Forex Market Updates & Commentary

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• Traders Course Lesson 13 4:00PM TODAY with Greg Michalowski
• ISM for December was revised lower to 53.1 from 53.9.
• EURUSD tests (and falls below) 100 hour MA
• EURJPY looks to continue rotation back lower after failed break in London
• US Consumer Confidence 61.0 Moving Lower Than December of 64.5
• USDJPY pressure remains
• Chicago Purchasing Manager 60.2 vs Survey of 63.0 and Prior of 62.2
• The EURUSD rotates back down toward close from yesterday
• France finance minister sees Greek debt agreement by end of the week
• CaseShiller Data All Weaker
• USDCAD moves higher after weaker GDP data
• Canada GDP Falls Again
• Employment Cost Index comes out as predicted at 0.4% vs. 0.3% prior (QoQ)
• Dollar lower. Overnight Recap.
• Dollar declines through London session. Risk pairs lead way.

Traders Course Lesson 13 4:00PM TODAY with Greg Michalowski Posted: 31 Jan 2012 07:26 AM PST Traders Course Lesson 13 4:00PM TODAY with Greg Michalowski Register now

ISM for December was revised lower to 53.1 from 53.9. Posted: 31 Jan 2012 07:12 AM PST The Non Mfg Index was revised to 53 from 53.6. The January ISM data for Manufacturing is due out on Thursday with an estimate of 54.6.  The Non Manufacturing index is due on Friday with estimate of 53.2.

EURUSD tests (and falls below) 100 hour MA Posted: 31 Jan 2012 07:04 AM PST A break below the 100 hour MA and the 61.8% retracement next targets the 1.3109, 1.3089 and the low for the week at 1.3075. US equities have turned around and are now down on the day

EURJPY looks to continue rotation back lower after failed break in London Posted: 31 Jan 2012 07:01 AM PST The EURJPY has resumed a downward bias after failing on a break above both the 200 hour MA (green line) and channel trendline during the London session. The price is back in the downward channel and is looking to break below the 38.2% retracement level.  The low from yesterday came in at 100.047.  A move below that level will next target the 50% of the move up from the January 16th low to the high reached on January 25th.  That level comes in at 99.606 .

US Consumer Confidence 61.0 Moving Lower Than December of 64.5 Posted: 31 Jan 2012 07:00 AM PST USD/JPY Trading near session lows.

USDJPY pressure remains Posted: 31 Jan 2012 06:48 AM PST After yesterdays fall below floor support (see daily chart above), the USDJPYS has remained pressured to the downside (albeit in a narrow non trending trading range). The price nevertheless has found support against trendline support at the 76.16 level. A break of this level will be needed to push the pair lower, with 76.10, 75.94 and the low at 75.56 the target downside levels.

Chicago Purchasing Manager 60.2 vs Survey of 63.0 and Prior of 62.2 Posted: 31 Jan 2012 06:47 AM PST Jan 2012 vs Dec 2011 Employment 54.7 vs  vs 59.2 – Lowest since August Prices Paid 62.4 vs 63.8 Production: 63.8 vs 64.9 New Orders: 63.6 vs 67.1 Order Backlogs: 48.3 vs 57.3 Inventories: 51.6 vs 52.0 Supplier Deliveries: 61.5 vs 56.6

The EURUSD rotates back down toward close from yesterday Posted: 31 Jan 2012 06:45 AM PST

France finance minister sees Greek debt agreement by end of the week Posted: 31 Jan 2012 06:35 AM PST Private sector will be voluntary Old news.

CaseShiller Data All Weaker Posted: 31 Jan 2012 06:01 AM PST S&P/CaseShiller Home Price Index:    Actual: 138.49   Prior: 140.30   Revised:  140.30 S&P/CS 20 City (MoM%) SA:  Survey: -0.50%  Actual:  -0.70%   Prior: -0.62%   Revised:  -0.67% S&P/CS Composite-20 (YOY):   Survey: -3.30%  Actual: -3.67%   Prior: - 3.40%    Revised: – 3.42%

USDCAD moves higher after weaker GDP data Posted: 31 Jan 2012 05:33 AM PST The USDCAD was down testing the 200 day MA at the 0.9953 level. However, weaker than expected GDP data has pushed the pair off the key level. The GDP came in at -0.1% vs expectations of+0.2% . The YoY came in at 2.0% vs 2.3% expected (and 2.7% last). On the hourly chart below the channel trendline comes in at 0.9993 currently. A  break above this level is needed to prove that the bulls have some support. The trend has been down. Buyers have to take charge.

Canada GDP Falls Again Posted: 31 Jan 2012 05:32 AM PST Gross Domestic Product (MoM):   Survey: 0.2%  Actual: -0.1%   Prior: 0.0   Gross Domestic Product (YoY):  Survey: 2.3%  Actual: 2.0%   Prior: 2.7%  Revised: Industrial Production Price Index MoM:    Survey:  -0.1%    Actual: -0.7%    Prior: 0.2%   Revised: 0.3% Raw Materials Price Index:      Survey: 0.0%   Actual:  -2.4%     Prior: 3.8%     Raw Materials December vs. November 2011 Statistics Ex-Mineral Fuels: 147.3 vs  149.8 Mineral Fuels: 209.9 vs 216.5 Vegtable Products:  142.3 vs  145.7 Animals: 124.5 vs 125.5 Wood: 90.4 vs  90.5 Ferrous Materials:   156.7 vs 157.5 Non-Ferrous Metals:   243.8 vs 252.0 Non-Metallic Minerals:  165.4 vs  164.5

Employment Cost Index comes out as predicted at 0.4% vs. 0.3% prior (QoQ) Posted: 31 Jan 2012 05:30 AM PST

Dollar lower. Overnight Recap. Posted: 31 Jan 2012 05:28 AM PST The dollar is opening the NY session weaker. The decline is on the hopes that Greece is close to reaching an agreement with private sector creditors on a bond swap. EU officials also agreed yesterday on the framework for the 500 billion rescue fund set for July.  The market is also awaiting the 2nd round of 3 year loans from the ECB in February. A report in the FT said the demand may be 2 to 3x the previous amount which is positive for the pair.  In Germany retail sales fell by 1.4% in the current month. This was much lower than expectations (+0.8%), but the change in unemployment showed strength with 34 thousand decline (exp -10K).  The Unemployment Rate fell to 6.7% from 6.8%.  In France Consumer Spending also fell by a larger than expected -0.7% v +0.2% exp. Italy’s UnE Rt rose to 8.9% vs 8.7%.  The mkt seems to be focusing on the good and not the bad today.  There was also increased interest in adding risk in the overnight session. Global stock markets all have green up arrows. Gold and Oil are also up. The USDCAD moved to lowest levels since October 31st and is approaching the 200 day MA at 0.9951 today.  The NZDUSD continued its march higher, reaching the highest level since September 2011 and is testing the 61.8% of the move down from the August 2011 high.  Building Permits were less than expected but it did not stop the pair from moving higher. The AUDUSD also made a move higher, but has not been able to move above the high from last wk (at 1.0685). On tap today includes the US Employment Cost index (+0.4%) for the 4Q, Case Schilling Home Price Index for the top 20 US cities (-3.3% YoY v -3.4%),the Chicago PMI( 63 vs 52.2) and Consumer Confidence (68 v 64.5, highest since Feb 2011).In Canada Industrial Product Px and Raw Material Px are due (-0.1% and 0.0% exp) along with the GDP data for the month of November (0.2% vs 0.0% last on MoM and 2.3% vs 2.7% last).

Dollar declines through London session. Risk pairs lead way. Posted: 31 Jan 2012 05:08 AM PST

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Forex Market Updates & Commentary

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• GBPUSD tests key support at the 1.5657 level. Trendline, 100 hr MA and 38.2% retracement
• USDCHF tests underside of trendline on hourly. Fails to extend on break of 100 day MA on Friday
• EURUSD tests 100 hour MA at 1.3090
• EURUSD moves lower. GBPUSD finds its support target.
• US Personal Income Rises, While Spending Falls
• EURUSD falls. Dollar strenghtens. EU leaders to meet today. Greece may need 15 bln more (145 B total)
• US Personal Income & Spending Data Due at 8:30AM
• German Finance Ministry spokesman says the focus remains on private sector contribution to Greek haircut.
• Dollar continues to gain
• EUR/USD moves below 61.8%
• Eurozone Consumer Confidence (Jan) -20.7 vs -20.6 expected.
• Eurozone Business Climate (Jan) -0.21 vs -0.25 expected.
• EU to reprogram unspent structural funds; no specified figures. It will also consider higher lending ceiling for EU investment bank.
• Irish minister says if voters rejected fiscal treaty it would be gard to remain in the Euro.
• Euro lower

GBPUSD tests key support at the 1.5657 level. Trendline, 100 hr MA and 38.2% retracement Posted: 30 Jan 2012 06:23 AM PST

USDCHF tests underside of trendline on hourly. Fails to extend on break of 100 day MA on Friday Posted: 30 Jan 2012 05:48 AM PST The USDCHF fell below the 100 day MA at the 0.9151 level on Friday. This should have led to a momentum move lower, but when that did not materialize today,and the price found support against trendline support on the hourly chart, the price rebounded back higher. The price is testing the underside of the broken trendline at the 0.9198 level. A move above the level will next target the 38.2% of the move down from last weeks high and the 100 hour MA at the 0.92159-0.9220 levels.

EURUSD tests 100 hour MA at 1.3090 Posted: 30 Jan 2012 05:44 AM PST The EURUSD fell below the 1.3100 level and tested the 100 hour MA at the 1.3090 level (low came in at 1.3088). A move below the level has additional support at the 1.3078 where the low from Friday and the 38.2% of the move up from January 25th low comes in.

EURUSD moves lower. GBPUSD finds its support target. Posted: 30 Jan 2012 05:33 AM PST

US Personal Income Rises, While Spending Falls Posted: 30 Jan 2012 05:30 AM PST Personal Income:   Survey: 0.4%     Actual:  0.5%    Prior:  0.1%    Personal Spending:   Survey: 0.1%    Actual: 0.0%  Prior: 0.1%  PCE Deflator:    Survey: 2.3%  Actual:  2.4%   Prior: 2.5% PCE Core(MoM):     Survey: 0.1%   Actual:  0.2%    Prior: 0.1%  PCE Core(YoY):    Survey:  1.7%   Actual:  1.8%   Prior:  1.7%

EURUSD falls. Dollar strenghtens. EU leaders to meet today. Greece may need 15 bln more (145 B total) Posted: 30 Jan 2012 04:59 AM PST

US Personal Income & Spending Data Due at 8:30AM Posted: 30 Jan 2012 04:32 AM PST

German Finance Ministry spokesman says the focus remains on private sector contribution to Greek haircut. Posted: 30 Jan 2012 02:57 AM PST

Dollar continues to gain Posted: 30 Jan 2012 02:28 AM PST The USD is trading on session highs against all of the majors as the market prefers to avoid risk. In the case of the USD vs the CHF, the next stop appears to be .92007.

EUR/USD moves below 61.8% Posted: 30 Jan 2012 02:10 AM PST After testing support at this level earlier, the pair has secured consecutive closes below this line; with European equities in the red we may see more risk-off sentiment in the market.

Eurozone Consumer Confidence (Jan) -20.7 vs -20.6 expected. Posted: 30 Jan 2012 02:02 AM PST

Eurozone Business Climate (Jan) -0.21 vs -0.25 expected. Posted: 30 Jan 2012 02:01 AM PST

EU to reprogram unspent structural funds; no specified figures. It will also consider higher lending ceiling for EU investment bank. Posted: 30 Jan 2012 01:31 AM PST

Irish minister says if voters rejected fiscal treaty it would be gard to remain in the Euro. Posted: 30 Jan 2012 12:59 AM PST

Euro lower Posted: 30 Jan 2012 12:48 AM PST The Euro has come off in recent trading as investors await a debt swap deal between Greece and it’s private creditors; the deal would cut the long term value of bonds help by creditors to a touch over 70%. Additionally, German Eco. Minster Roesler is said to want Greece to surrender control of its budget policy if it could not follow through with necessary reforms. On the 15 minute, the EUR/USD found support at the 61.8% fibo line on the move from Friday’s low to today’s high; currently testing the 100 hour moving average.

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Forex Market Updates & Commentary

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• The Commitment of Traders show an increase in net EURO short position.
• Lagarde says this time bailout to Greece will require deliverable fiscal adjustments
• EURUSD moves toward 38.2% retracement. Topside trendline also getting closer
• Fitch cuts Spain, Italy, Cyprus, Belgium, Slovenia, affirms Ireland
• Spain, Belgium, Italy, Slovenia, Cyprus All Cut by Fitch
• Week ahead in Trading webinar this Monday at 9:30AM
• USDCHF moves below 100 day MA
• EURUSD makes new highs…
• Greek debt deal in principle by Sunday evening.
• EURUSD breaks trendline . Weeks high the next target
• UK Miles says presumptuos to think QE in Feb is a done deal
• GBPUSD tumbles. Talk of a UK clearer selling

The Commitment of Traders show an increase in net EURO short position. Posted: 27 Jan 2012 12:31 PM PST In for another squeeze higher next week?  The change WoW was +10%.

Lagarde says this time bailout to Greece will require deliverable fiscal adjustments Posted: 27 Jan 2012 11:40 AM PST She adds the Greek program requires significant PSI.

EURUSD moves toward 38.2% retracement. Topside trendline also getting closer Posted: 27 Jan 2012 10:47 AM PST The EURUSD is approaching some upside targets for the pair.   The first is the underside of the trendline on the hourly chart above. That level comes in at the 1.3222 level currently. The next would be the 38.2% of the move down from the October 27th high. That level comes in at the 1.32429 level. Finally, the top channel trendline on the daily at the 1.3252 is also approaching. With the days range for the EURUSD above the average range, I would expect that traders might look to take some profit against these levels before the weekend.

Fitch cuts Spain, Italy, Cyprus, Belgium, Slovenia, affirms Ireland Posted: 27 Jan 2012 10:06 AM PST Italy cut to A- from A+ Outlook Negative Belgium cut to AA from AA + Outlook Negative Cyprus cut to BB- from BBB Outlook Negative Spain cut to A from AA- Outlook negative Slovenia cut to A from AA- Outlook Negative Ireland was affirms rating at BBB+ Outlook Negative

Spain, Belgium, Italy, Slovenia, Cyprus All Cut by Fitch Posted: 27 Jan 2012 10:04 AM PST

Week ahead in Trading webinar this Monday at 9:30AM Posted: 27 Jan 2012 10:01 AM PST Week ahead in Trading webinar this Monday at 9:30AM – Get all the hot topics and new trends for the week from Greg Michalowski and Shawn Powell – Register now

USDCHF moves below 100 day MA Posted: 27 Jan 2012 09:58 AM PST The USDCHF has moved to new lows and also below the 100 day MA at the 0.91475 level. This is the first time the price has dipped below this level since the intervention on September 5th.

EURUSD makes new highs… Posted: 27 Jan 2012 09:26 AM PST The Friday afternoon squeeze is on as hopes for Greek solution and weaker GDP lead to the dollars decline.   In Greece the comment from a spokesperson is there is one step left for an agreement.  At the same time the word is a 2nd bailout may be coming from the EU but further funding from the EU is coming to an end.  Maybe the haircut will get them over the hump and they can fund addtional payments through positive cash flow and austerity measures, but if they can not, I do not think tapping the debt market will be an option.  The situation is still vague but the market is getting used to it and it may just be a big stall to allow banks more time to shore up balance sheets via the ECB version of QE. Meanwhile, in the US, the market is realizing that the GDP was not all that great and with a dovish Bernanke/Fed  behind the wheel promoting a lower dollar and the potential for more QE, maybe that is the way to go.  The only thing missing today is a roaring stock market in the US.

Greek debt deal in principle by Sunday evening. Posted: 27 Jan 2012 08:27 AM PST Greek official adds, that the EU will not fill any funding shortfall after 2nd bailout, but there are other ways. More vague comments and solutions.

EURUSD breaks trendline . Weeks high the next target Posted: 27 Jan 2012 08:26 AM PST The EURUSD broke out of the triangle formation and stops triggered. The range for the day was extended on the move. The high for the week came in at 1.3183. This is the next target.

UK Miles says presumptuos to think QE in Feb is a done deal Posted: 27 Jan 2012 08:04 AM PST QE will hinge on forecasts He adds that there is substantial spare capacity in the UK economy.  This will persist into the future CPI is on a pretty steep downward path Confident it wil fall as forecast Would be no great surprise if the UK suffers technical recesssion I don’t know why given the above statements it would not be extended but I guess he can have his opinion. As fast as the GBPUSD went down, the pair has retraced 50% . The 200 bar MA  and midpoint of the days range is the next target.

GBPUSD tumbles. Talk of a UK clearer selling Posted: 27 Jan 2012 07:54 AM PST The GBPUSD took a tumble lower. Market chatter is a UK clearer was selling (this is not confirmed). The price fell below the trendline support outlined in the morning commentary. The price is now below the 38.2% of the weeks trading range at the 1.56498 level. The next key target comes in at the 1.56241 level.  The level corresponds with the 50% retracement and the 100 hour MA.

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Forex Market Updates & Commentary

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• University of Michigan Confidence Rises to 75.0 from Prior and Survey of 74.0
• Volatility takes hold. Dollar up and down in NY trading
• AUDUSD reverses and now down on the day
• USDCAD shoots higher
• EURSD consolidating. Low at 1.3076 targeted
• Bobbys Corner-Open Market-January.27.2012
• GDP not up to snuff
• US GDP Weaker Than Expectations
• US 4 Q GDP awaited
• Dollar decline continues today. Greece optimism. Better Italian bill auction cited.
• US GDP, Personal Consumption, Core PCE Data Due at 8:30
• EU’s Rehn expects Greece deal “if not today, then over weekend”
• Eurozone M3 Money Supply up 1.6% vs 2.2% expected for year
• Swiss KOF Economic Barometer -0.17 vs -0.06 expected
• German Import Prices as expected for December at 0.3%

University of Michigan Confidence Rises to 75.0 from Prior and Survey of 74.0 Posted: 27 Jan 2012 06:55 AM PST 75.0 highlest level since February 2011 Jan 12 vs. Dec 11 Consumer Confidence: 74.0 vs 69.9 Economic Conditions: 82.6 vs 79.6 Economic Outlook: 68.4 vs 63.6

Volatility takes hold. Dollar up and down in NY trading Posted: 27 Jan 2012 06:49 AM PST

AUDUSD reverses and now down on the day Posted: 27 Jan 2012 06:20 AM PST The AUDUSD reversed course with a reversal of the stock market in pre opening trading. The price fell below the close from yesterday at the 1.0630 level but has found support against the 38.2% of the weeks trading range.  Traders will likely use these two areas as the extremes for trading this morning. The burden is still on the sellers to push the price lower. ON the topside, traders will also be watching the 1.06227 level which is the 38.2% of the move down.  Holding this level on the correction higher might be a sign that traders are willing to sell and lighten up positions into the weekend. A move above could be a sign, the flush lower was just a quick. low liquidity move.

USDCAD shoots higher Posted: 27 Jan 2012 05:56 AM PST The Dec job gain was revised up to 21,700 from 17,500 but the USDCAD has moved sharply higher over  the last 20 or so minutes of trading. The surge higher has nearly fully reversed the decline today  and seems to have surprised a short market.  The high for the day at 1.0039 is the next target to get through. On the downside look for the 38.2% of the move higher to hold support at the 1.0018 level.  IF the move higher did catch shorts, and is supported by good buying, this level should find willing buyers.  Aggresive buyers would look to hold support closer at the 1.0024 area.  Is it real or is it just a Friday move on low volume?

EURSD consolidating. Low at 1.3076 targeted Posted: 27 Jan 2012 05:49 AM PST The EURUSD has moved below the close from yesterday at the 1.3108. The price is also now below the 100 bar MA on the 5 minute chart at the 1.3120 level currently.  The low for the day at the 1.3076 level is the next target for the pair.

Bobbys Corner-Open Market-January.27.2012 Posted: 27 Jan 2012 05:36 AM PST Good Morning: With a looming 14 billion euro payment due in March-the Greek government is in continuous talks with their private creditors to restructure their debt.  This has been the centerpiece of the currency markets for the past week.  Creditors are insisting on ECB participation in the Greek debt mess. In other news from the Euro Zone: Portuguese bond yields reached new highs-as market participants are in  the mindset that Portugal may need a second bailout to work out their debt mess. Spain’s unemployment rate rose to over 22%-as the loss of construction jobs continues to hamper any employment recovery. US  Q4 GDP rises 2.8%.      Asian equity markets were higher-Europe is lower-as are US Futures. Oil is higher-still below $100/bar.  Gold is lower. HAVE A GREAT DAY-WEEKEND & GOOD LUCK I will be out of the office next week-as I am having knee surgery.  I will hobble back on Feb 6.

GDP not up to snuff Posted: 27 Jan 2012 05:36 AM PST Headline 2.8% Consumption 2% vs 2.4% expected (Contributed 1.45% Investment rose 20% (Contributed 2.35%) Government  -4.6% (Subtracted -0.93%) Exports rose 4.7% (Net Exports subtracted -0.11%) Imports rose by 4.4% Inventories (which are part of Investment) added 56B. This contributed 1.94% of the 2.35% gain in investments. Real Final Sales rose by 0.4% vs +2.6% last quarter.  Unannualized, GDP rose by 0.7% QoQ vs 0.5%. This was the highest reading since 2Q of 2010

US GDP Weaker Than Expectations Posted: 27 Jan 2012 05:31 AM PST (Annualized):   Survey: 3.0%   Actual: 2.8%   Prior: 1.8%   Personal Consumption:   Survey: 2.4%   Actual: 2.0%   Prior: 1.7%   GDP Price Index:   Survey: 1.9%   Actual: .4%   Prior: 2.6%   Core PCE QoQ:   Survey: 0.9%   Actual: 1.1%   Prior: 2.1%

US 4 Q GDP awaited Posted: 27 Jan 2012 05:24 AM PST The US GDP is awaited with expectation for 3% QoQ (annualized) with Personal Consumption expected at 2.4%.  The 3% change would be the highest since June 2010. It is estimated that un employment declines when GDP is above the 2.5% region in the US. Note US reports GDP on a annualized basis. So the change on a QoQ basis is extrapolated forward for the year.

Dollar decline continues today. Greece optimism. Better Italian bill auction cited. Posted: 27 Jan 2012 04:54 AM PST

US GDP, Personal Consumption, Core PCE Data Due at 8:30 Posted: 27 Jan 2012 04:15 AM PST

EU’s Rehn expects Greece deal “if not today, then over weekend” Posted: 27 Jan 2012 02:08 AM PST Eur/Usd approaching 1.3150 after news.

Eurozone M3 Money Supply up 1.6% vs 2.2% expected for year Posted: 27 Jan 2012 01:03 AM PST Private loans up 1.0% vs 2.1% for year. Eur/Usd has dipped below 1.31 to trade at 1.3092.

Swiss KOF Economic Barometer -0.17 vs -0.06 expected Posted: 27 Jan 2012 12:07 AM PST Usd/Chf and Eur/Chf unaffected by news, trading at .9216 and 1.2063 respectively.

German Import Prices as expected for December at 0.3% Posted: 26 Jan 2012 11:02 PM PST Eur/Usd trades at 1.3110.

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Forex Market Updates & Commentary

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• EURUSD makes new highs, but comes off. 1.3192-96 looms above
• Durable Goods Orders Improve, Jobless Claims Rise Slightly
• Bobbys Corner-Open Market-January.26.2012
• JP Morgan’s Dimon says unraveling the Euro is a terrible thing
• UK CBI Realized Sales weaker than expected -22 vs -2
• EU’s Reding says Euro is strongest currency in the world
• Schaeuble doesn’t expect bank rescue fund to be used
• German GFK Consumer Climate
• 1-26 Economic Calendar
• USD/SGD breaks support @ 1.26528
• USDSGD Approaching 200day
• AUDJPY Hits Trendline
• South Korean GDP
• Japanese CSPI (y/y) 0.1%; better than expected.
• Thursday Forex Traders Course Lesson 13 w/ Greg Michalowski

EURUSD makes new highs, but comes off. 1.3192-96 looms above Posted: 26 Jan 2012 07:14 AM PST The EURUSD has extended to new highs as the rally off the FOMC easy policy continues to drive the market. However, the push above the days high was quickly rejected (high reached 1.3183.  Good resistance at the 1.3192-96 level may have been a contributor to the offers.  At the level, channel trendline resistance from the hourly chart and the daily chart gives the longs a reason to take profit. With the low to high range below the norm of 133 pips (94 pips so far) there is a chance for further gains. However, the above average range from yesterday of 226 pips is a reason for a breather today.  As a result, look for sellers on moves toward the upside resistance (with cautious stops above). On the downside, a move toward the 1.3147 is the first target followed by the 100 bar MA in the 5 minute chart below.

Durable Goods Orders Improve, Jobless Claims Rise Slightly Posted: 26 Jan 2012 05:40 AM PST Durable Goods Orders:   Survey:  2.0%    Actual: 3.0%    Prior: 3.8%  Revised: 4.3% Durables Ex Transportation:   Survey: 0.9%   Actual:  2.1%   Prior:  0.3%   Revised: 0.5% Jobless Claims:  Survey:  370K    Actual: 377K   Prior: 352K    Revised:  356K    Continuing Claims:  Survey: 3500K    Actual:  3554K    Revised: 3466K

Bobbys Corner-Open Market-January.26.2012 Posted: 26 Jan 2012 05:15 AM PST Good Morning: With the ongoing sage between the Greek government and private investors continuing-there have been reports of the private sector accepting a interest rate of less than 4%.  This is a major barrier that will now allow Grrece to seriously revamp their debt.  Greece has a 14 billion euro payment due in March-and without the help of the IMF or ECB-they will not be able to meet this deadline. This news pushed the EUR/USD pair into the mid 1.31 handle (1.3173). Italy sold 4.5 billion euro worth of 3 year notes-with the lowest yield since last August.  The yield was 3.763% versus 4.853 on the last 3 year note auction. Yesterday’s press conference by Fed Chairman Bernanke brought the possibility of a third round of QE to the markets if unemoloyment remains high-so I guess we will see more QE by the 3rd quarter of this year. He also talked about keeping interest rates low through 2014. Gold, Silver and Oil are all higher-as are equities and futures. HAVE A GREAT DAY & GOOD LUCK

JP Morgan’s Dimon says unraveling the Euro is a terrible thing Posted: 26 Jan 2012 03:14 AM PST * Greek default won’t take down the western world; no direct effect to U.S. banks * Europe situation not comparable to Lehman Bros.

UK CBI Realized Sales weaker than expected -22 vs -2 Posted: 26 Jan 2012 03:02 AM PST Gbp/Usd continues to trade either side of 1.5700.

EU’s Reding says Euro is strongest currency in the world Posted: 26 Jan 2012 01:19 AM PST Eur/usd trades at 1.3115.

Schaeuble doesn’t expect bank rescue fund to be used Posted: 26 Jan 2012 01:07 AM PST Eur/Usd currently trades at 1.3115.

German GFK Consumer Climate Posted: 25 Jan 2012 11:25 PM PST German GFK Consumer Climate came in at 5.9, stronger than the 5.6 expected and prior reading of 5.7. Eur/Usd initially traded higher, to 1.3130 on news and has since retreated to pre number level of 1.3115.

1-26 Economic Calendar Posted: 25 Jan 2012 08:54 PM PST

USD/SGD breaks support @ 1.26528 Posted: 25 Jan 2012 07:19 PM PST All week we have been noting support for the pair at 1.26528, but following Bernanke’s testimony towards the end of New York trading the USD took a hit causing the USD/SGD to break support at this level after finding resistance at the 100 hour moving average. From a daily perspective, the 1.2572 level currently being trading has shown the pair support towards the end of the summer. The next bearish target is the 200 day moving average coming in at 1.2532

USDSGD Approaching 200day Posted: 25 Jan 2012 07:14 PM PST The USDSGD pair has broken down the last few weeks and is approaching the 200day moving average where perhaps the pair and the USD can find some support against the risk out there (also at the 76.4%.)

AUDJPY Hits Trendline Posted: 25 Jan 2012 07:10 PM PST The AUDJPY play we have been looking at is at trendline resistance, a break higher could create a long-term trading opportunity.

South Korean GDP Posted: 25 Jan 2012 04:01 PM PST South Korean 4th quarter GDP came in slightly softer than expected, however the KRW received a bid against the USD, moving the USDKRW pair from 1129 to 1122. GDP (QoQ) – Survey:0.5%   Actual:0.4%   Prior:0.8% GDP (YoY) – Survey:3.5%   Actual:3.4%   Prior:3.5%

Japanese CSPI (y/y) 0.1%; better than expected. Posted: 25 Jan 2012 03:58 PM PST

Thursday Forex Traders Course Lesson 13 w/ Greg Michalowski Posted: 25 Jan 2012 01:41 PM PST Forex Traders Course Lesson 13 Part 2 with Greg Michalowski, Thursday 4:00PM (New York time) - Join us for Part 2 of using the technical tools available for Forex trading.   Register now

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