Forex Market Updates & Commentary |  |
- Canada Ivey Purchasing Manager Rises
- Canada Ivey PMI Data Due at 10AM
- EURUSD in narrow range. Eyeing a range extension today
- GBPUSD dips below support
- IMF sees Short term GDP 1.5%. 2.5 Med Term, BOE should tighten gradually as economy strengthens
- Canada Building Permits Fall
- FXDD FREE Webinar Schedule for Monday and Tuesday
- NY Opening Forex Commentary for June 6th
- Canada Building Permits Due at 8:30AM
- The euro came under some pressure after a German finance ministry spokesman says they’re not certain whether there will be a second bailout for Greece, and under what terms.
- Eurozone April PPI at 0.9%
- Eurozone PPI @ 5
- Eurozone Sentix investor confidence (June) 3.5 vs. 8.6 expectation.
- Fed’s Plosser says balance sheet should have shorter term focus.
- ECB’s Noyer
| Canada Ivey Purchasing Manager Rises Posted: 06 Jun 2011 07:00 AM PDT Ivey Purchasing Managers: Survey: 60.0 Actual: 69.1 Prior: 57.7 May vs. April Ivey Purchasing Managers SA: Survey: 55.2 Actual: 65.5 Prior: 57.8 USD/CAD trades slightly lower on the news. |
| Canada Ivey PMI Data Due at 10AM Posted: 06 Jun 2011 06:21 AM PDT
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| EURUSD in narrow range. Eyeing a range extension today Posted: 06 Jun 2011 05:57 AM PDT The EURUSD has made a new session low at 1.4591. The high has been 1.4657. The 66 pip range is well below the 20 day Average True Range of 155. This would suggest an extension of the range at some point during the NY session. The 6 pip low to high range is simply too narrow. So which way to extend?
From a technical perspective, the price consolidation has allowed for the 100 and 200 bar MA (blue and green line in the chart above) on the 5 minute chart to catch up with the price today (and move below it). The current price is below the MA levels at the 1.4626 and 1.4631 levels respectively. This gives a slight bearish bias for the pair. The price has moved off the low but is finding close resistance at the 1.4615 level. This level was a low Friday afternoon and a floor earlier today. On the move off the recent low the price topped out at 1.4616. This gives the nod to a downside extension (a move above 1.4615 would change that intraday bias). ON the downside, moving through the 1.4591 low for the day, targets the 1.45781 level. This is the 38.2% of the move up from the Friday low. This is the minimum that the price correction has to reach and breach, in order for the sellers to feel more comfortable. Failure to do so, would likely lead to a move back higher today with the possibility of a test of the highs at some point. The economic data in the US is likely to be supportive of the EURUSD as the Fed extends its unchanged policy and the ECB looks for reasons to take out the extra stimulus that could stoke inflation. Therefore, the burden of proof remains on the sellers to push the price lower. Watch this level closely. So eye the clues from the slow, consolidating market. 1.4615 and the 100 and 200 bar MA’s above and 1.4591 and 1.4578 below. The range should be extended. It is a question of who has the most power. |
| Posted: 06 Jun 2011 05:43 AM PDT The largely neutral IMF report has allowed for the trend down in the GBPUSD to continue. The price is dipping below the 38.2% retracement (at 1.6392 ) of the move up from Friday, the 100 and 200 hour MA at the 1.6395 and 1.6392 levels respectively. Staying below these levels will keep the bears in charge with the next target at the 1.6272 level. |
| IMF sees Short term GDP 1.5%. 2.5 Med Term, BOE should tighten gradually as economy strengthens Posted: 06 Jun 2011 05:32 AM PDT
The comments from the IMF are being described as being supportive of Exchequer’s Osbornes austerity measures. Maintaining the status quo with the uncertainties is recommended. They cite inflation as being”unexpected” Chancellor Osborne said this morning that his Plan A was sufficient and had enough flexibility. He is reiterating those ideas on BBC currently. Status quo for the UK. On Thursday, the BOE will meet and discuss monetary policy. This report suggests that rates should remain on hold. The market is indeed expecting rates to be unchanged. |
| Posted: 06 Jun 2011 05:30 AM PDT Canada Building Permits: Survey: -7.5% Actual: -21.1% Prior: 17.2% Revised: 16.8% |
| FXDD FREE Webinar Schedule for Monday and Tuesday Posted: 06 Jun 2011 05:21 AM PDT 1. Forex Basics: 4 PM ET, Monday We will take it nice and slow during this webinar. Entry levels. Exit levels. Questions answered. Don’t be shy to participate. Come and share. Come and learn.
2. The Traders Education. Lesson 9: Using Moving Averages to Attack Currency Trends; Part I
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| NY Opening Forex Commentary for June 6th Posted: 06 Jun 2011 05:00 AM PDT |
| Canada Building Permits Due at 8:30AM Posted: 06 Jun 2011 04:21 AM PDT
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| Posted: 06 Jun 2011 02:54 AM PDT Following the release the EUR/USD made a new session low, testing the 23.6% line on the move from June 3rd lows to today’s high of 1.46562. The pair has been kicking around between 1.4656 and 1.4607 since the opening; a push lower could see us visit the 38.2% line next.
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| Posted: 06 Jun 2011 02:03 AM PDT E/Z April PPI m/m came in at 0.9%, stronger than the 0.8% estimate. Y/y came in at 6.7%, stronger than hte 6.6% estimate. Eur/Usd currently trades at 1.4643, up 5 points since release. |
| Posted: 06 Jun 2011 01:43 AM PDT
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| Eurozone Sentix investor confidence (June) 3.5 vs. 8.6 expectation. Posted: 06 Jun 2011 01:31 AM PDT The market had a limited reaction to the release. |
| Fed’s Plosser says balance sheet should have shorter term focus. Posted: 06 Jun 2011 12:37 AM PDT
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| Posted: 05 Jun 2011 11:26 PM PDT
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