Forex Market Updates & Commentary

---

• EURSD tests London/NY high in up and down market
• German Finance Minister says no Greek decision today
• US Business Inventories Lower
• No need for a second bailout: Irelands Finance Minister Noonan says
• S&P rates 5 billion EFSF Bond at AAA
• EU Finance Ministers are meeting today
• ECB Draghi says must manage exit from loose policy, tools
• Talking Technicals Webinar with James Chen
• USDJPY tries the upside. Breaks to upside. High from yesterday targeted next
• S&P on Belgium: Ignore the 6 month downgrade on the back of no government formation
• The USDCHF moves higher as traders move into risk
• Moody’s says outlook on Swiss banks is moved to stable
• Canada Capacity Utilization Slightly Stronger
• US PPI & Retail Sales Rise
• FXDDAuto Webinar with Expert Oz Golan from Tradency – Wednesday June 15 2011

EURSD tests London/NY high in up and down market Posted: 14 Jun 2011 07:22 AM PDT In a day that has comments about Greece nearly every minute, US economic data, and comments from ECB officials on monetary policy, trading has become skittish in the EURUSD.  The price moved down to test trendline support after holding London morning highs at 1.4464 (also 38.2% retracement) , and is now back up at the highs. The 100 hour MA looms above at the 1.4473 level making the 1.4464-1.4473 as good as any area to find resistance now.  A break will likely trigger stops. Holding could mean another downside test.

German Finance Minister says no Greek decision today Posted: 14 Jun 2011 07:10 AM PDT Wants private sector role in Greece package Ready to help with further Greek support. He adds that improving Greek growth potential is key for the country

US Business Inventories Lower Posted: 14 Jun 2011 07:00 AM PDT US Business inventories drop 0.1% to 0.8% from a survey of 0.9% and a prior number of 1.0% March vs. Feb 2011 Inventories:  1.0% vs 0.7% Manufacturers:  1.1% vs 1.0% Retailers:  0.9% vs -0.1% Wholesalers:  1.1%  vs  1.0% Sales:  2.2% vs 0.5% Manufacturers:  2.7%  vs  0.6% Retailers:  0.9% vs 1.2% Wholesalers:  2.9%  vs  -0.3%

No need for a second bailout: Irelands Finance Minister Noonan says Posted: 14 Jun 2011 06:50 AM PDT Risk of contagion on Greece Ireland could continue to seek lower rates on debt On target to meeting commitments on 85 billion EU-IMF bailout He does not think Greek will dafault

S&P rates 5 billion EFSF Bond at AAA Posted: 14 Jun 2011 06:30 AM PDT

EU Finance Ministers are meeting today Posted: 14 Jun 2011 06:21 AM PDT EU’s Juncker say no decision on Greek will be made today.  All options are being discussed.

ECB Draghi says must manage exit from loose policy, tools Posted: 14 Jun 2011 06:16 AM PDT ECB must act preemptively on inflation Must make sure banks do not become addicted to ECB cash Ensure liquidity as long as appropriate See some signs of normalization in some markets No shortcuts in debt crisis. Governments are responsible The EURUSD has moved back lower and testes the 38.2% of the weeks range a 1.4414.

Talking Technicals Webinar with James Chen Posted: 14 Jun 2011 06:13 AM PDT Please join us today at 12:30 PM ET for FXDD’s Talking Technicals with James Chen. This free webinar will feature a high-probability Multiple Timeframe Trading strategy for trading in the forex market. Please click here to register: https://www1.gotomeeting.com/register/920384529 .

USDJPY tries the upside. Breaks to upside. High from yesterday targeted next Posted: 14 Jun 2011 06:12 AM PDT The USDJPY is also trying to push the upside.  The price has moved above trendline resistance at the 80.40 level and the earlier high for the day. The price has also moved above the 38.2% of the move down from the May 31st high to the low on June 8th. That level comes in at 80.479.  The upside from yesterday is the next upside target at the 80.68.  The 50% level comes in at 80.724.  Will the follow through come?  Like the USDCHF, the USDJPY has been in a consolidated range with most of the activity from June 2nd between 80.00 and 80.45 (the outside range is 79.69 to 80.67).

S&P on Belgium: Ignore the 6 month downgrade on the back of no government formation Posted: 14 Jun 2011 06:06 AM PDT S&P is striking the comment about a possible downgrade in 6 months.  A bit confussion in the report from S&P.

The USDCHF moves higher as traders move into risk Posted: 14 Jun 2011 05:55 AM PDT The USDCHF is moving higher breaking to the upside sharply in the last 10 or so minutes. The better than expected US retail sales have traders taking off the risk aversion trades and looks to test the highs from yesterday. The price is also testing the June 1 high of 0.8451. Yesterday the price moved above this level but failed to extend higher and the market fell sharply. The rally comes after a report from Moody’s this morning that Swiss banks were taken off negative watch and moved to stable. This should have given a boost to the CHF, but the better US data and shorts in the pair, seem to have led to other thoughts for the time being.  The next targets to get through include the 0.8452 and the 0.8462 levels A break above should open up other upside possibilites for the pair. The USDCHF has been in a narrow trading range over the last 2 weeks. Since June 2nd the low has been 0.8325 the high has been 0.8467.  This may also be a reason to expect a breakout as the market is largely non-trending.

Moody’s says outlook on Swiss banks is moved to stable Posted: 14 Jun 2011 05:42 AM PDT The prior outlook was negative. They cite that Swiss economy was able to avoid the crisis effecting the rest of the world.

Canada Capacity Utilization Slightly Stronger Posted: 14 Jun 2011 05:35 AM PDT Canada capacity utilization rate comes in better at 79.0% vs expectations of 77.2% and a prior number of 76.4.

US PPI & Retail Sales Rise Posted: 14 Jun 2011 05:32 AM PDT Producer Price Index (MoM):     Survey: 0.1%    Actual: 0.2%     Prior: 0.8%   PPI Ex Food & Energy (MoM):    Survey: 0.2%    Actual:  0.2%       Prior: 0.3%    Producer Price Index (YoY):     Survey:  6.8%    Actual: 7.3%      Prior: 6.8%     PPI Ex Food & Energy (YoY):     Survey: 2.1%    Actual: 2.1%     Prior: 2.1% Advance Retail Sales:     Survey:  -0.5%     Actual:  -0.2%      Prior:  0.5%   Revised:  0.3% Core Retail Sales:    Survey:  0.2%    Actual: 0.3%    Prior: 0.2%     Revised:  0.3%

FXDDAuto Webinar with Expert Oz Golan from Tradency – Wednesday June 15 2011 Posted: 14 Jun 2011 05:31 AM PDT First call for the FXDD Auto/ Automated trading strategies webinar with trader Oz Golan from Tradency.  We will show you step by step how to use FXDDAuto.  This event takes place online Wednesday June 15th 2011 at 1pm.  Register now to save your seat.  The last event was completely full.  https://www1.gotomeeting.com/register/585065232

You are subscribed to email updates from Forex News and Commentary by FXDD To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610