Forex Market Updates & Commentary

US Nonfarm Productivity and Unit Labor Costs Both Rise
Canadian Building Permits MoM
Bobbys Corner-Open Market-March.7.2012
ADP Employment Stays According to Forecast
ADP Employment Change Figures Due at 8:15AM
German factory orders, for January, drop 2.7% vs. the 0.6% estimated gain.
Greek fin. minister Venizelos says debt ratio is around 170% of GDP.
PBOC advisor says China should liberalize financing for public housing construction.
USD/JPY looking to re-test lows
Spanish industrial output (Jan) -4.2% vs. -4.3% expected (-3.7% prior).
Swiss foreign currency reserves (Feb) 225 bln vs 227 bln prior.
Dollar falls slightly overnight as London opens
Swiss Unemployment Rate 3.1%, as expected.
Japan leading indicators 94.9%; slightly worse than the 95.1% forecast.
3-7 Calender

US Nonfarm Productivity and Unit Labor Costs Both Rise

Posted: 07 Mar 2012 05:30 AM PST

US Nonfarm Productivity and Unit Labor Costs Both Rise

Nonfarm Productivity: Survey: 0.8% Actual: 0.9% Prior: 0.7%

Unit Labor Costs: Survey: 1.2% Actual: 2.8% Prior: 1.2%

Canadian Building Permits MoM

Posted: 07 Mar 2012 05:30 AM PST

Canadian Building Permits MoM

Survey: -3.2%, Actual: -12.3%, Previous: 11.1%, Revised: 10.5%

Bobbys Corner-Open Market-March.7.2012

Posted: 07 Mar 2012 05:28 AM PST

Good Morning:

With the deadline approaching (Thursday), for Greece’s private creditors to agree to the bond swap-the markets are in a wait and see mode.
The swap will allow Greece to write down over 53% of the country’s debt. The Greek government has determined that there must be a 75% participation to secure the next leg of their bailout.
Some weak data out of the EU was not helpful for the session. German factory orders were down 2.7% from last month-and the expected forecast was of +.5%.

ADP jobs report showed an increase of 216K private sector jobs created, which was higher than the 208K that was expected.

In US political news-Yesterday was “Super Tuesday”. Mitt Romney did win Ohio-but by a very thin margin.
Romney won the majority, but Rick Santorum won 3 states out of 11. It looks like the fight for the Republican nomination is going to drag on.

Asian equity markets dropped- Europe is higher-while USD Futures are higher at this time.

Oil is higher-trading over $105/bbl
Gold and Silver are all higher.

HAVE A GREAT DAY & GOOD LUCK

ADP Employment Stays According to Forecast

Posted: 07 Mar 2012 05:16 AM PST

ADP Employment Stays According to Forecast

Employment in the US has risen to 216K from a prior number of 170K and a survey of 215K. Revision was stronger coming in at 173K

Feb 2012 vs. Jan 2012
ADP Employment: 110,249 vs 110,033
Level Change: 216 vs 173
Prev Change: n/a vs 170

ADP Employment Change Figures Due at 8:15AM

Posted: 07 Mar 2012 04:24 AM PST

German factory orders, for January, drop 2.7% vs. the 0.6% estimated gain.

Posted: 07 Mar 2012 03:01 AM PST

Manufacturing orders fall 4.9% from a year ago.
Domestic factory orders gain 0.9% from the prior month.
Export factory orders fall 5.5% from the prior month.

Greek fin. minister Venizelos says debt ratio is around 170% of GDP.

Posted: 07 Mar 2012 01:54 AM PST

Adds that 120% of GDP target in 2020 is a realistic target.

PBOC advisor says China should liberalize financing for public housing construction.

Posted: 07 Mar 2012 01:13 AM PST

USD/JPY looking to re-test lows

Posted: 07 Mar 2012 12:59 AM PST

After finding resistance from the 200 hour moving average it appears the pair may be looking to re-test the 80.578 low. In this area we find support on both the hourly and daily charts.