Forex Market Updates & Commentary

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• EURUSD trading between support and resistance
• US Super Committee debacle
• The Forex Week Ahead for the November 21st 2011 week
• Forex Basics Big Picture today at 4:00 PM with Shawn Powell and Jason Galano
• Canada Wholesale Sales come in at 0.3% vs 0.5% expectations. Chicago Fed Activity weaker
• ECB Stark says very challenging times for governments in EU
• Bobbys Corner-Open Market-November.21.2011
• NY Morning Forex Commentary for November 21st 2011
• ECB’s Nowotny says interest rate decrease is possible
• Bundesbank monthly bulletin
• Cameron says UK well behind where it needs to be on growth
• Eurozone Current Account
• 11-21 Economic Calendar
• USDCNH Trendline Still Holding

EURUSD trading between support and resistance Posted: 21 Nov 2011 07:38 AM PST The EURUSD is trading between support and resistance for the NY session. The 1.3436 level was a floor from last Thursday trade. Not far below that is the lows from last week at the 1.3421 and 1.3428 levels.  ON the topside, the resistance comes in against the underside of what was trendline support last week.  That support level was broken earlier today. The underside of that trendline comes in at the 1.3484 level. The high for the NY session comes in at 1.3481. At work today from a fundamental perspective is Washington, Greece/Italy and a sharply lower US stock market at -256 Dow points. Gold is also down $24 today.

US Super Committee debacle Posted: 21 Nov 2011 07:32 AM PST There is a report on the AP news wires that if the Super Committee fails in cutting the required 1.2 billion that the next step will be to stop the automatic cuts from going into effect.  There is a thought that if the debt cuts are blocked, this would lead to a possble downgrade for the US. The EURUSD has moved higher and trades near the high for the day.  The focus back on the US and specifically Washington, may be the catalyst. Below is the article from the AP: http://hosted.ap.org/dynamic/stories/U/US_DEBT_SUPERCOMMITTEE_AUTOMATIC_CUTS?SITE=TNJAC&SECTION=HOME&TEMPLATE=DEFAULT

The Forex Week Ahead for the November 21st 2011 week Posted: 21 Nov 2011 06:18 AM PST CLICK HERE FOR THE FOREX WEEK AHEAD PDF file

Forex Basics Big Picture today at 4:00 PM with Shawn Powell and Jason Galano Posted: 21 Nov 2011 06:14 AM PST Forex Basics Big Picture today at 4:00 PM edt with Forex trainers Shawn Powell and Jason Galano. Basics of Forex covered in a new and interesting manner where you learn at an accelerated pace. Register now

Canada Wholesale Sales come in at 0.3% vs 0.5% expectations. Chicago Fed Activity weaker Posted: 21 Nov 2011 05:32 AM PST Meanwhile the US CHicago Fed National Activity Index came in at -0.13 vs expectations of 0.19

ECB Stark says very challenging times for governments in EU Posted: 21 Nov 2011 05:28 AM PST Sovereign debt crisis has spread to so called core countries of all Eurozone Globally see strong headwinds GDP growth is expected to be moderate in H2 Sees strong dampening effects for European Q4 GDP Sees soft patch as temporary though Deceleration of inflation rate in 2012 Decisive and front loaded action is needed to bolster confidence in government finances across all Eurozone states Ireland is meeting its bailout target Success in Ireland on recapitalization of banks and in bank deleveraging Macroeconomic imbalances are the root of the current debt crisis in Europe

Bobbys Corner-Open Market-November.21.2011 Posted: 21 Nov 2011 05:15 AM PST Good Morning: It looks like we start the short Thanksgiving trading week with news that the US Congressional ”super committee” is going to announce that they have failed to agree on any significant cuts in the budget.  With no agreements in place-$1.2 trillion in  automatic spending cuts will start.  These cuts are both for domestic and defense projects-and will be put into place in January 2013. As typical in current US politics, both the Democrats and Republican’s blamed each other for the inaction.  Even Sen John Kerry of Massachusetts stated that on Monday the markets will look at Washington and say “you guys can’t get the job done”.  I think that he is right-and I would add “again” at the end of his statement. With no agreement from the “super committee”-will the rating agency’s have more negative news for the US’s rating? World equity markets are lower-as are US Futures. Oil,Gold,Silver are all lower. HAVE A GREAT DAY & GOOD LUCK

NY Morning Forex Commentary for November 21st 2011 Posted: 21 Nov 2011 05:06 AM PST

ECB’s Nowotny says interest rate decrease is possible Posted: 21 Nov 2011 03:11 AM PST Eur/Usd made fresh session low of 1.3437 on news.

Bundesbank monthly bulletin Posted: 21 Nov 2011 03:09 AM PST * cuts 2012 German growth forecast to 0.5%- 1.0% * German economy entering dangerous waters in coming months * Euro-zone debt crisis could burden recovery in Europe and trading partners * urges crisis hit Euro-zone states to take swift and decisive action to restore confidence

Cameron says UK well behind where it needs to be on growth Posted: 21 Nov 2011 03:04 AM PST * Euro crisis having chilling effect on growth * UK unemployment figures were depressing * dealing with deficit line one of recovery plan * pressure to be maintained on banks to lend more * massive credit easing scheme in the works

Eurozone Current Account Posted: 21 Nov 2011 01:11 AM PST E/Z Current Account came in with a 0.5B euro surplus, a 3.2B euro deficit was expected. Eur/Usd continues to trade either side of 1.3450.

11-21 Economic Calendar Posted: 20 Nov 2011 08:45 PM PST

USDCNH Trendline Still Holding Posted: 20 Nov 2011 05:33 PM PST The USDCNH pair has continued lower as its appreciation is defended by the trendline resistance we have been advertising for weeks. A break higher could be met with some resistance at the trending 21 day moving average and 200day above that. Any CNH appreciation could find support at last week’s lows.

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