Forex Market Updates & Commentary

James Chen Charting the Majors Rebroadcast
ECB’s Trichet on The Wires
Bobbys Corner-Open Market-Sept.8.2011
US Jobless Claims & Continuing Claims Both Rise, Jobs Stay Weak, Trade Balance Improves
US Jobless Claims & Continuing Claims Data Due at 8:30AM
BOE leaves benchmark rate at 0.50%, asset purchase facility unchanged at 200 bln GBP
Citigroup’s chief economist says ECB should cut interest rates in October and focus on bailing out Italy and Spain.
Japanese economy minister on the wires….
Greek unemployment rate (June) 16.0% vs. 16.6% prior.
German finanace minister on the wires….
German trade balance 10.1B vs. 11.0B survey.
Swiss unemployment rate 3.0% as expected.
French non-farm (q/q) 0.2% vs. 3.0% forecast/prior reading.
Japanese economy watchers sentiment 47.3; worse than expected.
9-8 Calender

James Chen Charting the Majors Rebroadcast

Posted: 08 Sep 2011 07:00 AM PDT

James Chen Charting the Majors 9:30 AM This Thursday – Watch the Rebroadcast

ECB’s Trichet on The Wires

Posted: 08 Sep 2011 06:12 AM PDT

Says;

Balance of risks has changed
ECB stands ready to provide liquidity
Liquidity not an issue for Euro-area banks
Euro extends drop versus Pound, weakens 1.1% to 87.24 pence
German 10 year bond yield falls to record low 1.823%
Significant that inflation risks no longer on upside
Euro extends decline against Dollar, slides .9% to $1.3965

Bobbys Corner-Open Market-Sept.8.2011

Posted: 08 Sep 2011 05:57 AM PDT

Good Morning:

A fairly uneventful overnight session ahead of today’s busy schedule of policy news and speeches.
We start with rate announcements by the BOE and ECB (both rates were left unchanged).
This will be Trichet’s farewell press conference, and traders are looking for any signs of a change in policy. This will be followed by speeches today by Fed Chairman Bernanke and this evening by President Obama.
President Obama will outline his new $300 billion jobs program. Let’s all hope that this speech has some real “punch” to it-and is not a political campaign speech.

US unemployment claims rose this week-as yet another sign of the struggling US labor market. With the global and US economy at risk for a double-dip recession, firms are looking to cut their labor costs, and are slow at ramping up production.

Equity markets and Futures are lower.
Gold is higher-Oil fairly stable at $88/bar.

HAVE A GREAT DAY & GOOD LUCK

US Jobless Claims & Continuing Claims Both Rise, Jobs Stay Weak, Trade Balance Improves

Posted: 08 Sep 2011 05:34 AM PDT

Jobless Claims: Survey: 405K Actual: 414K Prior: 409K Revised: 412K

Continuing Claims: Survey: 3706K Actual: 3717K Prior: 3735K Revised: 3747K

US Jobless Claims & Continuing Claims Data Due at 8:30AM

Posted: 08 Sep 2011 05:08 AM PDT

BOE leaves benchmark rate at 0.50%, asset purchase facility unchanged at 200 bln GBP

Posted: 08 Sep 2011 04:01 AM PDT

Citigroup’s chief economist says ECB should cut interest rates in October and focus on bailing out Italy and Spain.

Posted: 08 Sep 2011 03:22 AM PDT

Japanese economy minister on the wires….

Posted: 08 Sep 2011 02:26 AM PDT

Hope BOJ takes decisive steps promptly to support the economy.
Up to the BOJ to decide when to take action.
JPY is “very strong” if you consider firms expected rate.
Want to compile package against strong JPY as soon as possible.

Greek unemployment rate (June) 16.0% vs. 16.6% prior.

Posted: 08 Sep 2011 02:08 AM PDT

Euro a tough firmer on the release.

German finanace minister on the wires….

Posted: 08 Sep 2011 12:22 AM PDT

Approving the EFSF change is vital to stabilizing the EUR.
Can help indebted countries, but Euro zone member states must resolve underlying reasons.
Needs EFSF so that Greek problems do not endanger stability of the Euro.
The situation in Greece is serious.
Next Greek aid tranche cannot be paid until conditions are met.
EFSF expansion gives time for further changes.

German trade balance 10.1B vs. 11.0B survey.

Posted: 07 Sep 2011 11:05 PM PDT

Swiss unemployment rate 3.0% as expected.

Posted: 07 Sep 2011 10:46 PM PDT

French non-farm (q/q) 0.2% vs. 3.0% forecast/prior reading.

Posted: 07 Sep 2011 10:42 PM PDT

Japanese economy watchers sentiment 47.3; worse than expected.

Posted: 07 Sep 2011 10:03 PM PDT

9-8 Calender

Posted: 07 Sep 2011 08:29 PM PDT