Forex Market Updates & Commentary |  |
- 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. |
| 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.
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| 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 |
| 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
Old news.
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| 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.
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| 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 |
| 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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