Forex Market Updates & Commentary |  |
- Fitch, S&P and Moody’s reaffirms Germany’s AAA rating
- New week lows for the EURUSD
- EURUSD makes a break to the downside
- IMF Spokesman:Greece has not requested a new IMF loan program.
- German stocks sell sharply lower
- Berkshire Hathoway to invest 5 billion in Bank of America
- US think tank says SNB to take more drastic measures with regard to its currency strength
- Better jobless claims. Now what?
- Jobless Claims Rise Again, Continuing Claims Improve
- Webinars Today at 9:30 AM and 4:00 PM. Register here
- Will Jobless Claims Fall Below 400K Today?
- NY Morning Forex Commentary for August 25th 2011
- BOE Weale comments from speech in Doncaster
- UK CBI reported sales (m/m) -14 vs. -10 expected.
- Pimco’s Gomez says Bernanke will not announce a fresh round of QE tomorrow.
| Fitch, S&P and Moody’s reaffirms Germany’s AAA rating Posted: 25 Aug 2011 07:54 AM PDT The rumor of a downgrade which were in the market and may have contributed to the sharp fall in the German DAX index. The EURUSD remains below the 1.4346 low which was the low for the week before todays break lower. |
| Posted: 25 Aug 2011 07:49 AM PDT The narrow 153 pip range for the EURUSD has been extended below the 1.4346 low fom Monday. The price is also now below the 100 day MA at the 1.4364 level today. The next key target will be the 1.4260-68 area. This is the 38.2% of the move up from the July low it also was the low from last week. |
| EURUSD makes a break to the downside Posted: 25 Aug 2011 07:49 AM PDT The EURUSD has taken an early break to the downside on the back of German concerns, and Greek concerns (not requesting new loan program). The price is now down testing the low for the week at the 1.4346 level. The range for the week has been a narrow 153 pips which is very narrow. The expectation would be for an extension of that range before the end of the week (if not the next hour). The topside resistance now comes in at the 1.4372 level where the trendline was broken. |
| IMF Spokesman:Greece has not requested a new IMF loan program. Posted: 25 Aug 2011 07:32 AM PDT IMF_EU distribution of financial support for Greece not set in stone. This is curious news and makes you wonder “why not?” The EURUSD is moving lower on the report. |
| German stocks sell sharply lower Posted: 25 Aug 2011 07:22 AM PDT
In other German news the finance minister says EFSF in current size will be sufficient. Also the ruling party may delay a rescue vote until September 29th from September 23rd .
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| Berkshire Hathoway to invest 5 billion in Bank of America Posted: 25 Aug 2011 06:12 AM PDT The announcement sent the risk pairs back higher. Shares of Bof A are up $1.50. The EURUSD surged higher intially. Came back down and is now back above the 1.4433 level. The topside resistance is at the 1.446 level where trendline resistance is found. A move above targets the high for the week at 1.4499. |
| US think tank says SNB to take more drastic measures with regard to its currency strength Posted: 25 Aug 2011 05:42 AM PDT This has sent the USDCHF and EURCHF higher |
| Better jobless claims. Now what? Posted: 25 Aug 2011 05:41 AM PDT
I know it is early in the day, and it is August 25th and Bernanke’s long awaited speech at Jackson Hole is tomorrow, but I heard a market voice in my head say “Jobless claims better. Now what?” The EURUSD intially moved higher on the thought that good news is good news for risk and that seems to include the EURO now, but after testing the midpoint of the days rand at the 1.4431, the price has moved back lower as good news may mean no QE3 tomorrow which is not good for the stocks, which is therefore bad for the risk (which seems to include the EURO). For the week, the EURUSD has a low of 1.4346 and a high of 1.4499. The 153 pips range is a very narrow low to high trading range. This suggests that if not today, tomorrow will have an extension of the range. So what should trader’s look for? Clearly, over the last few days some battle lines have been drawn. On the downside, the 100 hour MA and the 200 hour MA are near each other at the 1.4402 and the 1.4395 levels respectively. The last few days has seen the price test the level a number of times and each time the price has bounced (see chart above). A move through these levels puts the bears in charge for a test of the weeks lows – if the price can stay below these levels. On the topside, A trendline off the highs on the hourly chart show resistance at 1.4467 currently. If the price can breach this level, the bulls should take control and force the pair higher. |
| Jobless Claims Rise Again, Continuing Claims Improve Posted: 25 Aug 2011 05:33 AM PDT Jobless Claims: Survey: 405K Actual: 417K Prior: 408K Revised: 412K
Week Ending 8/20 vs 8/13
Continuing Claims: Survey: 3700K Actual: 3641K Prior: 3702K Revisad: 3721K |
| Webinars Today at 9:30 AM and 4:00 PM. Register here Posted: 25 Aug 2011 05:05 AM PDT
Charting the Majors FREE Webinar at 9:30 AM EST. Join us by CLICKING HERE TO REGISTER ————————————————————————————————————————————
The Traders Course with Greg Michalowski will focus on the Canadian Dollar and those things that influence the moves in the currency. This is a continuation of the summer series that has been looking at the different countries and their currencies. CLICK HERE TO REGISTER. |
| Will Jobless Claims Fall Below 400K Today? Posted: 25 Aug 2011 04:59 AM PDT
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| NY Morning Forex Commentary for August 25th 2011 Posted: 25 Aug 2011 04:56 AM PDT |
| BOE Weale comments from speech in Doncaster Posted: 25 Aug 2011 04:32 AM PDT
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| UK CBI reported sales (m/m) -14 vs. -10 expected. Posted: 25 Aug 2011 03:06 AM PDT |
| Pimco’s Gomez says Bernanke will not announce a fresh round of QE tomorrow. Posted: 25 Aug 2011 03:01 AM PDT |
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