GoLearnForex.net's  Instablog

Global Equity Markets rallied hard to open the week.  This follows the G-20 meeting of Governors in which there was universal commitment to keep liquidity flowing until a sense of self sustaining economies return.  This was preceded by the U.S. dismal Unemployment Rate print of 10.2% on Friday. In the U.S today the DJIA was up 203 points to finish the day at 10,226.

On the commodity front Gold showed no signs of letting go of its torrid rise.  Intra-day high for Gold touched 1,111.20 before settling back down to 1,104 a gain of nearly $6.  Oil was up as well today, gaining $1.86 to close at 79.29.

The Dollar was offered broadly across the board today.  The DXY had an intra-day low below 75, but closed the day just above 75.  A close below 74.85 would be a strong bear signal for the greenback and with prices at pivotal handles right now across the G-10 we could see a major dollar slide.

A lot of data due out for Tuesday and aside from CPI in the EUR zone not much is going to firm the dollar.  Although we heard a lot rhetoric from Central Banks last time FX markets were at these levels in attempt to slow the Dollar slide, I do not think CB's will flood the market with strong dollar talk this time around.

Upcoming Forex Events for November 10, 2009

EUR    German CPI (MoM)  Actual  0.10% Forecast  0.10%  Previous  0.10% 

GBP     Trade Balance          Forecast  -6.20B  Previous  -6.20B    

EUR    German ZEW Economic Sentiment Forecast  55.00  Previous  56.00 

AUD    Westpac Consumer Sentiment           Previous 1.70%