Forex Market Updates & Commentary

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• Bank of Canada Rate Remains Unchanged at 1.00%
• Positive Inflation Comments by Draghi see Jump Up in Euro
• Mario Draghi ECB Press Conference
• Canada New House Price Index Stays According to Forecast
• Initial Jobless Claims and Continuing Claims both continue upward rise
• Canada Housing Starts Improve to 201.1K
• Bobbys Corner-Open Market-March.8.2012
• ECB Leaves Key Benchmark Rate Unchanged at 1.0%
• Canada Housing Starts Data Due 8:15AM Alongside New House Price Index at 8:30AM
• Challenger Job Cuts YoY Fall Precipitously
• Bank of England Announcs Benchmark Rates at 0.50% Unchanged
• Speculation of high PSI sends EURUSD higher
• Swiss Feb. CPI rose 0.3% from prior month vs. 0.2% expected
• French trade deficit for Jan at 5.3B vs. 5.2B euros expected
• Bank of France Feb. business sentiment came in at 95 vs. 96 expected

Bank of Canada Rate Remains Unchanged at 1.00% Posted: 08 Mar 2012 06:00 AM PST Bank of Canada Rate Remains Unchanged at 1.00%

Positive Inflation Comments by Draghi see Jump Up in Euro Posted: 08 Mar 2012 05:44 AM PST Positive Inflation Comments by Draghi see Jump Up in Euro Trading at 1.3261 at the time of writing

Mario Draghi ECB Press Conference Posted: 08 Mar 2012 05:39 AM PST Mario Draghi ECB Press Conference Data confirm previous assessment Signs of stabilization Downside risks Euro Area stabilization Inflation likely to stay above 2% Upside risks to inflation prevailing Underlying pace of monetary expansion subdued ECB committed to price stability German Bunds stay lower, signs of stabilization LTRO will help lending activity in the region

Canada New House Price Index Stays According to Forecast Posted: 08 Mar 2012 05:31 AM PST Canada New House Price Index Stays According to Forecast CA New House Price Index MoM :  Survey: 0.1%    Actual: 0.1% Prior: 0.1% CA New House Price Index YoY:  Survey: 2.5%    Actual: 2.4% Prior: 2.5%

Initial Jobless Claims and Continuing Claims both continue upward rise Posted: 08 Mar 2012 05:30 AM PST Initial Jobless Claims Survey: 351k, Actual: 362k, Prior: 351k, Revised: 354k Continuing Claims Survey: 3400k, Actual: 3416k, Prior: 3402k, Revised: 3406k

Canada Housing Starts Improve to 201.1K Posted: 08 Mar 2012 05:15 AM PST Canada Housing Starts Improve Canada Housing Starts:   Survey: 200.0K   Actual: 201.1K  Prior: 197.9K   USD/CAD stays flat on the news.

Bobbys Corner-Open Market-March.8.2012 Posted: 08 Mar 2012 05:14 AM PST Good Morning: The ECB left their benchmark interest rates unchanged at 1%.  We will await Mr. Draghi’s press conference to get the lowdown on the EU situation.  The press conference will be at 8:30 AM EST. The Bank of England also left interest rates uncharged-as was widely expected. Word is that the Greek bond swap is going well, and it looks like they have about a 60% participation at this time.  The deadline is at 10PM this evening-Athens time.  The bond swap would reduce over 53% of Greek debt.  Speculation is that the goal will be met by today’s deadline. World equity markets all posted and are posting positive results.  US Futures are also higher. WTI oil is higher-closing in on $107/bbl.  Gold and silver along with the commodity markets in general are all higher. Markets will be a bit on edge-as we await Friday’s payroll and employment data. HAVE A GREAT DAY & GOOD LUCK

ECB Leaves Key Benchmark Rate Unchanged at 1.0% Posted: 08 Mar 2012 04:47 AM PST ECB Leaves Key Benchmark Rate Unchanged at 1.0%

Canada Housing Starts Data Due 8:15AM Alongside New House Price Index at 8:30AM Posted: 08 Mar 2012 04:32 AM PST Canada Housing Starts Data Due 8:15AM Alongside New House Price Index at 8:30AM

Challenger Job Cuts YoY Fall Precipitously Posted: 08 Mar 2012 04:30 AM PST Challenger Job Cuts YoY Fall Precipitously Challenger Job Cuts YoY Actual: 2.0%, Prior: 38.9%

Bank of England Announcs Benchmark Rates at 0.50% Unchanged Posted: 08 Mar 2012 04:00 AM PST Also keeps Quantitative Easing, Asset Purchase Target at 325 Bln

Speculation of high PSI sends EURUSD higher Posted: 08 Mar 2012 02:51 AM PST The EURUSD has moved higher on the back of chatter in the market about a higher participation rate in the Public sector involvement and some favorable technicals. The price has pushed above the 100 hour MA at the 1.3178 level after initially finding sellers against the level. The price has been below this moving average since February 29th.  Looking at the 5 minute chart above the non trending consolidation and subsequent break out, was a clue the bulls were taking charge. When the market held support against the 38.2% retracement, the door was open for a further rotation and extension to the upside. Traders will now watch the 1.3196-1.3203 as support. Holding keeps the bulls firmly in charge and should lead to further upside momentum toward the 1.3246 level.  This is the 38.2% of the move down from the February 29th high.

Swiss Feb. CPI rose 0.3% from prior month vs. 0.2% expected Posted: 08 Mar 2012 12:19 AM PST Eur/Chf and Usd/Chf unaffected, trading at 1.2056 and .9150 respectively.

French trade deficit for Jan at 5.3B vs. 5.2B euros expected Posted: 07 Mar 2012 11:50 PM PST Previous deficit 4.9B has been revised to 5B euros. Eur/Usd still trades either sie of 1.3170.

Bank of France Feb. business sentiment came in at 95 vs. 96 expected Posted: 07 Mar 2012 11:33 PM PST Eur/Usd currently resides at 1.3170 in quiet trading.

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