Forex Market Updates & Commentary

---

• EURUSD finding profit taking sellers against the 61.8% retracement
• Canada Ivey PMI Much Stronger Data
• Canada Ivey much stronger than expectations
• Forex Morning Report- Oct 6
• Canada Ivey PMI Data at 10AM
• Chinese PM Wen on the newswires
• EURUSD runs into profit taking off the high
• Webinar Rebroadcast for Tuesday Oct 5th 2010
• Bobbys Corner-Open Market-Oct.6.2010
• ADP comes out much weaker than expected
• ADP Employment Data weaker than expected
• US ADP Employment Change Data Due at 8:15AM
• NY Opening Forex Commentary. ADP Employment awaited
• Challenger Job Cuts come in at -44.1% YoY
• Euro falls to new session lows after Fitch downgrades Ireland to A+ rating.

EURUSD finding profit taking sellers against the 61.8% retracement Posted: 06 Oct 2010 07:26 AM PDT The EURUSD continues to push against the resistance at the 1.3894 level (high was 1.3883).  The level corresponds with the 61.8% retracement of the move down from the November 2009 high of 1.5144 to the low at the 1.1876 level.  A move above will next target the topside channel trendline at around the 1.3924 level currently (hourlychart). .

Canada Ivey PMI Much Stronger Data Posted: 06 Oct 2010 07:02 AM PDT

Canada Ivey much stronger than expectations Posted: 06 Oct 2010 07:00 AM PDT USDCAD falls sharply 70.3 vs 65.9 last month Purchasers Index: 70.3  vs 65.9 last month  Employment :54.8  vs 51.6 last month Inventory: 58.5  vs 55.3 last month Supplier Delivery:44.4   vs 47.5 last month Prices: 61.3 vs  60.8  last month

Forex Morning Report- Oct 6 Posted: 06 Oct 2010 06:31 AM PDT Forex Morning Report- Oct 6

Canada Ivey PMI Data at 10AM Posted: 06 Oct 2010 06:12 AM PDT

Chinese PM Wen on the newswires Posted: 06 Oct 2010 06:02 AM PDT Says China should maintain relative stability of currency Unstable Yuan would bring “disaster” to the world and China China gives same treatment to foreign firms as Chinese The trade tensions are intensifying and the comments are geared toward expressing the Chinese view. Europe and the US would like the Yuan to appreciate. The problem is, China is concerned what a significant “unstable” change would do for their export growth.   They fear it would derail their growth.  Meanwhile, the US is reliant on China support in their debt market.  The last I knew, the US want lower yields to help keep the US housing market/economy on track.  With todays ADP showing more weakness in employment, the fear remains that the longer 9.7% employment hangs around, the better the chance for the US economy to rollover.  All of which points to a standoff and possibly increased trade sanctions.  Then we see what reaction there may be in the US bond market.

EURUSD runs into profit taking off the high Posted: 06 Oct 2010 05:59 AM PDT The EURUSD is running into some profit taking off the highs. The high earlier today reached 1.3880.  The high off the weaker ADP found sellers at the 1.3878 level.  On the downside, the 1.3805-17 level is support for the pair.  Sundays high and lows and highs from yesterday and today define that support.  There was  a low at 1.3799 after Irelands downgrade earlier this morning.

Webinar Rebroadcast for Tuesday Oct 5th 2010 Posted: 06 Oct 2010 05:41 AM PDT Webinar Rebroadcast for Tuesday Oct 5th 2010- Watch now

Bobbys Corner-Open Market-Oct.6.2010 Posted: 06 Oct 2010 05:26 AM PDT Good Morning: Fitch ratings downgraded Ireland to A+ from AA-, as they also review the ratings of various Irish banks. A strong Portuguese debt auction along with better than expected factory order data from Germany helped keep the Euro strong. The USD downward trend continues as speculation mounts that the Fed will join the BOJ in the purchase of government debt to bolster the economic recovery.  Yesterday’s announcement from the BOJ that they will purchase $60/billion of  assets, along with lowering their key interest rate to near zero is a clear sign that the Japanese government will do everything possible to keep their economy from faltering. The Aussie and Loonie have been big winners of the latest weak USD trend while commodity prices rise-we will see if their rally is sustainable as we get closer to the US employment data on Friday. Worldwide equity markets rose on speculation that central banks will need to continue their efforts to stimulate economies.  US Futures are also higher at this time. Silver rose to a 30 year high, Oil stayed fairly stable in the $82/bar range, anfd Gold hit another record overnight. Oil:$82.62                                              Gold:$1347.50 TIME FOR EST. PRIOR 7:00A.M. MBA MORTGAGE APPLICATIONS 1-Oct -0.80% 7:30A.M. CHALLENGER JOB CUTS YoY SEPT. -54.50% 8:15A.M. ADP EMPLOYMENT CHANGE  SEPT. 20K -10K HAVE A GREAT DAY & GOOD LUCK

ADP comes out much weaker than expected Posted: 06 Oct 2010 05:24 AM PDT This number typicallly understates the Private Payroll from the Labor Department. For example, last month ADP was resported at -10K while Private Sector employment showed a 75K gain. Nevertheless, the -39K decline vs +20 K estimate is a worry. The dollar has been sold off the number with the USDJPY falling below the 82.87 level to a new low of 82.76 but has rebounded back toward the two day floor at 82.95/96.

ADP Employment Data weaker than expected Posted: 06 Oct 2010 05:17 AM PDT   ADP Employment Change-   Survey: 20K     Actual: -39K     Prior: -10K

US ADP Employment Change Data Due at 8:15AM Posted: 06 Oct 2010 04:59 AM PDT

NY Opening Forex Commentary. ADP Employment awaited Posted: 06 Oct 2010 04:58 AM PDT

Challenger Job Cuts come in at -44.1% YoY Posted: 06 Oct 2010 04:40 AM PDT Last month was at 54.5% YoY. The Announced job cuts totaled 37,151 vs 34,768. SO although the YoY measure is down the MoM change is up.

Euro falls to new session lows after Fitch downgrades Ireland to A+ rating. Posted: 06 Oct 2010 04:10 AM PDT

You are subscribed to email updates from Forex News and Commentary by FXDD To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610