Forex Market Updates & Commentary

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• The NY Morning Forex Commentary is available for viewing
• GBPUSD keeps below resistance, but near high
• Bobbys Corner-Open Market-March.14.2011
• Canada Capacity Utilization falls to 76.4
• Canada Capacity Utilization due at 8:30 AM ET
• The NY Opening Forex Commentary is available for viewing
• Euro-zone January ind. production rises 6.6% (y/y) and 0.3% monthly.
• Shirakawa on the wires…
• BOJ to keep overnight rate between 0% and 0.1%
• Japanese household confidence 40.6; worse than expected.
• 3-14 Economic Calender
• Yen Sells Off Following Liquidity Injection
• Special NY Opening Forex Commentary for March 13th 2011

The NY Morning Forex Commentary is available for viewing Posted: 14 Mar 2011 06:17 AM PDT

GBPUSD keeps below resistance, but near high Posted: 14 Mar 2011 05:44 AM PDT The GBPUSD has moved higher today but has found resistance against a series of resistance points from 1.6115 to 1.6124. The levels correspond with low areas  from March 8th and 10th (1 and 2 in the chart above), the 100 hour MA (at 3), the 38.2% retracement of the move down from the March 7th high to the low on Friday.  The last 4 hours has seen the price use the 100 hour MA as resistance.

Bobbys Corner-Open Market-March.14.2011 Posted: 14 Mar 2011 05:42 AM PDT Good Morning: The week started with the equity markets in Japan falling the most since 2008, oil dropped, along with US Futures after the largest earthquake in japan’s history left the island nation in chaos.  The BOJ has and will continue to pump record amounts of liquidity into the financial sector, along with doubling the size of their asset-buying program in moves that will hopefully protect the economy from the effects of the earthquake.  Tokyo stocks were in a free fall, as investors sold equities. No one knows the  extent of the damage, but all know that the rebuilding process will be timely and expensive.  The potential nuclear meltdown at the Fukishima nuclear plant is of major concern for Japan and the world-as radioative particles escape into the atmosphere.  The government is taking precautions that the water supply and food chain does not get contaminated by radioactive fallout. The euro gained after a meeting of finance ministers from the EU.  The meeting produced an agreement that members nations will widen a rescue fund aimed at resolving the sovereign debt issues that plague the region. The plan needs to be worked out-but the basics allow for the EU to purchase bonds of indebted nations in exchange for austerity measures by the indebted nation. World equity markets were lower-as are US Futures. Oil:$99.90                                             Gold:$1427.90 HAVE A GREAT DAY & GOOD LUCK

Canada Capacity Utilization falls to 76.4 Posted: 14 Mar 2011 05:32 AM PDT The expectation was for a rise to 79. The prior month was revised down from 78.1 to 76.2. Overall, a disappointing report. The USDCAD has moved sharply higher heading into the data and immediately after. The pair is looking to test initial resistance at the 0.9752-55 level. This was support/resistance area over the last few weeks of trading.  Above that the pair next targets the 0.9778.

Canada Capacity Utilization due at 8:30 AM ET Posted: 14 Mar 2011 05:11 AM PDT

The NY Opening Forex Commentary is available for viewing Posted: 14 Mar 2011 04:59 AM PDT Sorry for the technical issue with the sound….Another report will come soon.

Euro-zone January ind. production rises 6.6% (y/y) and 0.3% monthly. Posted: 14 Mar 2011 03:01 AM PDT

Shirakawa on the wires… Posted: 14 Mar 2011 12:23 AM PDT Eased policy to prevent worsening of the economy. JGBs being bought on safe-haven demand. Expanded fund to prevent risk-aversion worsening. Bonds are being bought on uncertainty. Keeping money market stable is a priority. Buying risk assets may have a positive market impact. BOJ doesn’t want investors to become risk averse. To keep injecting cash as needed. Central bank underwriting may hurt credibility. Declines to comment on quake impact on fiscal reform.

BOJ to keep overnight rate between 0% and 0.1% Posted: 13 Mar 2011 10:53 PM PDT BOJ to expand asset-buying fund to 10T yen from 5T. Keeps credit loan program unchanged at 30T yen. BOJ to provide ample liquidity to meet demand. Production is likely to decline in the wake of the earthquake. Concerned corporate and household sentiment may worsen. Maintains economic assessment.

Japanese household confidence 40.6; worse than expected. Posted: 13 Mar 2011 10:13 PM PDT The market had a limited reaction to the release.

3-14 Economic Calender Posted: 13 Mar 2011 09:32 PM PDT

Yen Sells Off Following Liquidity Injection Posted: 13 Mar 2011 06:01 PM PDT The Yen has been on a rollercoaster to open the trading week, with the USD/JPY pair plummeting into the middle of the 81 handle, presumably due to the demand for the safe haven currency following the earthquake. The pair has since recovered and broken above the 82 handle on a 7 Trillion Yen liquidity injection from the BOJ. Below you can see the full range of the pairs move to this point ahead of the BOJ’s meeting today.

Special NY Opening Forex Commentary for March 13th 2011 Posted: 13 Mar 2011 02:28 PM PDT I take a look at the USDJPY, EURUSD, GBPUSD, USDCHF and AUDUSD as the NY Sunday Opening takes place.  What are the key levels to watch.

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