Forex Market Updates & Commentary

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• US ISM Numbers Down as Pending Home Sales Fall Big
• Forex QUICK: EURUSD marches higher. 1.2451 next upside target
• Forex QUICK:USDCHF has key support at 1.0612 area. Trendline resistance at 1.0692
• US ISM Manufacturing and Prices Paid due at 10AM
• Forex Morning Report- July 1 2010
• Forex QUICK: USDJPY falls on weak dollar. 87.88 eyed above. 87.11 below
• Forex QUICK:GBPUSD surges higher as dollar falls
• Weaker Jobless Claims another disappointment
• Forex QUICK:EURUSD moves up on successful Spainish bond auction
• Initial Jobless Claims and Continuing Claims Higher
• Jobless Claims and Continuing Claims Due out at 8:30AM
• Bobbys Corner-Open Market-July.1.2010
• Morimoto comments
• UK Manufacturing PMI
• BOE Credit Conditions Survey

US ISM Numbers Down as Pending Home Sales Fall Big Posted: 01 Jul 2010 07:02 AM PDT ISM Manufacturing:    Survey:  59.0       Actual: 56.2         Prior: 59.7 ISM Prices Paid:    Survey: 72.0         Actual: 57.0          Prior: 77.5 Construction Spending (MoM):     Survey: 0.0%         Actual: -.2       Prior: 2.7%      Revised: 2.3% Pending Home Sales:   Survey: -14.2%         Actual: -30.0%       Prior:  6.0%   EUR/USD Trading Higher on the news.

Forex QUICK: EURUSD marches higher. 1.2451 next upside target Posted: 01 Jul 2010 06:56 AM PDT

Forex QUICK:USDCHF has key support at 1.0612 area. Trendline resistance at 1.0692 Posted: 01 Jul 2010 06:42 AM PDT

US ISM Manufacturing and Prices Paid due at 10AM Posted: 01 Jul 2010 06:40 AM PDT

Forex Morning Report- July 1 2010 Posted: 01 Jul 2010 06:33 AM PDT Forex Morning Report- July 1 2010

Forex QUICK: USDJPY falls on weak dollar. 87.88 eyed above. 87.11 below Posted: 01 Jul 2010 06:31 AM PDT

Forex QUICK:GBPUSD surges higher as dollar falls Posted: 01 Jul 2010 05:57 AM PDT

Weaker Jobless Claims another disappointment Posted: 01 Jul 2010 05:38 AM PDT The Jobless Claims is once again a dissappointment this week but the rejection of extending the Extending Benefits past the end of July will result in 3 million people losing this source of income. The Extending Benefits are not included in the weekly jobless numbers. However, since most people who receive Extended Benefits spend that money it will be a drain from the economy. With the weekly jobless claims showing weakness still (and going the wrong way), the chances of a double dip may start to gain some momentum. Efforts to extend the benefits have failed to get the needed votes as Congress fears the deficit implications of the measures.

Forex QUICK:EURUSD moves up on successful Spainish bond auction Posted: 01 Jul 2010 05:32 AM PDT

Initial Jobless Claims and Continuing Claims Higher Posted: 01 Jul 2010 05:31 AM PDT Initial Jobless Claims:     Survey: 455K         Actual: 472K          Prior: 457K          Revised: 459K Continuing Claims:           Survey: 4550K         Actual: 4616K         Prior: 4548K          Revised: 4573K   EUR/USD trading flat on the news.

Jobless Claims and Continuing Claims Due out at 8:30AM Posted: 01 Jul 2010 05:14 AM PDT

Bobbys Corner-Open Market-July.1.2010 Posted: 01 Jul 2010 05:13 AM PDT Good Morning: The FX markets were very busy in overnight trading.  The USD weakened across the board, with USD/JPY breaking into the 87 handle-the first time since December 2009.  The Euro fared well-as Spain sold 3.5 billion euros of 5 year bonds, which was the target amount they were looking for. Another positive note for the euro was comments from the ECB that they will lend 111.2 billion euros for 6 days to help EU banks after the 12 month loan expires today.  At the start of the European debt crisis-the ECB had made emergency 12 month loans available to the regions banking sector-these are the loans that are being repaid today.  The ECB will still make 3 and 6 moth loans available to the regions banks. World equity markets fell-as news that China’s manufacturing has slowed, and the faltering creditworthiness of Spain added to a global first half slump.  US futures are mostly lower at this time. Oil fell as did metals. Oil:$74.77                                                  Gold:$1241.70 Today’s data:  7:30A.M. CHALLENGER JOB CUTS YoY JUNE -65.10% 8:30A.M. INITIAL JOBLESS CLAIMS 26-Jun 455K 457K 8:30A.M. CONTINUING CLAIMS 19-JUNE 4550K 4548K 10:00A.M. ISM MANUFACTURING JUNE 59.O 59.7O 10:00A.M. ISM PRICES PAID JUNE 70.O 77.5O 10:00A.M. CONSTRUCTION SPENDING MoM   MAY -0.80% 2.70% 10:00A.M. PENDING HOME SALES MoM MAY -14.20% 6.00% 10:00A.M. PENDING HOME SALES YoY MAY 24.60% HAVE A GREAT DAY & GOOD LUCK

Morimoto comments Posted: 01 Jul 2010 01:39 AM PDT New BOJ member Morimoto made the following comments: Yen rise to affect corporate sentiment and profits. BOJ just support corporate and household activities with ample fund supply. Sees many risk factors to Japan and overseas economies. It is vital for the BOJ to show resolve to beat deflation. Japan’s business mood is steadily improving.

UK Manufacturing PMI Posted: 01 Jul 2010 01:34 AM PDT UK manufacturing PMI came in as expected at 57.6, down slightly from the prior reading of 58.0

BOE Credit Conditions Survey Posted: 01 Jul 2010 01:33 AM PDT Availability of secured credit to households is up slightly in Q2, Q3 seen down due to funding costs. Lenders report unsecured credit to households was little changed in Q2, Q3 seen up slightly. Credit availability to firms up in Q2, still rising in the third quarter. Demand for secured lending for house purchases is down slightly in second quarter, but rising in the third.

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