Forex Market Updates & Commentary |  |
- GBPUSD tests trendline support
- EURUSD breaks to the three day low
- ECB Weidman making some comments
- Norway stops aid payment to Greece
- No follow through in the EURUSD
- Silver moves toward 200 hour MA resistance again
- EURUSD back in the range as market back consolidating
- Canada Retail Sales Drop
- Canada retails sales sends USDCAD higher
- Saudi Prince Al Waleed says Saudi objective is oil between $70-$80 per barrel
- The NY Opening Forex Call for May 20th 2011
- Canada Retail Sales Due at 8:30AM
- ECB Noyer say general monetary policy principals have not changed
- Canadian CPI weaker than expected
- Germany’s Bundesbank; German growth likely to ease, Q1 growth overstates momentum of recovery
| GBPUSD tests trendline support Posted: 20 May 2011 07:14 AM PDT
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| EURUSD breaks to the three day low Posted: 20 May 2011 06:58 AM PDT
The EURUSD has quickly extended to new lows (just when the things were looking done for the week). There has not been mush objection to the move with the next target being the 1.4161 level now. |
| ECB Weidman making some comments Posted: 20 May 2011 06:50 AM PDT
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| Norway stops aid payment to Greece Posted: 20 May 2011 06:46 AM PDT This has led to some Euro weakness. |
| No follow through in the EURUSD Posted: 20 May 2011 06:30 AM PDT
I thought the EURUSD would have pushed above the 1.4250 level and this would open the way for a further move to the upside. The price did try higher but that move stalled before the 38.2% of the days range and the market traders quickly showed their colors by quickly selling the market off. NO Conviction. The move back below 1.4250 muddies the water and makes me feel this Friday - with no US data scheduled and London looking to close - could be a tricky one. 100 hour MA is at 1.4236.
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| Silver moves toward 200 hour MA resistance again Posted: 20 May 2011 06:18 AM PDT
Silver is approaching resistance against the 200 hour MA. The price over the last few days has used the 200 hour MA on the topside and 100 hour MA on the downside more or less. Sure there were some attempts to move above the 200 hour MA, but each attempt, did not solicit large upside momentum. So respect the levels until the break is more meaningful. The higher margin and the sharp fall from the $50 level seems to have have quieted the speculative flows. |
| EURUSD back in the range as market back consolidating Posted: 20 May 2011 05:58 AM PDT
The EURUSD is back within the “meat of the weeks” range between the 1.4200 area on the downside, and the 1.4287-1.4305 on the topside. The price in the NY session went to a low of 1.4210 and has since bounced higher. Th 1.4250 is the underside of the trendline and also near the 200 hour MA. A move above will put the focus back on the 1.4287 level above. I would expect sellers against that level as the market continues to struggle with direction. |
| Posted: 20 May 2011 05:32 AM PDT Canada retail sales come in weaker at 0.0% opposed to the survey of 0.9%. The revision of the prior 0.4% figure comes in a touch higher at 0.5%. Retail sales less autos also witha weak number moving to -0.1% from 0.7%. USD/CAD trading higher on the news. |
| Canada retails sales sends USDCAD higher Posted: 20 May 2011 05:31 AM PDT The retail sales are much weaker. This coupled with the weak CPI released earlier today, has sent the USDCAD higher with the price now above the 100 hour MA at the 0.9711 level (blue line in the chart above). On the daily chart below, the price held the underside of an old, important trendline and this also gives bulls more confidence.
Typically higher oil leads to a higher CAD. Oil is off it’s highs - back below the $100 a barrel and weaker data, it takes pressure of BOC officials on rates. |
| Saudi Prince Al Waleed says Saudi objective is oil between $70-$80 per barrel Posted: 20 May 2011 05:12 AM PDT He feels the move higher in oil is psychological. He points out that the Saudi slowing of supply is proof of it. They restrict supply and the price came down. The prince is on CNBC in the US and his comments are general in nature about his thoughts on the US economy. |
| The NY Opening Forex Call for May 20th 2011 Posted: 20 May 2011 05:03 AM PDT |
| Canada Retail Sales Due at 8:30AM Posted: 20 May 2011 04:49 AM PDT
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| ECB Noyer say general monetary policy principals have not changed Posted: 20 May 2011 04:35 AM PDT
Meanwhile ECB Mersh says:
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| Canadian CPI weaker than expected Posted: 20 May 2011 04:01 AM PDT Monthly came in at 0.3% versus the 0.5% expected, and core monthly CPI was 0.2%. The CAD sold midly on the release. |
| Germany’s Bundesbank; German growth likely to ease, Q1 growth overstates momentum of recovery Posted: 20 May 2011 03:07 AM PDT *Euro area economic recovery gained momentum; global economy remains favorable *monetary policy still extremely expansionary *domestic demand will take off shortly *banks reduced liquidity appreciably *German Q1 growth overstates momentum considerably *German growth likely to ease somewhat |
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