.58 expected. Eur/Usd gained 20 points upon release, currently trading at 1.3600.

Swiss KOF Barometer In Less Than 1 Hour… Posted: 29 Sep 2010 01:37 AM PDT

UK Net Lending/Final Mortgage Approvals/Index of Services Posted: 29 Sep 2010 01:33 AM PDT The GBP traded slightly higher after net lending to individuals (m/m) came in at 1.5B; much better than the survey of 0.5B and prior showing of 0.3B. The following data was also released: Final Mortgage Approvals - Survey:47K   Actual: 47K   Prior: 45K Index of Services (3m/3m) - Survey: 0.7%   Actual: 0.5%   Prior: 0.7%

ECB Bini Smaghi on the wires… Posted: 29 Sep 2010 12:35 AM PDT Speaking in Milan, ECB member Bini Smaghi made the following comments: Sees non-negotiable side effects from basel III. Basel III to provide more economic stability. Basel regulation will outweigh costs. The adjustment period will challenge monetary policy. ECB to ensure there is effective monetary policy in the new environment. Price stability is the primary goal. Basel III would raise bank demand for ECB funds.

EUR/USD Approaching Full Daily Retracement Posted: 29 Sep 2010 12:15 AM PDT The EUR/USD pair is nearing a full retracement on the daily chart on the move from the high on April 12th to the low on June 7th with the 100.0% fibo line coming in at 1.36910. After moving through the 200 day moving average, now at 1.31952, the pair has traded continually higher. If momentum continues we should see a full retracement.

Due Out At 4:30 (eastern standard time) Posted: 28 Sep 2010 11:05 PM PDT

9-29 Economic Calendar Posted: 28 Sep 2010 08:55 PM PDT

China’s HSBC Manufacturing PMI Posted: 28 Sep 2010 07:37 PM PDT The September HSBC Manufacturing PMI reading was released better than the prior month’s release (51.9) at 52.9. The market has had a no reaction and has remained muted throughout the Asian session after a USD sell off during NY.

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