Forex Market Updates & Commentary

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• Greg Michalowski on FXstreet Webinar today at 10am NYT
• Forex Morning Report- May 27th
• Jobless Claims Improve with Continuing Claims, GDP is Weaker
• US Economic Data due at 830am
• CBI Realized Sales
• Eur/Jpy stalls, finds support at 110.80-85
• Eur/Jpy to test 100 hour M/A
• Gold may break out
• 5-27 Economic Calendar
• Aussie Capital Expenditures q/q
• Japanese Trade Balance
• Ex- Bundesbank President Schlesinger Says Euro “Not in Danger”
• Australia’s Henry on the wires….
• Fed’s Lacker Comments…
• New Zealand April Trade Balance

Greg Michalowski on FXstreet Webinar today at 10am NYT Posted: 27 May 2010 06:35 AM PDT Greg Michalowski will be teaching a webinar today on FXstreet at 10am NYT/ 14:00 GMT Here is a link to the sign up page.

Forex Morning Report- May 27th Posted: 27 May 2010 05:40 AM PDT Forex Morning Report- May 27th

Jobless Claims Improve with Continuing Claims, GDP is Weaker Posted: 27 May 2010 05:34 AM PDT GDP (QoQ) (Annualized):    Survey: 3.4%     Actual: 3.0%    Prior: 3.2%        Personal Consumption:     Survey: 3.8%     Actual: 3.5%     Prior: 3.6%     GDP Price Index:      Survey: 0.9%     Actual: 1.0%    Prior: 0.9%     Core PCE (QoQ):     Survey: 0.6%     Actual: 0.6%    Prior: 0.6%     Initial Jobless Claims:      Survey: 455K     Actual: 460K    Prior: 471K     Revised: 474K Continuing Claims:     Survey: 4613K     Actual: 4607K    Prior: 4625K     Revised: 4656K

US Economic Data due at 830am Posted: 27 May 2010 05:04 AM PDT

CBI Realized Sales Posted: 27 May 2010 03:07 AM PDT CBI Realized Sales came in at -18, much weaker than the 13 exepected and prior reading of 13. Not much reaction for Gbp/Usd as the pair is just off its highs at 1.4565.

Eur/Jpy stalls, finds support at 110.80-85 Posted: 27 May 2010 01:09 AM PDT As stated in an earlier post Eur/Jpy was going to have difficulty breaking above its 100 hour M/A. It has now fallen to 110.80-85 level where the pair has run into support, as expected. If the pair holds a move to 111.20-25 coinciding with a trendline of old highs is likely. A break below should bring Eur/Jpy to 110.20-30.

Eur/Jpy to test 100 hour M/A Posted: 27 May 2010 12:08 AM PDT Eur/Jpy has been well bid the last few hours. The pair is on the verge of testing its 100 hour M/A (111.38). I plotted a trendline of recent hourly highs which indicates the pair should have a hard time breaking through. A failed break may bring Eur/Jpy to the 11.980-85 level. A break above should bring the pair back to old high of 112.02.

Gold may break out Posted: 26 May 2010 10:17 PM PDT Gold is poised to break out of the 1207.00-1217.00 range we have seen in recent trading as it tests the 61.8% fibo (1165.82 low - 1249.28 high) again. A break above may bring us to 1230.00. If Xau/Usd holds we will be looking at more of the same range trading with 1207.00 support.

5-27 Economic Calendar Posted: 26 May 2010 08:53 PM PDT

Aussie Capital Expenditures q/q Posted: 26 May 2010 06:32 PM PDT The AUD sold off after Australian capital expenditures for April came in worse than expected at -0.2% versus the forecast of 2.1% and prior reading of 5.5%.

Japanese Trade Balance Posted: 26 May 2010 04:55 PM PDT The market had a muted reaction to Japan’s trade balance which came in slightly better than expected at 0.73T; forecast was 0.69T and the prior reading of 0.77T

Ex- Bundesbank President Schlesinger Says Euro “Not in Danger” Posted: 26 May 2010 04:42 PM PDT Also is his telephone interview Mr. Schlesinger said that he believes that the Euro isn’t at a “catastrophically low” level and that the slide in it’s value is “perhaps contained”. Additionally, he urges the ECB to keep bond purchases to a minimum.

Australia’s Henry on the wires…. Posted: 26 May 2010 04:38 PM PDT Testifying in Canberra, Australian Treasury Secretary Ken Henry made these comments: Economy performed better than expected. Hopes Australian gov’t uses tax review as basis for reform. Pension levy increase is likely to come out of wages. Lower mining tax would reduce revenue. Resource tax is not tied to company tax cuts. Swan’s figures on royalties are correct. Mining industry gets significant tax concessions. Not concerned about foreign investment in mining. The mining industry didn’t save Australia from recession. Company tax cuts support growth, investment, and wages. Still expects budget surplus as forecasted.

Fed’s Lacker Comments… Posted: 26 May 2010 04:31 PM PDT Speaking to reporters after a speech in Washington, Richmond Fed President Jeffrey Lacker made these statements: Economy has new “risks in outlook”. Sees low inflation for “the next couple of months”. Backs normalizing balance sheet sooner rather than later. Fed “should try to avoid sparking another housing boom”. A financial overhaul fails to curb the safety net. “We need to draw the line somewhere” on the safety net. The political appointment of N.Y. Fed chief would be a mistake.

New Zealand April Trade Balance Posted: 26 May 2010 03:46 PM PDT The NZD traded slightly higher after a better than expected kiwi trade balance number for April. The details are as follows: Trade Balance - Survey: 455M   Actual: 656M   Prior: 567M Imports - Survey: 3.34B   Actual: 3.31B   Prior: 3.49B Exports - Survey: 3.88B   Actual: 3.97B   Prior: 4.06B Trade Balance 12 mth YTD - Survey: -60.0   Actual: 161.0   Prior: -194.0

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