Forex Market Updates & Commentary |  |
- Lacker not ready to stop QE now
- The NY Morning Forex Commentary for Feb 8th is available for viewing
- GBPUSD tests and moves below 200 hour MA at 1.6059
- Lacker: Fed Should re-evaluate QE2
- Bobbys Corner-Open Market-Feb.8.2011
- Canada Housing Starts Lower
- PBOC Interest Rate increase sends AUDUSD lower, USDJPY higher
- The NY Opening Forex Commentary for February 8th 2011
- Canada Housing Starts Data due at 8:15AM
- German Dec. ind. production falls 1.5% from previous month
- German Ind. Production in 5 Minutes….
- China raises key interest rates by 25 basis points
- Cable reaches 23.6% line and reverses
- Cable Lower
- Swiss unemployment as expected at 3.5%
| Lacker not ready to stop QE now Posted: 08 Feb 2011 07:29 AM PST
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| The NY Morning Forex Commentary for Feb 8th is available for viewing Posted: 08 Feb 2011 06:50 AM PST Register for the FXDD Webinar this afternoon: Topic: Setting up your Metatrader Platform In this lesson we will start at the very beginning and give an overview of the Metatrader platform so you can fully understand how to use the main tool of the trade. Only when it becomes second nature to you, will you then be able to fully concentrate on your trading. You might be surprised by some of the short cuts that will make your trading more efficient on the platform. You need to register to attend. Click on the link below: | |||||||||||||||||||||
| GBPUSD tests and moves below 200 hour MA at 1.6059 Posted: 08 Feb 2011 06:10 AM PST The 200 hour MA is being testing in the GBPUSD. That level comes in at the 1.6059 level. The GBPUSD has been pressured today on the back of an increase in tax on banks by the Chancellor of the Exchequer George Osborne. This is perceived to be a potential drag on bank lending. The next target for the pair comes in at the 1.6035 level. Below that the 1.6013 level. This is the 50% retracement of the move up from the January 25th low to the high reached on February 3rd.
The price should remain below the 1.6077-87 level in order to keep the bearish bias for the pair in tact. This level represents an intraday floor area over the last 24 hours (see chart below). The 1.6089 level is also the 38.2% of the days range which should solicit selling interest (with risk on a move back above this level).
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| Lacker: Fed Should re-evaluate QE2 Posted: 08 Feb 2011 05:49 AM PST The Feds Lacker is on the newswire saying the Fed should seriously re-evaluate QE2. He also says the US economy is growing at a steadily increasing pace and that he sees continued labor market improvement. Finally he sees robust consumer spending in 2011. Risks to the economy include housing but he commented that the industry represents about 2 1/4 percent of total output so the damage can be limited. What I might warn is that economic output from housing is small, but the impact of declining prices intensify the risk to other industries. When housing first started to falter, this argument was made with a blind eye to what a sharp decline in housing prices could do. Granted, most of the damage is known now, but it does not take away the magnification of housing on other sectors growth potential. Lacker is not a voting member on the FOMC. The USDJPY has moved higher off the comments.
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| Bobbys Corner-Open Market-Feb.8.2011 Posted: 08 Feb 2011 05:24 AM PST
In a surprise move, China pushed interest rates higher by 25 basis points for the third time since mid October 2010-as the Chinese Government looks to stem the jump in inflation. Oil, copper and emerging equity markets fell as concerns that the Chinese interest rates hike policy will slow the world’s fastest growing economy. Asian and European equity markets were mixed, while US Futures are slightly higher. Oil:$86.20 Gold:$1351.60
HAVE A GREAT DAY & GOOD LUCK | |||||||||||||||||||||
| Posted: 08 Feb 2011 05:20 AM PST Housing Starts: Survey: 173.5 Actual: 170.4 Prior: 171.5 Revised: 168.3 JAN vs. DEC | |||||||||||||||||||||
| PBOC Interest Rate increase sends AUDUSD lower, USDJPY higher Posted: 08 Feb 2011 05:06 AM PST | |||||||||||||||||||||
| The NY Opening Forex Commentary for February 8th 2011 Posted: 08 Feb 2011 04:45 AM PST | |||||||||||||||||||||
| Canada Housing Starts Data due at 8:15AM Posted: 08 Feb 2011 04:31 AM PST
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| German Dec. ind. production falls 1.5% from previous month Posted: 08 Feb 2011 03:01 AM PST The euro sold off slightly following the release. | |||||||||||||||||||||
| German Ind. Production in 5 Minutes…. Posted: 08 Feb 2011 02:54 AM PST
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| China raises key interest rates by 25 basis points Posted: 08 Feb 2011 02:31 AM PST | |||||||||||||||||||||
| Cable reaches 23.6% line and reverses Posted: 08 Feb 2011 01:29 AM PST In the prior post we mentioned that the next target for the pair could possibly be 1.60918;minutes later is traded down to the line, made a new low of 1.6084, and immediately reversed and is back above 1.6100. The first significant level upward is 1.6127.
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| Posted: 08 Feb 2011 01:07 AM PST GBP/USD made a pass lower through an upward hourly trendline that started last friday. Some support was found yesterday near the 23.6% line on the move from Feb 3rd highs to Friday’s lows, and then the pair traded higher testing the 50.0% line; it has seen some recent selling and appears the next stop for it could possibly be 1.60918.
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| Swiss unemployment as expected at 3.5% Posted: 07 Feb 2011 10:48 PM PST | |||||||||||||||||||||
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