Forex Market Updates & Commentary

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• Forex QUICK: EURUSD breaks above resistance areas. Support now at 1.2319
• USDCHF tests stops below 100 day MA
• Forex QUICK: GBPUSD now has support at 1.4958 area.
• Forex QUICK: USDJPY stays below 89.49 but can’t get below 89.21
• Forex QUICK: USDCHF testing KEY 100 day MA at 1.0946
• Jobless bills death to hurt the unemployed
• ECB Paramo on the newswires
• FXstreet Webinar Part 4 from Thursday June 24 2010
• University of Michigan Confidence due at 9:55AM
• Forex QUICK: Slower growth has USDJPY pressured. Moves below support at 89.49
• Forex Morning Report - June 25
• Forex QUICK: GBPUSD support now at 1.4934. Bullish bias above this level.
• Bobbys Corner-Open Market-June.25.2010
• GDP weaker at 2.7% vs 3.0%
• US GDP and Personal Consumption Numbers Down

Forex QUICK: EURUSD breaks above resistance areas. Support now at 1.2319 Posted: 25 Jun 2010 09:01 AM PDT

USDCHF tests stops below 100 day MA Posted: 25 Jun 2010 08:42 AM PDT Moves quickly to 1.0932. 100 day MA at 1.0945. KEY moment for pair.

Forex QUICK: GBPUSD now has support at 1.4958 area. Posted: 25 Jun 2010 08:36 AM PDT

Forex QUICK: USDJPY stays below 89.49 but can’t get below 89.21 Posted: 25 Jun 2010 08:19 AM PDT

Forex QUICK: USDCHF testing KEY 100 day MA at 1.0946 Posted: 25 Jun 2010 08:04 AM PDT

Jobless bills death to hurt the unemployed Posted: 25 Jun 2010 07:16 AM PDT Yesterday the US Senate shelved a spending bill that included extending the unemployment benefits for 1.3 million Americans at the end of this week.   Critics of the extension cite that by providing up to 99 weeks of benefits, it did not give workers incentive to go and find work.   It also was an additional burden for the government that seems now to be more concerned about the runaway spending.     Needless to say, cutting off the spigot should lead to less spending by the unemployed.  People who collect benefits tend to put the money back into the economy.  It is estimated that the long term unemployed who are out of work for greater than 6 months make up 46% of the jobless workers.  The weekly continuing claims data does not count the extended benefits.  As a result, it should not have an effect on the weekly data.   However, it may lead to more people entering the labor force which may lead to an uptick in the unemployment rate.   Finally, it could have a continued knock on effect in the housing market.

ECB Paramo on the newswires Posted: 25 Jun 2010 06:58 AM PDT Sees moderate uneven recovery Policy remains accomodative. Markets are over-reacting to the risks Fiscal corrections must continue in the future.

FXstreet Webinar Part 4 from Thursday June 24 2010 Posted: 25 Jun 2010 06:41 AM PDT FXstreet Webinar Part 4 from Thursday June 24 2010 with Greg Michalowski and Shawn Powell - Click here to watch

University of Michigan Confidence due at 9:55AM Posted: 25 Jun 2010 06:36 AM PDT

Forex QUICK: Slower growth has USDJPY pressured. Moves below support at 89.49 Posted: 25 Jun 2010 06:36 AM PDT

Forex Morning Report - June 25 Posted: 25 Jun 2010 06:26 AM PDT Forex Morning Report - June 25

Forex QUICK: GBPUSD support now at 1.4934. Bullish bias above this level. Posted: 25 Jun 2010 05:52 AM PDT

Bobbys Corner-Open Market-June.25.2010 Posted: 25 Jun 2010 05:34 AM PDT Good Morning: The G-20 will be meeting this weekend in Toronto.  The main topic will be any new fiscal regulatory actions that the central banks will want to implement.   There is expected to be  a lot of disagreement within the group on how and who will oversee any new regulations.  Other key issues will be the approaches that the different countries utilize to stimulate their economies.  The FOMC has been a proponent of keeping stimulus packages going to keep the US economic momentum moving forward, while other central banks have their own plans and philosophies regarding stimulus plans. World equity markets are lower-and US futures are gaining. TIME FOR  EST PRIOR 08:30AM GDP QoQ (ANNUALIZED)  1Q T 3.O%  3.O% 08:30AM PERSONAL CONSUMPTION  1 Q T 3.50% 3.50% 08:30AM GDP PRICE INDEX  1 Q T 1.O%  1.O% 08:30AM CORE PCE QoQ 1 Q T 0.60% 0.60% HAVE A GREAT DAY -WEEKEND & GOOD LUCK

GDP weaker at 2.7% vs 3.0% Posted: 25 Jun 2010 05:32 AM PDT Personal Consumption weaker as well. Private investment 16.3% vs 14.7% previously.Exports +11.3% vs +7.2%. Imports +14.8% vs 10.4% previously. Government -1.9% unchanged with state and local government at -3.8% offsetting the Federal government stimulus of 1.2%. The questions going forward: 1.  Can the expectation of Imports and Exports increasing? 2.  Can State and Local government stabilize with budgets in trouble? 3.  With employment remaining high and housing taking another dip, will the consumer continue its spending? 4Q  showed 5.6% growth. The consumption in the 1Q estimates fell from 3.2% to 3% to 2.7% final.  The trajectory as the quarter went on is not positive. 4.  Businesses investment in equiptment and software was 11.4%, down from 19.0% increase in 4Q.   Efficiencies from job losses are being made in this sector and is a net plus for the economy.

US GDP and Personal Consumption Numbers Down Posted: 25 Jun 2010 05:31 AM PDT GDP (QoQ) Annualized:      Survey: 3.0%          Actual: 2.7           Prior:  3.0%          Personal Consumption:     Survey: 3.5%          Actual: 3.0          Prior:  3.5%          GDP Price Index:     Survey:  1.0%         Actual:  1.1%       Prior:  1.0%          Core PCE (QoQ):    Survey:  0.6%         Actual: 0.7%        Prior:0.6

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