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Forex Market Updates & Commentary

Forex Market Updates & Commentary

Link to Forex News and Commentary by FXDD

Forex Traders Course: Intro to Technicals Lesson 10 with Greg Michalowski

Posted: 19 Jan 2012 07:13 AM PST

Join us for the Forex Traders Course: Lesson 10 with Greg Michalowski, FXDD’s Chief Currency Analyst.  Greg will teach a session from 4-5pm EDT (New York time)  Here is the link to register for today https://www1.gotomeeting.com/register/970610961

You can watch all of the previous sessions from 1-9  here

Disappointment from Philadelphia

Posted: 19 Jan 2012 07:06 AM PST

Employment Flat and New Orders down are not what the market wanted. The effect on the market has so far been limited. The EURUSD – which does not really know how to react on strong/weak US data – has kept the recent intraday bias and approaches the days midpoint at the 1.2881.

Philadelphia Fed Data Fall to 7.3, Prior and Survey Both 10.3

Posted: 19 Jan 2012 07:00 AM PST

January 12′ vs. December 11′
Prices-Received: 11.2  vs 10.3
Futures Index: 49.0 vs 40.0
Prices-Paid: 31.8 vs 30.4
New Orders: 6.9 vs 10.7
Employment: 11.6 vs 11.5

EURUSD falls to 100 hour MA /50% retracement. Philadelphia Fed Index awaited.

Posted: 19 Jan 2012 06:56 AM PST

The EURUSD fell below trendline and then the 38.2% retracement as it moved to the 100 bar and 50% retracement of the days range. The range remains narrow for the pair.  The market is subject to headline news from Greece.  This keeps the market on edge.  The Philadelphia Fed Index is due out at 10 AM. Expectations are for a rise to 10.3 from 6.8 last month.

US Philadelphia Fed Survey Due at 10AM

Posted: 19 Jan 2012 06:02 AM PST

IMF cuts Irish GDP for 2010 to 0.5 %

Posted: 19 Jan 2012 06:01 AM PST

  • Say the country will face consider challenge

Mexico Unemployment Improves to 4.51% , Prior Figure of 4.97%

Posted: 19 Jan 2012 06:00 AM PST

Claims the big surprise. Dollar moves higher initially but stalls

Posted: 19 Jan 2012 05:48 AM PST

The much better than expected Initial Claims (lowest since April 2008) gave the dollar a boost, but the move down seems to have stalled.  The EURUSD is up around .44% today – just behind the strength of the CHF.  Optimism that a Greek bond restructuring and a better Spanish bond auction are the reasons for the uptick.

From a technical perspective, the pair broke above the daily channel trendline in early Asian trading and has not looked back (1.2848 is the trendline today).  The range is still narrow on the day at 88 pips and could see an extension.  The 1.2945 level is an upside target (low from Mid December).

The shorter 5 minute charts is giving mixed signs. The price broke lower on the news but rebounded.   The rebound came up short of the high and the price has rotated back down. Market action is more balanced. You have to respect the upside bias but take the need to take out the 1.2925 will be needed to keep the buyers content. On the downside the 1.2892 is the break point on the downside today.  A move below this level should lead to further selling potential for the pair.

Jobless Claims Lowest Since April 2008, CPI & Housing Starts Weaker, Building Permits Stay the Same

Posted: 19 Jan 2012 05:33 AM PST

Consumer Price Index(MoM):   Survey:  0.1%    Actual: 0.0%   Prior:  0.0%  

CPI Ex Food & Energy(MoM):    Survey: 0.1%    Actual: 0.1%   Prior: 0.2%   

Housing Starts:    Survey: 680K    Actual: 657K    Prior: 685K   

Housing Starts (MoM)%:    Survey: -0.7%    Actual: -4.1%    Prior:  9.3%    Revised:  9.1%

Building Permits:    Survey: 679K    Actual: 679K    Prior: 681K    Revised: 680K

Building Permits (MoM)%:    Survey: -0.2%    Actual:  -0.1%    Prior:  5.7%    Revised: 5.6%

Jobless Claims:  Survey:  384K    Actual: 352K   Prior: 399K    Revised:  402K   

Continuing Claims:  Survey: 3590K    Actual:  3432K    Prior:  3628K  Revised: 3647K

Canada Manufacturing Sales (MOM) Come Out Higer

Posted: 19 Jan 2012 05:31 AM PST

Survey 1.2% Actual: 2.0% Prior: -0.8% Revised: -0.6%

Bobbys Corner-Open Market-January.19.2012

Posted: 19 Jan 2012 05:25 AM PST

Good Morning:

In some of the saddest corporate news in a long time-Eastman Kodak Co filed for bankruptcy protection from creditors this morning.
Kodak revolutionized photography-when it introduced the “Brownie Camera” over 100 years ago.  As the world moved to digital technology for cameras-Kodak was stuck with their film technology-and was never able to jump into the digital marketplace.  R.I.P.

Spain and France had very solid results and participation during today’s bond auctions.
European sovereigns will need to sell some $1 Trillion euros worth of debt this year-and we hope that the markets will be able to absorb all of this debt.  If it is priced right-the buyers will show up.  

Today we have data on CPI and Philly Fed.  We will also see data on jobless claims-which came very close to the majic 400K number last week.  It is expected to fall below 390K this morning.

Equity markets were higher-as are US futures at this time.

Gold, silver and Oil are all higher.


IIF propose hybrid coupon on Greek debt coupon

Posted: 19 Jan 2012 04:56 AM PST

Below 4% to start. Rising every 2 years thereafter.

Source says there is a very good chance a deal is reached this week with regard to the Private Sector Involvement.

ECB Draghi says economic situation could worsen

Posted: 19 Jan 2012 04:55 AM PST

  • Expects 2nd intake of next LTRO to be very high but not as great as the last one
  • ECB will do its best to ensure financial stability i
  • Very significant progress on next 8 months  on fiscal front
  • Bond buys are neither internal or infinite

Plethora of 8:30AM US Data

Posted: 19 Jan 2012 04:12 AM PST

EURUSD moves to fresh highs on better Spanish auctions. Greece a hope still.

Posted: 19 Jan 2012 04:06 AM PST

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