Monday, September 6, 2010

The Advisor Weblog

The Advisor Weblog

Hourly perspective for majors

Posted: 06 Sep 2010 07:17 AM PDT

Majors’ sentiment for today

Posted: 06 Sep 2010 05:33 AM PDT

Here is the majors’ sentiment for today:

Eur/Usd: Slightly Bullish

Gbp/Usd: Bearish

Usd/Chf: Slightly Bearish

Usd/Jpy: Bearish

Eur/Gbp: Bullish

Eur/Jpy: Bearish

Gbp/Jpy: Bearish

Starting the day

Posted: 06 Sep 2010 05:17 AM PDT

Hi everyone and welcome back! Past Friday US employment report, indeed surprised markets as attention was focused in the private sector creation of 67K new jobs; is that enough to push away double dip ghost? Not really sure about that. The economy keeps losing overall positions month after month, and rate is still 9.6%; not that far from the 10.2% posted past November 2009, multi years high. Stocks rose, yet dollar was unable to post gains, and the trend persist in this slowmo Monday, with the only exception of Pound, that holds the weak tone: past week fundamental data was quite negative in the UK, and GBP/USD is approaching to 1.5325 past week low.  Seems under that level, cross has plenty room to fall.

EUR/USD reached extreme overbought readings, yet the pair consolidates in between 1.2860 and 1.2900, with no big aims of giving up the gained ground. We could see there some downside corrective movements even towards 1.2800/10 yet the general tone, remains bullish.

USD/JPY erased gains as fast as it made it, quoting now barely above 84.00. We have the2 days BOJ meeting starting today, and if they failed to intervene, cross will probably extend towards 83.00… I won’t be putting to much faith in an intervention right now. BOJ says they can’t do it alone, and not Europe, neither the US are willing to help right now.

Anyway! we have no fundamental data to  take care of today, so will take a look at technicals. We have a holiday in the US, so no much action expected after Wall Street opening bell.
Posted by at 5:14 PM

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