http://www.fxstreet.com/technical/market-view/market-session-recaps/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-06.v03.htmlThe ability of stocks to edge higher again today suggests that the concerns over a pullback in risk appetite which was evident at the end of last week may have been overdone. Over the past month several US data releases have surprised on the upside. The surge in the employment component of the ISM manufacturing stands out but factory orders, retail sales, industrial production and Q3 GDP all suggest that the world's biggest economy is grinding its way out of recession. This afternoon'sFri, 06 Nov 2009 11:03:09 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-06.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-06.v02.htmlIt was an uninspiring final day of the Asian trade week as traders sat on the sidelines ahead of US employment data due out later in the day. The non-farm payroll and unemployment data will be a strong indication of the strength of the current recovery in the US. The forecasts show a loss of 173K jobs for last month and an overall unemployment number of 9.9%, up from last month's 9.8%. As could be expected, if the data disappoints the dollar should be the benefactor, and on the other hand, ifFri, 06 Nov 2009 06:52:40 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-06.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-06.htmlUpbeat economic data helped stocks extend gains but the US dollar remained relatively flat on the day. Initial jobless claims in the US fell to 512K from 532K and the market rejoiced. Nobody bothered to report that the true continuing claims number (state and federal programs), however, remains near a whopping 9 million and has shown no improvement in recent weeks. This suggests it is still very difficult for folks who lost a job to find a new one. Equities closed up 2% on the day nonethelessFri, 06 Nov 2009 00:00:36 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-06.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-05.v02.htmlFollowing a lacklustre start, EUR/USD is trading below last night's close; the yen is higher across the board. The rally in risk that was apparent yesterday has fallen foul with European stock market following their Asian counterparts lower. Overnight a monthly report from the S.Korean Finance Ministry stated that it was still 'unclear' whether the economic rebound will be sustained, while RBNZ's Bollard made the point that the NZ economy had suffered recession and its economic recovery isThu, 05 Nov 2009 11:08:34 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-05.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-05.htmlThe action began early in Asia with the New Zealand unemployment rate coming in higher than anticipated at 6.5% as opposed to 6.4%. NZD/USD took a spill from 0.7270 to 0.7220 on the data, but the hit kept coming for the kiwi. Two hours later, Reserve bank of New Zealand Governor Bollard began a speech, and as the comments hits the wire, the Kiwi dollar headed lower. Bollard stated that while Australian economic strength was a benefit for his country, both counties should not be treated equallyThu, 05 Nov 2009 07:03:22 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-05.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-04.v03.htmlInter-market correlations broke down in a very sloppy session for price action. NY trading began with an overall ''risk on'' tone as the details of the US ISM services index seemingly got investors excited. New orders rose on the month and given the leading properties of this indicator, expectations for growth were likely ratcheted up. The employment index dropped sharply, however, and this does not bode well for Friday's NFP release. We are currently anticipating a decline of -190K and a jumpWed, 04 Nov 2009 23:44:57 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-04.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-04.v02.htmlGoods news has lifted risk appetite this morning. Better than expected earnings reports in Asian hours were followed by good news from UK retailers. The EUR is higher vs the USD and the JPY. The weaker USD is feeding the rally in gold. Cable has been pushing higher from the European open, receiving an additional boost on the release of UK economic data. Cable reached USD1.6540 before sellers emerged, EUR/GBP sunk to 0.8920. Optimism in the UK received a boost on the release of stronger thanWed, 04 Nov 2009 10:58:39 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-04.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-04.htmlWith tomorrow's FOMC rate decision and statement looming, it was an understandably quiet day throughout Asia, with the exception of a quick dive in the Aussie dollar due to poor data. Australian retail sales came in worse than expected at -0.2% as opposed to the forecast of +0.5% and the move in AUD/USD was swift and dynamic. AUD/USD dropped almost 80 pips from 0.9040 to 0.8970 as the hopes of a December rate hike from the RBA seemed to get a bit further out of reach. The pair eventuallyWed, 04 Nov 2009 07:18:16 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-04.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-03.v03.htmlThe NY session was not kind to the US dollar, which saw most of its overnight gains evaporate. Equities started the session lower and the US factory orders report provided little solace. While the headline number surprised to the upside with a 0.9% MoM print, the core orders number (nondefense capital goods ex aircraft) was revised lower to a 1.8% monthly gain from a 2.0% increase flashed by the durable goods report last week. This feeds directly into GDP on the capital spending front andTue, 03 Nov 2009 22:24:01 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-03.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-03.v02.htmlEUR/USD has broken down through 1.4700 and stocks markets are registering hefty losses across the board as the market takes risk off the table in the wake of another run of bad news from the banking sector and fears that most of the G-10 will only be able to manage lacklustre growth going forward. UBS has reported a greater than expected loss while the additional taxpayers funds which will be sucked into the UK's RBS make it the world's most costly bailout. The EU has announced its latest setTue, 03 Nov 2009 11:28:27 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-03.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-03.htmlToday's trading could be looked at in two parts. The first part of the day was dominated by news that the IMF had sold somewhere in the ballpark of 200 metric tons of gold to the Reserve Bank of India. This news pushed spot gold to eventual session highs of $1066.00 as the dollar weakened in the wake of the move. EUR/USD drove 40 pips to session highs of 1.4810 on the softer dollar. GBP/USD made a move from 1.6380 to just shy of 1.6420 on the data, and not to be left on the wayside, the yenTue, 03 Nov 2009 06:58:39 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-02.v03.htmlThe NY session saw recent inter-market correlations continue to play out. Equities ended the day 0.7% higher after some rollercoaster price action. Risk assets started NY trading substantially higher and were catapulted by a much stronger than expected US ISM manufacturing report. The headline jumped to 55.7 from 52.6 and the details were also strong. Indeed, the employment component printed above 50 for the first time since July of last year. The rally would not last, however, as Fed BankingMon, 02 Nov 2009 22:46:07 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-02.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-02.v02.htmlThis morning's positive economic data persuaded investors to reconsider putting a little risk back on the table. Chinese manufacturing PMI reflected further expansion and Eurozone manufacturing PMI data for Oct indicated that the recovery in the region remains on track. A bigger surprise came from the UK Oct manufacturing PMI data which at 53.7 blew out expectations. Production contributes just 17% to the total UK economy which highlights why the services PMI data due later in the week is ofMon, 02 Nov 2009 11:06:58 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-02.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-02.htmlThe start of the trading week kicked off with high volatility early in Asia, with JPY opening up strong against the rest of the majors. After finishing the week just over the 90.00 handle, USDJPY opened significantly lower, bottoming out near the 89.20 area. EURJPY also saw a dramatic move to the downside moving to lows 150+ pips lower to around 131. However, the sell off was short lived, as the Yen seemed to give back most of its gains. USDJPY would eventually grind back over the 90.00 handleMon, 02 Nov 2009 05:35:53 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-11-02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-30.v02.htmlIt is undoubtedly a good thing that the US economy pulled itself out of recession in the third quarter but market pricing this morning reflects only cautious optimism. While stocks in Asian hours had the added benefit of some good corporate earnings, EUR/USD remains below yesterday's best levels and the EUR has failed to gain vs the JPY. The failure of yesterday's 'better than expected' US GDP report to prompt a rally in risk reflects the support provided in Q3 by government spending andFri, 30 Oct 2009 11:24:45 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-30.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-30.htmlThe week ended calmly in Asia after a return to risk appetite in the New York session once again put the dollar on the defensive. Overnight, US GDP data that showed the first quarterly growth in over a year sent equities higher and the riskier currencies skyrocketing as traders aggressively hit dollar bids throughout the day. Those moves were vibrant, and being so, flushed out the market leaving Asia quiet with tight, tired ranges.  EUR/USD just fell shy of 1.4860 in late NY trading afterFri, 30 Oct 2009 05:55:03 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-30.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-29.v03.htmlThe upward surprise to US 3Q GDP elicited a major rebound in risk appetite and a commensurate collapse in the US dollar. The headline showed a 3.5% QoQ annualized pop in growth while the market was expecting a smaller 3.2% increase. The details, however, were not as bright. The bottom line is that autos, inventories and a weak dollar (exports) helped drive GDP in the third quarter. Not exactly what you would call organic growth. Indeed, the government's "cash for clunkers" handout helped theThu, 29 Oct 2009 22:09:32 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-29.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-29.v02.htmlThe US Q3 GDP report isn't even out yet but expectations that the data will confirm that the US economy climbed out of recession has drawn out signs of renewed risk appetite this morning. The USD and the JPY have lost ground against the usual line up of high yield currencies including the AUD, CAD and NZD and the GBP. EUR/USD is edging higher having briefly dipped below the 1.4700 level overnight. This morning's release of the Eurozone confidence data will have put some support under theThu, 29 Oct 2009 11:28:11 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-29.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-29.htmlAsia saw a relatively quiet day in Asian trading with momentary bouts of action breaking the silence. One of those moments was the Reserve Bank of New Zealand's rate decision. While the RBNZ's conclusion to keep rates unchanged at 2.5% was of no surprise to anyone, the mostly dovish commentary that followed sent the Kiwi dollar reeling lower. Talk of keeping the cash rate unchanged until 2010 and comments that inflation was presently of no concern sent NZD/USD from pre-data highs near 0.7280Thu, 29 Oct 2009 06:12:32 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-29.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-28.v02.htmlThe risk unwind continued in NY trading as economic data out the US again suggested the recovery will be anemic at best. US equities slipped another two percent in the fourth consecutive decline and have now unwound nearly -5% of gains since last Thursday's close. The US durable goods report was mixed as core orders rose 2.0% in September but shipments slipped -0.2%. The shipments number suggests some downside risk to the market's 3.2% expectation for 3Q US GDP tomorrow. Orders, meanwhile,Wed, 28 Oct 2009 21:53:54 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-28.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-28.htmlThe Dollar once again was able to hold on to gains made overnight while the yen soared with a return of risk aversion sweeping through the market. The dollar posted a new high of 1.4770 versus the Euro earlier in NY, and was able to remain in that ballpark through the better part of Asian trade. EUR/USD entered the session near 1.4790, and barely poked over the 1.4820 level for a Asian high in a day short on action. The British Pound took a hit as news circulated that the government would lookWed, 28 Oct 2009 05:55:13 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-28.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-27.v03.htmlRisk appetite came off the boil in NY trading and the US dollar was promptly better bid. US economic data provided the catalyst as October consumer confidence disappointed in a big way. The headline index sank to 47.7 from 53.4 and given that the market was looking for an increase, the surprise was palpable. The guts of the report were ominous as the present situation component fell to a new cycle low 20.7, taking out the 21.9 March low in the process. So consumers are actually less confidentTue, 27 Oct 2009 23:39:35 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-27.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-27.v02.htmlA wave of USD buying at the London open unwound the better tone in EUR/USD that had emerged during Asian hours. A break below the EUR/GBP0.9100 opened the floodgates for EUR supply and this no doubt kept the pressure on EUR/USD, though the latter has since recovered from the morning's lows. Sterling continues to find support on talk that the abysmal Q3 GDP report will be revised higher. European stocks have managed to shrug off their weak start and this provided the later support for EUR/USD.Tue, 27 Oct 2009 11:15:14 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-27.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-27.htmlAfter dynamic moves earlier in New York where the dollar was catapulted off of recent lows, trading in Asia was orderly and range bound as the dollar mostly retained those earlier gains. The big boost for the dollar came earlier as commodities and stocks continued to fall and traders began covering dollar shorts as the market looked skittish at best. The soft equities and commodities continued into Asia as the greenback hovered near earlier highs in a day that offered no significant data orTue, 27 Oct 2009 05:54:54 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-27.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-26.v03.htmlTechnicals dominated in NY trading as economic news was scarce. The strong negative correlation between risky assets and the US dollar remained solid and the buck benefited from a large unwind in risk appetite. US equities closed down -1.2% after another attempt of 1100 on the S&P failed miserably. EUR/USD followed stocks closely and the break below 1.50 elicited some major fireworks. The pair never looked back on its way to a low near the 1.4850/45 zone. The parabolic move looks a touchMon, 26 Oct 2009 22:01:45 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-26.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-26.v02.htmlCable is currently trading little changed from the US close, EUR/GBP is just moderately higher though it has been a fairly choppy morning for the pound. In the wake of Friday's shockingly poor UK Q3 GDP data (-0.4% q/q) two opposing sterling influences have emerged. The first is a widely held view that based on better PMI survey data there is a good chance that GDP data for Q3 will be revised higher. The second influence is the growing certainty that the BoE will announce a step up in QE atMon, 26 Oct 2009 11:41:04 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-26.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-26.htmlAlthough trading to start the week was relatively subdued due to holidays in New Zealand and Hong Kong, it did have its moment of excitement. The Financial News, a paper linked to China's central bank printed a report from a Chinese researcher stating that China should increase its holdings of both Euros and yen. This report helped push the EUR/USD through fresh 14 month highs of 1.5063 on a stop driven move that energized a quiet Monday in Asia. The pair initially opened lower and fell toMon, 26 Oct 2009 06:11:18 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-26.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-23.v02.htmlThe horrible UK Q3 GDP data (-0.4% q/q) have scuppered hopes that the UK economy has already pulled itself out of recession. Following the squeeze higher in the pound that commenced last week, sterling was particularly vulnerable to the bad news. Cable plummeted back to 1.6417 before support became to emerge; EUR/GBP has soared up to 0.9160. EUR/GBP had earlier ignored the better than expected Eurozone PMI data and the decent performance of the German IFO (87.3 in Oct). These data support theFri, 23 Oct 2009 10:06:21 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-23.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-23.htmlThe trade week in Asia ended much as it began as the US Dollar was once again under pressure as it touched a 14 month low against the Euro. Meanwhile, investor sentiment seemed to be a bit more optimistic after some good earnings and strong equities out of the US. Higher stocks flowed over to Asia and with that move, traders bought into the risk assets, much to the detriment of the struggling dollar and yen. As mentioned, with the EUR/USD over the psychological 1.5000 level it was free to roamFri, 23 Oct 2009 06:17:23 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-23.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-22.v04.htmlEarnings reports trumped another black eye to the US employment landscape and risk was once again back on in the NY session. The US dollar was sold off as the robust negative correlation between the buck and stocks was relentless. Equities ended the day more than 1% higher despite initial jobless claims in the US jumping 531K on the week. The market was looking for a more modest 515K and thus the surprise was palpable. This was overshadowed by positive earnings from various financial firms andThu, 22 Oct 2009 22:19:11 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-22.v04.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-22.v03.htmlEarnings reports trumped another black eye to the US employment landscape and risk was once again back on in the NY session. The US dollar was sold off as the robust negative correlation between the buck and stocks was relentless. Equities ended the day more than 1% higher despite initial jobless claims in the US jumping 531K on the week. The market was looking for a more modest 515K and thus the surprise was palpable. This was overshadowed by positive earnings from various financial firms andThu, 22 Oct 2009 22:15:03 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-22.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-22.v02.htmlBy almost everyone else's measure growth at 8.9% y/y in Q3 would be an opportunity to break open the champagne, but this number was not quite strong enough to match expectations for Chinese expansion in the third quarter. Disappointment on the back of this numbers this morning was sufficient to bring risk appetite off the boil, to support the USD and rein in the NZD and the AUD. But with China still easily on course for achieving growth of 8% to 8.5% this year, perhaps more important than thisThu, 22 Oct 2009 09:46:00 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-22.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-22.htmlThe early part of Asian trading was quiet in anticipation of a slew of Chinese data that was due out at 2:00GMT. Most traders spent the morning positioning themselves for the possibility of strong data out of the largest global economy. The strong numbers out of China never materialized, but they were in fact right in line with estimates which failed to appease the markets. The dollar gained strength on the lack of fireworks as traders began to take profit from the higher yielding currencies.Thu, 22 Oct 2009 06:17:32 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-22.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-21.v03.htmlEarnings continued to dominate and remain mixed overall. Despite a stellar 18% bottom-line beat in earnings thus far this reporting season, the sales numbers have actually disappointed and are tracking -0.2% below conservative estimates. This suggests a similar situation to what we saw in 2Q when earnings expansion was driven by cost cutting (especially on the employment front) and not organic growth. Equities gave up gains towards the end of the NY session after reports came out that theWed, 21 Oct 2009 21:52:20 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-21.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-21.v02.htmlSterling has managed significant gains this morning on the back of more optimistic comments from the BoE. Cable ratcheted gains up to 1.6589 before meeting resistance; EUR/GBP is back below 0.9025. In his speech in Scotland last night Governor King remarked that ''recent months have brought better news'' and suggested that in the second half of this year the UK economy will return to positive growth. This speech was followed by an article for The Herald newspaper which reportedly suggestedWed, 21 Oct 2009 10:27:07 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-21.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-21.htmlThe Dollar sellers took a breather today in Asia. The battered buck hovered near late NY levels after poor US data and equities sent it safely away from recent record lows. Despite solid earnings on Wall Street, poor housing starts and PPI data quashed any chance of positive gains in equities, and as stocks fell, the dollar pulled back from the abyss. The EUR/USD that spent the day flirting with 1.5000 was suddenly a big figure lower. The pair opened in Asia nearer to 1.4945, and after a quickWed, 21 Oct 2009 06:30:43 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-21.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-20.v03.htmlEUR/USD reached a high of 1.4994 in Asia but, while tantalisingly close, has lacked the incentive to push through the psychologically important 1.50 level. Unsurprisingly, the Ecofin meeting provided a platform for ECB President Trichet to reiterate support for the US Treasury's strong USD policy. Such comments have arguably slowed the pace of the gains in EUR/USD but, while the EUR nominal effective exchange rate is approaching the highs of the past year, the market sees no great risk thatTue, 20 Oct 2009 10:12:33 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-20.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-20.v02.htmlThe Dollar's woes continued once again today in Asia as it hit new lows for 2009. The causes for the fall differed, with many traders citing the fact that interest rates in the US look to remain low into 2010 while conversely, the RBA minutes showed a hawkish stance that could see rates raised two more times before the year's end. Added to this mix were higher equities in the US, and that wave of optimism and opportunity that spilled over into Asian equity trading. The EUR/USD posted a 14Tue, 20 Oct 2009 06:25:58 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-20.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-19.v03.htmlCurrencies remain beholden to the goings on in the equity space and the rally in stocks continued to lead the riskier currencies higher. US equities closed up nearly 1% in the face of a weaker than expected housing number as the Fed signaled yet again that it is not ready to withdraw stimulus. The homebuilder sentiment index (NAHB) printed 18 in October while the market had forecast an increase to 20 from 19 the prior month. The homebuyer traffic number sank from 17 to 14 and the weakest readMon, 19 Oct 2009 22:14:22 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-19.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-19.v02.htmlEUR/USD has been creeping higher again in European this morning despite a push below EUR/USD1.4850 overnight on fears that European officials may speak out against EUR strength. Sterling is looking shaky again today following last week's squeeze higher. EUR/GBP is back above 0.9150 as the market realises that last week's inferences that QE was off the table may have been a hasty conclusion. Gains in stocks European stocks this morning are reflective of robust risk appetite which has alsoMon, 19 Oct 2009 10:38:14 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2009-10-19.v02.html