Forex Market Updates & Commentary

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• University of Michigan Consumer Confidence comes in weaker
• AUDUSD tests trendline support at 0.9910 area
• USDJPY watching the 81.41-50 area for resistance
• Forex Morning Report- Oct 15
• EURUSD watching 1.4083 today
• The NY Morning Forex Commentary. Bernanke, data dominate
• Canada has stronger Manufacturing Sales
• Retail Sales come out stronger (with revisions) but CPI weaker
• Bernanke paves the way (again) for further action
• Retail Sales due at 8:30 AM
• NY Opening Forex Commentary: Bernanke and Data to dominate early NY trade
• EUR/CHF testing daily resistance
• CPI as expected, trade balance worse
• Coming up at 5:00 am EST
• Italian trade balance slightly worse at -0.5%

University of Michigan Consumer Confidence comes in weaker Posted: 15 Oct 2010 06:55 AM PDT The expectation was 68.9 The level came in at 67.9. This is a touch weaker than expectations Consumer confidence 67.9 vs 68.2 Economic conditions 73.0 vs 79.6 Economic outlook 64.6 vs 60.9 So far the reaction is minimal

AUDUSD tests trendline support at 0.9910 area Posted: 15 Oct 2010 06:51 AM PDT

USDJPY watching the 81.41-50 area for resistance Posted: 15 Oct 2010 06:29 AM PDT

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

EURUSD watching 1.4083 today Posted: 15 Oct 2010 06:17 AM PDT

The NY Morning Forex Commentary. Bernanke, data dominate Posted: 15 Oct 2010 05:57 AM PDT

Canada has stronger Manufacturing Sales Posted: 15 Oct 2010 05:37 AM PDT The Manufacturing Sales ros 2.0% vs +0.5%. THe prior month was revisesto -1.1% from -0.9%. The New Motor Vehicle sales fell 4.8% vs -5% expectations

Retail Sales come out stronger (with revisions) but CPI weaker Posted: 15 Oct 2010 05:33 AM PDT Retail Sales: +0.6 (esp +0.4%) vs +0.7 last month (was 0.4%) Better than expected Core Retail Sales: +0.4% (exp +0.3%)  Prior month revised higher to +0.9% from +0.5%.  Better than expected CPI inflation is lower than expected at +0.0% for the MoM The Empire Manufacturing came in much better at 15.73 vs 6.00 expected. Overall the data was better although with the Fed focused on the mandate for inflation, the market may focus on the low CPI inflation

Bernanke paves the way (again) for further action Posted: 15 Oct 2010 05:18 AM PDT Case for further action with too low inflation Ready to provide accomodation Fairly modest pace of recovery Bulk of unemployment due to contraction Inflation too low relative to Fed’s mandate The dollar has fallen sharply on the comments.  The EURUSD has moved above resistance at the 1.4121-27 area.  Look for support against this level. The USDJPY has dropped below the 81.00 support. The link below is to the text of the chairman’s speech. http://www.federalreserve.gov/newsevents/speech/bernanke20101015a.htm

Retail Sales due at 8:30 AM Posted: 15 Oct 2010 05:16 AM PDT

NY Opening Forex Commentary: Bernanke and Data to dominate early NY trade Posted: 15 Oct 2010 04:47 AM PDT

EUR/CHF testing daily resistance Posted: 15 Oct 2010 02:14 AM PDT With the session high of 1.3479, EUR/CHF found some daily resistance at 1.3479 which is the 61.8% retracement line on the move from August 10th highs to September 8th lows. If resistance holds, the next significant downside level is the 50.0% line at 1.33425.

CPI as expected, trade balance worse Posted: 15 Oct 2010 02:02 AM PDT CPI and core CPI came in as expected at 1.8% and 1.0% respectively. Eurozone trade balance came in worse than expected at -1.4B.

Coming up at 5:00 am EST Posted: 15 Oct 2010 01:51 AM PDT

Italian trade balance slightly worse at -0.5% Posted: 15 Oct 2010 01:03 AM PDT

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