Forex Market Updates & Commentary |  |
- USDJPY reestablishes upward trend
- Business Inventories increase by 0.7%
- Forex Morning Report- Dec 14
- GBPUSD breaks below key support at 1.5446_51
- US Business Inventories Data Due at 10AM
- GBPUSD breaks the 100 hour MA at 1.5802
- USDJPY fell back lower below support, but fails
- GBPUSD tests 100 hour MA and finds profit takers
- EURUSD corrects lower off better US data
- Canada Leading Indicators Lower as Labor Productivity Rises
- US Retail Sales, PPI Data All Stronger
- Retail Sales surge higher. PPI also higher.
- GBPUSD breaks lower to support
- Bobbys Corner-Open Market-Dec.14.2010
- NY Opening Forex Commentary: FOMC decision today
| USDJPY reestablishes upward trend Posted: 14 Dec 2010 07:17 AM PST The USDJPY found the support against the 83.20 area (see prior post by clicking here) and reestablished the upward trend. The price has moved through the 200 hour MA a the 83.50 level and the 50% midpoint of the move down from yesterdays high. The next upside target is the 83.76 level. Risk for longs is for a move back below the 83.50 level. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Inventories increase by 0.7% Posted: 14 Dec 2010 07:04 AM PST This is less than expected but the prior month was revised higher. Sales increased by 1.4%. As a result the inventory to sales ratio fell to 1.27 months from 1.28 months. A year ago the inventory to sales was at a higher 1.30 months. If inventories fall, this is a negative for GDP but could also lead to a replenishment down the road. With sales strong (1.4% increase) and Retail Sales showing the same, this is good news for future growth. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 14 Dec 2010 06:50 AM PST Forex Morning Report- Dec 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GBPUSD breaks below key support at 1.5446_51 Posted: 14 Dec 2010 06:47 AM PST | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| US Business Inventories Data Due at 10AM Posted: 14 Dec 2010 06:24 AM PST
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| GBPUSD breaks the 100 hour MA at 1.5802 Posted: 14 Dec 2010 06:11 AM PST
The GBPUSD held the 1.5820 upside resistance (see prior post by clicking here) and rotated back below the 1.5802 level (100 hour MA). The next target is the 1.5775 level which was a floor yesterday. A break targets trendline support at 1.5750.
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| USDJPY fell back lower below support, but fails Posted: 14 Dec 2010 06:06 AM PST
Although the USDJPY fell below the expected support at 83.20 to a low of 83.14, the market price has rebounded back higher. The support level remains in place at 83.19/20 and keeps a bullish bias barely in place. Last chance for the USDJPY to prove that the upside is the way to go. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GBPUSD tests 100 hour MA and finds profit takers Posted: 14 Dec 2010 05:52 AM PST
On the first test of the 100 hour MA, the GBPUSD found support. The level comes in at 1.5802 (chart should read 1.5802 not 1.5801- whoops). Resistance at 1.5820 now. Staying below 1.5820 should keep pressure on the pair. Prior to the economic data, the GBPUSD fell below the trendline support on the 5 minute chart at the 1.5851 level. The breaking of the level got the ball rolling to the downside for the pair. This level could be back in play if the price rebounds higher.
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| EURUSD corrects lower off better US data Posted: 14 Dec 2010 05:42 AM PST | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Canada Leading Indicators Lower as Labor Productivity Rises Posted: 14 Dec 2010 05:33 AM PST Leading Indicators MoM: Survey: 0.5% Actual: 0.3% Prior: 0.2% Revised: 0.3 % Labor Productivity: Survey: -0.1% Actual: 0.1% Prior: -0.8% Revised: -0.6 % Real GDP: 3Q: 0.1% 2Q: 0.6% 1Q: 1.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| US Retail Sales, PPI Data All Stronger Posted: 14 Dec 2010 05:32 AM PST Advance Retail Sales: Survey: 0.6% Actual: 0.8% Prior: 1.2% Revised: 1.7% Core Retail Sales: Survey: 0.6% Actual: 1.2% Prior: 0.4% Revised: 0.8% Producer Price Index (MoM): Survey: 0.6% Actual: 0.8% Prior: 0.4% PPI Ex Food & Energy (MoM): Survey: 0.2% Actual: 0.3% Prior: -0.6% Producer Price Index (YoY): Survey: 3.3% Actual: 3.5% Prior: 4.3% PPI Ex Food & Energy (YoY): Survey: 1.2% Actual: 1.2% Prior: 1.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retail Sales surge higher. PPI also higher. Posted: 14 Dec 2010 05:31 AM PST
The better than expected Retail Sales (+0.8 and revision up to 1.7% from 1.2%) has led to a move higher in the USDJPY. The next resistance level comes in at 83.41. A move above the 83.50 level (200 hour MA - green line) will target 83.76 (100 hour MA - blue line in chart above). Support/Risk now 83.22. The higher sales and higher inflation is likely to ease the idea the Fed will increase QE at the FOMC meeting this afternoon. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GBPUSD breaks lower to support Posted: 14 Dec 2010 05:21 AM PST | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bobbys Corner-Open Market-Dec.14.2010 Posted: 14 Dec 2010 05:20 AM PST
The dollar gave up some ground as the Fed meets today-and speculation mounts that they may consider buying more bonds to bolster the faltering US economy. Moody’s made comments that President Obama’s agreement to extend tax cuts may raise the chance of a negative outlook for the US’s Aaa rating. Fed rate decision and comments at 2:15 PM this afternoon. Taiwan’s dollar reached a 13 year high versus the USD. Strong inflows from foreign investors along with strong economic growth in the country are all attributed to the strength in the Taiwanese dollar. The ECB also increased its bond purchases last week-as problems in the region persist. Spanish and Belgian bonds fell-and S&P commented that the Belgian government needs to also work on their sovereign debt issue-or be prepared for a possible downgrade ion the coming months. Asian equity markets were higher-and European markets are mixed at this time. Dow futures are lower at this time. Oil: $88.30 Gold:$1406.30
HAVE A GREAT DAY & GOOD LUCK | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NY Opening Forex Commentary: FOMC decision today Posted: 14 Dec 2010 05:00 AM PST | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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