Forex Market Updates & Commentary

US Factory Orders and Non-Manufacturing Composite Both Better Than Expectations, ISM Highest Since Feb 2011
Bobbys Corner-Open Market-March.5.2012
US Factory Orders and ISM Manufacturing Index Data Due at 10AM
USD/CAD testing 200 hour moving average
EUR/USD rebounding after finding daily support.
ECB’s Gonzalez-Paramo
Eurozone Retail Sales (Jan) 0.3% vs. -0.1% expected.
Eurozone Sentix Investor Confidence (m/m) -8.2 vs. -5.0 expected.
UK Services PMI (Feb) 53.8 vs. 54.9 expected (56.0 prior).
Eurozone Services PMI (Feb) 48.8 vs 49.4 expected (50.4 prior).
German Services PMI (Feb) 52.8 vs. 52.6 expected (53.7 prior).
Italian Service PMI (Feb) 44.1 vs. 45.2 expected (44.8 prior).
Swiss Retail Sales (Jan) 4.4% vs. 0.6% prior reading.
Spanish Services PMI (Feb) 41.9 (46.1 prior).
3-5 Calender

US Factory Orders and Non-Manufacturing Composite Both Better Than Expectations, ISM Highest Since Feb 2011

Posted: 05 Mar 2012 07:00 AM PST

ISM Non-Manufacturing Composite: Survey: 56.2   Actual: 57.3 Prior: 56.8

Business Activity   62.6 vs 59.5
Backlog of Orders * 53.0 vs 49.5
Inventory Change *  53.5 vs 47.0
Employment   55.7 vs 57.4

Factory Orders: Survey: -1.5% Actual: -1.0% Prior: 1.1% Revised: 1.4%

Bobbys Corner-Open Market-March.5.2012

Posted: 05 Mar 2012 05:35 AM PST

Good Morning:

In a surprise comment by the Chinese Premiere Wen Jiabao-China is lowering their growth target for 2012 to 7.5% from 8%. Growth in China was at 9.2% in 2011, and 10.4% in 2010. They have also set a 4% target on inflation. With the euro zone crisis keeping global economies slow, the world’s 2nd largest economy expects their export sector to slow even further.
On the heels of these comments-Asian equity markets dropped, European stocks are lower, as are US futures.
Gold, Silver and most commodity markets dropped-as China is the largest user of raw materials.
WTI is mostly flat-while Brent is a bit higher.

Should we speak about The Euro Zone- sure why not!
New reports show that if Greece fails, it could cost upwards of 1 trillion euros-WOW!
Spanish regions (Catalonia and Andalusia) balk at new 2012 deficit targets-no surprise there.
German Finance officials let it be know at last Friday’s EU Summit that they have run out of patience.

Oh Well- and it is only Monday.

HAVE A GREAT DAY & GOOD LUCK

US Factory Orders and ISM Manufacturing Index Data Due at 10AM

Posted: 05 Mar 2012 04:35 AM PST

USD/CAD testing 200 hour moving average

Posted: 05 Mar 2012 02:49 AM PST

The pair has traded continually higher through out the night as we have seen risk aversion in the market correlating with lower equities in Asia, Europe, and the Dow currently poised to open lower as well. Currently the USD/CAD is testing the 200 hour moving average with a full hourly retracement at .99845 being the next bullish target.

EUR/USD rebounding after finding daily support.

Posted: 05 Mar 2012 02:20 AM PST

We saw chopping trading early in the night until the pair hit a low of 1.3159 following a worse than expected final services PMI out of the Eurozone; this level being the 38.2% fibo line on the daily chart.

Since then, we have seen some rebounding following a better retail sales number; testing the 100 bar moving average on the 15 minute chart. If we run into resistance here we look back to 1.3159 at the target; 1.3211/1.3222 to the topside.