Forex Market Updates & Commentary

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• The Forex Week Ahead
• EURUSD breaks above the 100 day MA and moves quickly to next target EURUSD breaks above 100 day MA
• The NY Morning Forex Commentary for August 15th 2011
• Empire Manufacturing comes out weaker at -7.76 vs 0.0 expectations
• US TIC Data due at 9:00 AM ET
• Canada New Motor Vehicle Sales expected to be +2.5%
• NY Empire State Manufacturing due at 8:30 AM ET
• Bobbys Corner-Open Market-Aug.15.2011
• German Gov’t spokesman
• BOE Miles
• S&P executive says Eurozone, US troubles may halve global demand from usual levels.
• EU’s Rehn says ECB intervention is necessary.
• 8-15 Calender
• Japan 2nd Quarter GDP Falls 0.3%
• Japans Finance Minister warns of further Yen intervention

The Forex Week Ahead Posted: 15 Aug 2011 07:18 AM PDT

EURUSD breaks above the 100 day MA and moves quickly to next target EURUSD breaks above 100 day MA Posted: 15 Aug 2011 06:14 AM PDT The EURUSD has broken above the 100 day MA and the weaker TIC data has sent the pair up to resistance against the 1.4400 level. This level should give the market a reason for pause/profit taking.

The NY Morning Forex Commentary for August 15th 2011 Posted: 15 Aug 2011 05:56 AM PDT

Empire Manufacturing comes out weaker at -7.76 vs 0.0 expectations Posted: 15 Aug 2011 05:32 AM PDT The Empire State Mfg. Index came in weaker than expectations. The index fell to -7.76 vs expectations of 0.0% and was also below the -3.76 last month.  Below is a list of the values for the major components.  New Orders were worse. Employmnet better. Prices both paid and received are less. Prices Paid   28.26 vs  43.33 last week Prices Received   2.17 vs   5.56 last week New Orders   -7.82 vs -5.45 last week Shipments   3.01 vs  2.22 last week Delivery Time  0.00  vs 1.11 last week Inventories    -7.61vs  -5.56 last week Unfilled Orders  -15.22vs -12.22 last week Number of Employees  3.26 vs  1.11 last week Average Workweek  -2.17vs  -15.56 last week

US TIC Data due at 9:00 AM ET Posted: 15 Aug 2011 05:26 AM PDT

Canada New Motor Vehicle Sales expected to be +2.5% Posted: 15 Aug 2011 05:24 AM PDT

NY Empire State Manufacturing due at 8:30 AM ET Posted: 15 Aug 2011 05:22 AM PDT

Bobbys Corner-Open Market-Aug.15.2011 Posted: 15 Aug 2011 05:20 AM PDT Good Morning: The CHF took center stage as we open up a new week of trading. Speculation that the Swiss National Bank is in serious negotiations with the ECB to peg the CHF against the EUR caused the currency to lose some steam. As the SNB looks for alternative ways to stem the rising CHF-and seeing that direct intervention has not been working, (market participants estimate that the SNB spent 30 billion CHF on intervention last year). If a peg against the EUR is even possible, it still remains questionable in the marketplace.  The prospect of a peg has already had a effect on the FX markets, and we await to see further effects in the near term. Even though the rise of the CHF has not had any enormous effect on the Swiss economy-monetary officials are concerned that any continued CHF strength could undermine the country’s critical export business, and cause a period of deflation. Worldwide equity markets were and are higher at this time.  US Futures are also higher. Oil is up and Gold is down about $6/oz. HAVE A GREAT DAY & GOOD LUCK

German Gov’t spokesman Posted: 15 Aug 2011 03:03 AM PDT Governments goal is to implement July 21st agreement with Eurozone leaders. Germany and Grance will jointly discuss whats possible based on existing treaties. Declines to comment on specific German proposals. German gov’t doesn’t consider Eurobonds possible. Have no indications that French will introduce Eurobonds for discussion. Pleased that Italy is taking such strong measures for solid budget policies. No one should expect a major breakthrough at tomorrow’s Merkel, Sarkozy meeting.

BOE Miles Posted: 15 Aug 2011 02:59 AM PDT Expects policy to eventually get back to normal. Euro area poses big risks to outlook. Inflation will return to target level. Activity increase is the “most likely outcome”. There are risks to both inflation and growth outlook.

S&P executive says Eurozone, US troubles may halve global demand from usual levels. Posted: 14 Aug 2011 11:21 PM PDT Sees no double dip recession in the US.

EU’s Rehn says ECB intervention is necessary. Posted: 14 Aug 2011 11:08 PM PDT

8-15 Calender Posted: 14 Aug 2011 08:26 PM PDT

Japan 2nd Quarter GDP Falls 0.3% Posted: 14 Aug 2011 05:44 PM PDT

Japans Finance Minister warns of further Yen intervention Posted: 14 Aug 2011 10:34 AM PDT Yoshihiko Noda warned on public television over the weekend that he is ready to intervene to slow the yens advance.  The yen continues to be a safe haven currency and the strength of the currency is threatening to slow the economy. The USDJPY opens the week near the lows.  The price is below the 100 hour MA and trendline resistance at the 76.88-91 area. A move above that level will next target the 77.20 high from Friday and then the 200 hour MA at the 77.40 level currently.

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