Monday, August 1, 2011

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

EURUSD falls sharply. Below 100 day MA now

Posted: 01 Aug 2011 07:37 AM PDT

The EURUSD has moved below the 100 day MA today at the 1.4335 level and fell sharply to the 38.2% retracement of the move up from the July low to the end of July high (at 1.4268).  Traders have come in near the level and taken profit.  Now, the market will be watching the correction to see if levels above give way. The first stop will be the 1.4298 level. This level corresponds with a ceiling level from Friday’s trade (see chart above).  When the price moved above this level, momentum higher intensified. The other level the market will be eyeing is at the key 100 day MA area (at 1.4335).  This level also corresponds roughly with the 38.2% retracement of the sharp move down in the NY session today (see chart above). That level comes in at 1.4331 currently. Staying below these levels, keeps the bears in charge.

Construction Spending Improves, ISM Falls

Posted: 01 Aug 2011 07:00 AM PDT

Construction Spending MoM:  Survey:  0.1%    Actual: 0.2%    Prior:   -0.6%  Revised:  0.3%

ISM Manufacturing:   Survey: 54.5    Actual: 50.9    Prior:  55.3

July vs June 2011
Prices Paid: 59.0 vs 68.0
Production: 52.3 vs 54.5  
New Orders:  49.2 vs 51.6  
Backlog of Orders:  45.0 vs 49.0
Supplier Deliveries: 50.4 vs 56.3
Inventory Change:  49.3 vs 54.1
Employment:  53.5 vs 59.9

ISM Prices Paid:   Survey: 64.0  Actual: 59.0   Prior:  68.0

Bobbys Corner-Open Market-Aug.1.2011

Posted: 01 Aug 2011 05:13 AM PDT

Good Morning:

With no extra time to spare-Congressional leaders and the White House have agreed in principle to a new Debt-Limit deal.  Leaders will spend the day pushing this bill through their rank and file members.  The Congress expects to get this bill passed today-as the deadline is tomorrow August 2.
The greenback has been soft-even after the debt-limit deal had been announced.

Equity markets rallied across the board after news of a debt limit deal being reached.
Dow futures are up over 150 pts, as are S&P and NASDAQ futures.
Gold is lower-and Oil is up about $1/bar.

It will be an interesting day-with lots of debates expected today in Washington.

HAVE A GREAT DAY & GOOD LUCK

US ISM & Construction Spending Data Due at 10AM

Posted: 01 Aug 2011 05:10 AM PDT

Eurozone unemployment rate (June) 9.9%; as expected.

Posted: 01 Aug 2011 02:02 AM PDT

UK manufacturing PMI (July) 49.1 vs. 51.0 expected.

Posted: 01 Aug 2011 01:29 AM PDT

Italian unemployment (June) 8.0% vs. 8.1% expected.

Posted: 01 Aug 2011 01:02 AM PDT

Eurozone manufacturing PMI (July) 50.4; as expected.

Posted: 01 Aug 2011 01:00 AM PDT

Igarashi, from the Japanese ministry if finance, says current FX situation is more USD weakness than JPY strength.

Posted: 01 Aug 2011 12:47 AM PDT

  • Concerns about US sovereign downgrade is preventing JPY from weakening rapidly.
  • Must watch BOJ monetary policy decision at its upcoming meeting.
  • Hopes US gov’t takes more measures to stabilize its public finances.

Italian manufacturing PMI (July) 50.1 vs. 49.0 expected.

Posted: 01 Aug 2011 12:44 AM PDT

Euro slightly firmer on the release.

A researcher at China’s ministry of commerce says the US debt deal will not restore confidence in treasury’s or the USD.

Posted: 31 Jul 2011 11:35 PM PDT

8-1 Calender

Posted: 31 Jul 2011 11:09 PM PDT

Reported Debt Ceiling Deal Reached

Posted: 31 Jul 2011 06:45 PM PDT

Ahead of President Obama announcing that a deal had been reached, the USD shot up against the Yen and mildly against the Swissy as  S&P futures and the Nikkei jumped over 1.5%. Sterling and to a lesser extent the Euro appreciated against the USD as some risk off trades unwound, with US treasuries also inching lower.

The Forex Week Ahead from FXDD

Posted: 31 Jul 2011 06:26 PM PDT
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