Forex Market Updates & Commentary

Rumor that shorting ban on US stocks closer
Austerity in Italy causing labor unrest. Union calling general strike on 6th of September
Richmond Fed Falls, US New Home Sales Dip Under 300K
FDIC report lending grows for the 1st time in 3 years
Greenspan comments
Finnish PM says will drop out of Greece bailout if collateral deal denied
EURUSD continues fall and tests 1.4400 area
Greenspan saying Euro breakdown creating difficulties. EURUSD moves lower
Finland PM demands collateral from Greece
EURUSD finds support against intraday technical levels
The USDCAD stays below shorter term 100 bar MA at 0.9870
Canada Retail Sales Stay According To Forecast
NY Morning Forex Commentary for August 23rd 2011
Goldmans O’Neil says Fed won’t be in a rush to do further easing
Canada Retail Sales Data Due at 8:30AM

Rumor that shorting ban on US stocks closer

Posted: 23 Aug 2011 07:18 AM PDT

Austerity in Italy causing labor unrest. Union calling general strike on 6th of September

Posted: 23 Aug 2011 07:16 AM PDT

Richmond Fed Falls, US New Home Sales Dip Under 300K

Posted: 23 Aug 2011 07:01 AM PDT

New Home Sales: Survey: 310k Actual: 298K Prior:312K Revised: 300K

June vs May 2011
Total Sold: 27k vs 28k
Not Started: 8k vs 6k
Under Construction: 9k vs 10k
Complete: 11k vs 13k

New Home Sales(MoM): Survey: -0.6% Actual: -0.7% Prior: -1.0% Revised: -2.9%

Richmond Fed Manf. Index: Survey: -5 Actual: -10 Prior: -1

FDIC report lending grows for the 1st time in 3 years

Posted: 23 Aug 2011 07:01 AM PDT

Problem bank list falls for the 1st time since 2006
Non current loans declined 6.5% in 2nd quarter
Loan loss provisions declined 53.%

Greenspan comments

Posted: 23 Aug 2011 07:00 AM PDT

Gold Buyer think inflation inevitable. Does not see a bubble
Baby Boomers better educated than the young
Stock trading technology helps when profitable
High uncertainty causing high employment
Something has to give in Europe
Southern Europe countries different from North

Finnish PM says will drop out of Greece bailout if collateral deal denied

Posted: 23 Aug 2011 06:52 AM PDT

This is also pressuring the EURUSD now and forced the EURUSD to the 1.4383 100 hour MA level.

EURUSD continues fall and tests 1.4400 area

Posted: 23 Aug 2011 06:43 AM PDT

The EURUSD has continued the slide to the downside – falling to the 1.4400 level. The 1.4403 level, 1.4390 and the 1.4384 (100 hour MA – blue line in the chart above) are the next targets in the quick reversal move. On the topside, the 1.4409 level and 1.4426 (midpoint of the days range) are now upside resistance levels for the pair.

Greenspan saying Euro breakdown creating difficulties. EURUSD moves lower

Posted: 23 Aug 2011 06:25 AM PDT

The EURUSD has moved lower and broke below the support outlined in the previous post against the 1.4438-43 area. The 1.4426 and 1.4409 levels are the next targets for the pair.

Finland PM demands collateral from Greece

Posted: 23 Aug 2011 06:12 AM PDT

Adds the collateral deal must not delay bailout package

EURUSD finds support against intraday technical levels

Posted: 23 Aug 2011 06:04 AM PDT

The 1.4438 to 1.4443 area has a number of intraday support levels to lean against and the EURUSD on the first look in the NY session found that support. The activity – in NY at least – has been to the downside after the sharp move higher on the back of the better than expected PMI data in Germany and the EU as a whole. The German ZEW Investor Sentiment was worse than expected and this took some of the steam out of the market..

Traders will likely give the benefit of the doubt to the support level (1.4438-43) until broken. If broken the 1.4426 and then 1.4409 become the downside targets for the pair.

On the topside the 1.4470 level (high from August 16th is the next upside target). The high last week came in at 1.4516.

The USDCAD stays below shorter term 100 bar MA at 0.9870

Posted: 23 Aug 2011 05:36 AM PDT

The USDCAD is finding resistance in the early NY hours below the 100 bar MA on the 5 minute chart. That level comes in at the 0.9870 level. The 100 and 200 hour MA on the hourly chart come in at 0.9862 and 0.9866 respectively. The midpoint of the last 8 days of trading comes in at the 0.9855.