Forex Market Updates & Commentary |  |
- EURUSD moves back toward unchanged as situation in Greece remains fluid
- US Pending Home Sales Soar, Best Rate Since November
- Ask the Chartist with James Chen – Webinar ON AIR NOW, 10:00 AM ET
- FXDDAuto Live account training TODAY at 1pm with Oz Golan
- Vote passed by the Greek Parliament
- SNB, ECB, BOC, FED and BOE extend dollar swap arrangements for 1 year
- The vote is looking like a “Yes” for austerity
- Ruling Party Deputy votes against the austerity package. Sends the EURUSD sharply lower on the headline
- Sources: Backers of French Plan feel it will not trigger a credit default swap event
- The Greek vote is expected to start in 20 minutes
- NY Morning Forex Commentary for June 29th 2011
- US Looking For Pending Home Sales To Rise
- Canada CPI 0.7%; better than expected.
- Swiss KOF Barometer (June) comes in at 2.23; as expected.
- ECB’s Stark says Greece cannot expect to always be supported by others.
| EURUSD moves back toward unchanged as situation in Greece remains fluid Posted: 29 Jun 2011 07:41 AM PDT
With the Greek austerity plan voted on, the next focus will be the rubber stamping of the implimentation (tomorrow) and the EU/IMF funding on Sunday. There is little reason to expect any other outcome. The bond restructuring plan is another can of worms, however, with French Plans coming under more criticism of late. Let’s face it, the situation in Greece is complex with tentacles that extend out. As a result of the uncertainty, one would expect that the EURUSD would come under pressure. However, in order for that to come to fruition, the focus must remain on the hurdles in the EU that lie ahead. The fundamental influence that can reverse the bias would be if a credible solution is found (and/or the market believes it) and if things like the US debt extension has problems. Time is ticking for that so it can override the EU issues if it is allowed to happen. The other thing known is that the risk is increased in these fluid times. As a result, moves like we saw in the EURUSD this morning on the back of 1 vote by a Greek parliamentary member when the EURUSD lost 100 pips in less than a minute, could be more frequent. Be aware. Be prepared. Watch the chart levels. From a technical perspective, the pair tested a trendline on the hourly chart at the 1.4350 level (low since the vote was sealed) and will be the short term level I will be watching today for support. A break of that level should solicit additional selling with the 1.4327 low (was a key ceiling yesterday) being the next key level to eye. If the EURUSD is going to go lower, it must get through these two key levels. Otherwise, the bias today will remain more supportive in the pair. |
| US Pending Home Sales Soar, Best Rate Since November Posted: 29 Jun 2011 07:03 AM PDT Pending Home Sales (MoM): Survey: 3.0% Actual: 8.2% Prior: -11.6% Revised: -11.3 May vs. April 2011 Level Change Unadjusted (YoY%) Change Level Change Pending Home Sales (YoY): Actual: 15.5% Prior: -26.8 Revised: -26.6 |
| Ask the Chartist with James Chen – Webinar ON AIR NOW, 10:00 AM ET Posted: 29 Jun 2011 06:40 AM PDT Please join us today (Wednesday, June 29) at 10:00 AM ET for FXDD’s Ask the Chartist with James Chen. This free webinar will feature answers to questions from the audience regarding forex trading, technical analysis, and trading strategies. Please click here to register: https://www1.gotomeeting.com/register/903338592 . |
| FXDDAuto Live account training TODAY at 1pm with Oz Golan Posted: 29 Jun 2011 06:15 AM PDT
We are hosting an FXDDAuto level 2 training with Oz Golan from Tradency TODAY at 1pm est. This class is for FXDD Live account holders. You must have an active live account with the minimum funded balance to attend. Here is the link to register. https://www1.gotomeeting.com/register/370541216 Please email Shawn Powell if you have questions |
| Vote passed by the Greek Parliament Posted: 29 Jun 2011 06:05 AM PDT The EURUSD has maintained the price below 1.4442 level. |
| SNB, ECB, BOC, FED and BOE extend dollar swap arrangements for 1 year Posted: 29 Jun 2011 06:01 AM PDT This was expected. |
| The vote is looking like a “Yes” for austerity Posted: 29 Jun 2011 05:57 AM PDT
The EURUSD is back near the highs. |
| Posted: 29 Jun 2011 05:46 AM PDT Sends the EURUSD sharply lower. The EURUSD reached a low in the 1.4320 region. The overall vote is very tight with the expectations of a close vote but passing by a few votes. 151 votes for are needed to pass. |
| Sources: Backers of French Plan feel it will not trigger a credit default swap event Posted: 29 Jun 2011 05:31 AM PDT The markets are concerned that a trigger of default would have repurcussions from off balance sheet products like CDS. |
| The Greek vote is expected to start in 20 minutes Posted: 29 Jun 2011 05:16 AM PDT This is earlier than expected it seems. The market risk is increased. Expect increased volatility and perhaps a relief rally on a passage. From there, expect to see more violence in the streets and focus will turn to the next phases including restructuring of the Greek debt. |
| NY Morning Forex Commentary for June 29th 2011 Posted: 29 Jun 2011 05:08 AM PDT In the morning report, I speak about Greece, the EURUSD, GBPUSD, USDJPY, USDCHF, and USDCAD. |
| US Looking For Pending Home Sales To Rise Posted: 29 Jun 2011 04:42 AM PDT
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| Canada CPI 0.7%; better than expected. Posted: 29 Jun 2011 04:01 AM PDT Core CPI came in at 0.5%; better than the 0.2% forecast and 0.2% prior reading. |
| Swiss KOF Barometer (June) comes in at 2.23; as expected. Posted: 29 Jun 2011 02:30 AM PDT |
| ECB’s Stark says Greece cannot expect to always be supported by others. Posted: 29 Jun 2011 01:34 AM PDT
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