Forex Market Updates & Commentary

The NY Morning Forex Commentary Moves into risk sends EURUSD, GBPUSD and USDJPY higher
GBPUSD moves higher toward resistance area
EURUSD moves higher in early NY trade
Canada Housing Starts Rise
Canada Housing Starts Data at 8:15AM
CBI Industrial Order Expectations (UK)
German Industrial Production up 2.9% from prior month
RBA’s Lowe on the wires
French Trade Balance
German Trade Balance
12-8 Economic Calendar
EUR/USD Continuing Lower
Aussie gains slightly after home loans comes in better than expected at 1.9%
Aussie home loans at 7:30 (eastern)
Japanese Current Account

The NY Morning Forex Commentary Moves into risk sends EURUSD, GBPUSD and USDJPY higher

Posted: 08 Dec 2010 06:56 AM PST

GBPUSD moves higher toward resistance area

Posted: 08 Dec 2010 05:57 AM PST

The GBPUSD moved lower early in the day, then got a boast by comments from Chancelor of the Exchequer Osborne and on better data from CBI on the Industrial Trends (highest level on index since 2008)

EURUSD moves higher in early NY trade

Posted: 08 Dec 2010 05:41 AM PST

Gold also bottomed and quickly reversed. Short seem to be caught in both leading to the sharp bounce higher.

Canada Housing Starts Rise

Posted: 08 Dec 2010 05:18 AM PST

Canada Housing Starts: Survey: 173.0K Actual: 187.2 Prior: 167.9K

Monthly Change
Total: 11.6% vs -9.2%
Urban Areas: 14.6% vs -12.3%
Single Family: 5.5% vs -8.0%
Multi-Family: 20.9% vs -15.0%
Rural Areas: -5.5% vs 12.3%

Canada Housing Starts Data at 8:15AM

Posted: 08 Dec 2010 04:43 AM PST

CBI Industrial Order Expectations (UK)

Posted: 08 Dec 2010 03:06 AM PST

CBI Industrial Order Expectations came in at -3, stronger than the -12 expected.

Gbp/Usd has made fresh session highs in recent trade, currently at 1.5775.

German Industrial Production up 2.9% from prior month

Posted: 08 Dec 2010 03:04 AM PST

German Industrial Production m/m came in at 2.9%, stronger than the 1.0% expected.

Eur/Usd has been looking bid for lat hour or so since hitting earlier low of 1.3180. Currently the pair resides at 1.3245.

RBA’s Lowe on the wires

Posted: 08 Dec 2010 01:34 AM PST

Here are some of RBA Assistant Governor Lowe’s comments in speech in Sydney;

* RBA sees savings rate “high for quite a while yet”, more savings would help reduce inflation pressure

* Rate rise made on outlook for GDP, inflation

* Clearly inflation, growth aren’t too high now

* Policy now “slightly on the restrictive side”

* November rate rise an “early and modest move”, want to avoid “more substantial” rate rise later on

* No comment on RBA’s no change in policy statement

French Trade Balance

Posted: 08 Dec 2010 12:01 AM PST

French Trade Balance came in at -3.4B, stronger than the -4.2B expected.

Eur/Usd has regained some of its earlier losses, currently trading at 1.3212.

German Trade Balance

Posted: 07 Dec 2010 11:07 PM PST

German Trade Balance came in at 14.2B , weaker than the 15.1B expected.

Eur/Usd has been on steady decline throughout the session and this number has helped push the pair just below 1.3200 (recent low 1.3197).

12-8 Economic Calendar

Posted: 07 Dec 2010 08:49 PM PST

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EUR/USD Continuing Lower

Posted: 07 Dec 2010 06:51 PM PST

Remaining under pressure the EUR/USD pair appears to be making a move back toward the early December lows. As the Irish budget appears to be making some progress, the attention is sure to shift to the Spanish and Portuguese situations. Looking at the chart below we see some technical indicators resisting the pair as well. The retracement analysis to the early November highs, show us that after rebounding off the November lows the pair is having trouble getting through the 4-100hr moving average and the 161.8% retracement of the aforementioned move. Stay tuned!

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