Thursday, October 13, 2011

Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

EURUSD stalls near support area.

Posted: 13 Oct 2011 07:29 AM PDT

The Traders Course with Greg Michalowski scheduled for today will be cancelled

Posted: 13 Oct 2011 07:04 AM PDT

Sorry folks. 

Due to preparation for the Fast Track seminar series in Phoenix, I will need to cancel the webinar scheduled for today at 4 PM. We have also cancelled the Weekly Wrap up on Friday due to conflicting travel schedules.

Sorry for the inconvenience but will be back in the saddle next Monday with the Week Ahead.

EURUSD makes new lows. 1.3672-77 are next downside target

Posted: 13 Oct 2011 06:49 AM PDT

1.3672-77 is the next target for the pair.

USDCHF breaks above channel trendline at 0.9008 level

Posted: 13 Oct 2011 06:43 AM PDT

Stay below the 1.5700 and bears are happy. Move above and bulls take charge again

Posted: 13 Oct 2011 06:16 AM PDT

The GBPUSD has corrected lower in the London session and broke an earlier bull flag trendline (negating the formation) at around the 1.5700 area. The move from there has been a little uninspiring with the low coming in at the 1.5654 level.  Key support below comes in at the 1.5654 adn 1.5645 levels where trendline and 100 hour MA come in.  Stay below the 1.5700 level and this would be the target. Move above the level and will be looking for the momentum back higher to take charge.  1.5714 and 1.5738 (top trendline) would be the next targets.

EURUSD is quietly wandering in early NY trade

Posted: 13 Oct 2011 05:55 AM PDT

The EURUSD has support at the 1.3722 level (trendline – see chart below) and below that the 1.3707 level is the 50% of the move up from yesterday’s low.  The next upside target for the pair comes in athte 1.3766 level. This is the floor from the Asian session.

Activity is quiet so far in the NY session. The economic news at 8:30 did little to move the market. The S&P are down 4. DJ futures are down -24 points. Nasdaq is unchanged.  Oil is down $1 and Gold futures are down -14.

The chart below is a closer look at the hourly chart above…

US Jobless and Continuing Claims Improve

Posted: 13 Oct 2011 05:35 AM PDT

Jobless Claims:  Survey: 405K  Actual: 404K  Prior: 401K  Revised: 405K

Continuing Claims:  Survey: 3710K  Actual: 3670K  Prior: 3700K  Revisad: 3725K

Canada and US Trade Balance Both Worsen, Revisions Better

Posted: 13 Oct 2011 05:34 AM PDT

Canada Trade Balance: Survey: -1.00B   Actual: -0.62B   Prior: -0.75B   Revised: -0.54B

US Trade Balance: Survey: -45.8B   Actual: -45.8B   Prior: -44.8B   Revised: -45.6B

Bobbys Corner-Open Market-October.13.2011

Posted: 13 Oct 2011 05:30 AM PDT

Good Morning:

Risk came off this morning-as European equity markets along with Gold, Silver and Oil are all lower this morning.  Too many positive days-and it was inevitable that a negative day was just around the corner.
The ECB released their monthly report for October.  The main points are that  the region continue to have downside risk, which is subject to high uncertainty, along with comments that Euro Zone governments must take fiscal action to sustain their sovereign stability.

Today we have data on the US August Trade Balance (or deficit-which is what it really is), and it is expected to rise, as a faltering global economy caused US firms to have fewer exports.  China also released data that pointed to lower exports, due to the global slowdown.

Also today, unemployment claims data for the week will be released, and the number is expected to increase to 405K from 401K the week before.
The jobs picture in the US remains bleak-as the unemployment rate continues to stay above 9%, and there seems to be no real initiatives being introduced that will lead to a decrease in unemployment anytime soon.

TIME       FOR EST. PRIOR
8:30a.m. TRADE BALANCE   AUG. -$45.5B -$44.8B
8:30a.m. INITIAL JOBLESS CLAIMS   8-Oct 405K 401K
8:30A.M. CONTINUING CLAIMS   1-Oct      3710K 3700K

HAVE A GREAT DAY & GOOD LUCK

NY Morning Forex Commentary for October 13th 2011

Posted: 13 Oct 2011 05:27 AM PDT

Greek PM Papandreuo and spokesperson on newswires

Posted: 13 Oct 2011 04:51 AM PDT

  • October 23rd summit must deliver solution to crisis
  • Comprehensice Eurozone solution to include stronger EFSF.Spokes

Spokesperson adds:

  • Prepared to accept any deal that lightens the debt burden
  • Wants a debt deal that goes beyond the July 21st agreement
  • Seek deal that lowers interest payments and extends maturities
  • Any change to July 21s deal must be acceptable to markets

Of course they want all these things.  The story remains the same.  Promises and then money leads to promises and then money.  The debt remains a burden. Debt was bought. Debt is worth less.  Owners of debt need need to take a haircut.  A stress test needs to be done to figure out who is in business and who is not.  Recapitalize those institutions to avoid a domino effect.  Can that happen?  The talks of leveraging EFSF, insuring bonds sounds like a great idea but is it the right idea and at what cost is the insurance?

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

Posted: 13 Oct 2011 04:42 AM PDT

 

US & Canada Trade Balance Data Due at 8:30AM

Posted: 13 Oct 2011 04:35 AM PDT

 

USD stronger in recent trade

Posted: 13 Oct 2011 02:06 AM PDT

The dollar has strengthen across the board in recent trading. Against the GBP, the pair has come off nearly 50 pips now approaching the 50.0% line on the move from yesterday’s low to today’s high of 1.57962. The next target lower in 1.56386 where we find both the 61.8% and 100 hour moving average.

UK trade balance (Aug) -7768 mln vs. -8800 mln expected.

Posted: 13 Oct 2011 01:42 AM PDT
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