USD Softer in Recent Trading

The dollar has lost some steam following the Euro positive comments from Germany’s Ernst and a better than expected UK PPI number.

In the case of the dollar vs. the Canadian dollar, the pair is looking to test downward trend line support which has been developing over the last 24 hours. If support holds we look back to .99882 at the target; a break lower should see us trade towards .99637.



Euro firmer following a comments from germany’s ernst that the ecb will provide temporary security of eur 35 bln during the greek write-down phase.

The Euro has been grinding lower for most of the New York trading day with the Dow closing flat on the day and the Nikkei and Hang Seng both closing in the red. Risk sentiment continued to drag the EUR lower with Dow futures currently down 58 points. The EUR/USD came close to testing support at 1.32344 before the comments was release, we haven’t seen a close below this level since Tuesday.



Cable rebounding

Sterling followed the Euro in the risk averse trading earlier, but has since rebounded off the 1.57649 low now testing the 38.2% line on the move from yesterday’s high to today’s low. The next level high is the 100 bar moving average at 1.5820.



Greek Laos Party leader says cannot vote for the bailout agreement

The comment sends the EURUSD down and through the 100 hour MA as the headline risk from Greece continues today in early NY trading



Bobbys Corner-Open Market-Feb.10.2012

Good Morning:

The Greek saga continues:

The Euro, commodity and equity markets all took a turn south as we await the results  of this weekend’s vote by Greek politicians.

In the latest news, Greece’s far right Laos party stated that they cannot vote for the bailout package.  If it binds Greece for 50 years-the Laos party will not endorse the package.

It now appears that the Greek initiatives to shrink their budget will not be sufficient for the EU and IMF.  The civil servants union-ADEDY has called a 48 hour strike (again).  Mass transit is virtually stopped-and hospital doctors and bank employees are also on strike.

What a mess-  The markets may be rocky and spotty the next few sessions.