Forex Market Updates & Commentary

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• The FXDD Weekly Forex Wrap. Rebroadcast of webinar is available
• Fed Governer Tarullo Speaks in Washington
• GBPUSD moves to its resistance area
• EURUSD tests channel resistance/target
• EU/ECB/IMF say next tranche will be made to Greece in July
• EU Juncker Greece will set up privitization fund. Greece Papandreou speaking
• EURUSD momentum pace slows

The FXDD Weekly Forex Wrap. Rebroadcast of webinar is available Posted: 03 Jun 2011 11:24 AM PDT In this webinar, I talked about the Employment report, the  Troika. The declining dollar.  We looked at the EURUSD, the GBPUSD and the USDCHF, outlining the trading strategy and why – including the risk.  If you have not ever participated in a webinar, take the time and watch the rebroadcast. Next week, we will have another series of FREE trader education.  CLICK HERE TO ACCESS THE REBROADCAST

Fed Governer Tarullo Speaks in Washington Posted: 03 Jun 2011 09:41 AM PDT Says: Capital ‘rules’ foundation for financial oversight ‘No one wants another tarp program’ Mergers of big firms would need to benefit society ‘Little evidence’ some firms gain from large size Common equity provides ‘best buffer against loss’ Backs capital charge correlated to cost of firm failing Regulators ‘must’ curb risks of big firms failing ‘Misplaced assumptions’ behind opposition to rules Capital rules may reduce required return on equity ‘Daunting task’ framing how to wind down big firms Capital rules ‘most dynamic tool’ to limit risk U.S. capital rules should align with global rules Fed should oppose bank mergers that increase risk

GBPUSD moves to its resistance area Posted: 03 Jun 2011 09:16 AM PDT

EURUSD tests channel resistance/target Posted: 03 Jun 2011 09:01 AM PDT

EU/ECB/IMF say next tranche will be made to Greece in July Posted: 03 Jun 2011 08:31 AM PDT They expect economy to stabilize by the end of the year.   Greek govt will create indepently managed privitization agency Greece achieved signinficant progress, fiscal structural reforms must be stepped up however Greek liquidity remains tight but policies in place to ensure it is adequate for banks

EU Juncker Greece will set up privitization fund. Greece Papandreou speaking Posted: 03 Jun 2011 08:22 AM PDT He adds that troika conclusion good news for Greece and Europe Euro area to approve next aid plan for Greece No exit from Eurozone for Greece He expects the EZ to extend fresh loans Greece Papandreou says: Review very positive sign Still much to be done as the markets are skeptical Additonal financial support is being discussed Greek program to strengthen growth/employment He says that Greece will honor its obligations

EURUSD momentum pace slows Posted: 03 Jun 2011 08:00 AM PDT The momentum to the upside has slowed a bit in the EURUSD after touching a trendline resistance on the 5 minute chart above. The 1.4598 level remains a key level of resistance on the topside from the channel off the hourly chart below. On the downside now, the 1.4558 level which is a projected channel trendline off the upper trendline (see the 5 minute chart above), is now support. A move below this level is likely indicative of some weekend liquidation. It is Friday and London/Europe will be looking to make an exit.  The next hour can be tricky and more volatile. Be aware.

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