Dec 24
We would like to wish you happy holidays from the entire trading team at FXDD. We will resume Forex commentary on Monday. Enjoy this time with your family and we will see you next week.
Dec 24
GBP/USD has been testing major support near 1.5920 for the past three days. A break below this level could send the pair down to the test the 38.2% retracement level at 1.5689. This is considered to be an area of high price activity and one that traders will place more significance on. Above the current price, is the 200 day MA (green line) at 1.6025 which will act as resistance.
Looking to the 1 hour chart for further clues, the GBP/USD can be seen testing support 3 times since Dec 21 2009, at the 1.5920 level. Below this as seen on the Daily chart is the major support level at 1.5689. There is a good chance that the market will push to this level for at least a test in the next few weeks.
As always be more cautious trading around holiday timeframes due to increased volatility.
Dec 24
New Video Pending - Click here to watch the video
Dec 24
U.S. Durable Goods orders rise 2% for November excluding transportation, almost double against the forecasts of 1.1%. Adding in the transportation sector took the number down to 0.2% due to slumping personal aircraft sales, this was below estimates of 0.5%. Durable goods orders in October fell 0.6 percent, after a revised 2.2 percent rebound in September.
Dec 24
The number of Americans filing claims for unemployment benefits last week declined to the lowest level since September 2008. US initial jobless claims fall 28k last week to 452k. The prior number was 480k in the previous week.
Dec 24
Good Morning:
The USD lost ground overnight as speculation that the FED will keep their stimulus measures in place to act as a driving force to revive the US economy.
World equity markets rose. Expectations that the global economic recovery is gaining traction has investors looking to continue the world wide equity rally.
Oil, Gold and commodities in general all rose. Copper is this years metals leader with a 132% increase in 2009.
Oil:$76.35 Gold:$1102.20
| TODAY’S RELEASES | ||||||
| TIME | FOR | EST | PRIOR | |||
| 8:30A.M. | DURABLE GOODS ORDERS | NOV. | 0.50% | -0.60% | ||
| 8:30A.M. | DURABLES EX TRANSPORTATION | NOV. | 1.10% | -1.30% | ||
| 8:30A.M. | INITIAL JOBLESS CLAIMS | DEC.19 | 470K | 480K | ||
| 8:30A.M. | CONTINUING CLAIMS | DEC.12 | 5170K | 5186K | ||
HAVE A GREAT DAY-GOOD LUCK & HAVE A MERRY CHRISTMAS
Dec 24
In speech given at a Keidanren meeting in Tokyo, BOJ governor Shirakawa made the following statements:
- The global economy has much to overcome before recovering.
- Global economy has improved since the spring.
- Japan’s economy is picking up.
- The momentum for a self sustained recovery is weak.
- Funding conditions for large firms is improving.
- Comapnies still cautious about funding.
- Pace of Japan’s recoery may slow early next year.
- He doesn’t expect the recovery to be cut short.
- pace of price declines will gradually slow down.
- Must boost demand to stem price declines.
- The economic recovery is driven by policy stimulus.
- He is ready to act promptly, decisively when needed.
- BOJ price view will help stabilize markets.
Dec 24
The Japanese BSI Q4 Manufacturing readings came in worse quarter over quarter, however the market has had no reaction ahead of the Christmas holiday as the markets are lacking participants. The readings were as follows:
BSI Large All Industry (QoQ) - Actual:-1.9% Prior:0.3%
BSI Large Manufacturing (QoQ) - Actual:13.2% Prior:15.5%
The USD/JPY pair has been grinding higher since the lows made in late November below the 85 handle, not seen since the summer of 1995. The move has been orderly and could have some correlation with the calendar year-end and some profit taking. Another catalyst has been speculation over the last few months of the BOJ’s intervention when the pair was at the lows, although the rhetoric from the BOJ has not corroborated that speculation.
Dec 23
New Video Now Pending Click here to watch the video