CompassFX Webinar with Greg Michalowski Thursday 4:00PM

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

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German factory orders (April) 2.8% cs. 2.0% expected.

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Eurozone retail sales (April) 0.9% vs. 0.3% expected.

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China FX official says USD will continue to weaken against other major currencies.

Warns of risks in excessive holdings of USD assets, and there is no basis for sharp CNY appreciation.

Following the release the USD weakened against the Euro. Seen here the pair the pair made a new high of 1.46647; testing resisatnce @ 1.4657.

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Swiss CPI

Swiss May Consumer Price Index came in at 0.0% as expected.

Usd/Chf remains to trade either side of .8340. Eur/Chf continues to trade close to the top of its range at 1.2215.

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UK Halifax HPI

Halifax House Price Index for May came in at 0.1%, weaker than the 0.3% expected, but stronger than the prior reading of -1.4%.

Gbp/Usd jumped about 30 points to 1.6400 even though the figure did not beat expectations. I guess any positive housing data out of the UK is deemed as a positive.

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CompassFX Webinar with Greg Michalowski Thursday 4:00PM

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

Archived in Forex Trading

• 

Comments from IMF official

• Greece is at critical crossroads, must reinvigorate policy reforms.
• Greek banks have been resilient, have maintained adequate capitalization.
• Banking system is adequately capitalized and pension reforms boost solvency.
• Wavering political support for reforms has increased political uncertainty.
• Since the end of 2010 the implementations of reform process has lost momentum and Greece is at a crossroad.
• Privatization is crucial, asset sales should begin without delay.
• Greece’s partners need to speak with one voice.

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Greek senior government official says government is not planning any austerity referendum.

• Greek government is planning to cut corporate tax, VAT from 2012, will be fiscally neutral.
• Expects Parliament to vote on medium-term austerity referendum.

Euro rises on the release.

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Japan’s leading indicators came in at 96.4%; slightly lower than the 96.8% forecast.

The market had a limited reaction to the release.

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RBA Rate Statement

• Current policy remains appropriate.
• Global economy led by strong Asia growth.
• Current mildly restrictive stand remains appropriate.
• Japan disaster having major impact on Japan output.
• Will continue to assess growth, inflation outlook.
• Commodity prices have softened, remain “very high”.
• Weather affected prices falling back later in yr.
• Australia terms of trade at ‘very high levels”.
• CPI inflation closer to target over next 12 months.
• Financial conditions in global economy “accommodative”.
• Uncertainty on Europe bank, debt has increased.
• Private investment led buy resource sector.
• Indicators suggest slower pace of employment growth.
• Most leading indicators suggest slower job growth.
• Growth in wages return to pre-crisis levels.
• Credit growth remains modest.

The market expected rates to remain unchanged, but expected the statement to show hints of an upcoming rate hike; they sold the AUD on the release.

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RBA leaves cash rate unchanged at 4.75%

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RBA rate decision in 10 minutes…

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6-7 Calender

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NY Evening Forex Commentary for June 6th 2011

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