Forex Market Updates & Commentary |  |
- EURCHF surges through 38.2% and tests June highs
- And in a flash, EURUSD back higher
- EURUSD at the next key level. 1.4439-47 tested
- Greek Finance Minister confident will meet privitization targets
- US Construction Spending Falls, ISM Prices Paid Also Lower
- SOURCE: Second aid package can be as late as September. Saturday call is just to approve aid tranche:
- USDJPY moves back above 100 hour MA
- EURUSD moves below trendline in quiet NY trade
- PRESS RELEASE: FXDD Joins Dukascopy Bank SA in a White Label Partnership
- The NY Morning Forex Commentary is available for viewing
- US ISM & Construction Spending Data Due at 10AM
- Vote on Greek bailout from EU will be on Saturday
- Noda on the wires…
- Euro higher after its reported that Greece will get up to 85 bln euros in new rescue fund (according to officials).
- Eurozone unemployment 9.9%; as expected.
| EURCHF surges through 38.2% and tests June highs Posted: 01 Jul 2011 07:50 AM PDT
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| And in a flash, EURUSD back higher Posted: 01 Jul 2011 07:29 AM PDT
The EURUSD shot higher after failing to solicit any selling below the 1.4440-47 region. The price is now back higher testing the 100 and 200 bar MA on the 5 minute chart. On the hourly chart the price is back in the shallow channel with the bottom trendline at the 1.4485 level now. The market has a decision to make, move back below 1.4485 or move back above the 1.4500 level.
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| EURUSD at the next key level. 1.4439-47 tested Posted: 01 Jul 2011 07:07 AM PDT
The EURUSD tested the 1.4439-47 level on the downside and has bounced (SEE PRIOR POST). The price levels corresponds with the highs from Wednesday, the 50% of the move up from Wednesday and the low from yesterdays trade (1.4447). The pair moved below trendline support at the 1.4482 area earlier today after failing to gather any additional upside momentum on the new high today. |
| Greek Finance Minister confident will meet privitization targets Posted: 01 Jul 2011 07:04 AM PDT
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| US Construction Spending Falls, ISM Prices Paid Also Lower Posted: 01 Jul 2011 07:01 AM PDT Construction Spending MoM: Survey: 0.1% Actual: -0.6% Prior: 0.4% Revised: % ISM Manufacturing: Survey: 52.0 Actual: 55.3 Prior: 53.5 June vs May 2011 ISM Prices Paid: Survey: 70.9 Actual: 68.0 Prior: 76.5 |
| Posted: 01 Jul 2011 06:45 AM PDT The original thought is the call on Saturday would discuss the second aid package as well. That does not seem to be the case from this comment from an unnamed EU source. |
| USDJPY moves back above 100 hour MA Posted: 01 Jul 2011 06:43 AM PDT
The USDJPY has moved back above the 100 hour MA at the 80.79 level and looks to conquer the high for the day at the 80.87 level next. Above that level is the 80.97 which was the high from Monday and some lows from Wednesdays trade. The month high for June was 81.55 and should momentum continue, this would be a goal for the bulls.
The USDJPY has been mired in a non trending range. The month of June had a 186 pip range which was the narrowest calendar month range going back to May 1988. This suggests that a move outside the range is likely for the pair in July. The low range since 2009 has been 276 pips (see chart below). The high range since early 2009 has been around 700 pips. Although the catalyst for a “move” is unknown, the market tends to find something.
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| EURUSD moves below trendline in quiet NY trade Posted: 01 Jul 2011 06:20 AM PDT The EURUSD has gotten through a string of hurdles this week in Greece, and with the vote on the next tranche coming sooner (Saturday) than later (Sunday), the good news is out. As a result, the EURUSD is finding some modest selling in early NY trade.
Over night, a new high was reached which continued the string of higher highs on the hourly chart (see above) . However the momentum off those new highs has been muted and the price has wandered below the steep trend channel that guided the pair higher through Thursday. The price has now dipped below a second channel, this being a more shallow channel developed since yesterday, and this gives the intraday bears some downward satisfaction/hope. Work needs to be done, however with the 1.4440-47 area being the key level to get through on the downside. This was the high ceiling from Wednesday’s trade and was a low from the correction off the highs yesterday. A move below opens the door for lower levels in the pair with a eye toward perhaps the 100 hour MA which currently stands at the 1.4400 area (blue line in the chart above). Next week the ECB is expected to raise rates which should be good for the EURO in general. However, in the US, the successes of Greece, seems to have lit a fire in Washington to get something done there, which should be good for the dollar (maybe). The US employment report next Friday should make next week a interesting week. |
| PRESS RELEASE: FXDD Joins Dukascopy Bank SA in a White Label Partnership Posted: 01 Jul 2011 06:00 AM PDT PRESS RELEASE FOR IMMEDIATE DISTRIBUTION Contact: Farley Green _FXDD (212-266-0902) fgreen@fxdd.com Dave Carlson- Fleishman-Hillard (312-729-3646) Dave.Carlson@fleishman.com New York, NY – July 1, 2011 –FXDD, a leader in online Forex trading, today announced a white label partnership with top online Swiss bank, Dukascopy Bank SA. The partnership will allow US-clients to trade on the globally popular JForex platform. The partnership also allows FXDD to broaden its reach in the global marketplace by offering Dukascopy Bank SA's JForex platform in its suite of Forex trading interfaces. The platform will be called FXDD JForex. "Our white label partnership is a great opportunity for two leading Forex brokers to work together to offer the JForex trading platform to US-based traders," said Lubomir Kaneti, FXDD's Chief Operating Officer. "A relationship with Dukascopy Bank SA represents a great opportunity for FXDD and is a testament to our commitment to reliable trade execution and outstanding customer service."
The regulatory environment of Foreign Exchange trading in the United States will be subject to changes mandated by the Dodd-Frank Wall Street Reform Act that go into effect on July 16, 2011. As a result, US based retail traders must trade with a US broker. The white label partnership will afford the opportunity for US-based Dukascopy Bank SA clients to continue to use the JForex platform with FXDD. The FXDD JForex platform will also be available to new retail Forex traders in the United States.
Alain Broyon, CEO of Dukascopy Bank SA said, "We are proud to announce this collaboration between two leading companies in the Forex market. By doing so, Dukascopy Bank SA builds up its position as a liquidity provider and an online Forex trading technology company. This cooperation will allow US clients to continue accessing Dukascopy Bank SA's advanced FX technology."
About FXDD FXDD (www.fxdd.com), a Foreign Exchange Dealer registered with the CFTC and a member of the National Futures Association, is headquartered in New York City's 7 World Trade Center. FXDD is a leader in online Forex trading dedicated to providing superior customer service, powerful trading technology, and reliable streaming liquidity. FXDD provides services to individual and institutional traders, hedge funds, commercial entities, brokerage firms and money managers around the world. FXDD offers 24-hour Forex trading by way of its trading platforms, which include: MetaTrader, FXDDTrader, PowerTrader and FXDDAuto. The Company's services currently provide competitive |
| The NY Morning Forex Commentary is available for viewing Posted: 01 Jul 2011 05:46 AM PDT The EURUSD, GBPUSD, USDJPY, USDCHF and USDCAD are covered in the morning report today |
| US ISM & Construction Spending Data Due at 10AM Posted: 01 Jul 2011 05:25 AM PDT
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| Vote on Greek bailout from EU will be on Saturday Posted: 01 Jul 2011 04:59 AM PDT The EU has said that they will move forward the vote on extending a 5th bailout tranche to Greece to Saturday instead of Sunday. The vote will be taken during a conference call. The ministers are reported to also talk about a new bailout above and beyond the initial 110 billion Euro package enacted in May 2010. |
| Posted: 01 Jul 2011 03:37 AM PDT
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| Posted: 01 Jul 2011 03:03 AM PDT |
| Eurozone unemployment 9.9%; as expected. Posted: 01 Jul 2011 02:19 AM PDT |
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