Forex Market Updates & Commentary

Be Careful. Profit takers take advantage of technical levels
EURUSD holds trendline and comes down..
Forex Morning Report- Oct 7
EURUSD testing channel trendline resistance
Trichet: Excess volatility has adverse effect. Comments on the dollar
Trichet other comments
US Initial Claims came in lower but has limited impact`
Canada Building Permits Very Weak Number
US Jobless Claims & Continuing Claims Data Showing Slight Improvement
ECB rates are appropriate: Trichet
EURUSD remains supported as it steps higher.
Bobbys Corner-Open Market-Oct.7.2010
US Jobless Claims & Continuing Claims Data at 8:30AM
Canada Building Permits Due at 8:30AM
ECB Announcement

Be Careful. Profit takers take advantage of technical levels

Posted: 07 Oct 2010 06:48 AM PDT

EURUSD holds trendline and comes down..

Posted: 07 Oct 2010 06:34 AM PDT

Forex Morning Report- Oct 7

Posted: 07 Oct 2010 06:27 AM PDT

Forex Morning Report- Oct 7

EURUSD testing channel trendline resistance

Posted: 07 Oct 2010 06:18 AM PDT

fxdd-pic-1145

Trichet: Excess volatility has adverse effect. Comments on the dollar

Posted: 07 Oct 2010 05:48 AM PDT

Says “Shares US view that strong dollar in the US interest”

He says this from time to time

Trichet other comments

Posted: 07 Oct 2010 05:47 AM PDT

Banks decide if they need ECB cash
The ECB is still on full allotment mode
He does note that banks are asking for less refinancing

US Initial Claims came in lower but has limited impact`

Posted: 07 Oct 2010 05:43 AM PDT

The Initial Claims came in at 345K vs 354K. Continuing Claims came inat 4462k vs 4450K. The claims are at 3 month lows indicating companys are slowing the pace of job cuts. That is one side of the equation. The other is the hiring and so far with the Unemployment rate at 9.7% , is not indicating a momentum shift to hiring.

Canada Building Permits Very Weak Number

Posted: 07 Oct 2010 05:33 AM PDT

US Jobless Claims & Continuing Claims Data Showing Slight Improvement

Posted: 07 Oct 2010 05:32 AM PDT

Jobless Claims: Survey: 455K Actual: 445K Prior: 453K Revised: 456K

Continuing Claims: Survey: 4473K Actual: 4462K Prior: 4457K Revised: 4510K

ECB rates are appropriate: Trichet

Posted: 07 Oct 2010 05:32 AM PDT

Economic uncertainty prevails
Price stability to be maintained over medium term
Underlying momentum is positive
Price pressures are contained
Policy will be be adjusted as appropriate
Latest data confirm moderation in second half of the year
Global recovery to support Euro area exports
Risk to the downside
Market tension remains
Banks should retain earnings to strengthen capital base

EURUSD remains supported as it steps higher.

Posted: 07 Oct 2010 05:30 AM PDT

EURUSD remains supported as it steps higher. The price is finding buyers on dips still. The 38.2% of the days range will provide initial support at the 1.3960. The 1.4000 level should have interest from options players. Trichet commets are awaited.

Bobbys Corner-Open Market-Oct.7.2010

Posted: 07 Oct 2010 05:18 AM PDT

Good Morning:

It was a overnight session of record lows and highs.

The USD dropped to a 15 year low against the JPY, and the weakest in 8 months versus the Euro, as speculation mounts that the Fed will expand credit easing to prop up the anemic US economic recovery.
The Aussie surged to a record as employment data down under was better than expected. Cable rose against the USD as British manufacturing data printed better than expected.
Along with currencies, Gold reached another record price in overnight trading, Copper also reached a new 30 year high, and Palladium posted the highest price since 2001.

Today starts a G-20 meeting in Washington with the G7- ministers meeting tomorrow. Finance Ministers will meet to discuss the current FX markets-along with an explanation from Japan over it’s intervention policy of the past few weeks.

World equity markets were mixed overnight-and US Futures are slightly lower this morning.

Oil:$83.74 Gold:$1358.10

TIME		FOR	EST.	PRIOR
8:30A.M.	INITIAL JOBLESS CLAIMS	2-Oct	455K	453K
8:30A.M.	CONTINUING CLAIMS	25-Sep	4450K	4457K
10:30A.M.	ICSC CHAIN STORE SALES YoY	SEPT.	3.00%	3.20%