Forex Market Updates & Commentary

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• Mexico Central Bank Keeps Overnight Rate Unchanged at 4.5%
• Unemployment Level Drops to 8.6%, Jobless Claims Weaker Then Expectations
• Bobbys Corner-Open Market-December.2.2011
• US Nonfarm Payrolls Data Due at 8:30AM
• UK Construction PMI
• Merkel; Euro crisis can’t be resolved overnight
• 12-2 Economic Calendar
• usd/hkd testing the 23.6%
• usd/sgd 200 MV continue to support the pair.
• Euro continues to edge higher
• Japanese Fin. Minister Azumi speaks in Tokyo
• Japanese capital spending -9.8%; worse than expected.
• Friday Wrap up Forex webinar at 11:00 AM with Shawn Powell and Jason Galano
• Swiss Government Considering Negative Interest Rates

Mexico Central Bank Keeps Overnight Rate Unchanged at 4.5% Posted: 02 Dec 2011 07:02 AM PST

Unemployment Level Drops to 8.6%, Jobless Claims Weaker Then Expectations Posted: 02 Dec 2011 05:31 AM PST Change in Nonfarm Payrolls:   Survey:  125K     Actual:  120K    Prior:  80K      Revision: 100K Change in Private Payrolls:  Survey: 150K    Actual: 140K     Prior:  104K     Revised: 117K Change in Manufacturing Payrolls:  Survey: 9K   Actual:  2K   Prior:  5K     Revised: 6K Unemployment Rate:  Survey:  9.0%     Actual:  8.6%     Prior:  9.0%

Bobbys Corner-Open Market-December.2.2011 Posted: 02 Dec 2011 05:27 AM PST Good Morning: Many traders stayed on the sidelines ahead of this morning’s US employment data. In Euro Zone news- German Chancellor Merkel commented that joint Euro Bonds are are not the way to solve the debt crisis.  She also agreed that the ECB should not be the lender of last resort for the Euro Zone. Chancellor Merkel stated that  the crisis will take years to clean up and get the region’s finances back on track. Continued talks between the ECB and IMF will hopefully result in some shared responsibility by both parties. Merkel and French President Sarkozy will meet ahead of the European summit next week-as these 2 countries have the most to lose from a Euro breakup-or any disconnect in the Euro Zone.  This morning’s Us employment data is expected to have NFP increase by 125K-but many are calling for over 200K.  These additions will unlikely put a dent the overall unemployment picture. HAVE A GREAT DAY-WEEKEND & GOOD LUCK

US Nonfarm Payrolls Data Due at 8:30AM Posted: 02 Dec 2011 04:49 AM PST

UK Construction PMI Posted: 02 Dec 2011 01:32 AM PST UK Construction PMI came in at 52.3, stronger than the 52.1 expected. Gbp/Usd unaffected by news, trading either side of 1.5680.

Merkel; Euro crisis can’t be resolved overnight Posted: 02 Dec 2011 12:12 AM PST * compares crisis fight like a marathon * crisis is one of debt, not confidence * much has been achieved in fighting crisis roots

12-2 Economic Calendar Posted: 01 Dec 2011 08:45 PM PST

usd/hkd testing the 23.6% Posted: 01 Dec 2011 06:01 PM PST usd/hkd testing the 23.6% on this daily chart.

usd/sgd 200 MV continue to support the pair. Posted: 01 Dec 2011 05:59 PM PST usd/sgd 200 moving average continue to support the pair.

Euro continues to edge higher Posted: 01 Dec 2011 04:28 PM PST It seems that investors woes have been subdued (for now) after the world’s major central banks agreed to offer cheap dollar loans for European banks down on their luck. This move has also decreased the cost of interbank lending for the first time since July 22nd. The recent firmness is the Euro seems to have been caused by relatively successful Spanish and French debt auctions, with the EUR/USD reaching a high of 1.3521 following the auctions. Currently the pair is testing some upward hourly trend line support as we wait for the Nikkei to open in a little over thirty minutes (looks to open flat). Tonight may be relatively quiet with the U.S. non-farm payroll number out tomorrow morning.

Japanese Fin. Minister Azumi speaks in Tokyo Posted: 01 Dec 2011 04:09 PM PST Declines to comment on intervention. Q3 capital spending fell 9.8% from a year earlier. He will take action against speculative moves. Japanese banks are not having trouble obtaining dollars. There’s no change in Japan’s support to Europe. State of Japanese economy requires seamless measures.

Japanese capital spending -9.8%; worse than expected. Posted: 01 Dec 2011 03:52 PM PST Monetary base (y/y) was 19.5% vs. a 17.7% survey and 17.0% prior reading.

Friday Wrap up Forex webinar at 11:00 AM with Shawn Powell and Jason Galano Posted: 01 Dec 2011 01:59 PM PST Friday Wrap up Forex webinar at 11:00 AM with Shawn Powell and Jason Galano.  Joim us for the last webinar of the week as we discuss the outcome of the US Employment report and the next week of trading.  Register now

Swiss Government Considering Negative Interest Rates Posted: 01 Dec 2011 09:34 AM PST Swiss government could tax offshore deposits to weaken Franc EUR/CHF and USD/CHF higher on the news.

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