Forex Market Updates & Commentary

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• US Consumer Confidences Rises Sharply Along with House Price Index
• US Consumer Confidence, House Price Index Data Due at 10AM
• ECB on the Wires
• S&P CaseShiller Data:
• Canada Current Account Falls to -12.1B vs -11.1B Expectations, Revision Also Worse
• Bobbys Corner-Open market-November.29.2011
• US CaseShiller Data To Be Released at 9AM
• Merkel Says Some EU Countries Reluctant on Treaty Change
• Canada Current Account Data Due at 8:30AM
• ITALY SELLS 7.5 BLN IN EURO BONDS
• UK Mortgage Approvals slightly higher
• Swiss Consumption Indicator remains near two year low
• UK Nationwide HPI
• 11-29 Economic Calendar
• EUR and European stocks firmer.

US Consumer Confidences Rises Sharply Along with House Price Index Posted: 29 Nov 2011 07:01 AM PST House Price Index(MoM):  Survey: -0.1%   Actual: 0.9%   Prior:  -0.1%  Consumer Confidence:    Survey: 44.0   Actual:  56.0  Prior: 39.8    Revised: 40.9 Consumer confidence has driven itself back to june/july levels.

US Consumer Confidence, House Price Index Data Due at 10AM Posted: 29 Nov 2011 06:39 AM PST

ECB on the Wires Posted: 29 Nov 2011 06:08 AM PST Say:  Forex reserves rose EU800 million to EU195.6 billion Lending to banks rose EU 15.9 billion to EU 641.4 billion Gold, Gold receivables remained unchanged in a week

S&P CaseShiller Data: Posted: 29 Nov 2011 06:02 AM PST S&P/CS 20 City (MoM%) SA:  Survey: -0.10%     Actual:  -0.57%     Prior: -0.05%     Revised:  -0.29% S&P/CS Composite-20 (YOY):   Survey: -3.00%     Actual: -3.59%     Prior: -3.80%    Revised: -3.78% S&P/CaseShiller Home Price Index:    Actual: 141.97    Prior: 142.84     Revised: 142.88 S&P/CaseShiller US HPI (YoY%):    Survey: -3.10%    Actual: -3.90%    Prior: -5.88%     Revised: -5.79% S&P/CaseShiller US HPI:    Actual: 130.39      Prior: 130.12    Revised: 130.24

Canada Current Account Falls to -12.1B vs -11.1B Expectations, Revision Also Worse Posted: 29 Nov 2011 05:33 AM PST

Bobbys Corner-Open market-November.29.2011 Posted: 29 Nov 2011 05:23 AM PST Good Morning: American Airlines parent AMR Corporation filed for bankruptcy this morning.   After they failed to reach cost cutting agreements with their labor unions-along with missing out on the mergers that have been common in the industry-and losing market share-there was no choice but to seek chapter 11 protection. In European news-A very choppy overnight session.  The euro started to weakened after news from La Tribune in France stated that S&P may be looking to give France a “negative” outlook. Comments from the German Finance Minister regarding the role of the ECB also added to the markets nervousness. Italy sold 7.5 billion euros worth of bonds-and kept the yield under the important 8% barrier.  With over 300 billion euros of Italian debt coming due next year-the Italian government cannot afford to lock themselves into 7.5% or higher yields-so I think that EZ officials will need to find a solution to lessen that burden. Oil is higher-but gold and silver are off a bit. World equity markets followed Wall Street and rallied.  US Futures are also higher this morning. HAVE A GREAT DAY & GOOD LUCK

US CaseShiller Data To Be Released at 9AM Posted: 29 Nov 2011 05:05 AM PST

Merkel Says Some EU Countries Reluctant on Treaty Change Posted: 29 Nov 2011 04:25 AM PST

Canada Current Account Data Due at 8:30AM Posted: 29 Nov 2011 04:10 AM PST

ITALY SELLS 7.5 BLN IN EURO BONDS Posted: 29 Nov 2011 02:22 AM PST Eur/Usd gained to 1.3427 on news.

UK Mortgage Approvals slightly higher Posted: 29 Nov 2011 01:37 AM PST UK Mortgage Approvals came in at 52,743, 51,800 was forecast. Gbp/Usd has made new session high, trading at 1.5570.

Swiss Consumption Indicator remains near two year low Posted: 29 Nov 2011 01:12 AM PST UBS Consumption Indicator came in at  0.91, stronger than the prior reading of  0.82. No estimate was given. The indicator’s comparatively low level is due to ongoing poor business activity in the retail sector as well as consumer sentiment, according to UBS. The Chf has shown some weakness in recent trade with Usd/Chf  at .9230 and Eur/Chf at 1.2300, both up slightly after release.

UK Nationwide HPI Posted: 28 Nov 2011 11:02 PM PST Nationwide HPI m/m came in at 0.4%, stronger than the -0.1% expected. Gbp/Usd relatively unaffected by number, as the pair trades at 1.5520.

11-29 Economic Calendar Posted: 28 Nov 2011 08:40 PM PST

EUR and European stocks firmer. Posted: 28 Nov 2011 07:32 PM PST The euro is trading firmer along with European equity markets (Euro Stoxx 50 up 5.23%, FSTE 100 up 2.85%) as  financial markets hope the Euro-zone policy makers make moves to tackle the debt crisis. There are also currently talks on a France-Germany stability pact to try to muffle the debt problems in Europe. All of this following the IMF’s denial of bailout talks with Italy yesterday. All of this with the though of a possible Euro-zone break still in the minds of investors. Earlier the EUR/USD tested trend line support which began at last Friday’s low and has since rebounded. On the 15 minutes chart the pair is heading towards the 38.2% line and 100 bar moving average which both come in at 1.33271. If the pair doesn’t run into resistance there we look to the 50.0% as the next bullish target.

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