Forex Market Updates & Commentary

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• Michigan Consumer Confidence Down Slightly
• Chicago PMI data Comes in Stronger
• Forex Morning Report Oct 29
• GBPUSD looking for support against 1.5963
• Forex Rebroadcast from October 28 2010
• Canada Flaherty says US housing a major concern
• EURUSD tests 200 hour MA 1.3894.
• Canada GDP Stays Put, Raw Materials Weaker
• GDP comes in as expected (give or take a 0.1). EURUSD moves higher
• US GDP Price Index Rises Along with Personal Consumption
• Market nervous as GDP awaited
• Bobbys Corner-Market Open-Oct.29.2010
• US GDP & Personal Consumption data at 8:30AM
• Canada GDP Data due at 8:30AM
• NY Opening Forex Commentary: Dr Jekyll and Mr. Hyde markets continue

Michigan Consumer Confidence Down Slightly Posted: 29 Oct 2010 06:57 AM PDT University of Michigan Consumer Confidence comes in weaker at 67.9 opposed to 68.2 of the prior month. Economic conditions fell from the prior month while the economic outlook rose to 64.6 vs. 60.9.

Chicago PMI data Comes in Stronger Posted: 29 Oct 2010 06:50 AM PDT Chicago PMI comes in at 60.6 vs a prior figure of 60.4, Prices Paid, Production, New Orders, Order Backlogs, Inventories, Employment, Supplier Deliveries also all rise from the month of September.

Forex Morning Report Oct 29 Posted: 29 Oct 2010 06:38 AM PDT Forex Morning Report Oct 29

GBPUSD looking for support against 1.5963 Posted: 29 Oct 2010 06:09 AM PDT

Forex Rebroadcast from October 28 2010 Posted: 29 Oct 2010 06:00 AM PDT Forex Rebroadcast from October 28 2010 - Click here to watch. One of our favorite shows.

Canada Flaherty says US housing a major concern Posted: 29 Oct 2010 05:53 AM PDT He may be weighing in for more Fed stimulus with the somewhat unusual comment. Additional QE would be geared toward lowering long term rates which could make home affordability greater and also allow more refinancings to occur.

EURUSD tests 200 hour MA 1.3894. Posted: 29 Oct 2010 05:47 AM PDT   A break above targets the 1.3918 level.  A break below the 100 hour MA at the 1.3880 level signals a top is likely.

Canada GDP Stays Put, Raw Materials Weaker Posted: 29 Oct 2010 05:34 AM PDT Gross Domestic Product (MoM):    Survey:  0.3%         Actual: 0.3%        Prior: -0.1%    Industrial Product Price (MoM):    Survey:  0.3%         Actual: 0.2%        Prior: 0.4%    Raw Materials Price Index (MoM):    Survey:  1.0%         Actual: -.4%        Prior: 2.2%

GDP comes in as expected (give or take a 0.1). EURUSD moves higher Posted: 29 Oct 2010 05:33 AM PDT GDP 2.0% avs 2.1% and Consumption 2.6% vs 2.5%. The EURUSD has moved higher on the slightly weaker data The EURUSD is testing the 200 hour MA at the 1.3894 level. Look for profit takers against the level with stops on a move above the level. The 100 hour MA comes in just below that level at 1.3880. This is a another key level to watch.

US GDP Price Index Rises Along with Personal Consumption Posted: 29 Oct 2010 05:33 AM PDT GDP (QoQ) Annualized:      Survey: 2.0%          Actual: 2.0%            Prior:  1.7%          Personal Consumption:     Survey: 2.5%          Actual: 2.6%           Prior:  2.2%           GDP Price Index:     Survey:  1.8%         Actual: 2.3 %       Prior:  1.9%        Core PCE (QoQ):    Survey:  1.0%         Actual: 0.8%        Prior: 1.0%        Employment Cost Index:       Survey:  0.5%         Actual: 0.4%        Prior: 0.5%

Market nervous as GDP awaited Posted: 29 Oct 2010 05:28 AM PDT Expectations are above and below 2%. A weaker number should lead to a weaker dollar and speculation of more QE. A stronger number SHOULD be a benefit to the dollar. Watch the key technical levels.

Bobbys Corner-Market Open-Oct.29.2010 Posted: 29 Oct 2010 05:19 AM PDT Good Morning: The Euro fell as investor’s concerns over sovereign debt problems resurfaced.  The widening credit spreads for different sovereign’s within the Euro Zone.  Another hit to the Euro came as German retail sales printed much lower than expected.  Even with growth within Germany-this data suggests that the German consumer is still very cautious.  The JPY rose as investors look for the safety of the currency-as world wide equity markets lost ground last night.  The Yen also took advantage of heavy month end buying by exporters.    World equities are lower-as are US Futures at this time. Oil: $81.80                                                                  Gold:$1350.80 TIME FOR EST. PRIOR 8:30A.M. GDP QoQ (ANNUALIZED) 3Q A 2.00% 1.70% 8:30A.M. PERSONAL CONSUMPTION 3Q A 2.50% 2.20% 8:30A.M. GDP PRICE INDEX  3Q A 1.80% 1.90% 8:30A.M. CORE PCE QoQ 3Q A 1.00% 1.00% 8:30A.M. EMPLOYMENT COST INDEX 3Q 0.50% 0.50% 9:45A.M. CHICAGO PURCHASING MANAGER  OCT. 58.O    6O.4 9:55A.M. U. OF MICHIGAN CONFIDENCE  OCT.F       68.O     67.9O 10:00A.M. NAPM -MILWAUKEE  OCT. 5O.0   HAVE A GREAT DAY-WEEKEND & GOOD LUCK

US GDP & Personal Consumption data at 8:30AM Posted: 29 Oct 2010 04:53 AM PDT

Canada GDP Data due at 8:30AM Posted: 29 Oct 2010 04:49 AM PDT

NY Opening Forex Commentary: Dr Jekyll and Mr. Hyde markets continue Posted: 29 Oct 2010 04:23 AM PDT The Dr Jekyll and Mr Hyde markets continue for the dollar.  One day the dollar is up the other down.  Today, much worse than expected Retail Sales out of Germany started the move higher for the dollar.  Today GDP and end of month will dominate. Next week is the all important FOMC meeting and US elections.  For a look at the market and the key levels to watch through the 8:30 economic data, click on the following video commentary

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