Forex Market Updates & Commentary

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• GBPUSD tests topside resistance at the 1.5956 level
• US Wholesale Inventories Data Higher
• The NY Morning Forex Commentary is available for viewing
• ECB Juncker says not happy with EURUSD 1.4000
• US Non Farm Payroll Headline worse at -95K jobs
• US Nonfarm Payroll Data Very Poor as Unemployment Slightly Better
• Bobbys Corner-Open Market-Oct.8.2010
• St Louis Fed President Bullard on CNBC. Some of his comments
• The key levels to watch through the NFP report
• Canada Housing Starts Rise
• Preview of US Unemployment Report and Key Technical Levels to watch
• US Nonfarm Payroll and Unemployment Data at 8:30AM
• Canada Housing Starts Data at 8:15AM
• Canada Employment worse than expected
• Fed’s Bullard says economy hasn’t slowed enough to make QE obvious

GBPUSD tests topside resistance at the 1.5956 level Posted: 08 Oct 2010 07:25 AM PDT

US Wholesale Inventories Data Higher Posted: 08 Oct 2010 07:04 AM PDT

The NY Morning Forex Commentary is available for viewing Posted: 08 Oct 2010 06:34 AM PDT   The NY Morning Forex Commentary is available for viewing

ECB Juncker says not happy with EURUSD 1.4000 Posted: 08 Oct 2010 05:55 AM PDT EURUSD is too strong EURUSD fall sharply.  The price is down testing the 100 hour MA at the 1.3840 level.  Watch 1.3890 as topside resistance. A break of the 100 hour MA and trendline should lead to lower levels. Key support along trendline and 100 hour MA at the 1.3840 area.  A break next targets 1.3799 and the 200 hour MA at the 1.3736 (green line in the chart)

US Non Farm Payroll Headline worse at -95K jobs Posted: 08 Oct 2010 05:32 AM PDT Private sectore less as well +64 vs 75k Non Farm comes in a -95K vs -57K (rev) previous Unemployment rate 9.6 vs 9.7% exp The number will likely continue the pressure for the Fed to conduct their QE easing in November.  The dollar should be pressured off of that notion. The USDJPY fell to trendline support at the 81.93 The EURUSD rose to the high for the day at the 1.3961 level. 1.3992 is the next target

US Nonfarm Payroll Data Very Poor as Unemployment Slightly Better Posted: 08 Oct 2010 05:31 AM PDT Change in Nonfarm Payrolls:         Survey:  -5K          Actual:  -95K          Prior:  -54K      Revision: -57K Change in Manufacturing Payrolls:         Survey: 2K          Actual:  64K           Prior:  -27K          Revised: 93K Change in Private Payrolls:         Survey: 75K          Actual: -6K          Prior:  67K          Revised: -28K Unemployment Rate:         Survey:  9.7%          Actual: 9.6%          Prior:  9.6%       Avg Hourly Earning (MoM) All Emp:    Survey:  0.2%          Actual: 0.0%          Prior:  0.3%          Avg Hourly Earning (YoY) All Emp:    Survey:  1.7%          Actual: 1.7%          Prior:  1.7%       Avg Weekly Hours All Employees:    Survey:  34.2          Actual: 34.2          Prior:  34.2

Bobbys Corner-Open Market-Oct.8.2010 Posted: 08 Oct 2010 05:28 AM PDT Good Morning: The USD traded near a 15 year low against the Yen as speculation that this morning;s US jobs data will be weak. This data may be the signal that the Fed will need to step up their bond purchases. Fed’s Bullard states that the risk of a “double dip” recession has receded in the last 2 months-but the next FOMC meeting will  be a “tough call” regarding any policy on monetary easing. Overall loses to the USD were slowed on speculation that traders will reduce their holdings ahead of today’s G-7 meeting. There are lots of guesstimates for this morning’s jobs data-here are mine. NFP + 5k                                    Private Sector +80K           Unemployment rate -9.7% Equity markets were mostly lower-and US Futures are also lower. Oil:$80.78                                              Gold:$1330.50 TIME FOR EST. PRIOR 8:30A.M. CHANGE IN NONFARM PAYROLLS SEPT. 0K -54K 8:30A.M. CHANGE IN PRIVATE PAYROLLS SEPT. 75K 67K 8:30A.M. CHANGE IN MANUFACT PAYROLLS SEPT. 5K -27K 8:30A.M. UNEMPLOYMENT  RATE SEPT. 9.70% 9.60% 8:30A.M. AVG. HOURLY EARNINGS MoM ALL EMP. SEPT. 0.20% 0.30% 8:30A.M. AVG. HOURLY EARNINGS YoY ALL EMP. SEPT. 1.80% 1.70% 8:30A.M. AVG. WEEKLY HOURS ALL EMP. SEPT. 34.2O       34.2O 10:00A.M. WHOLESALE INVENTORIES AUG. 0.50% 1.30% HAVE A GREAT DAY & WEEKEND- I will be traveling to Kuwait and Qatar for trade shows for the next 2 weeks-I will write to you from there.

St Louis Fed President Bullard on CNBC. Some of his comments Posted: 08 Oct 2010 05:26 AM PDT Shock and awe is not a good policy for QE Yield decline as already occurred Need to have disciplined management Disinflation trend has flattened our recently Jobless rate >10% in 2011 is possible but not likely

The key levels to watch through the NFP report Posted: 08 Oct 2010 05:18 AM PDT GBPUSD USDJPY

Canada Housing Starts Rise Posted: 08 Oct 2010 05:18 AM PDT

Preview of US Unemployment Report and Key Technical Levels to watch Posted: 08 Oct 2010 04:56 AM PDT

US Nonfarm Payroll and Unemployment Data at 8:30AM Posted: 08 Oct 2010 04:50 AM PDT

Canada Housing Starts Data at 8:15AM Posted: 08 Oct 2010 04:43 AM PDT

Canada Employment worse than expected Posted: 08 Oct 2010 04:37 AM PDT Comes in a -6.6K vs 10K expected.  Full Time employment comes in at +37.1K vs 79.9K.  The Participation Rate falls to 67.3% from 67.4%.  The employment rate fell to 8.0% from 8.1%. The USDCAD has risen and tested the 200 hour MA

Fed’s Bullard says economy hasn’t slowed enough to make QE obvious Posted: 08 Oct 2010 03:11 AM PDT News has sent Eur/Usd down to 1.3862.

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