Monday, November 8, 2010

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Webinar Tuesday Nov 9th 4pm with Shawn Powell

Posted: 08 Nov 2010 06:42 AM PST

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The Next FXDD Webinar will be this Tuesday, November 9th at 4pm New York time. Shawn Powell will present his “Ten Personal Rules of Trading.” You must register in advance to ensure your seat >> Here

EU’s Juncker Speaks in Brussels

Posted: 08 Nov 2010 06:18 AM PST

  • Ireland can avoid emergency funding if goals met
  • ‘very difficult situation’ in Europe, globally
  • ‘faily mediocre’ growth rate in euro area
  • Europe to stick to exit strategy, shouldn’t jeopardize growth
  • Praises ‘rigor’ of Irish budget measures
  • Confident Ireland to be able to correct deficit by 2014
  • ’sure’ Portugal will undertake needed reforms
  • Greece should be able to correct deficit by 2014
  • Excessive FX volatility should be avoided
  • FX rates should reflect economic fundamentals
  • Don’t want national egoism on FX rates
  • Hopeful G-20 will be forum to discuss FX rates
  • Important to broaden the debate on exchange rates
  • Sees risk in U.S. Fed’s decisions, Questions the dollar level
  • Says Greek Restructuring not an option to be considered.

ECB President Trichet on the Wires:

Posted: 08 Nov 2010 05:36 AM PST

Trichet Says:

  • Global economic recovery is ‘uneven’
  • Uncertainty still prevails ‘there are risks’
  • All central banks aim to anchor price expectations
  • Advanced economies see price stability at around 2%
  • Growth potential could be higher in advanced economies
  • Anchoring inflation expectations inspired Fed’s move
  • Central bankers discussed capital inflows
  • Term ‘currency war’ was not mentioned at all
  • No central banker said they pursue weak currency
  • Progressively more FX flexibility is desirable
  • Didn’t discuss Zoellick’s gold standard proposal
  • Need to avoid excessive FX volatility

Canada Housing Starts

Posted: 08 Nov 2010 05:16 AM PST

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Canada housing 3-month average decreased in October to 167,900  from 185,000 in September. Single family housing and multifamily housing numbers also lower. We are showing a revision of 185.0K hopefully a rise in November will come.

Canada Housing Starts due at 8:15AM

Posted: 08 Nov 2010 05:07 AM PST

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German Industrial Production

Posted: 08 Nov 2010 03:11 AM PST

German Industrial Production m/m came in at -0.8%, weaker than the 0.6% expected and prior reading of 1.5%.

Eur/Usd made new session lows on the heels of this news at 1.3891. Currenttly the pair trades at 1.3905.

Eurozone Sentix Investor Confidence

Posted: 08 Nov 2010 01:35 AM PST

Sentix Investor Confidence came in at 14.0, stronger than the 10.1 expectedand 8.8 prior reading.

Eur/Usd has just risen about 10 points to 1.3922 on news.

11-8 Economic Calendar

Posted: 07 Nov 2010 07:50 PM PST

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Euro Continues its Decline

Posted: 07 Nov 2010 07:24 PM PST

The EUR/USD pair fell for a second straight day on continued concerns over Greece and Ireland. In Greece the political uncertainty surrounding the current elections and in Ireland concerns on whether they can gain support for there budget has dampened demand for the regions assets. On a hourly chart we see the pair broke below the 61.8% retracement of last weeks move higher and now we see the 21hr moving average about to break below the 100hr, continuing the pairs short-term bearish bias.

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Goldman’s Hatzius comments…

Posted: 07 Nov 2010 05:21 PM PST

  • Sees Fed keeping “very expansionary” policies.
  • Downside risk to economy has “declined significantly”.
  • Fed’s easing is “off to a very good start”.
  • “Hostility” to Fed’s actions is “misplaced”.
  • Easing “lowers the risk of deflation”69315
  • Data considerably stronger than expected.
  • U.S. inflation is unlikely to be a problem for years to come.
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