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Forex News: ECB Garganas on the wires

Greg Michalowski — Wed, 14 May 2008 15:03:46 -0400

INFLATION EXPECTATIONS STILL WELL ANCHORED
CURRENT PERIOD OF VERY HIGH INFLATION TRANSITORY
IF ECB HAS TO BE TOUGH ON RATES, SO BE IT
SLOWER GROWTH MAY NOT PUSH INFLATION UNDER 2%
ECB HAS ONE OBJECTIVE: MAINTAIN PRICE STABILITY
ECB NOT FACING DILEMMA OF GROWTH OR INFLATION
2Q GROWTH TO BE WEAKER, BUT RESPECTABLE
EURO ECONOMY STANDING UP WELL TO GLOBAL SLOWDOWN
ECB CREDIBILITY MUST NOT BE JEOPARDIZED
NO SIGN OF SIGNIFICANT CREDIT CRUNCH IN EURO-15
U.S. ECONOMY PICKING UP IN SECOND HALF
DON'T KNOW HOW LONG TURMOIL TO LAST

Analysis: Fairly neutral comments...

Forex Trading - AUD/NZD Looking to trade off highs?

Forex Bob — Wed, 14 May 2008 13:04:20 -0400

Forex Trading: GBPJPY looking ok....above support at 204.37 and 204.54

Greg Michalowski — Wed, 14 May 2008 11:44:43 -0400

London and Europe are nearly gone and the day has turned quiet. Looking at the GBPJPY chart, the pair looks ok as it has been able to work above both the 50% retracement level of the last move down (see chart) and the 200 hour moving average at 204.54. There is a slow grind higher.

Forex Trading: And down goes the EURUSD

Greg Michalowski — Wed, 14 May 2008 10:08:40 -0400

The intraday traders took the queue from the moving averages (see earlier posts) and sold on the break of 1.5457. The momentum pushed the pair down to 1.5434 low.

So the break higher moved to 1.5487, up 30 pips. The break lower, moved the pair down 23 pips. So the market is fairly symetrical around the level where the moving averages converged.

The conclusion is the market seems to be probing but is not convinced on direction at the moment.

Forex Trading: EURUSD support holds so far

Greg Michalowski — Wed, 14 May 2008 09:30:28 -0400

The EURUSD has so far held the 1.5457 suppport, bouncing up to a high of 1.5487 (see previous post). The level corresponds to the 21, 100 and 200 moving average on the hourly chart.

Forex Trading: NZDUSD update for the day

Greg Michalowski — Wed, 14 May 2008 09:18:16 -0400

The NZDUSD closed last night below the 100 day moving average which comes in at the 0.7665 level. This is the first close below the level since January 21st. At that time it stayed below for one day and bounced higher. On the downside, there is support at the 0.7567 level, the bottom of the channel (see chart).

Forex Trading: EURUSD breaks through resistance at 1.5457

Greg Michalowski — Wed, 14 May 2008 08:44:24 -0400

The EURUSD has the unusual situation where the 21, 100 and 200 hour moving averages converged at the 1.5457 area. This will be a level that will be watched today. With the price above the level currently I would expect support and buyers against this level early on.

Forex News:US CPI Better than expected at 0.2 MoM and 3.9% YoY. Ex Food and Energy +0.1

Greg Michalowski — Wed, 14 May 2008 08:30:55 -0400

This is lower than expected. Should benefit the stock market and weaken the USD initially at least.

The slower inflation numbers may ultimately be a positive for the US economy. Despite the shocks from oil and energy and a lower dollar, the inflation remains ok. The Core YoY went to 2.3% from 2.4%.

Bobby's Corner-Market Open 5.13.2008

Bob Slade — Wed, 14 May 2008 08:29:09 -0400

Wed. May 14, 2008

Good Morning:

The dollar strengthened after yesterday’s strong retail sales data.

With speculation that the Fed’s easing policy is at the end of the cycle the week dollar

sentiment that has been the trend in the marketplace for the past few years may be waning.

World Equity markets were mixed overnight, and US futures are lower as poor earnings forecasts from Deere & Co and Electronic Arts Inc caused concerns about 2008 earnings.

Oil: $ 125.52

Gold: $ 865.90

Forex News: Review and Preview of Economic Releases for today

Greg Michalowski — Wed, 14 May 2008 08:15:12 -0400

Find attached the brief review and preview of the economic releases for today. To access the PDF report, click on the Attachment button below.