The Advisor Weblog

Hourly perspective for US session
As said, dollar weakenss
US Retail Sales data
Best pair to trade now: EUR/USD
Majors’ sentiment for today
Starting the day

Hourly perspective for US session

Posted: 14 Sep 2010 06:40 AM PDT

Here is the hourly perspective updated for the US session:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2010-09-14.v02.html

As said, dollar weakenss

Posted: 14 Sep 2010 06:04 AM PDT

Gold quoting at $1260/oz, Canadian dollar at a fresh 5 week high against greenback, USD/JPY capped under 83.35 and heading lower, AUD/USD firm above 0.9300, USD/CHF near parity, all points for dollar weakness rather than risk sentiment movements. Market does not want greenbacks now. How long will it last, I don’t know, yet dollar recoveries are likely to remain limited to mere corrections.

US Retail Sales data

Posted: 14 Sep 2010 05:33 AM PDT

US Retail Sales come out at 0.4 % unchanged from previous month while Core Retail Sales come at 0.6% from a previous reading of 0.2%; data is better than expected, and stocks are jumping higher yet Gold is the overall winner gaining the $ 1260/oz level again. Dollar spiked down and this data surely won’t favor greenback.

Best pair to trade now: EUR/USD

Posted: 14 Sep 2010 05:04 AM PDT

Here is my first choice of the day, and the EUR/USD updated

http://www.fxstreet.com/technical/forex-strategy/the-best-pair-to-trade-now/2010-09-14.html

Majors’ sentiment for today

Posted: 14 Sep 2010 05:01 AM PDT

Here is the majors’ sentiment for today:

Eur/Usd: Slightly Bullish

Gbp/Usd: Bearish

Usd/Chf: Bearish

Usd/Jpy: Bearish

Eur/Gbp: Neutral

Eur/Jpy: Bearish

Gbp/Jpy: Bearish

Starting the day

Posted: 14 Sep 2010 04:39 AM PDT

Hi everyone, and welcome back. Optimism has fade partially since Asian opening, as fundamental data keeps hitting major economies; past Asian session RICS house prices in the UK sunk beyond expected, while NZD retail sales also present a very negative reading, sending Asian stocks markets to the downside, despite yesterday’s good mood. Early in Europe, pound found a little support from macros, but the euro zone industrial production revised to the downside and under expectations, send EUR/USD to test 1.2830 support; ZEW survey come out pretty negative also, at least regarding economic sentiment, also weighting in the common currency.

Still, what we are seeing is dollar weakness rather than risk appetite: USD/CHF tested parity, USD/JPY lies under 83.35 previous 15-year low, and heading south, while commodity currencies continue strong, near yesterday’s highs against greenback.

Pound is weak, Euro not so strong, both by self issues, and that’s why dollar fall seems limited in those crosses. Stocks are down today, both in Europe and US futures, suggesting another round of gains for CHF and YEN. I won’t even mention intervention. Let’s forget about that for now: USD/JPY tested 83.06 today, and it this zone gives up, short term support lie at 82.80 82.40 and 82.00 area, yet no real strong support is seen until 81.77 price zone, MAy 1995 low.

Pound keeps struggling around 1.5400, lacking direction yet as said, holding a weak tone, after 4 weeks in a row of really negative data. I will be posting euro in a few minutes.

We have plenty of data today, starting in a few minutes in Canada, so here is the link for today’s calendar:

http://www.fxstreet.com/fundamental/economic-calendar/

Have a great day!