Forex Market Updates & Commentary

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• EURUSD extends the range. Trendline resistance next target
• FXDD Live Forex Education Thursday at 4pm
• Forex Morning Report - Nov 17
• USDJPY needs to breach trendline support at 83.25
• Although data disappoints, dollar still looking for direction
• Housing Starts Fall Hard, Building Permits and CPI Also lower
• Data much worse than expected. Leads to dollar selling
• Off to a quiet start
• Feds Rosengren on the newswires
• Tuesday Nov 16th 2010 Webinar Rebroadcast
• 8:30AM Economic US Data Today: CPI, Housing Starts & Building Permits
• The NY Opening Forex Commentary is available for viewing
• Bobbys Corner-Open Market-Nov.17.2010
• BOE voted 1-7-1 to keep 200B pound stimulus and 0.5% rate
• UK Jobless Claims fall

EURUSD extends the range. Trendline resistance next target Posted: 17 Nov 2010 07:02 AM PST

FXDD Live Forex Education Thursday at 4pm Posted: 17 Nov 2010 06:47 AM PST FXDD Live Forex Education this Thursday Nov 18 2010 at 4pm. Click here for more details

Forex Morning Report - Nov 17 Posted: 17 Nov 2010 06:40 AM PST Forex Morning Report - Nov 17

USDJPY needs to breach trendline support at 83.25 Posted: 17 Nov 2010 06:39 AM PST

Although data disappoints, dollar still looking for direction Posted: 17 Nov 2010 05:54 AM PST

Housing Starts Fall Hard, Building Permits and CPI Also lower Posted: 17 Nov 2010 05:34 AM PST Consumer Price Index (MoM):    Survey: 0.3%      Actual: 0.2%    Prior:  0.1%       CPI Ex Food & Energy (MoM):     Survey: 0.1%      Actual:  0.0%    Prior:  0.0%      Consumer Price Index  (y/y):     Survey: 1.3%   Actual: 1.2%   Prior: 1.1% Core CPI (y/y) - Survey: 0.7%   Actual: 0.6%   Prior: 0.8% CPI Core Index SA:          Actual: 221.765            Prior: 221.781 Consumer Price Index NSA:   Survey: 218.854     Actual:  218.711       Prior:   218.439 Housing Starts:    Survey: 598K    Actual: 519K    Prior: 610K    Revised: K Housing Starts (MoM)%:    Survey: -2.0%    Actual: -11.7%    Prior: 0.3%      Building Permits:    Survey: 568K    Actual: 550K    Prior: 539K    Revised: 571K Building Permits (MoM)%:    Survey: 3.9%    Actual: .5%    Prior: -5.6%    Revised: 2.1%   October US Housing drops 11.7% to its lowest level since 2009.

Data much worse than expected. Leads to dollar selling Posted: 17 Nov 2010 05:30 AM PST Multi family fell -44%  Single Family fell a more tolerable -1.1%.   So although bad, the multi family plunge will likely rebound next month (or the mkt may think that).  The CPI is not a good sign. The 1.2% YoY although up from last months 1.1% is still well below the 2% lower band for the Fed.  This reinforces the Feds need to stimulate vs QE2 Look for the EURUSD to find support at the 1.3496 where the 100 and 200 bar MA on the 5 minute chart is found. A move above the high for the day at 1.3526 is the next target. The USDJPY has also moved sharply lower and is testing trendline support.  A break would target the 82.87 level (BOJ intervention level). ON the topside look for resistance against the 83.36.

Off to a quiet start Posted: 17 Nov 2010 05:28 AM PST The day is off to a quiet start as the market awaits CPI and Housing Starts/Building Permits.  Inflation is a concern of the Fed and the 0.3% gain will be welcomed.  The 1.3% rise in the YoY would also be a step in the inflation direction. The problem is it is largely food and energy as the CPI is only expected to rise by 0.1% and YoY for it is only expected to show a 0.7% cumulative inflation rate.  Not good at all.  So watch the price action.  Once again, the EURUSD high to low range of 66 pips is too narrow. Expect an extension today.  So watch the clues (ie. 100 and 200 bar MA on the 5 minute chart at 1.3496)

Feds Rosengren on the newswires Posted: 17 Nov 2010 05:23 AM PST Inaction by Fed risked worsening jobs (i.e. No QE) Confident Fed can withdrawl stimulus (this has been a theme by Fed officials recently) Devaluing dollar not a Fed goal.  Resengren is Boston Fed President.  His comments seem to reflect a common theme by Fed officials.

Tuesday Nov 16th 2010 Webinar Rebroadcast Posted: 17 Nov 2010 05:00 AM PST Tuesday Nov 16th 2010 Webinar Rebroadcast- Click to watch

8:30AM Economic US Data Today: CPI, Housing Starts & Building Permits Posted: 17 Nov 2010 04:58 AM PST

The NY Opening Forex Commentary is available for viewing Posted: 17 Nov 2010 04:58 AM PST

Bobbys Corner-Open Market-Nov.17.2010 Posted: 17 Nov 2010 04:38 AM PST Good Morning I am back in the US after another 2 week trip to the UAE-where we visited with clients in Dubai and Abu Dhabi. There have been  a slew of  fundamental variables in the last few weeks which have moved the markets.  The US elections, renewed concerns over European sovereign debt problems (Ireland,Spain,Greece etc.), China’s aggressive stance regarding their economy and the Yuan, comments by world central bankers regarding reserve currencies, along with the G-20 meeting which produced no solid agreements, are just a few of them. The Irish government is stalling at accepting any aid package at this time-the meeting of EU finance ministers ends in Brussels today, and we will wait and see the Irish governments budget which is due to be released next week.  This will give market participants a better picture of Ireland’s sovereign debt picture, and what the most prudent steps will be to assist the country to right it’s economic woes. Equity markets were mixed in Asia, and mostly higher in Europe after yesterday’s fall in the Dow.  US Futures are also slightly higher at this time. Oil:$81.55                                                                    Gold:$1335.80      TIME FOR EST. PRIOR        REV. 7:00A.M. MBA MORTGAGE APPLICATIONS 12-Nov 5.80% 8:30A.M. CPI MoM OCT. 0.30% 0.10% 8:30A.M. CPI EX FOOD & ENERGY MoM OCT. 0.10% 0.00% 8:30A.M. CPI YoY OCT. 1.30% 1.10% 8:30A.M. CPI EX FOOD & ENERGY YoY OCT. 0.70% 0.80% 8:30A.M. CPI CORE INDEX SA OCT.   22I.78I 8:30A.M. CPI NSA OCT.    2I8.854   2I8.439 8:30A.M. HOUSING STARTS  OCT. 598K 610K 8:30A.M. BUILDING PERMITS      OCT.  570K      539K      547K 8:30A.M. HOUSING STARTS MoM OCT. -2.00% 0.30% 8:30A.M. BUILDING PERMITS MoM OCT. 4.20% -5.60% -4.20% HAVE A GREAT DAY & GOOD LUCK

BOE voted 1-7-1 to keep 200B pound stimulus and 0.5% rate Posted: 17 Nov 2010 01:35 AM PST Sentance the lone vote for 25 basis point hike.

UK Jobless Claims fall Posted: 17 Nov 2010 01:33 AM PST UK Jobless Claims came in at -3,700, less than the 6,000 claims expected. Gbp/Usd received a modest boost up to 1.5930 on news.

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