Forex Market Updates & Commentary |  |
- Gold moves back toward midpoint resistance at 1$518.50 area
- Inventories higher at 1.1% and Sales up even more
- EU Rehn says they may make proposal on a program for Greece in a few weeks
- France’s Lagarde says will continue rescuing Greece
- Fiscal constraint can keep UK rates lower for longer:UK Osborne
- Feds Duke says conditions are improving for small busineses
- German source says EU discussing private investors in Greek debt
- EURUSD moves to new day highs. Looking for momentum
- US Wholesale Inventories due at 10AM
- US Import prices higher than expected on commodities/lower dollar
- The NY Opening Forex Commentary for May 10th
- US Import Price Index Data Due at 8:30AM
- Germany’s Hasselfeldt says its clear that no funds will be paid to Greece unless they meet certain criteria.
- Australia sees 2012-13 budget surplus; first time in 4 years
- Bini Smaghi says a euro exit is not in the interest of any country
| Gold moves back toward midpoint resistance at 1$518.50 area Posted: 10 May 2011 07:20 AM PDT
Gold moves back toward the 50% retracement level at the 1518.57 level. The level was briefly tested in earlier trading today but fell off the level. In the last few minutes there has been increased buying interest and the price has moved back toward the level.
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| Inventories higher at 1.1% and Sales up even more Posted: 10 May 2011 07:02 AM PDT Sales jumped by 2.9% lowering the inventory to sales ratio to a tie for the record low level of 1.13 months. This is good news for replenishment of inventories if the sales pace can remain robust (like this month). This should be a boost to GDP going forward. Meanwhile the IBD/TIPP Economic Optimism Index rose to 42.8 from 40.8 last month. This was also better than the 1.8% gain expected. The better data has given the USDJPY a slight boost and the USDCHF is also up slightly |
| EU Rehn says they may make proposal on a program for Greece in a few weeks Posted: 10 May 2011 06:48 AM PDT |
| France’s Lagarde says will continue rescuing Greece Posted: 10 May 2011 06:47 AM PDT She note that the EU has been rescuing them for a year already |
| Fiscal constraint can keep UK rates lower for longer:UK Osborne Posted: 10 May 2011 06:43 AM PDT This should keep the GBPUSD under pressure. |
| Feds Duke says conditions are improving for small busineses Posted: 10 May 2011 06:37 AM PDT Notes that credit and confidence are improving |
| German source says EU discussing private investors in Greek debt Posted: 10 May 2011 06:11 AM PDT The private investors would be on a voluntary basis. The EURUSD has moved lower on the news as traders are likely skeptical of a bailout that includes solicitation of private investors. |
| EURUSD moves to new day highs. Looking for momentum Posted: 10 May 2011 05:58 AM PDT The EURUSD has moved above the high for the day (1.4377) and looks to extend higher. The next target is the 1.4405 level followed by the high for the week at 1.4441. The rally higher was helped when the corrective move lower held the underside of the trendline. This inability to break back below the trendline gave buyers a reason to buy and the move higher toward the early far east highs at 1.4375 ensued. This last leg higher is the market probe to see if momentum can be sustained.
The sharp move to the downside last week has consolidated in the first two days of trading this week. Trends do lead to non trends and that is what has occurred over the last 40 or so trading hours (since Sunday opening). The consolidation had not gotten close to the 38.2% retracement of the move down from last weeks high price. With the last move above the high today, the price did move above the 38.2% of the move down from Friday’s high at 1.4381. Trader’s will need more momentum higher to get excited about thia modest move. If not, the market will continue to use the 1.4381 as resistance.
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| US Wholesale Inventories due at 10AM Posted: 10 May 2011 05:49 AM PDT
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| US Import prices higher than expected on commodities/lower dollar Posted: 10 May 2011 05:31 AM PDT +2.2% MoM vs 1.8% expected The dollar decline and higher oil prices and food lead the surge higher. The EURUSD and USDJPY are little changed after the report. |
| The NY Opening Forex Commentary for May 10th Posted: 10 May 2011 05:16 AM PDT |
| US Import Price Index Data Due at 8:30AM Posted: 10 May 2011 04:21 AM PDT
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| Posted: 10 May 2011 02:55 AM PDT Euro lower on the release. |
| Australia sees 2012-13 budget surplus; first time in 4 years Posted: 10 May 2011 02:39 AM PDT * Swan says 2010-11 budget gap to be A$49.4 bln * Australia budget sees A$3.5 bln surplus in fiscal 2012-13 * 2012-13 CPI-adjusted gov’t spending to fall 0.1% * raises GDP outlook for fiscal 2011-12 and 2012-13, 4% and 3.75% growth respectively * Swan raises 2011-12 jobless outlook to 4.75% from 4.5% |
| Bini Smaghi says a euro exit is not in the interest of any country Posted: 10 May 2011 02:19 AM PDT As comments continue out of the euro-zone, we see the EUR/USD poking its head through new session highs (1.43776).
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