Forex Market Updates & Commentary

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• Rumor Mill: Mubarek has resigned
• Construction Spending Weaker & ISM Rises
• ISM Manufacturing index much stronger.
• The NY Opening Forex Commentary is available for viewing
• USDCHF tests trendline and 100 hour MA
• US Construction Spending & ISM Data due at 10AM
• GBPUSD tests intraday support levels
• Price back below the 1.3743 level. Level to watch today
• Bobbys Corner-Open Market-Feb.1.2011
• The NY Opening Forex Commentary is available for viewing
• Euro unemployment unchanged at 10%
• Euro-zone Unemployment @ 5
• Sterling gains on better PMI data
• EU’s Rehn
• German Unemployment change better

Rumor Mill: Mubarek has resigned Posted: 01 Feb 2011 07:23 AM PST Just a rumor

Construction Spending Weaker & ISM Rises Posted: 01 Feb 2011 07:07 AM PST Construction Spending MoM:  Survey: 0.1%    Actual:  -2.5%    Prior:  0.4%  Revised:  -0.2% ISM Manufacturing:   Survey: 58.0  Actual:  60.8  Prior:  57.0 JAN vs. DEC Production:  63.5 vs 63.0 last month New Orders            67.8  vs 62.0 last month Backlog of Orders *   58.0 vs  47.0 last month Supplier Deliveries*  58.6 vs 56.7 last month Inventory Change *    52.4 vs 51.8 last month Employment        61.7 vs  58.9 last month ISM Prices Paid:   Survey: 73.5  Actual:  81.5  Prior:  72.5

ISM Manufacturing index much stronger. Posted: 01 Feb 2011 07:05 AM PST US ISM is better than expected.  Prices Paid much higher. New orders and Employmnet also up. Overall, if the Fed is worried about prices, it may be commodities but with other components rising, it may also stick to other prices as well. Manufacturing index  60.8 vs  58.5 last month Prices paid         81.5 vs 72.5 last month  Production          63.5 vs 63.0 last month  New orders          67.8 vs 62.0 last month  Backlog of orders   58.0 vs 47.0 last month  Supplier deliveries  58.6 vs 56.7 last month  Inventories         52.4 vs 51.8 last month  Customer inventories  45.5 vs 40.0 last month Employment          61.7 vs 58.9 last month  New export orders   62.0 vs 54.5 last month  Imports             55.0 vs 50.5 last month The USDJPY was encouraged by this report rising to the lows from yesterdays trade at the 81.90.  This is providing some resistance for the pair.

The NY Opening Forex Commentary is available for viewing Posted: 01 Feb 2011 06:32 AM PST

USDCHF tests trendline and 100 hour MA Posted: 01 Feb 2011 06:05 AM PST

US Construction Spending & ISM Data due at 10AM Posted: 01 Feb 2011 06:02 AM PST

GBPUSD tests intraday support levels Posted: 01 Feb 2011 05:50 AM PST

Price back below the 1.3743 level. Level to watch today Posted: 01 Feb 2011 05:33 AM PST

Bobbys Corner-Open Market-Feb.1.2011 Posted: 01 Feb 2011 05:23 AM PST Good Morning: Welcome to February.  We will see what the groundhog says tomorrow.  We start the day with news out of Egypt-protesters started to gather in Cairo’s Tahir Square as they prepare for today’s million people march.  The Egyptian military has promised not to fire on marchers, and the newly appointed Vice President is open to starting a dialogue with the opposition. News that S&P also lowered Egypt’s credit rating was no surprise to investors. On the FX front-the USD dropped in the overnight session as speculation that the global economic recovery is gaining traction.  This is pushing up equities, along with investors reduced demand for safer assets. World equity markets are higher-as are US Futures at this time. Oil:$91.72                                              Gold:$1337.20 TIME FOR EST. PRIOR REVISED 10:00A.M. CONSTRUCTION SPENDING DEC. 0.10% 0.40% 10:00A.M. ISM MANUFACTURING JAN. 57.9O 57.O    58.5O 10:00A.M. ISM PRICES PAID      JAN.      73.5O 72.5O   HAVE A GREAT DAY & GOOD LUCK

The NY Opening Forex Commentary is available for viewing Posted: 01 Feb 2011 04:53 AM PST

Euro unemployment unchanged at 10% Posted: 01 Feb 2011 02:00 AM PST

Euro-zone Unemployment @ 5 Posted: 01 Feb 2011 01:54 AM PST

Sterling gains on better PMI data Posted: 01 Feb 2011 01:31 AM PST Manufacturing PMI: Survey: 58.0   Actual: 62.0   Prior: 58.3 Net Lending to Individuals (m/m): Survey: 0.6B   Actual: 0.1B   Prior: 0.7B Final Mortgage Approvals: Survey: 47K   Actual: 43K   Prior: 40K M4 Money Supply (m/m): Survey: 0.3%   Actual: -1.3K   Prior: -0.8% From a daily perspective this is the highest the GBP/USD has traded since November 15th. Yesterday the pair broke through the 61.8% line again on the move from November 4th highs to December 28th lows and has continued higher. With the trend thus far this year being upward, continuing momentum may see the pair eventually trade up towards 1.6297. Some additional confidence may have also been added earlier by a better than expected UK housing price index as the housing market in many countries is one of the stalling economic recovery, especially the U.S.

EU’s Rehn Posted: 01 Feb 2011 01:02 AM PST Comments from a speech in Helsinki: 2011 didn’t start with “doomsday” signs. Euro area expansion to Estonia was successful. Stronger action is needed to combat debt crisis. “The sooner the better” on debt fighting measures. European economic outlook now two-pronged Worst of debt crisis ‘could be over”. Premature to say if Europe’s debt crisis is dead. It would have been irresponsible to let Greece fail. Stronger action is needed to comabt Europe’s debt crisis. Europe is China’s largest market, China needs a healthy EU.

German Unemployment change better Posted: 01 Feb 2011 12:57 AM PST German unemployment fell seasonally adjusted to 13,000 in January and the jobless rate was slightly better at 7.4%. German labor office says positive development continues and it sees labor demand increasing further.

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