Forex Market Updates & Commentary | ![]() |
- Forex Morning Report- Dec 21
- Fed extends swap arrangements with ECB, BOJ and BOE
- GBPUSD surges higher off a break of intraday resistance
- EURUSD spurts to the upside. Test resistance levels
- Canada Retail Sales Improve
- The NY Opening Forex Commentary is available for viewing
- Bobbys Corner-Open Market-Dec.21.2010
- Canada Retail Sales Data due at 8:30AM
- Canada CPI less than expectations
- UK Public Sector net borrowing wider than expected
- Portugal rating on review for downgrade by Moody’s
- Swiss trade balance
- GfK German Consumer Climate slightly weaker, Euro still gains
- 12-21 Economic Calendar
- EURUSD influenced fundamentals but the technical hold support
Posted: 21 Dec 2010 06:30 AM PST |
Fed extends swap arrangements with ECB, BOJ and BOE Posted: 21 Dec 2010 06:03 AM PST This is designed to increase liquidity conditions on a global basis to insure end of year liquidity pressures do not materialize and should there be issues in 2011, that they too have a release valve. |
GBPUSD surges higher off a break of intraday resistance Posted: 21 Dec 2010 05:52 AM PST |
EURUSD spurts to the upside. Test resistance levels Posted: 21 Dec 2010 05:37 AM PST The EURUSD has had 3 spurts today. One to the downside, and two to the upside. The most recent took the price above the 100 bar MA on the 5 minute chart toward the resistance level against the 38.2% retracement of the move down from Fridays high to the low (at 1.3195) and the high from yesterday’s trade at 1.3185. For a look at the technical picture click on the following link |
Posted: 21 Dec 2010 05:31 AM PST Retail Sales: Survey: 0.5% Actual: 0.8% Prior: 0.6% Revised: 0.4% Retail Sales Less Autos (MoM): Survey: 0.7% Actual: 0.9% Prior: 0.4% Revised: 0.2% |
The NY Opening Forex Commentary is available for viewing Posted: 21 Dec 2010 05:15 AM PST |
Bobbys Corner-Open Market-Dec.21.2010 Posted: 21 Dec 2010 05:15 AM PST
Moody’s Investor Services stated today that they may be looking at a rating downgrade for Portugal, as they state that “sluggish” growth in Portugal will be the main culprit in any upcoming downgrade. Air travel is still causing disruptions throughout Europe. Frankfurt airport was closed this morning, and London’s Heathrow airport is running at 1/3 capacity. The trip home for the Christmas holiday in Europe is going to be a chore-as there is no predicted letup in the bad weather-and it will take days to clear out the already crowded airspace. Asia and European equity markets were higher-and US Futures are also higher at this time. Oil:$89.45 Gold:$1387.30 No major data due out today. HAVE A GREAT DAY & GOOD LUCK |
Canada Retail Sales Data due at 8:30AM Posted: 21 Dec 2010 05:04 AM PST |
Canada CPI less than expectations Posted: 21 Dec 2010 04:55 AM PST The CPI in Canada came in weaker than expectations at 0.1 vs expectations of 0.3%. The core inflation came in at 0.0% vs 0.2% expectations. The YoY numbers were also lower than expectations. Consumer price inflation is not a problem. The USDCAD moved higher on the news but stalled for now at the 1.0205 level once again (high was 1.0206). This level was the initial low way back in October 2009 and has been a price the market traders “remember”. Yesterday the market traded to a high price of 1.0208 but quickly came off that level. A move through the 1.0205-08 level should solicit additional buying interest today. If the level holds, a rotation back down is warranted. |
UK Public Sector net borrowing wider than expected Posted: 21 Dec 2010 01:36 AM PST UK Public Sector net borrowing came in at 22.8B, wider than the 16.8B expected. This figure measures the difference in value between spending and income for public corporations, the central government, and local governments during the previous month, thus a wider or greater difference is bad for the currency. Gbp/Usd is off about 15 points since release,presently at 1.5515. |
Portugal rating on review for downgrade by Moody’s Posted: 21 Dec 2010 12:09 AM PST This news sent Eur/Usd tumbling from 1.3190 to 1.3147 in a flash. The pair is trying to recoup, currently at 1.3163. |
Posted: 20 Dec 2010 11:17 PM PST Swiss trade balance came in at 1.93B, slightly weaker than the 1.98B expected and the 2.10B prior reading. Usd/Chf currently trades near session lows, at .9615. |
GfK German Consumer Climate slightly weaker, Euro still gains Posted: 20 Dec 2010 11:09 PM PST GfK German Consumer Climate came out at 5.4, weaker than the 5.8 expected and 5.5 prior reading. Eur/Usd continues to look bid, even in wake of weak number, in early European trade. The pair has just made a new high of 1.3194. |
Posted: 20 Dec 2010 08:50 PM PST |
EURUSD influenced fundamentals but the technical hold support Posted: 20 Dec 2010 02:59 PM PST The market was ripe from a move lower in the EURUSD today. Worries about country issues in the Eurozone started to spread to worries about France and their credit rating. However, snow in Europe, the holiday week and good technical support against the 200 day moving average (at 1.3101), kept the pair supported. Going into the new day, the market will be focused on the 200 day MA at the 1.3001 level. A break of the key MA will next focus on the 50% retracement of the longer term move up from the June low of 1.1876 to the November high of 1.4281. That level comes in at 1.3078. A move below these two key levels should catch the markets attention and lead to further downside momentum. The 1.3130 level was a strong ceiling on the upside during the NY trading day. A move above this level will next target the 1.3158 level, then the high for the day at 1.3185. A break above this level will likely move the pair back toward the 100 hour MA as the market continues to struggle with a solid direction for the pair. |
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