Forex Market Updates & Commentary |  |
- ccord on Greece bailout faces major obstacles
- Oil price move above $101 on OPEC breakdown
- The USDCAD moves to resistance at 0.9815 and backs off as OPEC eyed
- OPEC delegate: OPEC likely to approve output
- EU’s Barroso Speaks in Brussels
- GBPUSD tests its trendline support
- EURUSD looks to test the 100 hour MA/trendline at 1.4587
- ECB Draghi need for highest level of credibility on price stability
- Canada Housing Starts Slightly Better
- The NY Morning Forex Commentary for June 8th
- US Mortgage Applications fall by 0.4% in current week
- Canada Housing Starts Due at 8:15AM
- ECB’s Draghi shares the view that a stable USD against major floating currencies is in the interest of the US and the global economy.
- USD/CHF possible resistance @ .83765
- German April Industrial Production falls 0.6% from prior month
| ccord on Greece bailout faces major obstacles Posted: 08 Jun 2011 06:58 AM PDT This sends the EURUSD back down in the news filled day. Today has had it’s share of market moving news. There was talk of a OPEC agreement, then a breakdown. Now the Greece bailout talk in the market has riled the market again. Traders face market risk, event risk and liquidity risk. Some event risk is known. Some is not, like what we have seen today. |
| Oil price move above $101 on OPEC breakdown Posted: 08 Jun 2011 06:37 AM PDT Saudi minister says “It is one of the worst meetings they have ever had”. The implications are not good for global growth/inflation should oil continue higher. The Eurozone is concerned about inflation. The US is concerned about growth. The EURUSD is more bid since the report with the price back above the 1.4630 level and within the 1.4630 to 1.4655 resistance area.
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| The USDCAD moves to resistance at 0.9815 and backs off as OPEC eyed Posted: 08 Jun 2011 06:11 AM PDT
There are conflicting reports coming from newswires on OPEC. Initiallly there were reports of an OPEC agreement. Now there is a report of no concensus on an agreement. As a result, the price of oil is likely to remain volatile. The CAD$ is influenced by the price of oil. The USDCAD tested the high resistance area at the 0.9814 level when word of an agreement circulated. Now the price is down on the “break down of talk” comments. Typically, oil price up, the USDCAD down/CAD dollar higher. Oil price down, USDCAD up/CAD dollar down. Below support at the 100 hour MA and 38.2% retracement at the 0.9775 area. |
| OPEC delegate: OPEC likely to approve output Posted: 08 Jun 2011 06:07 AM PDT Saudi Arabia wants oil prices at $80 per barrel |
| EU’s Barroso Speaks in Brussels Posted: 08 Jun 2011 06:02 AM PDT Says:
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| GBPUSD tests its trendline support Posted: 08 Jun 2011 05:53 AM PDT
The GBPUSD is testing the trendline support at the 1.6353 level. A break below targets the 1.6323 level and then the 1.6284. Above the 100 hour MA has contained the topside and keeps the pressure on the pair. |
| EURUSD looks to test the 100 hour MA/trendline at 1.4587 Posted: 08 Jun 2011 05:37 AM PDT
The EURUSD is looking toward the key support against the 1.4587 level where the 100 hour MA and the trendline off the low at May 26th. I would expect buyers against the level on the first test. |
| ECB Draghi need for highest level of credibility on price stability Posted: 08 Jun 2011 05:31 AM PDT His comments are reminder of the ECB meeting on THursday. The central bank is expected to keep rates unchanged. However, it will be what ECB’s Trichet says at his usual 8:30 AM ET press conference. The ECB is still focused on inflation. We know about the headwinds countries like Greece, Portugal, and Spain are facing. In Germnay today, they had weaker export and import numbers than expected. However, yesterday the Factory Orders showed stronger growth. How does Trichet see the economy? His comments will be the focus over the next few days. |
| Canada Housing Starts Slightly Better Posted: 08 Jun 2011 05:19 AM PDT Housing Starts: Survey: 182.0K Actual: 183.60K Prior: 179.0K Revised: 178.7K May vs April |
| The NY Morning Forex Commentary for June 8th Posted: 08 Jun 2011 05:10 AM PDT |
| US Mortgage Applications fall by 0.4% in current week Posted: 08 Jun 2011 04:30 AM PDT The US Mortgage Applications fell by -0.4% for the current week with purchases falling by -4.4% while refinancings increased 1.3%. The rate on 30 year mortgages fell to 4.54% while the rate on a 15 year mortgage fell to 3.67%. Versus a year ago, the 30 Year mortgage rate is doen from 4.81% and the 15 year rate is down from 4.26%. |
| Canada Housing Starts Due at 8:15AM Posted: 08 Jun 2011 04:27 AM PDT
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| Posted: 08 Jun 2011 03:28 AM PDT |
| USD/CHF possible resistance @ .83765 Posted: 08 Jun 2011 03:27 AM PDT The pair has been in a tight range this session after testing the 100 hour moving average at the end of yesterday’s trading day. Since then the pair has not been able to trade higher through the 23.6% line; additional resistance added by the 100 hour moving average which also comes in at this .83765 level. A push higher could see trading back towards the .8400 handle, but if resistance holds we look to .83257 as the bottomside target.
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| German April Industrial Production falls 0.6% from prior month Posted: 08 Jun 2011 03:03 AM PDT A rise of 0.1% was expected. Eur/Usd sold off 10 points to 1.4660 on news. |
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