Forex Market Updates & Commentary

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• EURUSD remains contained after holding support at 1.2178
• The Pending Home sales show better sales. USDJPY pushes topside resistance
• Pending Home Sales Higher
• USDCAD falls and bounces
• US Pending Home Sales Data Due at 10AM
• Forex Morning Report- June 2
• Forex QUICK: EURUSD fall below 1.2203 support and tests 1.2178 level
• Bank of England King on newswires
• Bobbys Corner-Open Market-June.2.2010
• Forex QUICK: EURUSD consolidating in narrow trading range
• Challenger Job Cuts fell 65.1% from a year ago
• The NY Opening Forex Commentary is available for viewing
• 6-2 Economic Calendar
• Rebroadcast of Tuesday June 1st 2010 Forex Webinar
• Australian GDP q/q

EURUSD remains contained after holding support at 1.2178 Posted: 02 Jun 2010 07:28 AM PDT The EURUSD tested the support at the 1.2178 level and bounced back higher (see chart below for support).  The 100 and 200 bar MA on the 5 minute chart remain a level to eye on the upside. They come in at the 1.2220-23 levels respectively (blue and green lines above).  The bias remains bearish for the EURUSD but the market needs a push and it seems to be punch drunk from yesterdays short squeeze higher.  A failure to get that push, will get players frustrated, lead to covering and we will likely lead to  seeing  how hard the market can push to the upside.  Patience and trading at key inflection points (like the 100 and 200 bar MA outlined above) will keep risk to a minumum as the market decides on the next directional move.

The Pending Home sales show better sales. USDJPY pushes topside resistance Posted: 02 Jun 2010 07:04 AM PDT The 6% gain was also pushed by a revised 7.1% gain from 5.3% in the March.  The USDJPY is back up testing the high for the day at the 92.16 on the news. A move above the high would look to target the 92.47 level.

Pending Home Sales Higher Posted: 02 Jun 2010 07:02 AM PDT Pending Home Sales (MoM):      Survey: 5.0%           Actual: 6.0%          Prior: 5.3%           Revised: 7.1% Pending Home sales rose by a revised 7.1% in march the figure as previously recorded 5.3% Home Sales index up for the third straight month. Euro trading lower on the news, USD/JPY higher.

USDCAD falls and bounces Posted: 02 Jun 2010 06:55 AM PDT The USDCAD fell through the 200 day MA at the 1.0474 level and fell to the 1.0445 level. However, it has bounced back higher . Look for sellers against the 1.0496 level which was a floor from earlier today.  The quick bounce back, takes some of the steam out of the market.  It seems the market action yesterday took the wind out of the market a bit and lost some players who are licking their wounds.

US Pending Home Sales Data Due at 10AM Posted: 02 Jun 2010 06:42 AM PDT

Forex Morning Report- June 2 Posted: 02 Jun 2010 06:30 AM PDT Click here to view the embedded video. Forex Morning Report- June 2

Forex QUICK: EURUSD fall below 1.2203 support and tests 1.2178 level Posted: 02 Jun 2010 06:06 AM PDT

Bank of England King on newswires Posted: 02 Jun 2010 05:48 AM PDT Says tht UK inflation on track for 2% in the medium term.

Bobbys Corner-Open Market-June.2.2010 Posted: 02 Jun 2010 05:12 AM PDT Good Morning: The JPY lost ground in overnight trading after Prime Minister Hatoyama announced his resignation.  Speculation mounts that Finance Minister Kan will succeed Hatoyama.  Kan has made several comments in the past of his desire to weaken the JPY, and markets are preparing for this strategy should he be named Prime Minister. World equity markets fell, after yesterday’s loss in the Dow.  US Futures are positive at this time.  JP Morgan-Chase was upgraded to a “buy” from “neutral” from UBS this morning, which is a good signal regarding the banking sector. US Futures are also higher this morning-as speculation that the data regarding the number of contracts for previously owned US homes rose for the 3rd month in a row. Oil:$72.38                                                        Gold:$1222.10  TIME FOR  EST PRIOR 7:00A.M. MBA MORTGAGE APPLICATIONS 28-May 11.30% 7:30A.M. CHALLENGER JOB CUTS YoY MAY -71.10% 10:00A.M.  PENDING HOME SALES MoM APRIL 5.50% 5.30% 10:00A.M. PENDING HOME SALES YoY APRIL 23.50% HAVE A GREAT DAY & GOOD LUCK

Forex QUICK: EURUSD consolidating in narrow trading range Posted: 02 Jun 2010 05:09 AM PDT

Challenger Job Cuts fell 65.1% from a year ago Posted: 02 Jun 2010 04:54 AM PDT The total announced job cuts from Challenger showed that 38,810 cuts were announced versus 38,326 last month which was the most recent low monthly figure.  The East led from a regional basis. East            21,285 Midwest     4,288 West             7,923 South            5,314

The NY Opening Forex Commentary is available for viewing Posted: 02 Jun 2010 04:30 AM PDT

6-2 Economic Calendar Posted: 01 Jun 2010 08:50 PM PDT

Rebroadcast of Tuesday June 1st 2010 Forex Webinar Posted: 01 Jun 2010 07:45 PM PDT Rebroadcast of Tuesday June 1st 2010 Forex Webinar >> Click here to watch

Australian GDP q/q Posted: 01 Jun 2010 06:31 PM PDT The AUD traded slightly higher after first quarter GDP came in as expected, the details are as follows: GDP (q/q) - Survey: 0.5%   Actual: 0.5%   Prior: 0.9% GDP (y/y) - Survey: 2.4%   Actual: 2.7%   Prior: 2.7%

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