Forex Market Updates & Commentary

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• US Economic Optimism Strengthens to 40.3 vs 39.4 Survey and Prior of 39.9
• EURUSD approaches the 38.2% of the last trend move higher at 1.3568
• Moody’s says US growth pace leaves it vulnerable to a new downturn
• Bobbys Corner-Open Market-Oct.11.2011
• Slovak Finance Minister Miklos says lawmakers will eventually approve EFSF
• EU Barroso says to make proposal on recapitalising banks on Wednesday
• NY Morning Forex Commentary for October 11th 2011
• Canada Housing Starts
• Troika says Greece will miss 2011 targets, but to likely get next tranche in early November
• Canada Housing Starts Due at 8:15AM
• Greek haircut of 40-60% are under consideration
• UK August Manufacturing Production drops 0.3%
• Trichet on the wires
• Eur/Usd from a daily perspective
• 10-11 Economic Calendar

US Economic Optimism Strengthens to 40.3 vs 39.4 Survey and Prior of 39.9 Posted: 11 Oct 2011 07:04 AM PDT

EURUSD approaches the 38.2% of the last trend move higher at 1.3568 Posted: 11 Oct 2011 05:57 AM PDT The 38.2% of the move up from Friday’s low comes in at the 1.3568 level.   The level should find some profit taking interest with a break lower targeting the next retracement area at the 1.3529 area.  The high from Thursday comes in at the 1.3523 level. This should also increase the importance of the level. On the topside 1.3615 was a floor level from earlier in the trading day. It capped the last hour of trading – before the move down in the last few minutes of trading.

Moody’s says US growth pace leaves it vulnerable to a new downturn Posted: 11 Oct 2011 05:51 AM PDT Cites a 40% chance for another recession.

Bobbys Corner-Open Market-Oct.11.2011 Posted: 11 Oct 2011 05:51 AM PDT Good Morning: Quotes from the five best foreign-exchange forecasters (as measured by Bloomberg), say that the best is over for the dollar.  The rally that has helped the greenback has no chance of continuing-as the slow US economy will force the Fed to flood the world with USD, to inject liquidity into the financial sector through bond purchases.  With almost 3 years of near zero interest rates, and $2.35 billion of bond purchases during the same 3 years pulled the US out of a recession, but the faltering economy has some analysts fearing a new recession is brewing on the horizon. The Euro was a bit softer ahead of a vote by Slovakian Lawmakers on the Euro Zone bailout.  Most feel that this will pass, but that the vote will be messy-thus adding additional uncertainty to an already uncertain situation. In other Euro Zone news, the  Greek government is  comenting that the budget deficit will be 9.1% of Greek GDP-versus the original target of 7.5%.  I am not surprised-are you?   Asian equity markets were higher, following NY”s rally on Monday (up 330 points).  European markets and US Futures are lower at this time. Gold and oil are lower. HAVE A GREAT DAY & GOOD LUCK

Slovak Finance Minister Miklos says lawmakers will eventually approve EFSF Posted: 11 Oct 2011 05:45 AM PDT It seems the comment implies it may not be today..

EU Barroso says to make proposal on recapitalising banks on Wednesday Posted: 11 Oct 2011 05:32 AM PDT Looking for comprehensive package for sovereigns and banks Meanwhile the final vote from Slovakia is due this NY morning.  The Slovakia finance minister is on the newswires saying EFSF is necessary to tame the debt crisis.

NY Morning Forex Commentary for October 11th 2011 Posted: 11 Oct 2011 05:25 AM PDT

Canada Housing Starts Posted: 11 Oct 2011 05:18 AM PDT Canada Housing Starts:   Survey: 189.5K   Actual: 205.9K  Prior: 184.7  Revised:  184.6 USD/CAD stays flat on the news.

Troika says Greece will miss 2011 targets, but to likely get next tranche in early November Posted: 11 Oct 2011 04:50 AM PDT Additional measures are likely needed to meet 2013/14 targets Progress has been uneven Greek recission deeper than anticipated Privatization revenues to be lower this year. Greek will likely get the tranche in early November Essential that Greek authorities put more emphasis on structural reforms It seems the game is simply getting extended and extended.

Canada Housing Starts Due at 8:15AM Posted: 11 Oct 2011 04:45 AM PDT

Greek haircut of 40-60% are under consideration Posted: 11 Oct 2011 04:43 AM PDT Greek Debt deemed unsustainable Debate on whether haircut should involve ECB and EU governments Going ahead 23rd October EU meeting to discuss plans for Greece November 3rd, G20 meeting. EU present plan A few days before the g20, the Ecofin (finance ministers) will meet.

UK August Manufacturing Production drops 0.3% Posted: 11 Oct 2011 01:36 AM PDT A 0.1% decline was expected. Industrial Production rose 0.2%, stronger than the 0.2% decline expected. Gbp/Usd is off about 15 points on news, currently trading at 1.5635.

Trichet on the wires Posted: 11 Oct 2011 01:33 AM PDT * Euro crisis has reached systemic dimension * situation remained demanding over past few weeks * sovereign stress has moved to larger nations * contagion threatens financial stability * governments must act swiftly * further delays will worsen situation

Eur/Usd from a daily perspective Posted: 10 Oct 2011 10:47 PM PDT   Eur/Usd is currently trading just below the 38.2% fibo (1.3677) of move down from 8/29 high of 1.4548 to 10/3 low of 1.3166. The pair has failed in recent trade to make a clean break above as 1.3700, which has been a formidable level of resistance. A break above should send the pair higher, with 1.3790-00 acting as next level of resistance.

10-11 Economic Calendar Posted: 10 Oct 2011 08:42 PM PDT

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Forex Market Updates & Commentary

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• EURUSD moves closer to 38.2% target at 1.3680
• Bobbys Corner-Open Market-Oct.10.2011
• EURUSD breaks above resistance at the 1.3598 level. Bull remain in control
• S&P affirms Frances AAA rating
• Sentix investor confidence -18.5 vs -19.2; euro extends gains
• French Industrial Production up 0.5% from prior month
• 10-10 Economic Calendar
• USD/SGD looking for a rebound
• Singapore News
• China’s Home Prices to Decline
• EURUSD Reacting to Resistance
• USD/HKD support @ 7.78049
• USDSGD Looking For Support
• USDCNH Turning North?
• China Cuts Fuel Prices

EURUSD moves closer to 38.2% target at 1.3680 Posted: 10 Oct 2011 07:14 AM PDT With semi holiday conditions in the US and full holiday in Canada, the EURUSD is focused on stocks and commodities for fundamental reasons.  From a technical perspective (which I believe) are also having an effect.  Specifically, the EURUSD has moved above trendline resistance off the most recent highs at the 1.3598 level and has not been able to move back below that level since. The low post the break has been limited to 1.3611.  The next key target for the pair is being approached at the 38.2% of the move down from the most recent high at the 1.4548 level to the recent low at 1.31449.  That level comes in at 1.36809.

Bobbys Corner-Open Market-Oct.10.2011 Posted: 10 Oct 2011 05:42 AM PDT Good Morning: The Euro advanced on the heels of comments by both the German and French leaders that they pledge to keep Greece in the Euro, and a plan to  assist the banking sector within the Euro Zone.  They have given themselves a 3 week deadline to get these maters finalized, and devise a workable plan.  Presently they are looking to calm the markets-but they must come up with a long lasting plan. The CHF also showed gains, as the Franc has had some recent weakness, investors are looking to take advantage of this weakness and fatten their coffers with CHF. The currency market s are being lead by the positive events regarding the European banks.  If this rally continues we can expect to see some additional weakness for the greenback. World equity markets are higher-as are US Futures at this time. Oil is higher, as is Gold and Silver.   HAVE A GREAT DAY & GOOD LUCK

EURUSD breaks above resistance at the 1.3598 level. Bull remain in control Posted: 10 Oct 2011 05:36 AM PDT The EURUSD has broken through trendlien resistance against the 1.3598 level  and shot higher.  Today is a semi holiday in NY (banks and government offices closed – stock market is open) and Thanksgiving holiday in Canada.  So liquidity may be light but the trend higher today has been unrelenting. The next target resistance comes in at the 1.3640 level which is topside trendline off the highs today (see chart below).  Support is now against the 1.3591 to 1.3601 level.

S&P affirms Frances AAA rating Posted: 10 Oct 2011 05:06 AM PDT The EURUSD is supported on the Merkel/Sarkozy pledge to recapitalize and keep Greece in the EU. The two leaders have given themselves 3 weeks to devise a plan for recapitalization and find a solution for Greece debt load. It is my thought that recapitalization, leads to revaluation of Greek debt, lead to restoration of confidence in the EU (at least temporarily).  They are desparately trying to avoid a contagion and knock on effect caused by the imminent Greek default. The only way to do that is to recapitalize banks – somehow/someway – so that once it happens, all can say…”see, we are still here”.

Sentix investor confidence -18.5 vs -19.2; euro extends gains Posted: 10 Oct 2011 01:47 AM PDT Eur/Usd has made a new high of 1.3570 on the heels of better than expected Sentix investor confidence reading.

French Industrial Production up 0.5% from prior month Posted: 09 Oct 2011 11:50 PM PDT A 0.7% decline was expected. Eur/Usd currently trades at 1.3473 in quiet trading.

10-10 Economic Calendar Posted: 09 Oct 2011 08:47 PM PDT

USD/SGD looking for a rebound Posted: 09 Oct 2011 08:05 PM PDT Currently trading around the lows after a seeing some selling earlier in the session, the USD/SGD appears to be looking for a rebound. If it is not found we look lower to 1.28775 as the target; the 38.2% fibo line is the current bullish target.

Singapore News Posted: 09 Oct 2011 08:03 PM PDT The Monetary Authority of Singapore is considering whether financial institutions need to draw up plans for a quick recovery or closure in the event of a crisis, reported by the Business Times citing regulators.

China’s Home Prices to Decline Posted: 09 Oct 2011 08:00 PM PDT China’s home prices are expected to gradually decline as a result of rising inventories and a slow down in property market transactions, reported by the Xinhua News Agency.

EURUSD Reacting to Resistance Posted: 09 Oct 2011 07:57 PM PDT The EURUSD channel below seems to be holding very well since August, but the bias is clearly negative and outside of major resolution out of Europe, more uncertainty seems likely to bring lower prices. The 4-100hr mavg is now running parallel to trendline resistance.

USD/HKD support @ 7.78049 Posted: 09 Oct 2011 07:49 PM PDT Since the end of last week the pair has found support from the 7.78049 level. Since the open the pair has slowly creeped higher with a session high of 7.78269 with the next target to the topside at 7.78349; the 100 hour moving average. Continuing higher we have 7.7842 – the 38.2% fibo line on the move from Tuesdays high to Wednesdays low.

USDSGD Looking For Support Posted: 09 Oct 2011 07:13 PM PDT Since the USD rally has slowed the Singapore Dollar has pushed higher against the USD moving the pair through the 61.8% retracement of the late September move and is approaching the 4-100hr moving average, where perhaps the pair can find a bid, particularly if USD repatriation (from funding activities in 2011) picks up some steam here in the 4th quarter.

USDCNH Turning North? Posted: 09 Oct 2011 06:54 PM PDT The USDCNH could be moving higher as the former trendline resistance was not broken and now we see the trending 21 day moving average breaking above the 100day mavg.

China Cuts Fuel Prices Posted: 09 Oct 2011 04:09 PM PDT In another attempt to further tame inflation the Chinese government has for the first time this year cut fuel prices after crude oil prices have softened recently.  The cut represents a 3.5% drop for gasoline and 3.9% for diesel.

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Forex Market Updates & Commentary

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• Weekly Wrap Up Show Friday October 7 2011 Rebroadcast
• The Forex Week Ahead for the week of October 10th 2011
• Week Ahead in Trading show this Monday 9:30 AM
• Total US Bank exposure to Euro Crisis est 640 billion
• EURUSD back below 200 hour MA at 1.3428. 1.3381-94 next target area
• Fitch maintains Portugal rating of BBB- with negative watch
• EURUSD falls on the 1-2 punch from Fitch debt rating cut of Italy and Spain
• Fitch says Italy has to raise capital to achieve Basel targets.
• Fitch downgrades Spain to AA-
• Fitch downgrades Italy to A+
• Forex Fast Track Workshop- Phoenix Arizona, Saturday October 15, 2011

Weekly Wrap Up Show Friday October 7 2011 Rebroadcast Posted: 07 Oct 2011 02:17 PM PDT Weekly Wrap Up Show- Friday at 11AM Register now

The Forex Week Ahead for the week of October 10th 2011 Posted: 07 Oct 2011 12:39 PM PDT CLICK HERE FOR THE WEEKEND REPORT

Week Ahead in Trading show this Monday 9:30 AM Posted: 07 Oct 2011 11:57 AM PDT Week Ahead in Trading show this Monday 9:30 AM with Greg Michalowski and Shawn Powell- Register now

Total US Bank exposure to Euro Crisis est 640 billion Posted: 07 Oct 2011 10:08 AM PDT This is according to a government report. This is higher than most other reports. I am trying to source the report.  The Dow is down 45  points now. Nasdaq -34 S&P is down -11 Gold down -19 The risk on/risk off pairs will likely be influenced by the wiggles in the stock market between now and the close. The news is ending on a bad note with the downgrades and fresh concerns about Greece.  Risk for the EURUSD is above the 1.3428 level (200 hour MA level currently).

EURUSD back below 200 hour MA at 1.3428. 1.3381-94 next target area Posted: 07 Oct 2011 09:44 AM PDT The EURUSD is below the 200 hour MA on the Friday afternoon Fitch downgrade of Italy and Spain.  The level comes in at the 1.3428. The next target would be the 1.3381 to 1.3394 (see chart above). The EURUSD closed last Friday (4 pm close at 1.3394) and we are back to that level a week later.

Fitch maintains Portugal rating of BBB- with negative watch Posted: 07 Oct 2011 09:33 AM PDT Say Fitch rating on Portugal may still be cut to junk status (which is one notch below the current rating).  Moody’s rates Portugal at Ba2 and S&P has their Long term debt rated at BBB-

EURUSD falls on the 1-2 punch from Fitch debt rating cut of Italy and Spain Posted: 07 Oct 2011 09:28 AM PDT The 1.34077 level is the 50% of the move up from the June 2010 low a t 1.1876 to the high reached in May 2011 (at 1.4939).  The price is also below the trendline broken today at the 1.3443. This is now resistance for the pair.

Fitch says Italy has to raise capital to achieve Basel targets. Posted: 07 Oct 2011 09:27 AM PDT

Fitch downgrades Spain to AA- Posted: 07 Oct 2011 09:17 AM PDT This is two notch lower from AA+ Moody’s has Spain at AA2 and S&P has them at AA

Fitch downgrades Italy to A+ Posted: 07 Oct 2011 09:07 AM PDT Outlook negative. This is a one notch cut for Italy. EURUSD moves sharply lower to 1.3476 and rebounds back to 1.3500.   Moody’s downgraded Italy to A2 earlier in the week. S&P has their long term debt rated A.

Forex Fast Track Workshop- Phoenix Arizona, Saturday October 15, 2011 Posted: 07 Oct 2011 08:30 AM PDT   Get on the FXDD Fast Track* with your Forex Trading – Live one day workshop, Saturday October 15, 2011 Learn from two highly respected industry professionals with years of real world financial and Forex trading experience, James Chen, CMT and FXDD's Director of Technical Analysis & Client Education, Author of "Essentials of Technical Analysis for Financial Markets" (Wiley May 2010)and Greg Michalowski, FXDD's Chief Currency Analyst, Author of "Attacking the Currency Trends" (Wiley, April 2011) How Fast Track works: •Day 1 – Webinars:  Developing a Trading Professional's Mindset •Day 2 – Webinars: Trade Basics – New Techniques for Entry & Exit •Day 3 – FAST TRACK LIVE Event – Full Day of Forex Training with James Chen & Greg Michalowski (includes: continental breakfast, completion certificate & cocktail reception) The Fast Track workshop will begin with an interactive three-hour webinar session on Wednesday, October 12th and one on Thursday, October 13th. The webinars will take place at 6 PM PDT (Pacific Time) each day.  These sessions will be recorded and will be available free for Fast Track attendees. On Saturday, October 15th, James Chen, Greg Michalowski and Shawn Powell will be in Phoenix to conclude the series with a full day of in-person training at the Scottsdale Marriott at McDowell Mountains. What you will get when you reserve your seat: Two days of Online Education A Full Day of Live Training with FXDD's James Chen and Greg Michalowski Hands on, intensive learning environment  Beautiful Hotel and Surrounding area Continental Breakfast Certificate of Completion Closing Cocktail Reception Fourteen hours of Forex training by two industry professionals with years of experience coming to your home town.  This type of opportunity does not come every day, so act now.  Scottsdale Marriott at McDowell MountainsThe live portion of Fast Track is Saturday October 15, 2011 from 8am-6pm The beautiful Scottsdale Marriott, Arizona resort hotel adjacent to TPC Scottsdale and 36 holes of championship golf.  Spacious resort accommodations in Scottsdale, AZ overlooking the breathtaking McDowell Mountains. Local Airport: PHX Phoenix Sky Harbor, AZ.  16770 North Perimeter Drive · Scottsdale, Arizona 85260 USA   Learn from two of the best During the sessions, both James and Greg will take you on a detailed journey based on their own trading methodologies and strategies.  Included will be: How best to approach trading the Forex market What trading tools to use (and ones you shouldn't) How best to define risk, how to limit risk, and how to accept risk How to enter, manage and exit positions effectively and efficiently How to control your fear so you can trade with confidence  Get the real scoop on both James and Greg's methods for trading A total of fourteen hours of forex training by two industry experts with over 50 years of experience coming to your home town.  This type of opportunity does not come every day.  It is time to act. So what does it cost? FXDD is making a commitment toward providing better and more meaningful trading education to their clients.  We want you to succeed.  Although this course could cost thousands of dollars elsewhere – and likely be taught by smooth talking trainers with a fraction of the experience – FXDD is offering the 14-hours of training with James and Greg for just $399.  To make the offer even more enticing, FXDD will take part of your investment and deposit $200 directly into your FXDD trading account after graduation on Saturday*   That's right, Fourteen hours of expert training at an exceptionally low cost to you If you would like to register or should have any questions, feel free to contact Shawn Powell, the FXDD Fast Track coordinator at 1 212.791.3933 x7187 or email him at spowell@fxdd.com .  The event is limited in the number of students so please act early to ensure your spot in the class. More details and register online at http://www.fxdd.com/fasttrack

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Forex Market Updates & Commentary

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• EURUSD moves back to the topside trendline
• Feds Fisher says too many people are unemployed for too long
• US Wholesale Inventories Weaker 0.4% vs Projected 0.6% and a Prior of 0.8%
• Australian Financial Review says RBA mulling rate cut
• USDCHF between support (38.2% retracement) and resistance (100 hour MA)
• GBPUSD rotates back down as employment digested
• EURUSD moves higher on the better employment report
• US Nonfarm Payrolls Rise 103K, Private Sector Also Stronger
• US NFP 103k, Private Payroll 137K UnE 9.1%
• Bobbys Corner-Open Market-Oct.7.2011
• Support/Resistance targets for major pairs
• US Unemployment Preview with key technical levels to eye
• Nonfarm, Private Payrolls & Unemployment Figures Due at 8:30AM
• Canada adds a surprising 60.9K jobs. USDCAD moves to 38.2% retracement
• Canada Unemployment due at 7 AM ET

EURUSD moves back to the topside trendline Posted: 07 Oct 2011 07:22 AM PDT The topside trendline comes in currently at the 1.3507 level.   Watch this level closely.

Feds Fisher says too many people are unemployed for too long Posted: 07 Oct 2011 07:20 AM PDT Inflation will gravitate toward 2% target Most urgent issue is job creation and restoring economic prosperity

US Wholesale Inventories Weaker 0.4% vs Projected 0.6% and a Prior of 0.8% Posted: 07 Oct 2011 07:02 AM PDT

Australian Financial Review says RBA mulling rate cut Posted: 07 Oct 2011 06:51 AM PDT http://afr.com/p/national/rate_cut_on_cards_as_rba_spruiks_OUrbKYpuw0XDQePV1lwGOI The article says the RBA has told the IMF that they have plenty of room to respond to the current global downturn. This week, the RBA kept the rate unchanged at 4.75%. They have raised rates from 3.5% as they benefitted from the exporting of mining natural resources to emerging countries like China and India.  The AUDUSD is up on the day but coming off the highs. The next support comesin at the 0.9814/17 which represents an earlier day high and the 38..2% of the days trading range.

USDCHF between support (38.2% retracement) and resistance (100 hour MA) Posted: 07 Oct 2011 06:32 AM PDT The USDCHF’s initial reaction was to the downside (flight out of the risk?  How the USDCHF has changed its tune from flight to quality?) and tested the 38.2% retracement of the move up from the September 29th low to the recent high. That level comes in at the 0.9161 level (see chart above). On the topside resistance comes in against the 100 hour MA (blue line in the chart above) at the 0.9207 level.  These levels may just contain the price action for the USDCHF for the time being, with a break above or below the key technical levels providing the clues of the “markets” intentions.  The USDCHF (and other  CHF crosses) have a bullish bias due to the SNBs success in keeping the EURCHF elevated following the “pegging” of the pair above the 1.2000 level. The EURCHF is up at 1.2400 currently. Yesterday, the price closed above the 200 day MA in the EURCHF at the 1.2336 level.  This was the first close above the 200 day MA for the pair since April 6th, and it should lead to further upside momentum (as long as the price stays above the level).

GBPUSD rotates back down as employment digested Posted: 07 Oct 2011 06:11 AM PDT  Like the EURUSD (see prior post),  the GBPUSD moved higher on the back of the ”better” employment data,  but has given back some of the gains and moved back within the channel boundaries. For the GBPUSD below the 1.5563 returns the pair into the channel.  There is support target at the 1.5544 level now.  This is the 61.8% of the move down from the Sept 28th high to the low reached yesterday.    Further support comes in at the 1.5525/28 area where the 200 hour MA (green line in the chart above) and the 38.2% of todays range is found.  A break of this level should lead to a test of the 100 bar MA on the 5 minute chart (blue line below) and the 50% of the days range both currently at the 1.5508 level.

EURUSD moves higher on the better employment report Posted: 07 Oct 2011 05:54 AM PDT   The EURUSD is correcting lower after testing the waters above the 1.3503 channel trendline level (see hourly chart above). The high reached 1.3512 but quickly retreated (only spent a minute above the 1.3503 level).  The correction to the downside is testing the 38.2% of the last leg higher on the 5 minute chart at the 1.3474 level (see chart below). On the hourly chart the same level (1.3474) is the 61.8% of the move down from the September 29th high to the low reached on October 4th.  This level will be a key level to watch today. Take note the volatility is not over for the pair.  The stock market is yet to open. On the one hand the better data is a relief and should be good news for the economy.  On the negative side,  the better data puts QE3 on hold.  Plus the underemployment rate did rise to 16.5% from 16.2% and the jobs were boosted by 45K returning Verizon strikers.  The stock bulls would have loved to see jobs and QE stimulus.   So look for continued volatility as the stock market comes into focus and weighs in.

US Nonfarm Payrolls Rise 103K, Private Sector Also Stronger Posted: 07 Oct 2011 05:33 AM PDT Change in Nonfarm Payrolls:   Survey:  55K     Actual:  103K    Prior:  0K      Revision: 57K Change in Private Payrolls:  Survey: 90K    Actual: 137K     Prior:  17K     Revised: 42K Change in Manufacturing Payrolls:  Survey: 0K   Actual:  -13K   Prior:  -3K     Revised: -4K Unemployment Rate:  Survey:  9.1%     Actual:  9.1%     Prior:  9.1%       Avg Hourly Earning (MoM) All Emp:    Survey:  0.2%     Actual: 0.2%      Prior:  -0.1%          Avg Hourly Earning (YoY) All Emp:    Survey:  1.9%      Actual: 1.9%      Prior:  1.9%       Avg Weekly Hours All Employees:    Survey:  34.2      Actual:  34.3          Prior:  34.2

US NFP 103k, Private Payroll 137K UnE 9.1% Posted: 07 Oct 2011 05:32 AM PDT Revisions higher as well 57K vs 0K Private Payroll 42K vs 17K Underemployment rate however rose to 16.5 from 16.2%. This is not good news.  The average weekly hours rose to 34.3 and earnings increased by 0.2% Manufacturing -13K Construction +26K Mining +5K Trade Transportation and Utlilites +7K Information +34k (45K strike workers return) Financial -8K Professional and business Services +48K Health Services and Educ +45K Leisure and Hospitality -4K Other Services -3K Government -34K 45K striking workers return. Risk pairs move higher as does the stock market. Dow Futures up 87 Nasdaq up 16.5 S&P up 10.9

Bobbys Corner-Open Market-Oct.7.2011 Posted: 07 Oct 2011 05:24 AM PDT Good Morning: With speculation growing that the banking sector  in the European Union will get the financial support they need to keep their operations running smoothly,  kept the Euro in positive territory this week.  With the ECB reintroducing yearlong loans along with resuming the purchasing of covered bonds should help the banks continue their ability to lend funds. The Non Farm payroll data that is expected to be released at 8:30 AM this morning should show an increase of 55K , as the private sector is expected to show an increase of 90K.  The unemployment rate is expected to remain at 9.1%.  With no change last month-any sign of growth will be a welcome sign to the marketplace. The lack of confidence by both consumers and businesses has been curtailing hiring and spending accross the board. World equity markets were higher, and US Futures are slightly lower this morning. TIME         FOR EST.   PRIOR 8:30A.M. CHANGE IN NONFARM PAYROLLS    SEPT. 55K        OK 8:30A.M. CHANGE IN PRIVATE PAYROLLS   SEPT. 90K         17K 8:30A.M. CHANGE IN MANUFACT.PAYROLLS         SEPT. OK       -3K 8:30A.M. UNEMPLOYMENT RATE     SEPT. 9.10% 9.10% 8:30A.M. AVG. HOURLY EARNINGS MOM ALL EMP/ SEPT. 0.20% -0.10% 8:30A.M. AVG. HOURLY EARNING YOY ALL EMP   SEPT. 1.90% 1.90% 8:30A.M. AVG. WEEKLY HOURS ALL EMPLOYEES SEPT.      34.2O        34.2O 10:00A.M. WHOLESALE INVENTORIES         AUG. 0.60% 0.80% HAVE A GREAT DAY-WEEKEND & GOOD LUCK

Support/Resistance targets for major pairs Posted: 07 Oct 2011 05:21 AM PDT 100 Hour MA = Blue Line 200 Hour MA= Green line

US Unemployment Preview with key technical levels to eye Posted: 07 Oct 2011 05:01 AM PDT

Nonfarm, Private Payrolls & Unemployment Figures Due at 8:30AM Posted: 07 Oct 2011 04:15 AM PDT

Canada adds a surprising 60.9K jobs. USDCAD moves to 38.2% retracement Posted: 07 Oct 2011 04:02 AM PDT The Unemployment rate falls to 7.1%. Full time employment adds 63.8k Part time subtracts -2.9K Participation Rate 66.8T vs 66.7 prior. This is the highest job adds in 8 months.  The Unemployment rate is the lowest since 2008.  Education added 38.4K and Professional and Scientific Services added 35.6K accounting for all of the gains of 63.8K full time jobs added. Finance, insurance, real estate and leasing shed 35.3K jobs Construction added 11.6k jobs Natural Resources added 17.1K jobs USDCAD gaps to the downside on the news.  The 38.2% retracement of the move up from the September 16th low comes in at the 1.0327 level  This level has found profit taking buying as the US Unemployment rate gives traders a reason to pause.   On the topside, the 200 hour MA is at the 1.0400 level. At 8:30 AM the US Unemployment report will be released with expectations for the unemployment rate to remain unchanged at 9.1%, the NFP to add 60K jobs, the Private Sector to add 90K and Manufacturing to be flat.  The Underemployment rate will also be eyed (last month it was at 16.2%).

Canada Unemployment due at 7 AM ET Posted: 07 Oct 2011 04:01 AM PDT Expectation: 7.3% Rate Net Change in Employment : 15 K

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