Forex Market Updates & Commentary

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• Michigan Consumer confidence comes in stronger
• Forex Morning Report- Nov 24
• EURUSD tests trend line resistance
• EURUSD squeezes higher after US data
• Mixed data. Better employment. Durables worse
• Bobbys Corner-Open Market-Nov.24.2010
• Economic Calendar for November 24th
• NY Opening Forex Commentary is available for viewing.
• Eurozone new orders worse than expected at -3.8%
• Eurozone Industrial New Orders m/m at 5
• EUR/USD trading near 100 day moving average
• UK revised GDP as expected at 0.8%, business investment worse at -0.2%, and index of services better at 0.6%
• UK Data at 4:30
• Euro lower after better German IFO reading
• Coming up at 4 am (eastern)

Michigan Consumer confidence comes in stronger Posted: 24 Nov 2010 06:57 AM PST The index comes in at 71.6 versus expectations of 69.5. This is the final revision for the November data. It is the highest reading since June 2010 when the index rose to 76.0.

Forex Morning Report- Nov 24 Posted: 24 Nov 2010 06:50 AM PST Forex Morning Report- Nov 24

EURUSD tests trend line resistance Posted: 24 Nov 2010 06:41 AM PST

EURUSD squeezes higher after US data Posted: 24 Nov 2010 05:51 AM PST The EURUSD has squeezed higher after US data this morning. Initial Claims were better. Durable Goods were worse. No inflation. Income up and consumers spending the income gains (or most of it). The EURUSD above the 1.3360-62 level is positive from a technical perspective.

Mixed data. Better employment. Durables worse Posted: 24 Nov 2010 05:35 AM PST Unemployment claims fell to 407,000. The lowest level since July 2008 Durable Goods orders fell by 3.3% vs an expected gain of +0.1%. The Ex Transportation component fell by 2.7% vs expectation of a rise of +0.6%. Personal Income rose by 0.5%, while personal Spending rose by 0.4%. The savings rate rose to 5.7% from 5.6% PCE was unchanged at 0.0% for the month. The YoY fell to 0.9%. Overall data is mixed. The initial claims typically show strength as retailers prepare for holiday staffing. The seasonals should account for the increase. It seems the hiring is either earlier and will tail off later or this is a continuation of the improving trend. Although it would be tempting to say things are improving, the sharp fall is likely to be viewed with some skepticism. Nevertheless the USDJPY moved higher on the data indicative of focus on the strength. The EURUSD has also gone higher. The AUDUSD has also moved higher. All is indicative of a move toward the riskier pairs.

Bobbys Corner-Open Market-Nov.24.2010 Posted: 24 Nov 2010 05:33 AM PST Good Morning: The euro continued to trade lower as the the sovereign debt issues in the EU continue to be a concern for the marketplace. Standard & Poors lowered Ireland debt rating by 2 steps along with a negative outlook, as the Irish government looks for a “bailout package” from the IMF and EU.  The guesstimate is that the bailout nay reach 85-100 billion euros. In other sovereign debt news, Portugal is facing its biggest strike in nearly 22 years to protest government austerity plans in the wake of their debt crisis. On another front-North Korea blamed South Korea for driving them to the “brink of war”, a day after the North blasted artillery at the South.  We will wait and watch what the worlds response is to this military action. Asian equtiy markets were mixed-European equity markets and US futres are also higher at this time. Oil:$81.70                                                 Gold:$1378.00   TIME FOR EST. PRIOR 8:30A.M. DURABLE GOOD ORDERS  OCT, 0.10% 3.30% 8:30A.M. DURABLES EX TRANSPORTATION OCT, 0.60% -0.80% 8:30A.M. CAP GOODS ORDERS NONFED EX AIR OCT, 1.00% -0.60% 8:30A.M. CAP GOODS SHIP NONFED EX AIR OCT, 0.40% 8:30A.M. PERSONAL INCOME OCT, 0.40% -0.10% 8:30A.M. PERSONAL SPENDING OCT, 0.50% 0.20% 8:30A.M. PCE DEFLATOR YoY OCT, 1.30% 1.40% 8:30A.M. PCE CORE MoM OCT, 0.00% 0.00% 8:30A.M. PCE CORE YoY      OCT. 1.00% 1.20% 8:30A.M. INITIAL JOBLESS CLAIMS 20-Nov 435K 439K 8:30A.M. CONTINUING CLAIMS 13-Nov 4275K 4295K 9:55A.M. U. OF MICHIGAN CONFIDENCE  NOV.F      69.5O 69.3O 10:00A.M. HOUSE PRICE INDEX MoM SEPT. 0.00% 0.40% 10:00A.M. HOUSE PRICE PURCHASE INDEX QoQ 3Q -1.10% 0.90% 10:00A.M. NEW HOME SALES  OCT.        312K 307K 10:00A.M. NEW HOME SALES MoM OCT. 1.60% 6.60% HAVE A GREAT DAY & GOOD LUCK For my friends in the US-have a very Happy Thanksgiving Holiday.

Economic Calendar for November 24th Posted: 24 Nov 2010 05:17 AM PST

NY Opening Forex Commentary is available for viewing. Posted: 24 Nov 2010 05:01 AM PST   Market liquidity could be strained today as the US prepares for the Thanksgiving Holiday and the global events and releases will keep the market on edge

Eurozone new orders worse than expected at -3.8% Posted: 24 Nov 2010 02:06 AM PST

Eurozone Industrial New Orders m/m at 5 Posted: 24 Nov 2010 01:49 AM PST

EUR/USD trading near 100 day moving average Posted: 24 Nov 2010 01:47 AM PST After moving substantially lower over the past two hours, the session low of 1.3284 comes in near the 100 day moving average which currently comes in at 1.3296. If downward momentum continues the next stop lower, on a daily perspective, is the 61.8% line ( at 1.32335) on the move from August 23rd lows to November 3rd highs. A reversal may see the pair visit 1.34335.

UK revised GDP as expected at 0.8%, business investment worse at -0.2%, and index of services better at 0.6% Posted: 24 Nov 2010 01:32 AM PST The market had a limited reaction to the release.

UK Data at 4:30 Posted: 24 Nov 2010 01:23 AM PST

Euro lower after better German IFO reading Posted: 24 Nov 2010 01:02 AM PST German IFO reading came ina t 109.3; better than expected. Italian retail sales worse at -0.2%. Shown below you can see that the pair made a stern move lower following the release after finding some short term resistance around 1.3417.

Coming up at 4 am (eastern) Posted: 24 Nov 2010 12:50 AM PST

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