Forex Market Updates & Commentary

Higher US Data Accross the Board at 10AM
ISM better than expected. Construction spending also better
Forex QUICK: AUDUSD tests the days midpoint at 0.8378 and holds
Forex QUICK: USDJPY tests high for day. 100 day MA eyed at 91.42
US ISM Manufacturing and Constructing Spending due at 10AM
Forex QUICK: EURUSD moves toward target at 1.2209
Forex Morning Report- June 1st
Bank of Canada raises rates by 25 basis points as expected
Canada Interest Rates Pushed Higher to .50%
Bobbys Corner-Open Market- June.1.2010
Bank of Canada Rate Decision Due at 9am
Forex QUICK: USDCAD awaits BOC interest Rate decision
Forex QUICK: GBPUSD shoots higher. 1.4548 support now
Forex QUICK: EURUSD consolidating. 1.2143 support eyed
The NY Opening Forex Commentary is available for viewing

Higher US Data Accross the Board at 10AM

Posted: 01 Jun 2010 07:06 AM PDT

ISM Manufacturing: Survey: 59.0 Actual: 59.7 Prior: 60.4

ISM Prices Paid: Survey: 72.0 Actual: 77.5 Prior: 78.0

Construction Spending (MoM): Survey: 0.0% Actual: 2.7% Prior: 0.2%

Construction Spending at highest increase since August ‘00

ISM better than expected. Construction spending also better

Posted: 01 Jun 2010 07:05 AM PDT

ISM comes in at 59.78 vs 60.4 but better than expected (expected 59.7). Below are the pieces.

Prices paid 77.5 vs. 78.0
Production 66.6 vs. 66.9
New orders 65.7 vs. 65.7
Backlog of orders 59.5 vs 57.5
Supplier deliveries 61.0 vs 61.3
Inventories 45.6 vs 49.4
Customer inventories 32.0 vs 33.0
Employment 59.8 vs 58.5
New export orders 62.0 vs 61.0
Imports 56.5 vs 58.0

Construction spending rises by 2.7% MoM.
Stocks are moving higher and so is the USDJPY on the better data. The USDJPY has broken through resistance at 91.27 and is testing the 100 day MA at the 91.43 level.

fxdd-pic-0376

Forex QUICK: AUDUSD tests the days midpoint at 0.8378 and holds

Posted: 01 Jun 2010 06:59 AM PDT

Forex QUICK: USDJPY tests high for day. 100 day MA eyed at 91.42

Posted: 01 Jun 2010 06:47 AM PDT

US ISM Manufacturing and Constructing Spending due at 10AM

Posted: 01 Jun 2010 06:30 AM PDT

Forex QUICK: EURUSD moves toward target at 1.2209

Posted: 01 Jun 2010 06:30 AM PDT

Support at the 1.2186 level now.

Forex Morning Report- June 1st

Posted: 01 Jun 2010 06:30 AM PDT

Forex Morning Report- June 1st

Bank of Canada raises rates by 25 basis points as expected

Posted: 01 Jun 2010 06:05 AM PDT

Canada Interest Rates Pushed Higher to .50%

Posted: 01 Jun 2010 06:03 AM PDT

Bank of Canada Rate: Survey: 0.50% Actual: 0.50% Prior: 0.25%

Canada becomes the first major G7 industrial countries to raise interest rates.

$/CAD trading higher on the news.

Bobbys Corner-Open Market- June.1.2010

Posted: 01 Jun 2010 05:59 AM PDT

Good Morning:

We have all returned from the long US Memorial Day Weekend, and see that the Euro continues to take a beating. Concerns that mounting budget deficits, along with the write downs taken by Euro Zone banks will hamper the zone’s economic recovery, are all adding to the Euros downward spiral. Italy’s jobless rate rose, as Europe’s 4th largest economy is having difficulty creating new jobs, which is also adding pressure to the Euro.
On another note- last Friday Fitch Ratings dropped Spain’s AAA cdredit rating, saying the nations debt issue will limit the countries economuic growth in the near future.

World equity markets fell, and US Futures are also lower this morning.
BP plunged after they announced they were abandoning efforts to plug the leak at their rig in the Gulf of Mexico.

Oil:$72.70 Gold:$1227.20

TIME		FOR	EST	PRIOR
10:00A.M.	ISM MANUFACTURING	MAY	59.4O	6O.4
10:00A.M.	ISM PRICES PAID	MAY	72.5O	78.O
10:00A.M.	CONSTRUCTION SPENDING MoM	APRIL	0.00%	0.20%
10:30A.M.	DALLAS FED MANUF.ACTIVITY	MAY		21.10%