Forex Market Updates & Commentary

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• Richmond Fed better. Existing Homes a little weaker
• $EURUSD falls below last weeks lows.
• GBPUSD tests trendline support at 1.5889
• Forex Morning Report- Nov 23
• EURJPY tests key 100 day SMA at 111.87
• Bobbys Corner-Open Market-Nov.23.2010
• US GDP shows better mix for the 3rd quarter
• Rebroadcast of FXStreet webinar from November 22nd 2010
• The EURUSD finds support at 1.3497 as data awaited
• The NY Opening Forex Commentary is available for viewing
• Canada Retail Sales expected to rise to 0.8%. Due at 8:30 AM ET
• US Richmond Fed Manufacturing Index expected to rise slightly. Out at 10:00 AM
• US Existing Home Sales expected to dip at 10:00AM ET
• US GDP expected to show an increase to 2.4% at 8:30 AM
• Canada Retail Sales due at 8:30 AM ET

Richmond Fed better. Existing Homes a little weaker Posted: 23 Nov 2010 07:00 AM PST Richmond Fed better at 9 vs 6 expectations. Existing Homes a little weaker 4.48M annualized units. Expected 4.48M. Months supply 10.5 months vs a revised 10.6 months. The Average Home price fell to $170,500 from $171,500 while the Average Price rose slightly to $218,700 from $218,300

$EURUSD falls below last weeks lows. Posted: 23 Nov 2010 06:59 AM PST

GBPUSD tests trendline support at 1.5889 Posted: 23 Nov 2010 06:41 AM PST

Forex Morning Report- Nov 23 Posted: 23 Nov 2010 06:30 AM PST Forex Morning Report- Nov 23

EURJPY tests key 100 day SMA at 111.87 Posted: 23 Nov 2010 06:27 AM PST

Bobbys Corner-Open Market-Nov.23.2010 Posted: 23 Nov 2010 05:41 AM PST Good Morning: The USD along with the CHF rose after news of North and South Korea exchanging artillery fire across their border. South Korea announced that 2 soldiers died, and up to 15 soldiers were wounded, as North Korea fired about 100 shells onto Yeonpyeong Island in the Yellow Sea.  Speculation is that this military action by North Korea was in response to the US and their allies negative comments over the North’s uranium enrichment program. As this is the second attack on Soth Korea from the North this year-the world will be watching the South’s reactions. The question is, will the South resort to military action or a diplomatic solution. Concerns that the Irish debt problems will spread beyond Ireland’s borders will continue to put pressure on the Euro. Portugal’s sovereign debt problem is still unresolved, and rumors are that Moody’s may be looking to downgrade the county’s debt again. These fundamentals will be the centerpiece for the markets in the near future.  Oil:$80.51                                                                   Gold:$1359.40 TIME FOR EST. PRIOR 8:30A.M. GDP QoQ (ANNUALIZED) 3Q S 2.40% 2.00%          8:30A.M. PERSONAL CONSUMPTION 3Q S 2.50% 2.60% 8:30A.M. GDP PRICE INDEX 3Q S 2.30% 2.30% 8:30A.M. CORE PCE QoQ 3Q S 0.80% 0.80% 10:00A.M. EXISTING HOME SALES  OCT. 4.48M 4.53M 10:00A.M. EXISTING HOME SALES MoM OCT. -1.10% 10.00% 10:00A.M. RICHMOND FED MANUFACT. INDEX NOV.       5.O HAVE A GREAT DAY & GOOD LUCK

US GDP shows better mix for the 3rd quarter Posted: 23 Nov 2010 05:36 AM PST GDP 2.5% vs 2.0% Consumption: 2.8% vs 2.6% (contributed 1.97% vs 1.79%) Investment: 12.4% vs 12.8% (contributed 1.51% vs 1.54% previously) Exports: 6.3% vs 5.0% Imports: 16.8% vs 17.4% (Net exports subtracted -1.76% vs -2.01% previously) Govt: 4.0% vs 3.4% (contributed 0.81% vs 0.68%) Inventories lower at $111.5 B vs $115.5 .  This is better for future inventory build up potentially Real Final sales revised higher to 1.2% from 0.6% Overall, the number was better and the mix was better as well (inventories lower, final sales up, net exports better).  The dollar should be supported by the data but the action is somewhat contained. Meanwhile Canada Retail Sales came in about as expected.  USDCAD initially spiked higher on the better US data, but has fallen back off.  The action in that pair is non -trending and volatile today.

Rebroadcast of FXStreet webinar from November 22nd 2010 Posted: 23 Nov 2010 05:32 AM PST The link to the rebroadcast of yesterday’s webinar for FXStreet is live.  To access, click on the following link: CLICK HERE FOR REBROADCAST

The EURUSD finds support at 1.3497 as data awaited Posted: 23 Nov 2010 05:27 AM PST

The NY Opening Forex Commentary is available for viewing Posted: 23 Nov 2010 05:04 AM PST

Canada Retail Sales expected to rise to 0.8%. Due at 8:30 AM ET Posted: 23 Nov 2010 04:43 AM PST The core retail sales which is less autos is expected to show a decline to +0.3% from +0.4%.  Canada already had stronger CPI this morning.

US Richmond Fed Manufacturing Index expected to rise slightly. Out at 10:00 AM Posted: 23 Nov 2010 04:40 AM PST Last month the index rose to 5 from -2.  Below are the component pieces from last month: Shipments: 3 New Orders: 8 Order Backlog: -12 Capacity Utilization: 6 Vendor lead time: 5 Number of employees: 4 Average workweek: 0 Wages: 12

US Existing Home Sales expected to dip at 10:00AM ET Posted: 23 Nov 2010 04:34 AM PST The existing home sales for the month are expected to dip to 4.42 million annualized pace from 4.53 million last month.  Last month the number surprised to the upside.   The market will also pay attention to the months supply which fell last month to 10.7 from 12.0 months.  The Median price last month came in at $171,700. The Average Price came in at $218,200.

US GDP expected to show an increase to 2.4% at 8:30 AM Posted: 23 Nov 2010 04:30 AM PST Consumption is expected to decline to 2.5% from the 2.6% originally reported in the first cut of the report.  The Core PCE for the quarter is expected to show a rise of 0.8%, while the GDP Price Index is expected to come in at 2.3% (same as previously reported).  This is the first revision for the 3Q GDP.  Typically, unless it is a big surprise the market puts less and less emphasis as the revisions are announced.  The market chooses to focus more on the more timely data instead.

Canada Retail Sales due at 8:30 AM ET Posted: 23 Nov 2010 04:22 AM PST

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