Forex Market Updates & Commentary

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• FXDD Live Forex Education Thursday at 4pm
• EURUSD moves toward the high for the day
• Geithner on newswires
• Greg Michalowski on FXstreet today at 10am
• The NY Morning Forex Commentary is available for viewing
• US Import Price Index Slightly Lower
• Import price rise by a robust 1.1% but ex fuel only +0.3%
• Canada New Home Price Index Rises
• Bobbys Corner-Open Market-Jan.12.2011
• The NY Opening Forex Commentary is available for viewing
• Canada House Price Index out at 8:30AM
• US Import Price Index due at 8:30AM
• Mortgage Applications rise in the current week
• EU’s Van Rompuy on news wires
• EURUSD not ready it seems. 100 hour maintains support

FXDD Live Forex Education Thursday at 4pm Posted: 12 Jan 2011 06:49 AM PST FXDD Live Forex Education Thursday at 4pm >> Register here

EURUSD moves toward the high for the day Posted: 12 Jan 2011 06:28 AM PST The past three days have seen a less than 100 pips for the EURUSD. Today the low to high trading range is 93 pips. This is unusual and suggests a market that is coiling. A move above the high for the day has the potential to scoot, with 1.3070 being the key 200 day MA and 1.3087 also a target. This is the 38.2% retracement of the 2011 trading range.

Geithner on newswires Posted: 12 Jan 2011 06:25 AM PST Talking on a number of topics including the Eurozone “Has no doubt about Europs ability to solve crisis” and how the Pres will address the fiscal imbalance (says that the President will address in his State of the Union address). He also comments that they are looking at possible change of Corporate tax rate which is among the highest in the world and a disadvantage to US businesses.

Greg Michalowski on FXstreet today at 10am Posted: 12 Jan 2011 06:19 AM PST Join FXDD’s Greg Michalowski for a live training at FXstreet. Greg discusses his New Years resolutions. >>Register

The NY Morning Forex Commentary is available for viewing Posted: 12 Jan 2011 05:54 AM PST   The report is a little early today as I am scheduled to speak on ForexTV and FXStreet this morning. In the report, I outline the key levels that are in play on the major currency pairs.  Be aware. Be prepared. The market is a bit anxious today.

US Import Price Index Slightly Lower Posted: 12 Jan 2011 05:38 AM PST Import Price Index(MoM):   Survey:  1.2%    Actual: 1.1%    Prior: 1.3%   Revised: 1.5% Import Price Index(YoY):    Survey: 4.7%    Actual: 4.8%    Prior: 3.7%   Revised:  3.9% 2010  vs  2009: All Imports:   4.8%  vs  8.6% Non Petroleum:  2.7%  vs  -0.2% Petroleum:  13.7%  vs  78.6% All Exports:  6.5%  vs  3.4% Non-Agr:  5.1%  vs  2.9% Agricultural:  20.2%  vs  9.2%

Import price rise by a robust 1.1% but ex fuel only +0.3% Posted: 12 Jan 2011 05:33 AM PST The other problem was with food and beverages which rose by 1.3% as a component. This mirrors the rise in commodities.

Canada New Home Price Index Rises Posted: 12 Jan 2011 05:32 AM PST New House Price Index:   Survey:  0.1%      Actual: 0.3%     Prior:0.1%     Nov vs. Oct Canada Total:  2.3% vs  2.5% House Total:  3.1%  vs   3.4% Land Only:   0.5%  vs  0.4%

Bobbys Corner-Open Market-Jan.12.2011 Posted: 12 Jan 2011 05:19 AM PST Good Morning: I am writing the Corner from home today-as my area is the victim of another major snow storm -oh-well-that is what happens in the winter in the Northeast of the US. The Portuguese bond auction went well-with 9 year bonds offering a yield of 6.7%.  The yield stayed below 7%-which is a key level.  Many analysts feel that a yield over 7% would be a sure sign that a bailout would be inevitable.  The EUR/USD pair moved over 1.30-but quickly pushed back under 1.30 as investors are skeptical if Portugal even has the ability to finance their debt. The markets expect the Euro to stay under pressure as the sovereign debt issue in the EU continues to burden the single currency. World equity markets traded higher-and US Futures are also higher. Oil:$91.11                                                                                  Gold:$1379.80   TIME FOR EST. PRIOR 7:00A.M. MBA MORTGAGE APPLICATIONS 7-Jan 2.30% 8:30A.M. IMPORT PRICE INDEX MoM DEC. 1.20% 1.30% 8:30A.M. IMPORT PRICE INDEX YoY       DEC. 4.70% 3.70% 2:00P.M. FEDS BEIGE BOOK  2:00P.M. MONTHLY BUDGET STATEMENT  DEC. -$80.0B -$91.4B HAVE A GREAT DAY & GOOD LUCK

The NY Opening Forex Commentary is available for viewing Posted: 12 Jan 2011 05:02 AM PST

Canada House Price Index out at 8:30AM Posted: 12 Jan 2011 04:38 AM PST

US Import Price Index due at 8:30AM Posted: 12 Jan 2011 04:31 AM PST

Mortgage Applications rise in the current week Posted: 12 Jan 2011 04:28 AM PST The index increases by 2.2%. Purchases fell by -3.7% but refinancings rose by 4.9%.  The average rate for 30 year bonds fell to 4.78 from 4.82 last week.  The rate peaked at 4.93% in the week of December 24th.

EU’s Van Rompuy on news wires Posted: 12 Jan 2011 04:25 AM PST Says that market underestimating the EUs commitment to supporting the EURO. Also EU Barroso also comments taht the EU will do whatever is need to preserver financial stability and the EU leaders may decide on EFSF changes in early February.

EURUSD not ready it seems. 100 hour maintains support Posted: 12 Jan 2011 04:16 AM PST The 1.2968 level which was the low on November 30th 2010 (see chart below), and the 100 hour MA were pounded but the momentum down could not be sustained.  The market will continue to eye the key level as NY opens and the day progresses.  Traders will want to see momentum selling if the level is broken again.

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