Forex Market Updates & Commentary |  |
- Fitch says US can tolerate more debt than other AAA sovereigns
- EURUSD back above the 200 hour MA and 50% correction level
- GBPUSD tests underside of trendline
- EURUSD falls below 200 hour MA and 50% Fibo level. Next target 1.4261
- Bobbys Corner-Open Market-Aug.18.2011
- EURUSD between support and resistance
- Record highs for Gold.
- NY Feds Dudley revised down expectations for US economic growth for 2011
- Intial Claims 408K higher than 400kest. CPI higher at 0.5%
- NY Morning Forex Commentary for August 18th 2011
- IIF Chief Dallara says EU Greek debt deal is solid
- BOE Weale says Q3 GDP likely better
- Noda on the wires….
- Japanese finance minster Noda says intervention is meaningless if not a surprise.
- BOJ official Nakaso agreed with ministry of finance to stay on alert on fx levels for the next 24 hrs.
| Fitch says US can tolerate more debt than other AAA sovereigns Posted: 18 Aug 2011 08:01 AM PDT |
| EURUSD back above the 200 hour MA and 50% correction level Posted: 18 Aug 2011 07:58 AM PDT
The EUEUSD has moved back above the 200 hour MA and 50% retracement at the 1.4309 level. This has muddied the water a bit for the bears as the price should have stayed below these level if the bears were strong in their conviction. On the topside traders if the more balance market continues, then traders will be eyeing the 1.4339 level which is the 38.2% of the move down from the highs as a target to sell.
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| GBPUSD tests underside of trendline Posted: 18 Aug 2011 07:43 AM PDT
The GBPUSD has corrected off the low and tests the underside of the trendline at the 1.6457 level. Staying below this level keeps the intraday bearishness in tact. There also is topside resistance against the high from Tuesday and the original low from today at the 1.6472 area. If these levels hold it could lead to a test of key support against the 38.2% retracement of the move up from the August 11th low, the 100 hour MA and the trendline connecting lows from August 11th and 12th (see chart above). That level comes in at the 1.6406 level and this is a key level for the pair. |
| EURUSD falls below 200 hour MA and 50% Fibo level. Next target 1.4261 Posted: 18 Aug 2011 07:22 AM PDT
The EURUSD fell sharply after the terrible Philly Fed index (-30 vs expectations of +2). The fall is as a result of a flight into the safety of the dollar against that pair at least. Stock markets in the US and Europe are getting hit with French banks coming under particular pressure. The next target comes in now at the 1.4260 level. This is the 61.8% of the move up from the August 11th low. The bears will be looking for the 1.4309 level to hold the correction now
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| Bobbys Corner-Open Market-Aug.18.2011 Posted: 18 Aug 2011 06:12 AM PDT
CHF softened in overnight trading versus the USD and EUR, as speculation that the Swiss National Bank will institute further measures to slow their rising currency. The data is out-jobless claims rose more than expected this week-and Consumer Price Index (CPI-which is a measure of inflation on the consumer level), was higher than expected too. USD stays firm. Worldwide equity markets dropped, oil is lower-but Gold is higher once again. The European debt crisis, along with the US downgrade, and continued fears of a double dip recession have taken a toll on stock indexes around the world, and has eroded consumer confidence. News that the US Fed is keeping a close eye on European Bank’s US operations to be certain that the European debt crisis does not spill into the US banking system is welcome news. I always thought that the Fed was responsible to monitor the operations of any bank on US soil-OH they are! HAVE A GREAT DAY & GOOD LUCK |
| EURUSD between support and resistance Posted: 18 Aug 2011 06:05 AM PDT
As we sit in NY, the price is below the trendline from the August 11th low. That line has three points and today it fell below that line. THe currrent underside is at the 1.4391. Stay below and the bias is to the downside. Speaking of the downside, the 100 hour MA is at the 1.4375 level and with the price near that level a move below adds to the bearishness. Not far from there is the 100 day MA at the 1.4355 level and a low at 1.4353 on August 16th, the low at 1.4352 on August 17th and three hourly lows today at 1.4351, 1.4355 and 1.4355 respectively. Needless to say staying below the 1.4391, 1.4375 is bearish but a move below this 1.4351-55 level will be the next hurdle. A break below targetss the 1.4323 and then the 200 hour MA at the 1.4309 level currently. |
| Posted: 18 Aug 2011 05:45 AM PDT Gold +$24 to $1818 This has stocks and oil down. S&P Down -29 |
| NY Feds Dudley revised down expectations for US economic growth for 2011 Posted: 18 Aug 2011 05:35 AM PDT
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| Intial Claims 408K higher than 400kest. CPI higher at 0.5% Posted: 18 Aug 2011 05:30 AM PDT The Core CPI came in at +0.2% which was as expected. The YoY rose to 3.6%. Ex Food and Energy rose to 1.8% from 1.6% last month. Apparrel +1.2%, Gas rose 4.7% |
| NY Morning Forex Commentary for August 18th 2011 Posted: 18 Aug 2011 05:12 AM PDT
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| IIF Chief Dallara says EU Greek debt deal is solid Posted: 18 Aug 2011 04:38 AM PDT
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| BOE Weale says Q3 GDP likely better Posted: 18 Aug 2011 04:37 AM PDT
Weale was a dissenter on the BOE MPC until the current meeting (for a rate rise). |
| Posted: 18 Aug 2011 03:28 AM PDT
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| Japanese finance minster Noda says intervention is meaningless if not a surprise. Posted: 18 Aug 2011 02:58 AM PDT |
| Posted: 18 Aug 2011 02:58 AM PDT |
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