Forex Market Updates & Commentary

Canada Ivey Purchasing Manager Better at 64.1 vs 59.7 Survey and Prior of 63.5
GBPUSD breaks above trend line resistance
Bullard expects high employment for a while
Greek Government Official: Papendemos to meet with leaders tomorrow.
EURUSD moves back toward the days low
Bobbys Corner-Open Market-Feb.6.2012
No Greece PSI or austerity agreement sends the EURUSD lower.
EU says “we’re already beyond deadlines” on Greece.
German Factory Orders (Dec) 1.7% vs. 1.0% expected.
Eurozone gov’t debt at 87.4% of GDP in Q3 vs. 87.7% in Q2.
Eurozone Sentix Investor Confidence (Feb) -11.1 vs -15.0 expected.
Greek gov’t official says thereis no deadline on Monday for political leaders to respond to bailout terms.
EUR/USD testing resistance @ 1.30961.
UK HPI (Jan) 0.6% vs 0.1% expected (-0.9% prior).
2-6 Economic Calendar

Canada Ivey Purchasing Manager Better at 64.1 vs 59.7 Survey and Prior of 63.5

Posted: 06 Feb 2012 07:01 AM PST

GBPUSD breaks above trend line resistance

Posted: 06 Feb 2012 06:08 AM PST

The GBPUSD is moving above the trendline resistance against the 1.5768 level and will now look toward the 1.57867 Fibo Retracement level. Above that the 100 hour MA at the 1.5797 will be a target. A move above this MA willl not be welcomed by those looking for continued downside momentum today. The price tested the 200 hour MA (green line in the chart above) and found the expected buying interest.

Bullard expects high employment for a while

Posted: 06 Feb 2012 06:02 AM PST

Sees only a slow recovery in jobs market
Zero interest rate policy punishes savers
2% inflation target will serve the nation well
US suffered one time shock to wealth
THere is no value in letting inflation rise
Fed must keep inflation stable.

Greek Government Official: Papendemos to meet with leaders tomorrow.

Posted: 06 Feb 2012 05:55 AM PST

They were expected to meet today. The expectation is Papademos meets with Troika today.

EURUSD moves back toward the days low

Posted: 06 Feb 2012 05:31 AM PST

The EURUSD tested the 38.2% of the move down from the high on Friday and rotated back lower. The low from last week came in at the 1.3026 level. The low today came in at 1.3029. The range from last week was a narrow 201 pips. There were only 4 weeks in 2011 when the range was less than this amount. The expectation would be for a larger range this week. Therefore on a break of either range this week, look for momentum.

The next target on the downside on a break would be the 1.29958 level which is the 38.2% of the move up from the January low to the high at the end of the month.

Bobbys Corner-Open Market-Feb.6.2012

Posted: 06 Feb 2012 05:24 AM PST

Good Morning:

I have returned after my knee surgery. The surgery went well-and now my job is to do physical therapy and get back up to speed.

I see that very little changed- Greece is still trying to work out their latest mess. The discussions between the parties regarding austerity measures to ensure the bailout funds for March (as Greece has a 14 billion payment due) are virtually at a stand still.
There needs to be agreement within the Papademos’ government regarding these new austerity and the restructuring of government programs and staffing.
EU officials are waiting for the Greek government to come to terms with the new package which includes “wage and pension reductions, along with job cuts and tougher tax enforcement programs”.

Asian equity markets were higher-but with no news out of Greece-European equity markets dropped lower-and US Futures are lower at this time.

Last night the NY Giants won the NFL Superbowl-and the big winners were the advertisers and networks. Commercials cost up to $3.5 million for a 30 second spot during the game.

HAVE A GREAT DAY & GOOD LUCK

No Greece PSI or austerity agreement sends the EURUSD lower.

Posted: 06 Feb 2012 05:07 AM PST

EU says “we’re already beyond deadlines” on Greece.

Posted: 06 Feb 2012 03:53 AM PST

German Factory Orders (Dec) 1.7% vs. 1.0% expected.

Posted: 06 Feb 2012 03:00 AM PST

Eurozone gov’t debt at 87.4% of GDP in Q3 vs. 87.7% in Q2.

Posted: 06 Feb 2012 02:13 AM PST

Eurozone Sentix Investor Confidence (Feb) -11.1 vs -15.0 expected.

Posted: 06 Feb 2012 01:35 AM PST

Greek gov’t official says thereis no deadline on Monday for political leaders to respond to bailout terms.

Posted: 06 Feb 2012 01:15 AM PST

EUR/USD testing resistance @ 1.30961.

Posted: 06 Feb 2012 12:10 AM PST

The Euro is firmer in recent trading as equities open up slightly higher; FTSE, CAC, and DAX all up over 1.5%. On the 15 minute chart the EUR/USD is testing the 38.2% fibo line; the next bullish target is 1.31095. If resistance holds we look back to the low of 1.30525.