Forex Market Updates & Commentary

USDJPY tumbles lower. Fails on move higher once again.
Canada Finance Minister says greater haircuts on Greek debt likely
Week ahead in Trading TODAY at 9:30 AM.
US Capacity Utilization & Industrial Production Come Out as Predicted
Australian Treasurer Swan on the Wires
NY Morning Forex Commentary for October 17th 2011
Canada Securities Transactions & US Empire Manufacturing Both Weaker
China’s sovereign wealth fund says European banks must be transparent
Citibank earnings better than expectations. $1.23 per share vs $0.81 cents expected
EURUSD looks toward 100 hour MA target
Trichet say EU must be alllowed credibility to pursue mandate
US Capacity Utilization & Industrial Production Data Due at 9:15AM
Canada International Securities Transactions & US Empire State Manufacturing Data Due at 8:30AM
German FM comments weaken Euro
UBS raises its US Q3 forecast from 1.5% to 2.6%.

USDJPY tumbles lower. Fails on move higher once again.

Posted: 17 Oct 2011 07:30 AM PDT

The USDJPY has taken a tumble lower – falling from a ceiling area at the 77.43 level to 76.59. The move lower fell through technical levels at 77.18 (61.8 of the move down from September 2011 high), the 50% and 100 hour MA at the 76.97 level, and the 77.77 level which has been another level the market has been following.

There is a trendline which comes up at the 76.64 level. The price dipped below this level briefly but may now become support for the pair after the sharp fall. Japan officials would like to see a weaker JPY, but each time the price moves higher, it has a tendency to fail and fall sharply. Today is just another instance of that pattern.

Topside resistance will now come against the 200 hour MA at the 76.84 level. Above that the 50% and 100 hour MA at the 76.976 level will be eyed as good resistance.

Canada Finance Minister says greater haircuts on Greek debt likely

Posted: 17 Oct 2011 07:07 AM PDT

Greece cannot afford to pay its debt but thinks Eurozone will survive impact.

Week ahead in Trading TODAY at 9:30 AM.

Posted: 17 Oct 2011 06:25 AM PDT

Week ahead in Trading TODAY at 9:30 AM with Greg Michalowski and Shawn Powell ON AIR NOW Register now

US Capacity Utilization & Industrial Production Come Out as Predicted

Posted: 17 Oct 2011 06:17 AM PDT

Industrial Production Price Index MoM: Survey: 0.2% Actual: 0.2% Prior: 0.2% Revised: 0.0%

Capacity Utilization: Survey: 77.5% Actual: 77.4% Prior: 77.4% Revised: 77.3%

Australian Treasurer Swan on the Wires

Posted: 17 Oct 2011 06:09 AM PDT

Says:

Urges EU leaders to ‘deliver’ at weekend talks
Needs ‘suffiently bold’ program to manage crisis
Australia has ‘more levers’ to pull if EU crisis worsens
He’s confident EU ‘seriousness’ of threat
Australia has strong economy, ‘tiny’ EU bank exposure
‘Encouraging spots’ in Australian economy recently

NY Morning Forex Commentary for October 17th 2011

Posted: 17 Oct 2011 05:36 AM PDT

Canada Securities Transactions & US Empire Manufacturing Both Weaker

Posted: 17 Oct 2011 05:32 AM PDT

Canada International Securities Transactions: Survey: 10.00B Actual: 7.92B Prior: 11.78B Revised: 12.13B

Empire Manufacturing: Survey: -4.00 Actual: -8.48 Prior: -8.82B

USD/CAD Stronger rises on the move as EUR/USD Drops.

China’s sovereign wealth fund says European banks must be transparent

Posted: 17 Oct 2011 05:07 AM PDT

There was stories over the weekend about investment by China in European institutions. A spokesperson is saying that in order for that to happen, the banks must be more transparent.

Citibank earnings better than expectations. $1.23 per share vs $0.81 cents expected

Posted: 17 Oct 2011 05:00 AM PDT

Well Fargo $0.72. pere share which was in line with the expectations.

EURUSD looks toward 100 hour MA target

Posted: 17 Oct 2011 04:55 AM PDT

The EURUSD has been pressured today with European leaders being a little less optimistic about a magic bullet that will solve all problems with the debt crisis. The pair is approaching the next key target at the 100 hour MA. That level comes in at the 1.3753 level currently. Below that is the 1.3710 which is the 38.2% of the move up from the last weeks lows.

Trichet say EU must be alllowed credibility to pursue mandate

Posted: 17 Oct 2011 04:48 AM PDT