Jan 22, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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UK retail sales much weaker than expected; cable extends sell-off

Posted:

UK December retail sales have come in demonstrably weaker than expected, +0.3% m.m, +2.1% compared to median forecasts of +1.1%, +3.0% respectively. Cable having been enjoying a rather good day has taken it on the chin, presently back at 1.6195.

EUR/GBP sees demand at the fix

Posted:

EUR/GBP has moved higher,  demand for the cross having emerged at the 09:00 GMT fix.  We're presently at .8710. I should think one reason to be a little more bullish the cross is the fact that the Tories have come out and said that if they get elected they'll implement similar banking ...

AUD/USD up on the day, but off session high

Posted:

AUD/USD  presently sits at .9075, up from an early .9035, but off the session high .9092.  There is talk a US custody bank sold decent amounts around the high.

Cable holding up nicely so far; sovereign interest seen

Posted:

Cable is holding onto its earlier gains so far. Talk is that sovereign interest helped trip the aforementioned stops through 1.6250.  Next resistance 1.6295/00 and not too surprisingly talk of sell orders lined up there. Will be interesting to see if they hold the line.

EUR/USD slips back in choppy trade

Posted:

EUR/USD presently at 1.4140, off session high 1.4157. Sell orders noted up at 1.4175/85. Elsewhere cable has tripped stops through 1.6250 on way to session high 1.6270.

French January business morale better than expected

Posted:

French January business morale has come in at 92, up from revised 88 in December and better than median forecast of 90.0. Will be helping underpin EUR/USD which has advanced to session high 1.4157.

Cable ticks higher

Posted:

Cable has edged higher in early European trade, presently up at 1.6235. Initial resistance 1.6245/50.  Probably some stops parked just North of there. 09;30 GMT sees release of UK retail sales data for December expected +1.1% m/m. Out earlier, encouraging John Lewis data, which showed latest weekly sales to Jan 16 up hefty ...

ECB’s Provopoulos: Greek fiscal problems serious, easier to solve from within euro zone

Posted:

Wire carrying comment made by ECB member in Financial Times. EUR/USD touch lower, but not by much, presently at 1.4120.

USD/JPY ticking higher in early European trade

Posted:

USD/JPY is making a bit of a comeback, presently at 90.20 having posted an overnight low of 89.79.  Names being mentioned as buyers on this recovery;  Kampo, US investment bank,  Japanese pension funds. Resistance of note 90.50. Probably stops parked just north of there.

EUR/USD opens little firmer; major US bank recommends going long

Posted:

EUR/USD is opening in Europe a little firmer, presently at 1.4125 from a North American close Thursday down around 1.4090, with Obama's tough stance with the banks underminning the USD. At the same time general risk appetite is being hurt by the Obama moves and growing concerns surrounding China tightening.  Asian ...

Shanghai shares -3% in early trade

Posted:

European shares are probably going to head in the same direction.

Major US Bank issues buy EUR/USD recommendation

Posted:

Not Citibank this time; this bank usually don't make overly aggressive calls but this time they are advising their clients to go long at the money with a s/l below 1.3950 and an aggressive target above 1.4850.

Asian forex market wrap: quiet session after volatile start

Posted:

Market still assessing the impact of Obama's proposed legislation Clues emerge that China may shift monetary policy Talk of Geithner going his seperate way seems premature Australian Q4 export prices -1.7% QoQ Asian stock markets fall by over 2.5% on average Gold falls by almost 1% EUR/JPY was the big mover early in the session when risk ...

FX markets sitting quietly pre-Europe

Posted:

It has been a very quiet afternoon in FX world and we must await European trade to see what they make of overnight events. Resistance in the EUR/USD is at 1.4140 and support in USD/JPY now at 89.80 with resistance at 90.40.

Gold down $9 on the session

Posted:

Gold has followed the other commodities and regional equity markets lower. Spot gold is down 0.8% at $1095. Buying interest is touted at $1080 and the big players, China and India, are said to be buying at $1050.

Nikkei -3%, HK -2%

Posted:

No sign of any major risk averse plays in the FX market despite the continued falls in the equity markets. The USD remains under pressure across the board.

EUR/USD testing 1.4140 highs, no sign of stops

Posted:

Dealers say that there are not as many stops in the market as there were yesterday. This is the second day in a row that the market has stalled at the same level just below 1.4140. Bearing in mind the strong downtrend, it might be worth a quick short with ...

USD/JPY continues to fall, new low posted at 89.81

Posted:

As I said earlier, there's not much in the way of decent technical support until 89.00 and the 90.40/50 session high has been tested twice and confirmed. I suggest these are the range parameters to watch.

Nikkei now down over 2%

Posted:

The FX market has quietened down and I think the big moves for the session are over. It is Friday after all and traders are looking to scale down their positioning, not increase it. AUD/JPY continues to trade very heavily.

Australia Q4 export prices -1.7% QoQ

Posted:

The expectation was for a 3% fall. The AUD/USD remains fairly steady just above 90 cents US.
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