Forex News | Currency News by Forexlive

Consumer sentiment firmed to 74.4 in January, above the 73.0 consensus.

EUR/USD dipped as low as 1.3908 after the data.

USD/JPY has benefited from the Good US data. With central banks in eur/us some traders see USD/JPY as the path of least resistance. Okaaaay.

Exporters sold as low as 90.35 this morning so expect more sales at 91.00.

Chicago PMI came in much stronger than expected at 61.5 in January versus expectations for 57.4. December was 58.7.

• New orders were 66.4 from 64.4

• prices paid 66.2 from 55.6

• Employment 59.8 from 47.6

The index was the highest since April 2005.

University of Michigan consumer sentiment is next.

Chicago PMI hits the wires at 14:45 GMT and is expect at 57.4. Keep in mind, subscribers get the data at 14:42 GMT, so the rumors in the minutes ahead of the public release tend to be accurate.

White House economic advisor Romer welcomes the firmer GDP report, calling it the best news yet, but cautions not to read too much into a single report.

Like clockwork, Asian central banks are now on the bid in the 1.3920s, rumored to be protecting 1.3900 barriers.

Technically, bears are targeting the 1.3832 bottom put in place on July 8th.

The Greek Finance minister says that “everybody knows that Q2 will be tough for us in terms of maturities.” That means that Greece has debt that is maturing and will need to be refinanced. After this week’s blow-up in Greek debt after their EUR 8 bln bond sale, expect appetite for Greek debt to be very tepid.

EUR/USD is at New York session lows as 1.3927.

1.3900 barriers are rumored, as ever.

An Obama Administration official is on Reuters saying the government will triple loan guarantees for new nuclear reactors to more than $54 bln. That’s a big shift in energy policy whicj previously relied too much on windmills and Unicorn-powered turbines….

Looks like the market is subscribing to the notion that objects in motion tend to stay in motion. The US economy was in motion in Q4, growing faster than antcipated That has given commodity bulls a whiff of hope (or it has spooked the bears to cover some shorts).

Oil is up a buck at $74.70 and Gold firmed to $1090 after the data.

A push to the topside in US yields has taken USD/JPY as high as 90.83 and it now consolidates around 90.72. 90.55/60 should provide support on dips near-term.

Cable is making a downside run, going after large stops at 1.6060.

• Huge 1.40 vanilla expiry at 15:00 GMT in EUR/USD
• GBP/USD  stop loss sell orders; Small below 1.6060; larger sell orders below 1.6060
• AUD/USD stop loss buy orders above 0.8960

The core price index was a shade firmer than expected at +1.4%.

Economists are already looking past this number. Merrill calls it a “one hit wonder”.

US details are here.

Canadian GDP details are here.

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