Forex Market Updates & Commentary |  |
- Bobbys Corner-Morning Update-Feb.2.2011
- Bobbys Corner-Open Market-Feb.2.2011
- Focus on buying dollars cautiously today
- Better data, but dollar still has trouble
- The ADP Employment change comes in stronger
- ADP Employment due at 8:15 AM
- The NY Opening Forex Commentary is available for viewing
- Challenger Job Cuts come at -46% YoY
- S&P lowers Ireland’s credit rating to A-/A2 from A-/A1
- Summers says U.S. growth to exceed forecasts
- Euro-zone PPI as expected at 0.8%
- 15 minutes…
- UK contruction PMI 53.7; better than expected.
- 1.6297 next stop for cable?
- Tonight’s first piece of data comes out at 4:30 (eastern)
| Bobbys Corner-Morning Update-Feb.2.2011 Posted: 02 Feb 2011 07:12 AM PST Good Morning: A quick up date on the crisis in the crisis Middle East: Even after President Mubarak’s speech last evening in which he explained that he will not seek reelection in the upcoming elections scheduled for September 2011, the protesters seem to want more. They want him to leave office earlier, and do not feel that he can stay in power for 8 more months. We hope that the US is utilizing it’s influence in Egypt to ensure that there is a smoothtransition of power. With the most modern military equipment (from the US) and the 10th largest army in the world it is imperative that world leaders do not allow chaos or any one party to gain an upper hand in the Egyptian political process. Jordan’s King Abdullah dissolved his government and appointed a new Prime Minister-as protestors have lead demonstrations against the government in the past few days. The King seems to be trying to get ahead of any political problems before they get out of control. Yemen’s President Saleh also announced that he will no seek re election when his term expires in 2013. He has been in office for 32 years. He also commented that he will not be looking to install his son to replace him as President. | ||||||||||||||||||||||||||||
| Bobbys Corner-Open Market-Feb.2.2011 Posted: 02 Feb 2011 06:10 AM PST Good Morning: Today is Groundhog Day-and the folklore is that if the goundhog sees his shadow-we have 6 more weeks of winter-if he does not see his shadow-we will have an early spring. Well-in New York there was no shadow to be seen-so that would mean an early spring-sorry but I am not that optimistic! Now to the markets: S&P lowers Ireland debt rating, and they are still on negative watch. This was not a surprise move, and the markets have been anticipating this. The Euro lost some steam after this announcement. Speculation that Europe’s sovereign debt crisis is not going away anytime soon will continue to plague the single currency. Spanish bonds rose, and the cost of insuring European government debt fell as optimism that EU ministers will agree on an expanded bailout plan ease some concerns. Oil:$91.12 Gold:$1339.80
HAVE A GREAT DAY & GOOD LUCK | ||||||||||||||||||||||||||||
| Focus on buying dollars cautiously today Posted: 02 Feb 2011 06:08 AM PST | ||||||||||||||||||||||||||||
| Better data, but dollar still has trouble Posted: 02 Feb 2011 05:39 AM PST | ||||||||||||||||||||||||||||
| The ADP Employment change comes in stronger Posted: 02 Feb 2011 05:15 AM PST 187K jobs were added over the last month according to ADP Employment services. This is higher than the 140 K expected. Last month the reading came in initially at 287K. This was revised down to 247K. The 247K is still higher than the Private Payroll figure of 113 K announced by the Labor Department last month which this report is supposed to replicate. Note, however, that the difference between the two can be quite different. Nevertheless, the difference of 133K between the 247K and the 113K from the Labor department, may suggest that last months NFP numbers might be revised higher on Friday. Service added 166K jobs Overall, a good report. | ||||||||||||||||||||||||||||
| Posted: 02 Feb 2011 05:14 AM PST Expectations are for a gain of 140K | ||||||||||||||||||||||||||||
| The NY Opening Forex Commentary is available for viewing Posted: 02 Feb 2011 04:49 AM PST The Challenger Job cuts showed job improvement. The dollar reacted to the upside at least temporarily. Later this morning is ADP jobs (at 8:15 am). All is a prelude to the US unemployment report on Friday.
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| Challenger Job Cuts come at -46% YoY Posted: 02 Feb 2011 04:32 AM PST Planned firings fell -46% to 38,519 from 71,482. This is the lowest job cuts announced on record going back to 1993 | ||||||||||||||||||||||||||||
| S&P lowers Ireland’s credit rating to A-/A2 from A-/A1 Posted: 02 Feb 2011 03:46 AM PST The euro remained little unchaged after the release. | ||||||||||||||||||||||||||||
| Summers says U.S. growth to exceed forecasts Posted: 02 Feb 2011 02:19 AM PST Larry Summers, Director of the White House National Economics Council, made these comments while speaking on the U.S. economy in Moscow:
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| Euro-zone PPI as expected at 0.8% Posted: 02 Feb 2011 02:03 AM PST December prices rose 5.3% yearly and 0.8% for the month. | ||||||||||||||||||||||||||||
| Posted: 02 Feb 2011 01:46 AM PST
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| UK contruction PMI 53.7; better than expected. Posted: 02 Feb 2011 01:35 AM PST The GBP/USD made a new session high of 1.62092 following the release. | ||||||||||||||||||||||||||||
| Posted: 02 Feb 2011 01:19 AM PST The British pound and Euro have been trading continually higher for almost a month now with pull-backs seen from the hourly perspective, but an overall upward trend seen on the daily. On the daily chart below you can see the pair ran into some resistance around 1.60176, an old resistance level from Summer 2010, and traded lower until it turned around at the 100 day moving average where support was then found on January 28th and 31st; the GBP has gained nearly 300 points on the USD since then. If this momentum continues, the next stop higher is 1.6297; a full retracement of the move from November 4th to December 28th. Worse then expected employment numbers this week out of the United States may be the catalyst for the rest of the move with ADP non-farm employment change due 4 hours from now expected at 148K and Friday’s non-farm expected at 133K and the unemployment rate expected at 9.5%.
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| Tonight’s first piece of data comes out at 4:30 (eastern) Posted: 02 Feb 2011 12:44 AM PST
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