Forex Market Updates & Commentary

Mexico Retail Sales Improve to 4.8%
BOE Broadbent says UK outlook has softened
Mexican Retail Sales Due at 9AM
Chicago Fed National Activity Index Improves
Moody’s placed Japan’s Aa2 rating on downgrade review May 31st
The NY Morning Forex Commentary for August 22nd 2011
Chicago Fed Activity Data Due at 8:30AM
Moody’s comments on Greece
Euro firmer in recent trade
Deutsche Bank cuts 2012 Eurozone GDP forecast to 0.8% from 1.5%.
German fin. minister says economic growth will slow down for the rest of 2011.
S&P’s Beers says Greece to default on debt by end of this year.
8-22 Calender
Noda on the wires…..

Posted: 22 Aug 2011 06:06 AM PDT

BOE Broadbent says UK outlook has softened

Posted: 22 Aug 2011 05:41 AM PDT

Productivity growth has been weak
Low rates reflection of weak growth
Significant spare capacity
Current policy appropriate
Outlook for growth weakened in 3-4 mos.
Bank strains persisted longer than expected
He is in the middle of MPC debate

The GBPUSD corrected 38.2% of the Friday range in the early NY session and is now down testing support against the 100 and 200 bar MA on the 5 minute chart. A move below the 1.6483 level would target the lows from Friday/today at the 1.6461-65 area

Mexican Retail Sales Due at 9AM

Posted: 22 Aug 2011 05:39 AM PDT

Chicago Fed National Activity Index Improves

Posted: 22 Aug 2011 05:36 AM PDT

Moody’s placed Japan’s Aa2 rating on downgrade review May 31st

Posted: 22 Aug 2011 05:22 AM PDT

According to Moody’s the firm choose to extend that time frame but has apparently not made any change to the downside as of yet. The news is having little impact.

The NY Morning Forex Commentary for August 22nd 2011

Posted: 22 Aug 2011 05:11 AM PDT

Chicago Fed Activity Data Due at 8:30AM

Posted: 22 Aug 2011 03:59 AM PDT

Moody’s comments on Greece

Posted: 22 Aug 2011 02:31 AM PDT

Bilateral agreements on collateral would be credit negative for Greece and other bailout countries.
Pursuit of such agreements could delay next tranche of aid for Greece and so precipitate payment default.
Finnish-Greek accord raises concerns about will, ability of some Euro policy makers to take steps needed to safeguard the euro.

Euro firmer in recent trade

Posted: 22 Aug 2011 01:37 AM PDT

With a lack of economic releases tonight we’ve seen a pretty calm market with euro trading on session highs as European equities currently post gains. We saw a 50 point run up in the EUR/USD on the last hourly candlestick with the pair currently testing the 23.6% retracement line on the move from Friday’s low to the high of 1.44517. If the euro continues to strengthen, we look to 1.44517 as our next target; resistance found in this area could bring us back towards 1.43778.