Forex Market Updates & Commentary

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• Week Ahead in Forex with Greg & Shawn Monday July 18th 9:30am
• S&P could downgrade US at the end of July
• Rebroadcast Forex Wrap up Friday July 15 2011
• Eight banks fail out of 90. This is better than expectations
• EURUSD moves higher just prior to stress test results.
• EU Official: Still no accord on measures for privatization of Greek debt
• Official say Eurozone summit likely in the second half of next week
• President Obama weighs in

Week Ahead in Forex with Greg & Shawn Monday July 18th 9:30am Posted: 15 Jul 2011 01:41 PM PDT Week Ahead in Forex with Greg & Shawn Monday July 18th 9:30am- Register now

S&P could downgrade US at the end of July Posted: 15 Jul 2011 11:57 AM PDT …if it appeared the US would default in the beginning of July.  They would declare a selective default if the US failed to make payment on August 4th.

Rebroadcast Forex Wrap up Friday July 15 2011 Posted: 15 Jul 2011 10:15 AM PDT Forex Wrap up Friday at 12:30pm with Shawn Powell and Greg Michalowski. Big news on the horizon with pending US budget issues. Attend the show at 12:30pm for the answers. Watch the rebroadcast

Eight banks fail out of 90. This is better than expectations Posted: 15 Jul 2011 09:02 AM PDT 16 banks just barely pass according to the reports 5 Spanish, 2 Greek, 1 Austrian fail. They need to raise 2.5 billion of capital to come into the stress test standards. All Italian banks passed EUropean banks would lose 400 billion given the stress test conditions. Profits would be 30% less than 2009 if the stress test conditions were reached. The EURUSDs move higher has extended higher with support now eyed at the 1.4164 level.  PS Italian austerity plan has won final approval.

EURUSD moves higher just prior to stress test results. Posted: 15 Jul 2011 08:56 AM PDT The EURUSD moved above the 200 bar MA at the 1.4150 level, triggering stops and the price moved up to 1.4168 in seconds. The stress test results are to be announced shortly.  There will likely be failures scattered among the 90 banks tested. Looking at the hourly chart, the 1.6465 level is trendline resistance.

EU Official: Still no accord on measures for privatization of Greek debt Posted: 15 Jul 2011 08:43 AM PDT The meeting next week is designed to talk more about this key issue.  Greece has been taken off the front page of the business news as a result of the US debt issues.  Next week it may come back into focus at some point especially if the US find some common ground and extend the debt ceiling.  In the minefield of fundamental news pushing and pulling the market, following the technicals still seems the most logical approach to trading the market.

Official say Eurozone summit likely in the second half of next week Posted: 15 Jul 2011 08:25 AM PDT The summit is to approve a blue print for a rescue plan for Greece.

President Obama weighs in Posted: 15 Jul 2011 08:07 AM PDT Says should be a balanced approach and should listen to the American people.  He is still looking for a big deal.  We are running out time. Tells congress to show a plan for debt reduction and for plan for raising the debt ceiling. He is ready to do a deal if a serious plan is proposed by lawmakers.  He is hopeful logjam will be broken. Cutting the budget measurably as per GOP would require cutting SS and Medicare substantially.

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