Forex Market Updates & Commentary |  |
- EURUSD continues move higher
- FXDD Trading Platform of the week 4pm TODAY
- The NY Morning Forex Commentary is available for viewing.
- Bobbys Corner-Open Market-March 2 2011
- EURUSD breaks higher…
- Canada Raw Materials Fall Along with Industrial Product Price
- ADP Employment Figures Improve
- ADP shows 217K private payroll job increase. What will NFP show?
- Feds Hoenig says he favors raising rates to 1%, then pause
- NY Opening Forex Commentary for March 2nd 2011
- Challenger Job Cuts rise by 20% versus a year ago
- Canada Raw Materials Price Index & Industrial Product Price Data due at 8:30AM
- US ADP Employment Change Data due at 8:15AM
- Mortgage Applications fall -6.5% in current week
- Eurozone PPI
| Posted: 02 Mar 2011 07:11 AM PST
The EURUSD has continued its move to the upside as price corrections continue to find buyers at the key levels and shorts are forced to cover. The market broke above the trendline resistance at the 1.3840 level and although the correction moved to a low of 1.3838, that was short lived and the marekt surged to new highs for 2011. The last time the price was at this area was in October and November of 2010. At that time the price consolidated with 1.3856 and 1.3873 being a support area (see chart below). Above that the 1.3968 to 1.4000 level was a ceiling level (see chart below). The market moved around these levels with some move above and below that were rejected. With the current price above the 1.3873 level, the upside remains the trend and the bias.
What is the risk? The risk now is for a move back below the high from Monday and Tuesday’s trade. That level comes in at the 1.3854 level. The price | |||||||||||||||||||||||||||||||||||
| FXDD Trading Platform of the week 4pm TODAY Posted: 02 Mar 2011 07:07 AM PST
FXDD Trading Platform of the week at 4pm TODAY. Jeff Baskin will cover FXDD mobile trading platforms. Register here | |||||||||||||||||||||||||||||||||||
| The NY Morning Forex Commentary is available for viewing. Posted: 02 Mar 2011 06:26 AM PST | |||||||||||||||||||||||||||||||||||
| Bobbys Corner-Open Market-March 2 2011 Posted: 02 Mar 2011 06:14 AM PST
The USD continued to trade lower as concerns over the Middle Eastern turmoil take center stage in the markets. Asian equity markets traded lower-as are European markets at this time. US futures are also lower. Oil:$101.04 Gold:$1435.30
HAVE A GREAT DAY & GOOD LUCK | |||||||||||||||||||||||||||||||||||
| Posted: 02 Mar 2011 06:00 AM PST
The EURUSD has broken above the underside of trendline resistance to new highs for the week (the high has also taken the price above the February/2011 high price at 1.3861). That break level came in at the 1.3840 level and the level should now act as support for the pair. If the 1.3840 level gives way, the break to the upside will lose some credibility and may result in a move back to to the downside. The EURUSD got a boast by holding support on the corrective move to the downside following the stronger ADP report. The ability to hold the 38.2% retracement at 1.3803 level of the sharp spike move to the upside, often gives intraday bulls confidence and worries the shorts in the market. Holding the key level provides a level to trade against. With risk defined, traders have confidence and little fear.
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| Canada Raw Materials Fall Along with Industrial Product Price Posted: 02 Mar 2011 05:34 AM PST Industrial Product Price (MoM): Survey: 0.6% Actual: 0.2% Prior: 0.7% Revised: 0.8% Raw Materials Price Index (MoM): Survey: 3.0% Actual: 0.3% Prior: 4.2% | |||||||||||||||||||||||||||||||||||
| ADP Employment Figures Improve Posted: 02 Mar 2011 05:21 AM PST
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| ADP shows 217K private payroll job increase. What will NFP show? Posted: 02 Mar 2011 05:16 AM PST The ADP employment report showed a stronger than expected gain of 217K. The estimate was for a gain of 180K. The prior month was revised higher to 189K from 187K. This is in contrast to a gain of 50K for Private sector job growth that the Labor Department announced last month. The ADP tends to overstate the Labor Department Private sector report. The closest it has been over the last 6 months has been 43,000. The farthest it has been has been 184,000. If this continues to hold true, the estimate of 200,000 for Private Sector employment on Friday would be too high. The last few months data for Employment in the US has been confusing to the market. WHile the unemployment rate has fallen from 9.8% to 9.0%, the number of Non Farm Payroll jobs have been quite contained at 36k and 121k. In addition, the ADP report has shown much stronger job growth. Will this month’s NFP report be a catch up in job creation or will the unemployment rate move back to the upside? This will increase the risk for the report once again. The EURUSD has declined/dollar gotten stronger on the back of the better than expectation number. Tomorrow, FXDDwill have a roundtable on the Employment report where we will discuss the report and outline the risks. To register go to www.fxdd.com/live | |||||||||||||||||||||||||||||||||||
| Feds Hoenig says he favors raising rates to 1%, then pause Posted: 02 Mar 2011 05:12 AM PST He also commented that he does not favor easing policy during a recovery, and that raising to 1% would still be very accomodative. Hoenig has been a hawk of late but he is not a voting member on the board in 2011. | |||||||||||||||||||||||||||||||||||
| NY Opening Forex Commentary for March 2nd 2011 Posted: 02 Mar 2011 04:55 AM PST | |||||||||||||||||||||||||||||||||||
| Challenger Job Cuts rise by 20% versus a year ago Posted: 02 Mar 2011 04:32 AM PST The announced job cuts totaled 50,702 this month compared to 38,519 last month. The East had 15,890 vs 6,535, Midwest 14,560 v 13,541, West 9,092 vs 9523 and South 11,160 vs 8,920. This is not a good start for the employment week. Challenger is blaming state, local and national government for the increase. A total of 16,380 government and non profit job cuts were announced. On a positive note, the report showed that there were announced plans to hire 72,581 workers which was up from 29,492 in January. However, 60,000 was due to Home Depot announcement to hire 60,000 temporary workers. | |||||||||||||||||||||||||||||||||||
| Canada Raw Materials Price Index & Industrial Product Price Data due at 8:30AM Posted: 02 Mar 2011 04:30 AM PST
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| US ADP Employment Change Data due at 8:15AM Posted: 02 Mar 2011 04:16 AM PST
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| Mortgage Applications fall -6.5% in current week Posted: 02 Mar 2011 04:04 AM PST The Purchase Index fell by -6.1% and the Refinancing Index fell by -6.5%. This occurred despite the fall in 30 year mortgages to 4.84%. | |||||||||||||||||||||||||||||||||||
| Posted: 02 Mar 2011 02:02 AM PST Eurozone PPI m/m came in at 1.5%, stronger than the 1.1% expected. Eur/Usd has been rebounding from earlier losses and this news has pushed the pair to 1.3797, a new session high. | |||||||||||||||||||||||||||||||||||
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