Forex Market Updates & Commentary

Mirror Trader Automated Forex Trading class TODAY at 11:00 AM- ON AIR NOW
ISM Data Down Slightly
US Factory Orders & ISM Data at 10AM
Ask the Chartist with James Chen – Webinar STARTING SOON at 10:00 AM ET
EU’s Barroso on the Wires
Bobbys Corner-Open Market-Aug.3.2011
ADP Employment Change Rises
Challenger Job Cuts Rose 60% in July from June, Highest Since March of 2010 Coming in at 66,414
US ADP Employment Change Data Due at 8:15AM
Moody’s downgraded Athens to Caa3 from Caa1; outlook developing.
Euro continuing higher
Pimco’s El-Erian says Portugal and ireland are likely to need more aid.
S&P says Eurozone growth prospects are weakening.
UK services PMI (m/m) 55.4 vs. 53.2 expected.
Eurozone services PMI (m/m) 51.6 vs. 51.4 expected.

Mirror Trader Automated Forex Trading class TODAY at 11:00 AM- ON AIR NOW

Posted: 03 Aug 2011 07:45 AM PDT

Mirror Trader Automated Forex Trading class Wednesday at 11:00 AM with Oz Golan and Shawn Powell. Learn how this tool can do the trading for you. Free to attend online. Register now and join the live class ON AIR NOW

ISM Data Down Slightly

Posted: 03 Aug 2011 07:01 AM PDT

ISM Non-Manufacturing Composite: Survey: 53.5 Actual: 52.7 Prior: 53.3 Revised:

Composite Index       52.7 vs 50.9 last month
Business Activity     56.1 vs 52.3 last month
New Orders            51.7 vs 49.2 last month
Backlog of Orders *   44.0 vs 45.0 last month
Supplier Deliveries*  50.5 vs 50.4 last month
Inventory Change *    56.5 vs 49.3 last month
Employment            52.5 vs 53.5 last month

Factory Orders: Survey: -0.8% Actual: -0.8% Prior: 0.8% Revised: 0.6%

Durable goods revision comes out higher.

US Factory Orders & ISM Data at 10AM

Posted: 03 Aug 2011 06:25 AM PDT

Ask the Chartist with James Chen – Webinar STARTING SOON at 10:00 AM ET

Posted: 03 Aug 2011 06:20 AM PDT

Please join us today (Wednesday, August 3) 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/696735857 .

EU’s Barroso on the Wires

Posted: 03 Aug 2011 06:16 AM PDT

Says:

Bond market developments source of ‘deep concern’
Bond market developments ‘clearly unwarented’
Spain, Italy, taking steps to reinforce economies
Investor concern of systemic capacity of Euro area
Euro leaders recognize systemic nature of crisis
Concern of capacity of Euro area to handle crisis
Urging national governments to act without delay

Bobbys Corner-Open Market-Aug.3.2011

Posted: 03 Aug 2011 05:36 AM PDT

Good Morning:

The Swiss National Bank seems to have had enough of the recent strength of the CHF, and they came out swinging as they cut rates in a surprise move to the marketplace. The franc fell after the announcement, as the Swiss government is concerned that the strength of the franc will undermine the county’s economic recovery.
Analysts feel that the rise in the CHF will only be temporary-as the franc is used as a refuge in uncertain times. Until the nervousness in the markets slow, (which there is no sign of in the immediate future), the franc will continue to attract investors.

The JPY also lost ground versus the Euro as the Bank of Japan has indicated that they will add money to the system to stop the rise in the currency. Concerns that the rise in the JPY will hamper any economic recovery, the nations leaders have stated that they are strongly commited to helping their counrties export business expand.

After the passing and signing of the US debt limit bill yesterday-Moody’s and Fitch affirmed the USA’a AAA rating, but warned that downgrades were possible in the future if they see no action to stem the deficit, and/or continued weakening in the US economy.

Equity futures are higher at this time. Gold and silver rallied-with Gold hitting another high overnight.

HAVE A GREAT DAY & GOOD LUCK

ADP Employment Change Rises

Posted: 03 Aug 2011 05:16 AM PDT

Employment Change: Survey: 100K Actual: 114K Prior: 157K Revision:145K

July vs June 2011
ADP Employment: 108,764 vs 108,650
Level Change: 114 vs 145

USD/JPY Trading higher on the news.

Challenger Job Cuts Rose 60% in July from June, Highest Since March of 2010 Coming in at 66,414

Posted: 03 Aug 2011 04:32 AM PDT

US ADP Employment Change Data Due at 8:15AM

Posted: 03 Aug 2011 04:13 AM PDT

Moody’s downgraded Athens to Caa3 from Caa1; outlook developing.

Posted: 03 Aug 2011 02:59 AM PDT

Euro continuing higher

Posted: 03 Aug 2011 02:58 AM PDT

In the earlier post, following the SNB comments, our bullish short term target was 1.42356. The pair is now trading in the ballpark of 1.4323. Now, from an hourly perspective we see that the pair re-tested hourly resistance at 1.42809 with the previous candle stick but has continued to rally; now testing the 61.8% on the move from Monday’s high to yesterday’s low. The next significant level higher is the 200 hour moving average at 1.43535.