Forex Market Updates & Commentary

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• USDCNH moves higher today on easing concerns
• EURUSD inches higher toward resistance. Can downside momentum continue.
• US Business Inventories Improve, Continue Positive US Data Today
• EURGBP selling on support levels break
• GBPUSD reverses course. Trades at new day highs
• EURUSD holds support against 50% Fibo support. Correction key now.
• Spanish Finance Minister says extra 0.5% deficit cut should not significantly impact growth
• AUDUSD tests the 38.2% of the move up from December
• USDCHF moves away from 100 day MA
• USDJPY approaches Fibo resistance at 82.975
• Retail Sales come in as expected. Ex Auto better. EURUSD tests Monday lows
• ECB Weidman calls for standard policy should be reinstated as soon as possible
• US Retail Sales Figures Prove Positive
• Dollar is mixed as NY enters for the trading day. EURUSD down despite better ZEW data
• Bobbys Corner-Open Market-March.13.2012

USDCNH moves higher today on easing concerns Posted: 13 Mar 2012 08:03 AM PDT The USDCNH broke above the 100 day MA for the 1st time since December 15th at the 6.3325 level. The price extension has moved to the highest level in 2012 (6.3406 was the previous high. Today’s high reached 6.3429)  but has backed off and

EURUSD inches higher toward resistance. Can downside momentum continue. Posted: 13 Mar 2012 07:40 AM PDT The EURUSD is showing signs of the trend down slowing. The price hit the 50% of the 2012 range, the price has moved above the steep trend channel and is looking to move above the broken channel from earlier today (see chart trendlines above). Now the next hurdle will be the 38.2%-50% of the last leg down between the 1.30779 to 1.30862.  A move above this area says to me the shorts have lost their trend like hold on the market.  Traders who bought the dip against 50% level, will have a decision to make at this level.  Hold on for a break or take the hard earned 20-25 pips and be happy with the counter trend profits.

US Business Inventories Improve, Continue Positive US Data Today Posted: 13 Mar 2012 07:02 AM PDT Business Inventories:    Survey:  0.5%      Actual: 0.7%    Prior: 0.4% Jan. 12 vs. Dec. 11 Business Inventories Breakdown: Retail Inventories:   1.1% vs  0.5% Ex-Autos:   0.4% vs. 0.4% Motor Vehicles:   2.6% vs. 0.6% Furniture:   0.4% vs. 0.3% Building Material:   1.1% vs  -0.4% Food & Beverage:   0.4% vs  0.4% Clothing:   0.8% vs 0.0% General Merchandise:   0.3% vs  1.6% Dept. Stores:  -1.1% vs 1.6% IBD/TIPP Economic Optimism:     Survey: 48.6      Actual:  49.4     Prior: 47.5 JOLTs Job Openings:  Survey: 3250  Actual: 3376   Prior: 3161     Revised: 3118

EURGBP selling on support levels break Posted: 13 Mar 2012 06:59 AM PDT The ERUGBP fell below the 200 hour MA and trendline support and stops were triggered. The break sent the price to the lowest level since March 5th and also helped contribute to the sudden surge higher in the GBPUSD. The move lower, extended below steep downside trendline. This should have solicited further downside momentum. The failure to extend lower could be an indication of the market going too far too fast.  A move back below the low should not be ignored, however.

GBPUSD reverses course. Trades at new day highs Posted: 13 Mar 2012 06:42 AM PDT Boom.  The GBPUSD has reversed strongly with the pair making new highs. The price increase looks toward topside resistance at the 1.5689-96 area. This is the 38.2% of the move down from the March 7th/8th high and low from March 6th.  A move above that level next targets the 1.5716 level which is the 100 hour MA and 50% of the recent move down. Watch the 1.5650-57 level on the downside for support now. A move below this level and all bets are off for increased upside momentum on further squeeze of the shorts.

EURUSD holds support against 50% Fibo support. Correction key now. Posted: 13 Mar 2012 06:32 AM PDT The 50% of the 2012 range held support on the 1st test and the price has bounced modestly. The topside resistance now comes in at the 1.30779 to 1.30862 level. This is the 38.2%-50% of the last leg to the downside for the pair (see chart below). A move above this level will lessen the trend tendencies for the pair today. Holding below these levels will continue to put pressure on the dip buyers/longs.  Watch this correction level for further downside clues today.

Spanish Finance Minister says extra 0.5% deficit cut should not significantly impact growth Posted: 13 Mar 2012 06:29 AM PDT There is increased concern about Spain over the last few days.  With 23% unemployment/50% youth unemployment, the country is feeling the pressure.

AUDUSD tests the 38.2% of the move up from December Posted: 13 Mar 2012 06:09 AM PDT The 1.0474 level is the 38.2% of the move up from the December 2010 low. The price tested that level yesterday (low reached the 1.0472 level) and bounced to the 1.0559 level overnight. The price has since fallen with the dollar strength and is now back down testing the key support.  The second test may not be so lucky with a break next targeting the 200 day MA at the 1.0403 level. On the topside, look for the 1.0500 to 1.0506 level to hold resistance. This is the 38.2%/50% of the last trend leg down in the pair. On trend like moves, if this area can find sellers, the dip buying longs stay under pressure and this could lead to further downside momentum.

USDCHF moves away from 100 day MA Posted: 13 Mar 2012 06:01 AM PDT The USDCHF has been using the 100 day MA as a ceiling area over the last week or so of trading. The price has been able to move above the level but has not been able to close above the level. Today the price is breaking away with the next target at the 0.9260 level which is the 50% of the move down from the 2012 high.

USDJPY approaches Fibo resistance at 82.975 Posted: 13 Mar 2012 05:56 AM PDT The 38.2% retracement of the move down from the 2010 high comes in at the 82.975 level. This level is being approached (new high comes in at the 82.85 level) and should solicit some profit taking sellers on the first test, with stops on a move above.

Retail Sales come in as expected. Ex Auto better. EURUSD tests Monday lows Posted: 13 Mar 2012 05:42 AM PDT The US Retail Sales ex Auto came in better at +0.9% vs +0.7%  expectations. The EURUSD moved to new session lows and tested the lows from yesterday at the 1.3078 level.  The 1.1% headline gain in the Retail Sales was the highest since September 2011 and keeps the idea that the US economy is on a growth trajectory that could lead to further employment gains down the road. From a technical perspective below the low from yesterday at 1.3078 level, is support at the 1..3053 level. This is the  50% of the move up from the 2012 low.  There should be some support against this level.  On  the topside, bearish traders/shorts will be watching the 1.31058 to 1.3114 level to hold topside resistance. The EURUSD has taken two steps to the downside today.  The first corrected 38.2% (after German ZEW) and this move has yet to have a meaningful correction.

ECB Weidman calls for standard policy should be reinstated as soon as possible Posted: 13 Mar 2012 05:32 AM PDT Talks on exiting non standard measures going on Growth driven by domestic forces Inflation to exceed 2% in 2012 with inflation expectations remaining firmly anchored Central banks took on considerable financial risks ECB is discussing risks of non standard measures and the side effects of the tools It is important to lead exit discussions Weidman is a hawk on the ECB board

US Retail Sales Figures Prove Positive Posted: 13 Mar 2012 05:30 AM PDT Advance Retail Sales:  Survey:  1.1%   Actual: 1.1%   Prior:   0.4%    Revised:   0.6% Retail Sales Less Autos:  Survey:  0.7%    Actual:  0.9%     Prior:  0.7%   Revised: 1.1%    Retail Sales Ex Autos & Gas:   Survey:  0.5%    Actual:  0.6%   Prior: 0.6% Revised: 1.0%

Dollar is mixed as NY enters for the trading day. EURUSD down despite better ZEW data Posted: 13 Mar 2012 05:26 AM PDT The BOJ indicated that it would keep its monetary easing policy in place ( some members voted for an increase in QE) and this helped lead to a reversal of the US dollars fortunes in London trading. The USDJPY reached its highest level since April 27th when in [eaked at 82.77. The high last night came in at 82.785.  The pair approaches key resistance at the 82.975 level which is the 38.2% of the move down from the April 2010 high. This level, should solicit some profit taking selling on the first look for the pair, with stops on a move above.  The USDCNH also rose sharply overnight as worries about China growth has increased chance for further easing by the PBOC In EU news overnight, the ECOFIN leaders have called on Spain to make additional cuts of 0.5% citing that Spain needs a credible fiscal adjustment plan.  There is increased concern about Spain and this has kept the EURUSD under pressure.  In the continuing Greek saga, they said that if the Private participation rate was pushed above 96%, then their deficit to GDP would fall to as  low as 116% by 2020 (how they can forecast 2020 I am not sure).  Meanwhile there was a report that Greece needs to cut government spending by 5.5%/GDP over 2013/14 to meet bailout fiscal targets. The 170 billion was approved by the EU finance ministers.  That payment was in addition to the write off ove 100 billion by the bond holders in the debt restructuring.  Greece also needed to make large budget cuts – all needed to get the debt to GDP reation to below the 120% figure by 2020.  In economic news, the German ZEW index surprised to the upside witht he Econ Sentiment rising to 22.3 vs 10 expected and 5.4 last mo. (highest since June 2010 and up for -55.2 in Nov 2010). The EU ZEW index also rose to 11 from -8.1 last mo. (highest since May 2011). The EURUSD which rose in the early asian session to just above the 50% of the move down from last weeks high, spent most of the late asian and early London session falling back down and opens the NY session near the low floor at the 1.3100 level seen yesterday. Retail sales in the US with the expectation of 1.1% vs 0.4% last month. The Ex auto is expected to come in at +0.7% vs the same value last month.  IBD/TIPP economic optimism index is due at 10 AM with 50 vs 49.4 last month.  Business inventories are expected to show a 0.5% increase and the FOMC is expected to keep rates unchanged when they announce their decision at 2:15 PM.

Bobbys Corner-Open Market-March.13.2012 Posted: 13 Mar 2012 05:23 AM PDT Good Morning: Looks like the Bank of Japan will be agreeable to the prospect of additional monetary easing in the future. Bank of Japan Governor Shirakawa were fairly dovish-as he stated that the BOJ will continue to fight deflation-but that private investors along with the central government must be major players to boost economic growth in Japan. Some of the biggest obstacles to Japan’s growth will be the rise in crude oil along with the European debt crisis. We have US Retail Sales data being released at 8:30 AM.  The data is expected to show an increase of 1% after a .4% increase last month.  We will have to see if the US consumer opened up their pocketbooks this month. Also-the FOMC is slated to announce their interest rate decision later this afternoon-2:15 PM. More Republican primaries are on the docket for today. Asian and European equity markets are higher-as are US Futures. Oil is higher.  Gold is mixed, and Silver is higher. HAVE A GREAT DAY & GOOD LUCK

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Forex Market Updates & Commentary

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• USDCAD moves toward 100 hour MA
• NZDJPY falls below 200 hour MA
• The Forex Week Ahead
• FXDD TRADERS COURSE This Tuesday at 4:00PM edt.
• Week ahead in Forex Trading starting now with Greg and Shawn
• FXDD MASTERS LIVE Santa Clara, California March 17 2012
• GBPUSD tests 50% of 2012 range and fails
• EURUSD falls below 100 and 200 bar MA intraday chart in quiet trading day
• Dollar rises against most currencies as NY enters. Weaker China Trade send AUDUSD down
• Bobbys Corner-Open Market-March.12.2012
• German Feb. wholesale price index up 1.0% vs. 1.1% expected
• Japan household confidence 39.5 vs. 40.8 expected
• 3-12 Economic Calendar
• Japan Fin. Min Azumi speaks in Parliament
• Yuan reference rate declines most since August 2012: 6.3282 against the USD.

USDCAD moves toward 100 hour MA Posted: 12 Mar 2012 07:36 AM PDT The USDCAD has broken above the 200 hour MA and is heading up toward the 100 hour MA as it enters back in between the “goal posts” as defined by the 100 and 200 hour MAs. The 100 hour MA comes in at the 0.9951 level. Just before that level is the 0.9947 level where the 50% of the move down from last Wednesday’s high to the low on Friday comes in. I would expect sellers against the level on the first test, with stops on a break higher. Look for support at 0.9924-29 now (200 hour MA and 38.2% retracement)

NZDJPY falls below 200 hour MA Posted: 12 Mar 2012 07:22 AM PDT The NZDJPY has fallen below the 200 hour MA after spending most of the last few days above the flattening moving average. The move above the 200 hour MA (at 67.14) on Thursday should have led to further upside momentum – and it did – but that momentum could not be sustained and the move below the level has taken some of the bullishness away from the bulls.  Traders will be watching the 200 hour MA today to see if the sellers have the strength to stay in charge.  That strength will be reflected in a subsequent move below the 38.2% of the move up from last week (at 66.92) and then the 100 hour MA at the  66.745 level currently.

The Forex Week Ahead Posted: 12 Mar 2012 07:15 AM PDT

FXDD TRADERS COURSE This Tuesday at 4:00PM edt. Posted: 12 Mar 2012 06:54 AM PDT FXDD TRADERS COURSE – Tuesday Course this Tuesday at 4:00PM with FXDD’s Greg Michalowski and Shawn Powell – Register now

Week ahead in Forex Trading starting now with Greg and Shawn Posted: 12 Mar 2012 06:23 AM PDT Week ahead in Forex Trading starting now with Greg and Shawn – Join us now https://www1.gotomeeting.com/register/996866784

FXDD MASTERS LIVE Santa Clara, California March 17 2012 Posted: 12 Mar 2012 06:00 AM PDT FXDD MASTERS LIVE Santa Clara, California March 17 2012- Free all day training with Greg Michalowski, James Chen and Shawn Powell. Get all the details and registration information at www.fxddmasterslive.com

GBPUSD tests 50% of 2012 range and fails Posted: 12 Mar 2012 05:53 AM PDT The GBPUSD tested the 50% of the move up from the 2012 low and failed on a break at the 1.5611. The failure may give the profit taking buyers more confidence in buying a dip as risk is limited. The key topside resistance comes in at the 1.5695/1.5700 level. This is where the 100 day MA and where the 38.2% of the 2012 range was broken.   Before that level, a move above the 1.5642 corrective high off the inital low today, will be needed to be broken to give the bulls/profit takers, some added buying incentive.

EURUSD falls below 100 and 200 bar MA intraday chart in quiet trading day Posted: 12 Mar 2012 05:42 AM PDT The EURUSD has fallen below trendline and the 100 and 200 bar MA on the 5 minute intraday chart at 1.3105 currently, but action remains choppy in early NY trade. The range today is a narrow 57 pips today for the pair after the trend move down after the better than expected NFP report on Friday. The range has the possibility of being extended (the narrowest range for 2012 so far has been 57 pips).  The 20 day average range for the pair is 120 pips. The Asian high came in at 1.3123 level and will be a level to watch on the topside for upside clues. The 1.3136 level is the 38.2% of the move down from the NY high on Friday.  On the downside, the 1.3095 low from Friday (and also Wednesday’s low) will be needed to be breached to keep the pressure on for the pair.

Dollar rises against most currencies as NY enters. Weaker China Trade send AUDUSD down Posted: 12 Mar 2012 05:25 AM PDT The dollar is opening with modest gains against most currencies on the first day ofthe better than expected US employment report on Friday (the USDJPY being an expception).  In news over the weekend, China announced the largest trade deficit since 1989.   The European turmoil is being cited for the decline as exports rose by a less than expected 18.4%(exp +31.1%)  from last year while imports increased by 39.6% (vs +31.8 exp).  The total deficit came in at -31.48 billion (vs estimates of -5.35 billion) .  The numbers may be a bit distorted however, because of the Lunar New Year holiday which was in January this year (Feb last year). Nevertheless, the weakness may lead to further easing down the road with a lowering of the reserve requirement and weaken the currency. Last week growth was lowered in China. The news sent the AUDUSD to its lowest level since January 25th 2011 and looks toward the 38.2% of the move up from the December low at the 1.0474 level.  In other news out of Asian Japan Machine orders increased by a greater than expected 3.4% vs 2.3% expected while consumer confidence fell to 39.5 vs expectations of 40.5. The Yen got stronger and gave back some of the USDJPY gains following last weeks stronger than expected US Unemployment report.  The report of a 227k gain in jobs (and revision to the previous month to 285k from 257K) sent the USDJPY to the highest level since April 27th 2011. In the Eurozone, the finance ministers will be meeting to discuss the distribution of the next tranche for Greece and also to review the budget process Portugal and Spain, the other weak sisters in the EU.  Greece used the Collective Action Clause (or CAC) to force bondholders to accept the haircut on bond holdings by private sector investors.  This has led to a credit event which is estimated to be $3 billion in the Credit Default Swap market.  The ECB/EU and other central bankers will be hoping that a contagion does not spread to those nations and lead to any further credit events that could lead to the house of cards coming tumbling down.

Bobbys Corner-Open Market-March.12.2012 Posted: 12 Mar 2012 05:15 AM PDT Good Morning: Looks like a quiet start to the week-with the US economic calender bare for today. Last week brought us the news that Greece will get the needed funds to stave off a default on March 20.  So for the time being the risk of default is off the table.  Greece has a bond payment of 14.5 billion euros due next week. 10 year borrowing costs have fallen under 5% for both Italy and Spain,  but Portugal is paying more than 13% for the same maturities. On Tuesday, the Republican Presidential primary season keeps going-with the candidates heading down South. Commodity markets are lower-with gold, silver and oil leading the way. Asian equity markets were mixed-while Europe is lower-as are US Futures. HAVE A GREAT DAY & GOOD LUCK

German Feb. wholesale price index up 1.0% vs. 1.1% expected Posted: 12 Mar 2012 12:02 AM PDT Eur/Usd off about 10 pips to 1.3101.

Japan household confidence 39.5 vs. 40.8 expected Posted: 11 Mar 2012 10:20 PM PDT usd/Jpy off about 10 points to 82.28 since release.

3-12 Economic Calendar Posted: 11 Mar 2012 08:24 PM PDT

Japan Fin. Min Azumi speaks in Parliament Posted: 11 Mar 2012 07:28 PM PDT Japan is always ready to take bold action on currency. Won’t comment on currency levels. Can’t saw what is the “correct” JPY level for the economy. Won’t place restrictions on intervention. Well aware that some companies are hurt by strong JPY levels.

Yuan reference rate declines most since August 2012: 6.3282 against the USD. Posted: 11 Mar 2012 07:25 PM PDT

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Forex Market Updates & Commentary

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The US Dollar Versus the Japanese Yen Has Hit Its Highest Weekly 5 Week Gains Since April-June 2007 Posted: 09 Mar 2012 07:42 AM PST The US Dollar Versus the Japanese Yen Has Hit Its Highest Weekly 5 Week Gains Since April-June 2007

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Forex Market Updates & Commentary

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• FITCH DOWNGRADES GREECE
• Wholesale Inventories Out at 0.4% v 0.6% Expected
• Unemployment Stay Steady at 8.3%, US Payrolls Rise from Survey
• Canadian Labor Productivity and International Merchandise Trade
• Bobbys Corner-Open Market-March.9.2012
• US Unemployment Due at 8:30AM
• Canada Unemployment Falls to 7.4%
• UK Manufacturing Production up 0.1% vs. 0.3% from prior month
• French Jan. Industrial Production up 0.3% from prior month, 0.6% was expected
• German Final CPI unrevised at 0.7%
• Greece confirms debt swap deal
• Some economic data out of China
• 3-9 Economic Calendar
• usd/twd finds resistance.
• usd/sgd in the middle of the range of this sideways channel.

FITCH DOWNGRADES GREECE Posted: 09 Mar 2012 07:08 AM PST FITCH DOWNGRADES GREECE Restricted Default from C

Wholesale Inventories Out at 0.4% v 0.6% Expected Posted: 09 Mar 2012 07:00 AM PST Wholesale Inventories Out at 0.4% v 0.6% Expected

Unemployment Stay Steady at 8.3%, US Payrolls Rise from Survey Posted: 09 Mar 2012 05:37 AM PST Change in Nonfarm Payrolls:   Survey:  210K     Actual:  227K    Prior:  243K      Revision: 284kK Change in Private Payrolls:  Survey: 225K    Actual: 233K     Prior:  212K     Revised: 285K Change in Manufacturing Payrolls:  Survey: 24K   Actual:  31K   Prior:  50K     Revised:  52K Unemployment Rate:  Survey:  8.3%     Actual: 8.3%     Prior:  8.5% Avg Hourly Earning (MoM) All Emp:    Survey:  0.2%     Actual: 0.1%      Prior:  0.2%  Revised: 0.1% Avg Hourly Earning (YoY) All Emp:    Survey:  2.0%      Actual: 1.9%      Prior:  1.9%    Revised: 1.8% Avg Weekly Hours All Employees:    Survey:  34.5      Actual: 34.5         Prior:  34.5

Canadian Labor Productivity and International Merchandise Trade Posted: 09 Mar 2012 05:31 AM PST Canadian Labor Productivity and International Merchandise Trade   Labor Productivity Survey: 0.6%, Actual: 0.7%, Previous: 0.4%, Revised:  0.6% International Merchandise Trade Survey: 2.00B, Actual: 2.10B, Previous: 2.69B, Revised: 2.86B

Bobbys Corner-Open Market-March.9.2012 Posted: 09 Mar 2012 05:24 AM PST Good Morning: It was a surprisingly quiet session as all eyes are on this morning’s US jobs report. In Greece-the government announced that private investors have agreed to forgive 100 billion euros of debt.  The participation rate was at 95%-and other members of the EU see the swap agreement as a success.  This is one of the last hurdles that Greece needs to jump over to ensure that their next bailout package will arrive without further complications. US payroll data is due out at 8:30 AM:  Non Farm payrolls are expected to rise 215K. The jobless rate is expected to stay at 8.3%  Gold, silver and oil are all higher. Asian equity markets were higher as were European.  US Futures are slightly higher at this time. HAVE A GREAT DAY & GOOD LUCK

US Unemployment Due at 8:30AM Posted: 09 Mar 2012 05:12 AM PST

Canada Unemployment Falls to 7.4% Posted: 09 Mar 2012 04:01 AM PST Canada Unemployment  Falls to 7.4% Change in Employment – Survey: 15.0K   Actual: -2.8K   Prior: 2.3K Unemployment Rate – Survey: 7.6%   Actual: 7.4%   Prior: 7.6%

UK Manufacturing Production up 0.1% vs. 0.3% from prior month Posted: 09 Mar 2012 01:36 AM PST Industrial Production down 0.4% vs. +0.4% expected. Gbp/Usd off 20 pips to 1.5770

French Jan. Industrial Production up 0.3% from prior month, 0.6% was expected Posted: 08 Mar 2012 11:48 PM PST Eur/Usd trades at 1.3233, relatively unaffected.

German Final CPI unrevised at 0.7% Posted: 08 Mar 2012 11:02 PM PST German Trade Balance at 14.2B, stronger than the 13.8B expected and prior reading of 13.9B. Eur/Usd trades at 1.3237.

Greece confirms debt swap deal Posted: 08 Mar 2012 10:16 PM PST Participation in debt swap at 95.7% with clauses. 172 bln euros of bonds tendered in swap. Eur/Usd down 20 points to 1.3240. Eur/Jpy to 10817, off 30 points.

Some economic data out of China Posted: 08 Mar 2012 09:50 PM PST Fixed asset investment ytd/y 21.5% vs. 19.8% expected Industrial production y/y 11.4% vs. 12.4% expected Retail sales y/y 14.7% vs. 17.4% expected

3-9 Economic Calendar Posted: 08 Mar 2012 08:35 PM PST

usd/twd finds resistance. Posted: 08 Mar 2012 06:01 PM PST usd/twd finds resistance at the bottom of this wedge giving a bearish signal for this pair.

usd/sgd in the middle of the range of this sideways channel. Posted: 08 Mar 2012 05:55 PM PST usd/sgd in the middle of the range of this sideways channel.

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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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