Forex Market Updates & Commentary

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• FXDD Week Ahead in Trading show Monday 9:30am
• The Week Ahead from FXDD
• The Consumer Credit rises by 6 Billion
• Weekly Wrap show May 6th 2011 Rebroadcast
• The FXDD NY Afternoon Forex Commentary is available for viewing
• FXDD quoted in The Street.com
• Report now says that there is a crisis meeting in Luxembourg
• German Official says no plans for Greece to leave Eurozone
• There is a denial of an emergency meeting on Greece.
• Greece ponders leaving Eurozone
• Feds Bullard may go on hold as recovery unfolds
• NY Fed President Dudley Speaking
• Canada Carney says currency rise has hurt growth/manufacturing

FXDD Week Ahead in Trading show Monday 9:30am Posted: 06 May 2011 01:11 PM PDT FXDD Week Ahead in Trading show Monday 9:30am - Reserve your seat now

The Week Ahead from FXDD Posted: 06 May 2011 12:29 PM PDT

The Consumer Credit rises by 6 Billion Posted: 06 May 2011 12:14 PM PDT Rovolving credit rose by 1.9 billion Non revolving credit rose by 4.1 billion The expectation was for a 5 billion increase.

Weekly Wrap show May 6th 2011 Rebroadcast Posted: 06 May 2011 11:16 AM PDT Weekly Wrap show with Greg and Shawn Friday May 6th 2011 Watch the Rebroadcast

The FXDD NY Afternoon Forex Commentary is available for viewing Posted: 06 May 2011 10:50 AM PDT

FXDD quoted in The Street.com Posted: 06 May 2011 10:23 AM PDT

Report now says that there is a crisis meeting in Luxembourg Posted: 06 May 2011 10:17 AM PDT  GERMAN COALITION SOURCE CONFIRMS THAT THERE IS CRISIS MEETING IN LUXEMBOURG  WITH SCHAEUBLE AND ASMUSSEN TAKING PART

German Official says no plans for Greece to leave Eurozone Posted: 06 May 2011 09:14 AM PDT The EURUSD is dancing on the channel support but the intraday 5 minute stays just above the trendline support.

There is a denial of an emergency meeting on Greece. Posted: 06 May 2011 09:00 AM PDT This has led to a move back higher in the EURUSD.

Greece ponders leaving Eurozone Posted: 06 May 2011 08:53 AM PDT According to Germany’s Der Spiegel. Leaving the EU and floating their own currency would lead to a devaluation of the Greece currency which would lead to an increase in the national debt.  A debt restructuring would be inevitable.  This could have implications for banks who own Greece debt.  So overall, the move would be bad for the EURO

Feds Bullard may go on hold as recovery unfolds Posted: 06 May 2011 08:47 AM PDT Putting policy on hold gives time to assess FOMC may keep rate near zero due to ‘hold’ Hold may keep extended period phrase intact FOMC may keep balance sheet at level of hold decision Doesnt see major impact from oil Headline inflation ultimate objective on prices Financial conditions have eased considerably Bullard is not a voting member on the FOMC.  His comments may remind the market about the Fed on ”hold” policy as London and Europe heads home for the weekend.

NY Fed President Dudley Speaking Posted: 06 May 2011 08:24 AM PDT Says: US economy grew at modest pace since recession 1st qtr economic weakness likely be ‘temporary’ ‘Labor market slack’ likely to persist through 2012 High oil price, declining home prices pose risks Fed has ‘considerable way’ before meeting mandate Fed must ensure inflation expectations stay moored Recovery ‘continues at a steady’ pace Sees inflation expectation as well anchored Reiterates commodity price increases likely transitory Manufacturing employment a ‘bright spot’ in economy US ‘pretty competitive’ in global manufacturing New York City economy less dependent on finance US productivity growth in downturn ‘very strong’ Too early to speculate on impact of new regulation Exports to ‘definitely be a positive’ for economy Expects payroll employment to expand over next two years

Canada Carney says currency rise has hurt growth/manufacturing Posted: 06 May 2011 07:11 AM PDT However, the commodity boom has boosted the economy. He comments that Japan quake will hurt the Canada economy. Economic growth should be around 2-2.5% for the rest of the year. The USDCAD moved lower on the back of better employment in Canada today after yesterday’s surge higher to trendline resistance. The move lower today held nicely against the trendeline broken yesterday. This is positive for the pair.  The level comes in at the 0.9569 level. A move below this level would be negative again for the pair, but until then, look for dip buyers as short lighten up their positions in the pair.

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