Forex Market Updates & Commentary

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• The NY Morning Forex Commentary is available for viewing
• Canada Building Permits Come in a Touch Lower
• Bobbys Corner-Open Market-Feb.7.2011
• The NY Opening Forex Commentary for Feb 7th 2011
• Canada Building Permits Due at 8:30AM
• German factory orders drop to -3.4% from the prior month
• Euro-zone sentix investor confidence better at 16.7
• Due out at 4:30
• Cable Higher
• Shirakawa Comments
• Japanese Leading Index
• 2-7 Economic Calender

The NY Morning Forex Commentary is available for viewing Posted: 07 Feb 2011 07:09 AM PST The NY Morning Forex Commentary takes a technical look at the EURUSD, GBPUSD, USDJPY, USDCHF, EURJPY and USDCAD. The EURUSD is now below the 100 day MA at the 1.3530 level. This a key technical level to stay below today.. For the other key levels to watch today, click on the following video link:

Canada Building Permits Come in a Touch Lower Posted: 07 Feb 2011 05:33 AM PST Canada Building Permits (MoM):   Survey: 2.5%   Actual: 2.4%   Prior: -11.2%   Revised: -10.5% DEC (2010) vs DEC (MoM%) vs Dec (YoY%) Total Permits:  $5.6613  vs.  2.4% vs.  -5.0% Residential:  $3.7817  vs.  21.2%  vs.  -1.5% Nonresidential:  1.8796  vs. -22.0%  vs.  -11.5

Bobbys Corner-Open Market-Feb.7.2011 Posted: 07 Feb 2011 05:27 AM PST Good Morning: Rising corporate earnings, reduced tension in Egypt, global growth growing faster than expected were all causes for the JPY to lose ground overnight-as investors seek higher-yielding assets. Almost 2/3 of companies reported better than expected Q4 earnings.. India made comments that they expect their economy to grow the most in 3 years, while Indonesia’s economy grew at the fastest pace in 6 years.  Overall investors confidence grew after Egypt’s government met with opposition leaders to hopefully resolve the crisis. Asian equity markets were mixed, while European markets are higher-along with US Futures. Wheat prices rose over 1.1% and copper hit another record. Oil:$89.25                                              Gold:$1348.60  No major US data due out today. HAVE A GREAT DAY & GOOD LUCK

The NY Opening Forex Commentary for Feb 7th 2011 Posted: 07 Feb 2011 04:54 AM PST

Canada Building Permits Due at 8:30AM Posted: 07 Feb 2011 04:24 AM PST

German factory orders drop to -3.4% from the prior month Posted: 07 Feb 2011 03:02 AM PST The euro sold off slightly following the release.

Euro-zone sentix investor confidence better at 16.7 Posted: 07 Feb 2011 01:31 AM PST

Due out at 4:30 Posted: 07 Feb 2011 01:01 AM PST

Cable Higher Posted: 07 Feb 2011 12:07 AM PST Post-U.S. employment data on Friday morning, the GBP/USD completed a full hourly retracement on the move from Feb 1st lows to the high of 1.62761 on the 3rd. Since then, the pair has been trading steadily higher. It made a slight move above the 50.0% line, but could not close through the level; a close above 1.61557 would be a possible bullish signal for the pair in which case we could possibly see is move further towards the 38.2%. In the case that resistance is found here, the first target to the downside is 1.61273.

Shirakawa Comments Posted: 06 Feb 2011 09:09 PM PST BOJ Governor Shirakawa speaks in Tokyo: Recent data sends signals Japan emerging from slump. Data shows Japan is not doing so badly versus other countries. Japan must cut spending in real terms. No country can continue to run a deficit forever. Ample liquidity alone can’t solve deflation. Must maintain investor confidence in finances. Discussion TPP is a key to boosting Japanese growth. Inflation alone can’t fix the fiscal situation. Japan fiscal state is in very bad shape. Yen demand has risen due to safe haven perception. Must bear in mind global spillover of policies. Society needs credible promise to fiscal reform. Imbalances may warrant a rate hike even with low prices.

Japanese Leading Index Posted: 06 Feb 2011 09:01 PM PST Japan’s leading index came in at 101.4; slightly worse than the 101.5 forecast but better than the 100.6% prior reading. The market had a limited reaction to the release.

2-7 Economic Calender Posted: 06 Feb 2011 09:00 PM PST

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