Forex Market Updates & Commentary

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• Canada Ivey PMI weaker than expectations
• The NY Morning Forex Commentary is availble for viewing
• GBPUSD breaking above the 100 hour MA
• USDCAD testing 100 hour MA again
• USDJPY stalled around 100 day MA. Intraday bias a bit bearish
• GBPUSD still not sure of direction
• Bobbys Corner-Open Market-Jan.6.2011
• USDCHF in a narrow trading range.
• Macy and Gap December sales not as good
• Initial Claims rise 18K to 409,000 from a revised 391K
• Key level in the EURUSD approached at 1.3079
• Ivey Purchasing Managers Index due at 10:00
• US Initial Claims due out at 8:30 AM
• The NY Opening Forex Commentary for Jan 6th is available for viewing
• German Factory Orders

Canada Ivey PMI weaker than expectations Posted: 06 Jan 2011 07:02 AM PST Comes in at 50 vs expectations of 54.  The employment index fll to 47.3 from 54.8. The Inventory component rose to 54.1 from 41.7. The Prices rose to 62.3 from 60.0.  Supplier Delivery fell to 40.4 from 44.0. The USDCAD has moved higher on the news and has broken above the 100 hour MA at the 0.9952 level  A break above the 0.9976 and the 200 hour MA at the 0.9986 level is the next targets.

The NY Morning Forex Commentary is availble for viewing Posted: 06 Jan 2011 06:45 AM PST

GBPUSD breaking above the 100 hour MA Posted: 06 Jan 2011 06:23 AM PST

USDCAD testing 100 hour MA again Posted: 06 Jan 2011 06:13 AM PST The market has not been able to solicit much buying above the 100 hour MA since breaking below  in NY midday yesterday.  The downside has been contained, but the ceiling is evident, keeping the bias to the downside.  At 10:00 IVEY PMI is due with expectations at 54.0 vs 57.5

USDJPY stalled around 100 day MA. Intraday bias a bit bearish Posted: 06 Jan 2011 06:09 AM PST Intraday bias is down (price below 100 day MA and 100 and 200 bar on the 5 minute chart below).  If the price breaks the 82.87 level (BOJ intervention level in September 2010 and low for the day)  next stop 82.72 and then 82.52.

GBPUSD still not sure of direction Posted: 06 Jan 2011 05:51 AM PST On the 5 minute chart above there is something about that old trendline. Overall, the GBPUSD remains contained a move above or below the 100 or 200 hour MA in the chart below should solicit additional moves in the direction of the break.  Support held earlier today on the trendline.

Bobbys Corner-Open Market-Jan.6.2011 Posted: 06 Jan 2011 05:49 AM PST Good Morning: The USD continued to trade stronger in the overnight sessions.  Concerns that the slow recovery in some EU countries will keep the debt crisis on the front burner for some time to come.  China stated that it will buy 6 billion euro of Spanish debt.  Investors will be looking to see if China’s purchases can calm speculators-or will Spain be the next recipient of an EU bailout?  World equity markets traded higher-and US Futures are also pointing to a higher opening this morning. Oil:$90.11                                                               Gold:$1372.80 TIME FOR EST. PRIOR 8:30A.M. INITIAL JOBLESS CLAIMS 1-Jan 405K 388K 8:30A.M. CONTINUING CLAIMS 25-Dec 4080K 4128K HAVE A GREAT DAY & GOOD LUCK

USDCHF in a narrow trading range. Posted: 06 Jan 2011 05:45 AM PST Bias remains bullish.  Watching for a break to confirm. If price moves below the 0.9654 look for profit taking in the pair (selling).

Macy and Gap December sales not as good Posted: 06 Jan 2011 05:39 AM PST The expectations were raised, but the gains did not reach those expectations.  Other retailers out later.

Initial Claims rise 18K to 409,000 from a revised 391K Posted: 06 Jan 2011 05:31 AM PST Last week was initial reported at 382K. The 4 week average fell to 410K from 414K last week.  Continuing Claims came in higher than expectations at 4103K vs 4080K. Last week was revised higher to 4150k from 4128k. The string of better data is broken.

Key level in the EURUSD approached at 1.3079 Posted: 06 Jan 2011 05:16 AM PST The 200 day MA and the 50% retracement level of the move up from the June 2010 low to the November high is being tested in early NY trade.  This is the key level for the day. A move below the level keeps the bearish bias firmly in place for the EURUSD.

Ivey Purchasing Managers Index due at 10:00 Posted: 06 Jan 2011 05:12 AM PST

US Initial Claims due out at 8:30 AM Posted: 06 Jan 2011 05:09 AM PST

The NY Opening Forex Commentary for Jan 6th is available for viewing Posted: 06 Jan 2011 04:52 AM PST The Opening Forex Commentary looks at the EURUSD, GBPUSD, USDJPY, USDCHF, EURJPY, and USDCAD in the report and outlines the key technical levels

German Factory Orders Posted: 06 Jan 2011 03:21 AM PST German Factory Orders m/m came in at 5.2%, stronger than the 1.0% expected. This news seems to have stopped Eur/Usd’s decline, at least for the moment. The pair currently trades at 1.3105,  up 15 points for low of 1.3090.

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