Forex News and Commentary by FXDD

2-9 Econonmic Calendar

Vincent Facchino — Thu, 09 Feb 2012 04:45:01 +0000

China’s January CPI & PPI

Alex Chernomordin — Thu, 09 Feb 2012 01:51:32 +0000

The CPI rose markedly in January, even above some lofty expectations during the shortened month in China for the New Year celebration. The market has not had a strong reaction to this inflationary release as Greek leaders have reportedly failed to reach an agreement on pension cuts:

Producer Price Index (YoY) – Survey:0.8% Actual:0.7% Prior:1.7%
Consumer Price Index (YoY) – Survey:4.0% Actual:4.5% Prior:4.1%

usd/hkd getting close to the top of the wedge.

Edwin Tsui — Thu, 09 Feb 2012 01:33:07 +0000

usd/hkd getting close to the top of the wedge which might continue to provide resistance for the pair.

China Sets Yuan Reference Rate @ 6.3009

Alex Chernomordin — Thu, 09 Feb 2012 01:24:12 +0000

Bank of Korea Keeps Interest Rates Unchanged @3.25%

Alex Chernomordin — Thu, 09 Feb 2012 01:11:13 +0000

New Zealand Q4 Employment Report

Alex Chernomordin — Wed, 08 Feb 2012 21:53:04 +0000

The New Zealand Unemployment Rate fell, however a closer looks shows a steeper drop in the Participation Rate. As a result the Kiwi had a short- lived bid jumping 25+pips on the headline number before coming back to pre-release levels.

Unemployment Rate – Survey:6.5% Actual:6.3% Prior:6.6%
Employment Change (QoQ) – Survey:0.4% Actual:0.1% Prior:0.2%
Employment Change (YoY) – Survey:1.9% Actual:1.6% Prior:1.1%
Participation Rate – Survey:68.5% Actual:68.2% Prior:68.4%

South Korean Producer Price Index

Alex Chernomordin — Wed, 08 Feb 2012 21:47:14 +0000

The South Korean CPI for January came in softer than the prior month at 3.4% vs. 4.3%

Eur/Try broke of a daily wedge and made new yearly lows

Edwin Tsui — Wed, 08 Feb 2012 21:23:20 +0000

Eur/Try broke of a daily wedge and made new yearly lows giving a bearish signal.

CompassFX Webinar with Greg Michalowski Thursday 4:00PM

Shawn Powell — Wed, 08 Feb 2012 21:10:51 +0000

CompassFX is having a special webinar with Greg Michalowski this Thursday 4:00PM

Greece draft released

Greg Michalowski — Wed, 08 Feb 2012 20:05:41 +0000

Greece to pledge 20% cut in minimal wage adn not to increase sales tax
Pledges permanent spending cuts, accelerated labor and product market reforms
Issue tenders for ports and airport in second half of 2012

German Deputy Finance Minister says little progress on Greece since 2010

Greg Michalowski — Wed, 08 Feb 2012 18:19:21 +0000

Governance in Greece is not up to standards
It can be improved
Talks between Greece and PSI is still difficult

The EURUSD has broken down on the comments.

Euro Area Finance Chiefs to Meet Tomorrow at 6PM in Brussels

Lawrence Fayman — Wed, 08 Feb 2012 17:11:26 +0000

EURUSD bounces back higher off retracement support

Greg Michalowski — Wed, 08 Feb 2012 17:09:20 +0000

AUDUSD tests trendline support

Greg Michalowski — Wed, 08 Feb 2012 16:50:24 +0000

The AUDUSD is down testing trendline support at the 1.0765 level. The Reserve Bank of Australia surprised the market yesterday by not cutting rates. This led to new six month highs yesterday and again today. However, the price has since rotated back down to the support trnedline. A break has additional support at the 100 hour MA at the 1.0750 level currently. The price tested this moving average yesterday and on Monday. Each time the market found buyers against the level. Holding the level keeps the bulls in charge. The topside target – should the bullish bias remain- targets the 1.0868 level where there is good trendline resistance on the daily chart.

There was a newswire report today saying that new RBA member Heather Ridout aims to bring more attention to the high value of the AUD. In the Bloomberg story she said she sees the currency at 90-95 US cents.

Gold below intraday support, but still positive off the daily chart.

Greg Michalowski — Wed, 08 Feb 2012 16:34:11 +0000