The NY Opening Forex Commentary. Key levels through the GDP
In the report, I will outline the key support and resistance levels to eye through the all important US GDP. GDP expected to show a gain of 3.5% vs 2.6% on an annualized basis. Personal Consumption and Exports are expected to buoy the gains.
US Employment Cost Index & GDP Data due at 8:30AM
Trichet speaking on Swiss television
- Euro is “very credible”.
- Euro creating “confidence”.
- Euro region recovery has been confirmed.
- Recovery not creating enough jobs.
- Important to improve stability pact.
Swiss KOF barometer 2.10.
Swiss trading sideways
USD/CHF hasn’t shown much conviction in either direction over the past 24 hours with some support at .94435 (on the move from Jan 24th highs down to the low on the 27th). With the Swiss KOF economic barometer coming up in less thanĀ 15 minutes, we may see a breakout in either direction.

Fist bottom side target is .9399; which has shown some support this week. A move through the 38.2% line may bring us back to the 50%.

Euro area M3 growth was 1.7% and private loans grew 1.9%.
Coming up in 30 minutes…


ECB’s Bini Smaghi Comments on Ireland
- Doesn’t like the word “bailout” in reference to Ireland.
- Terms on Ireland are “more or less standard”.
- “Tried to apply equal treatment for everybody”.
- It is not in Ireland’s interest to default.
- It is “inevitable” for Irish taxpayers to address the crisis.
- A haircut on senior bonds would spark on run on the banks.
- Irish “drama” is partly due to government delays on a rescue.
- Markets forced Ireland to accept the rescue package.



