Forex Market Updates & Commentary

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• University of Michigan comes in stronger at 72.2. vs expectation of 71.0
• Forex Morning Report - April 30
• 8:30 US Economic Data comes in very close to expected
• Bobbys Corner-Open Market-April.30.2010
• Rebroadcast of FXDD Thursday’s Online Trading Class
• GDP Expected to show 2.3% loss
• EU Commission says that Greece talks could finish tommorow…
• Italian Monthly Unemployment Rate
• Swiss KOF Leading Indicator
• ECB’s Nowotny on the wires….
• Eurozone Unemployment Unchanged
• SNB’s Hildebrand acting on appreciation of Chf
• BOJ Outlook Report
• Japan Housing Starts
• Japanese Call Rate

University of Michigan comes in stronger at 72.2. vs expectation of 71.0 Posted: 30 Apr 2010 06:57 AM PDT Number comes out a bit stronger at 72.2 from a prior figure of 69.5

Forex Morning Report - April 30 Posted: 30 Apr 2010 06:34 AM PDT Forex Morning Report - Watch the video now.

8:30 US Economic Data comes in very close to expected Posted: 30 Apr 2010 05:32 AM PDT The following are the readings from this mornings numbers: GDP QoQ (Annualized):               Survey: 3.3%   Actual: 3.2%   Prior: 5.6%   Personal Consumption:              Survey: 3.3%   Actual: 3.6.%   Prior: 1.6% GDP Price Index:                           Survey: 0.9%   Actual: 0.9%   Prior: 0.5% Core PCE QoQ                              Survey: 0.5%   Actual: 0.6%   Prior: 1.8% Employment Cost Index:             Survey: 0.5%   Actual: 0.6%   Prior: 0.5.% Core PCE QoQ come in at a .6% new historical low.

Bobbys Corner-Open Market-April.30.2010 Posted: 30 Apr 2010 05:04 AM PDT Good Morning: The Euro rose as signs that Greece is close to an agreement on the budget cuts  that are necessary to approve the bailout package that the country needs to alleviate default.  The speculation that the rescue package may get announced early next week added an optimistic picture that is giving the Euro some support.  The JPY and USD lost some steam as the Euro moved higher. On another note-Spain’s unemployment rate rove above 20%, adding woes to the Spanish governments attempt to cut the EU’s third largest budget deficit. Asian equity markets were mixed, and European markets are higher at this time.  US Futures are also pointing to a higher opening this morning.  Commodities are also higher this morning. Oil:$85.45                                            Gold:$1175.40 TIME FOR  EST PRIOR 8:30A.M. GDP QoQ (ANNUALIZED) 1Q A 3.30% 5.60% 8:30A.M. PERSONAL CONSUMPTION 1Q A 3.30% 1.60% 8:30A.M. GDP PRICE INDEX 1Q A 0.90% 0.50% 8:30A.M. CORE PCE QoQ  1Q A 0.50% 1.80% 8:30A.M. EMPLOYMENT COST INDEX  1Q    0.50% 0.50% 9:45 A.M. CHICAGO PURCHASING MANAGER  APR. 6O.0 58.8O 9:55 A.M. U. OF MICHIGAN CONFIDENCE  APR. F       71.O   69.5O 10:00A.M. NAPM MILWAUKEE APR. 62.O HAVE A GREAT DAY-WEEKEND & GOOD LUCK

Rebroadcast of FXDD Thursday’s Online Trading Class Posted: 30 Apr 2010 05:00 AM PDT Rebroadcast of FXDD Online Trading Class from Thursday - Click to watch the video here

GDP Expected to show 2.3% loss Posted: 30 Apr 2010 04:55 AM PDT The US GDP for 1Q is expected to show a loss of 2.3%. A lower figure than the prior revision.  Personal Consumption is expected to come in higher than the prior revision of 3.3%.  The Core PCE is expected to come at 0.5% with us historically never having a figure so low.  Later today we have the U of Michigan at 71.0 vs 69.5. This is the final revision for the April confidence.

EU Commission says that Greece talks could finish tommorow… Posted: 30 Apr 2010 03:32 AM PDT It was also noted that the entire Greek economy is going to have to be overhauled “root and branch”.

Italian Monthly Unemployment Rate Posted: 30 Apr 2010 03:03 AM PDT As the EUR trades off session highs, Italy’s monthly unemployment rate came in slightly worse at 8.8%; the survey was 8.6% and prior reading was 8.5%.

Swiss KOF Leading Indicator Posted: 30 Apr 2010 02:32 AM PDT April’s leading indicatorrose to 1.99; in line with its forecast, and slightly better then the last reading of 1.93. The market had a very limited reaction to the release.

ECB’s Nowotny on the wires…. Posted: 30 Apr 2010 02:07 AM PDT Greek aid is not about on-off emergency measures, but sustainable improvements. Greece must adopt energetic measures to improve competitiveness and structural reforms. Sustainable structural change in Greece is possible if they have the will. It is very problematic that S&P changed their rating for Greece during negotiations. ECB monetary policy will not be influenced at all by the Greek crisis. Greek bond yields are absurdly high.

Eurozone Unemployment Unchanged Posted: 30 Apr 2010 02:05 AM PDT The Eurozone unemployment rate for March was unchanged at 10%. Also released at the same time was CPI Flash estimate (y/y) which measures the change in the price of goods and services purchased by consumers, which read 1.5%; slightly higher than the forecast of 1.4%. The EUR is currently trading on session highs against all of the major currencies.

SNB’s Hildebrand acting on appreciation of Chf Posted: 30 Apr 2010 01:05 AM PDT SNB’s Hildebrand states the SNB will act decisively on excessive gains. The Chf remains lower versus the Euro after comments as the pair is at session high of 1.4354.

BOJ Outlook Report Posted: 29 Apr 2010 11:09 PM PDT The following are comments released from the BOJ’s Outlook Report: The BOJ will continue to help pull Japan out of deflation. Will maintain very easy monetary conditions. There are both upside and downside risks to price outlook. Japan’s economic growth is likely to exceed the estimated potential growth rate this fiscal year. Stimulus from low interest rates are strengthening. BOJ repeats that the majority of board members regard a 1% rise in prices as stable. Board thinks of a price rise of up to 2% as stable prices. Recovery in consumption is likely to slow temporarily. World economy is not returning to what it was before the crisis. Depending on market confidence in public finance, swings in long term rates could hurt the economy.

Japan Housing Starts Posted: 29 Apr 2010 10:08 PM PDT The JPY showed a very limited reaction to Japanese housing starts which came in at -2.4%; better than the survey of -5.6% and prior showing of -9.3%. This was the 16th straight month of negative housing starts in Japan, but much slower than the -9.3% annual decline last month as consumers remained cautious about spending due to bleak economic conditions. On a lighter note, orders received by 50 major construction companies in March jumped 42.3% from a year earlier. Currently, the USD/JPY is trading just above the 94.00 handle.

Japanese Call Rate Posted: 29 Apr 2010 10:02 PM PDT Japan left their overnight call rate at 0.10%; the market was unchanged by the reading.

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