Roberto Abraham Scaruffi

Forex Market Updates & Commentary

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• Shawn Powell teaches the Weekly Wrap up TODAY 12:30pm
• US June Sentiment Lower & Leading Indicators Improve
• US Leading Indicators & Consumer Sentiment Data Expected Higher
• Greece Schedules Confidence Vote
• Canada Wholesale Sales Due at 8:30AM
• ECB’s Bini Smaghi
• Euro stronger as there seems to be a united front from France and Germany regarding the Greece situation.
• ECB’s Nowotny
• German Chancellor Merkel says will do all necessary to protect and stabilize EUR
• China may change exchange rate policy on Sunday, on one year anniversary to loosen peg to USD.
• Euro makes new session highs following rumors that Greek aid package could be worth 150bln.
• Eurozone trade balance -2.9bln vs. -2.7bln expected.
• Italy’s April trade balance was -3.761 bln vs. -3.946 bln prior reading.
• Euro firmer in recent trade

Shawn Powell teaches the Weekly Wrap up TODAY 12:30pm Posted: 17 Jun 2011 07:44 AM PDT Weekly Forex Wrap show TODAY 12:30pm with Shawn Powell and Jaosn Galano. We will cover trading set ups, stops and limits and where to find entry points today. Fast paced 30 min class today.>>Register now to attend

US June Sentiment Lower & Leading Indicators Improve Posted: 17 Jun 2011 07:00 AM PDT Leading Indicators:   Survey:  0.3%   Actual:  0.8%   Prior: -0.3%  Revised: -0.4% Michigan Confidence:  Survey: 74.0%   Actual: 71.8%   Prior: 74.3%

US Leading Indicators & Consumer Sentiment Data Expected Higher Posted: 17 Jun 2011 06:08 AM PDT

Greece Schedules Confidence Vote Posted: 17 Jun 2011 06:01 AM PDT Greek confidence vote scheduled June 21,2011

Posted: 17 Jun 2011 05:34 AM PDT Wholesale Sales:  Survey:-0.3%  Actual: -0.1%    Prior: 0.1%  Revised: 0.3% April 2010 vs. March 2011 Canada: $44,505 vs $46,818 Inventory/Sales: 1.15 vs 1.18 Sales ex. Autos: $37,226 vs $38,950 Newfoundland and Labrador: $293 vs $332 Nova Scotia: $669  vs $652 New Brunswick: $491 vs $490 Quebec: $8,617 vs $8,331 Ontario: $22,672 vs $23,636 Manitoba: $1,182 vs $1,188 Saskathewan: $1,494 vs $1,782 Alberta: $5,021 vs $5,641 British Columbia: $3,958 vs $4,152

Canada Wholesale Sales Due at 8:30AM Posted: 17 Jun 2011 05:09 AM PDT

ECB’s Bini Smaghi Posted: 17 Jun 2011 04:19 AM PDT Risk of sovereign default could arise without monetizing debt and bailouts between countries. Distressed country must rigorously follow EU/IMF program for its bonds to remain acceptable as collateral. Forcing private sector involvement in wrong way will end up costing tax payers more. Three Euro-area states face severe market access problems. Must strengthen stability and growth pact, pact will not rescue sovereignity.

Euro stronger as there seems to be a united front from France and Germany regarding the Greece situation. Posted: 17 Jun 2011 03:23 AM PDT The pair, on an hourly timeline, is testing the 50.0% line on the move from June 14th highs to yesterday’s low. Buying in the euro continued following Merkel’s comments that she will do whatever is necessary to stabilize the currency. French president Sarkozy also commented that France shares Germany’s view points on the situation, and that they will work out details with the ECB regarding private sector involvement in the solution. If bullish comments continue to emerge from Europe, we may see the pair trade up to the 1.4300 handle.

ECB’s Nowotny Posted: 17 Jun 2011 03:10 AM PDT Greek solution is necessary due to nervousness in market. Original Greek package was necessary, discussion on Greece easier if there is continuity. Political will necessary for success of aid package; discussions on going about long term Greek solution. Finding a solution is a priority. Need a quick solution to Greece package. Portugal will lead to less growth at first, must work on its programs-not a special problem country. Weakening in US economy, sees 2011 world economic growth at 4.5% on year.

German Chancellor Merkel says will do all necessary to protect and stabilize EUR Posted: 17 Jun 2011 03:06 AM PDT Meeting with Sarkozy important for EUR. Would be good if Greek opposition would support government. Greece needs to fulfill its obligations, has reassurances from PM. German economic strength depends on Euro. Want involvement of private creditors on voluntary basis. Need a new program for Greece, Greece must meet its responsibility. Will work out details of private sector involvement with ECB, wants quick solution.

China may change exchange rate policy on Sunday, on one year anniversary to loosen peg to USD. Posted: 17 Jun 2011 02:31 AM PDT

Euro makes new session highs following rumors that Greek aid package could be worth 150bln. Posted: 17 Jun 2011 02:25 AM PDT The EUR/USD made a new session high of 1.4253 following the comment, surpassing our previously stated target of 1.4189.

Eurozone trade balance -2.9bln vs. -2.7bln expected. Posted: 17 Jun 2011 02:02 AM PDT The market had a limited reaction to the release.

Italy’s April trade balance was -3.761 bln vs. -3.946 bln prior reading. Posted: 17 Jun 2011 01:04 AM PDT

Euro firmer in recent trade Posted: 17 Jun 2011 12:21 AM PDT We’ve seen some choppy trading in the euro since Europe has entered the market, with Greece still controlling most of the headlines. Greek government has done some reshuffling in their cabinet with the announcement of Evangelos Venizelos as the new finance minister, and former finance minister Papconstantinou moving to environment minister. So far today, the EUR/USD tested resistance multiple times at 1.42164; the 61.8% line on short-term move from 1.43053 to yesterday’s low. If buying in the pair continues we look to 1.4189 as the next upward target. In the case of a turn around we look to 1.41276.