Forex Market Updates & Commentary

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• UK Chancellor of the Exchequer George Osborne Sees Positive Signs in the UK Economy
• Canada Ivey PMI Comes In Higher at 66.5
• All Greek Banks Holding Eligible Debt Expected to Take Part in Greek Bond Swap according to Government Sources
• Irish Finance Ministry Declines to Comment on March 31 Payment
• Bobbys Corner-Open Market-March.6.2012
• EURUSD falls on the back of PSI deal
• Canada Ivey PMI Data Due at 10AM
• Spanish Prime Minister Mariano Rajoy Lauds ECB Measures In Support of Spanish Economy
• Article in German National Neswpaper Der Spiegel Calls Eurozone Central Bank System “Massively Imbalanced”
• RBA Leaves Rates Unchanged @4.25%
• China Sets Yuan Reference Rate @ 6.3141
• oil/usd rally cut short due to new resisitance line.
• usd/hkd finally rallying after breaking through this trend-line
• Aussie Q4 Current Account Balance / Net Exports of GDP
• UK BRC Sales

UK Chancellor of the Exchequer George Osborne Sees Positive Signs in the UK Economy Posted: 06 Mar 2012 07:06 AM PST UK Chancellor of the Exchequer George Osborne Sees Positive Signs in the UK Economy

Canada Ivey PMI Comes In Higher at 66.5 Posted: 06 Mar 2012 07:00 AM PST  Canada Ivey PMI Comes In Higher at 66.5 Ivey PMI:  Survey: 62.0  Actual:  66.5 Prior: 64.1  Feb 12′ vs. Jan 12′ 3-Month Avg.:  64.7 vs 62.5 Employment: 58.8 vs 55.2 Inventory: 54.9 vs 57.0 Supplier Delivery: 48.8 vs 41.9 Prices: 73.1 vs 65.0

All Greek Banks Holding Eligible Debt Expected to Take Part in Greek Bond Swap according to Government Sources Posted: 06 Mar 2012 06:45 AM PST All Greek Banks Holding Eligible Debt Expected to Take Part in Greek Bond Swap according to Government Sources

Irish Finance Ministry Declines to Comment on March 31 Payment Posted: 06 Mar 2012 06:28 AM PST Irish Finance Ministry Declines to Comment on March 31 Payment Unlikely to get Anglo-Irish note accord by end-March May issue bond May be allowed delay 4Bln Anglo Irish cash payment

Bobbys Corner-Open Market-March.6.2012 Posted: 06 Mar 2012 05:19 AM PST Good Morning: The Reserve Bank of Australia left their key interest rates unchanged at 4.25%.  The RBA stressed that there could be a call for lower rates-if the global economy continues to slow.  They are also concerned about the slowdown in Chinese growth-and will monitor this very closely. Data out of the EU was not very pretty.  Q4 GDP was .3% lower.  Exports dropped .4%, after a 1.4% increase for Q3.  Consumer spending was down .4%.  It looks like Europe is in it’s 2nd recession in the past 3 years-as the Greek issue takes down the entire region. The IIF (International Institute of Finance), stated that the disorderly Greek bailout could cost up to 1 trillion euros. In US political news-today is “Super Tuesday” for the Republican Presidential nomination.  11 states and 400 delegates will be up for grabs today.  The nominee will need a total of 1144 delegates to win the Republican Presidental nomination.  Mitt Romney is looking to gain a distinct advantage, so that he can focus on winning the election in November. World equity markets are lower-as are US Futures. Commodity markets are also lower across the board. HAVE A GREAT DAY & GOOD LUCK

EURUSD falls on the back of PSI deal Posted: 06 Mar 2012 04:49 AM PST The EURUSD is under pressure today on the back of talk out of Greece that a Private Sector Involvement deal might be delayed. There was also a source comment that said the participation might be 75-80%. This would mean that the Greeks would trigger collective action clause, forcing bond holders to take haircuts on their debt. This may trigger a default on Credit Derivative Swaps. The waters get more muddy in Greece.   GDP out of EU was also released and showed that GDP fell by -0.3% in the 4Q (QoQ). This was as expected. From a technical perspective, yesterday the EURUSD held the 38.2% of the move up from the 2012 low at the 1.3156 level and this level will be eyed as topside resistance today.  The 38.2% of the last leg down on the trend today comes in at the 1.3159 level As a result this area (between 1.3156-59) will be eyed as topside resistance for the pair in early NY trading. .

Canada Ivey PMI Data Due at 10AM Posted: 06 Mar 2012 04:47 AM PST

Spanish Prime Minister Mariano Rajoy Lauds ECB Measures In Support of Spanish Economy Posted: 06 Mar 2012 04:32 AM PST Spanish Prime Minister Mariano Rajoy Lauds ECB Measures In Support of Spanish Economy

Article in German National Neswpaper Der Spiegel Calls Eurozone Central Bank System “Massively Imbalanced” Posted: 06 Mar 2012 04:20 AM PST Article in German National Neswpaper Der Spiegel Calls Eurozone Central Bank System “Massively Imbalanced”

RBA Leaves Rates Unchanged @4.25% Posted: 05 Mar 2012 07:30 PM PST World economy to grow below trend pace this year. Europe to stay potential  source of shock for some time. Monetary policy ‘remains appropriate.’ Inflation outlook provided scope for easing if needed. China growth moderated as expected. Labor conditions softened in 2011. Moderate Asia inflation has allowed regional policy easing. Continue to monitor economic, financial conditions. Acute financial pressures on EU banks alleviated considerably. Borrowers interest rates close to medium term average.

China Sets Yuan Reference Rate @ 6.3141 Posted: 05 Mar 2012 07:01 PM PST

oil/usd rally cut short due to new resisitance line. Posted: 05 Mar 2012 04:59 PM PST oil/usd rally was cut short due to this trend-line now providing resistance for the pair.

usd/hkd finally rallying after breaking through this trend-line Posted: 05 Mar 2012 04:49 PM PST usd/hkd finally rallying after breaking through this trend-line.

Aussie Q4 Current Account Balance / Net Exports of GDP Posted: 05 Mar 2012 04:43 PM PST Australia’s Current Account Deficit increased, despite a better than expected export reading for the 4th quarter. The markets had a muted reaction as risk continues to regain a light bid. Current Account Balance – Survey:-8050M   Actual:-8347M   Prior:-5637M Net Exports of GDP – Survey:0.0   Actual:0.3   Prior:-0.6

UK BRC Sales Posted: 05 Mar 2012 04:14 PM PST The UK BRC Same Store Sales reading for February was -0.3% on a year over year basis, the same as the prior month. The market has shrugged off the release as it seems to be regaining some of the risk bid that was lost yesterday to begin the trading week.

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