Forex Market Updates & Commentary

Dallas Fed Manufacturing Index Slides Down to a Very Weak -3.0 vs 4.5 Survey.
Better Consumer Confidence data to end the year. GBPUSD trying to hold key support.
US Consumer Confidence Data Moves to the Upside 65.5 vs Survey of 58.6 and Prior of 56.0, Revision a Touch Worse
EURUSD near unchanged on the day as stocks get ready to open
S&P Data All Moves to The Downside
S&P CaseShiller Data Due at 9AM
The NY Morning Review and Preview for December 27th 2011
European equities open higher
Moody’s says weak Japan growth outlook boosts policy challenged.
Swiss UBS consumption indicator 0.81 vs. 0.90 prior.
Japanese housing starts -0.3%; better than expected.
12-27
usd/hkd in a downward channel.
usd/cnh continue to stay under 6.3487 for another day.
China’s Industrial Production Profits

Dallas Fed Manufacturing Index Slides Down to a Very Weak -3.0 vs 4.5 Survey.

Posted: 27 Dec 2011 07:30 AM PST

Better Consumer Confidence data to end the year. GBPUSD trying to hold key support.

Posted: 27 Dec 2011 07:12 AM PST

The Consumer Confidence number from the Conference Board came out better than expected at 64. 5 vs 58.9 expectations. The number was the highest reading since Aprils 66.00. February had the highest reading at 72 for the year.

The EURUSD is just above the 100 hour MA at the 1.3062 level and holding steady. The GBPUSD is also above the 100 hour MA at 1.5657 level. The level also corresponds with the 38.2% of the move down from the December 20th high (last weeks high). Stay above this important intraday level and the 1.5679 high for the day/week should be tested.

US Consumer Confidence Data Moves to the Upside 65.5 vs Survey of 58.6 and Prior of 56.0, Revision a Touch Worse

Posted: 27 Dec 2011 07:00 AM PST

Richmond fed manufacturing index shoots lower to 3 vs survey of 5 and prior of 0.

EURUSD near unchanged on the day as stocks get ready to open

Posted: 27 Dec 2011 06:27 AM PST

The EURUSD is in a narrow 43 pips range today as the stock get ready to open. level. The Case Schiller data was weaker than expected which may lead to a weaker stock opening. The price is at the 100 hour MA which is currently at the 1.3062 level. The close from yesterday came in at the 1.3057.

There is a topside trendline on the hourly chart at the 1.3081 level. If the price can remain above the 100 hour MA, this is where the price should move toward. The high for the day has come in at 1.3082. This is the same high as yesterday.

ON the downside, the 200 hour MA and trendline support come in at the 1.3047-49 level. A break below this level is needed to push the price further. The low for the day at the 1.3040. The low from Friday at 1.3025 will be another downside target.

I am expecting a little more activity today versus yesterday, with an extension of the narrow trading range at some point. Stocks are open today. There is chatter in the market about Italian bond auctions later this week. This should lead to some jockeying by traders.

S&P Data All Moves to The Downside

Posted: 27 Dec 2011 06:01 AM PST

S&P/CS 20 City (MoM%) SA: Survey: -0.34% Actual: -0.62% Prior: -0.57% Revised: -0.66%

S&P/CS Composite-20 (YOY): Survey: -3.22% Actual: -3.40% Prior: -3.59% Revised: -3.54%

S&P/CaseShiller Home Price Index: Actual: 140.30 Prior: 141.97 Revised: 142.04

S&P CaseShiller Data Due at 9AM

Posted: 27 Dec 2011 05:20 AM PST