Forex Market Updates & Commentary

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• NZDUSD double top, but good support at 0.7134
• Low Mortgages spur on Pending Home sales
• Factory Orders a Touch Worse with Pending Home Sales Soaring
• Forex Morning Report- Sept 2
• US Pending Home Sales & Factory Orders due at 10AM
• Trichet raises growth projections. EURUSD rises
• Bobbys Corner-Open Market-Sept.2.2010
• 8:30AM Economic Data Better
• Trichet on the newswires. Key headlines
• US Jobless Claims, Nonfarm Productivity & Unit Labor Costs due at 8:30AM
• Market awaits ECBs Trichet and the weekly Initial Claims
• Eurozone PPI and Revised GDP
• UK Construction PMI
• Swiss Retails Sales y/y

NZDUSD double top, but good support at 0.7134 Posted: 02 Sep 2010 07:13 AM PDT

Low Mortgages spur on Pending Home sales Posted: 02 Sep 2010 07:05 AM PDT This are for contracted sales. They rose 5.2% but are down -20% for the year. The NE rose 6.3% The Midwest rose 4.1% The South 1.2% The West rose 11.6% Better than expected but off a low base. The last two months have shown a -2.8% and -29.9% decline and contracted sales are not closed sales. Nevertheless, the lower rates are stirring some interest from buyers.

Factory Orders a Touch Worse with Pending Home Sales Soaring Posted: 02 Sep 2010 07:02 AM PDT Factory Orders:                           Survey:  0.2%   Actual: 0.1%   Prior: -1.2%  Revised: % Pending Home Sales(MoM):   Survey: -1.0%   Actual: 5.2%   Prior: -2.6%  Revised: % Pending Home Sales(YoY):                    Actual: -20.1%   Prior: -20.1%     Durable goods orders was measured on August 25 with data coming out at 0.30% which is revised with the factory orders report which has came out at 0.10%.   Durable Goods Orders (MoM) 0.30%   3.10%    -0.10%

Forex Morning Report- Sept 2 Posted: 02 Sep 2010 06:35 AM PDT Forex Morning Report- Sept 2

US Pending Home Sales & Factory Orders due at 10AM Posted: 02 Sep 2010 06:27 AM PDT

Trichet raises growth projections. EURUSD rises Posted: 02 Sep 2010 05:56 AM PDT

Bobbys Corner-Open Market-Sept.2.2010 Posted: 02 Sep 2010 05:39 AM PDT Good Morning: A fairly stable overnight session brought no new surprises to the market.  The GBP lost some steam as UK housing showed a larger than expected drop in prices.  EZ data showed that GDP in the region printed at 1%-as expected. The  ECB left key interest rates unchanged, which was expected.  The ECB may keep themselves in “crisis mode” till next year-as the economy is still too fragile to take away any of the stimulus measures that are in place. All eyes will be on Friday morning’s  US jobs data.  Data due out at 8:30 AM Sept. 3. Asian equity markets were higher-Europe is mixed, and US Futures are marginally higher at this time. Oil:$73.49                                        Gold:$1249.50 TIME FOR EST. PRIOR 7:45A.M. ECB RATE DECISION 8:30A.M. ECB PRESS CONFERENCE 8:30A.M. NONFARM PRODUCTIVITY 2QF -1.90% -0.90% 8:30A.M. UNIT LABOR COSTS 2QF 1.20% 0.20% 8:30A.M. INITIAL JOBLESS CLAIMS 28-Aug 475K 473K 8:30A.M. CONTINUING CLAIMS 21-Aug 4440K     4456K 10:00A.M. FACTORY ORDERS JULY 0.30% -1.20% 10:00A.M. PENDING HOME SALES MoM JULY -1.00% -2.60% 10:00A.M. PENDING HOME SLAES YoY     JULY -20.10% 10:30A.M. ICSC CHAIN STORE SALES YoY AUG. 2.80% HAVE A GREAT DAY & GOOD LUCK

8:30AM Economic Data Better Posted: 02 Sep 2010 05:34 AM PDT Nonfarm Productivity:        Survey: -1.9%         Actual:  -1.8%        Prior:  -0.9%        Unit Labor Costs:           Survey: 1.2%         Actual:  1.1%         Prior:  0.2%         Jobless Claims:             Survey: 475K    Actual: 472K    Prior: 473K    Revised: 478K    Continuing Claims:         Survey: 4450K    Actual: 4456K    Prior: 4456K    Revised: 4479K

Trichet on the newswires. Key headlines Posted: 02 Sep 2010 05:33 AM PDT Rates are appriate Expect moderate pace or recovery. Latest data is stronger than expected To extend liquidity operations to January. This is an extension to get over the year end Current policy is accomodative Committed to price stability Emergency measures are temporary in nature 2010 1.4% to 1.8%  from 0.7% to 1.3%. Due to 2nd quarter 2011 0.5% to 2.3% from 0.2% to 2.2%.  INCREASED Risk to infltion are on the upside. Higher commodity prices cited Inflation estimate for 2011 1.2% to 2.2% vs prior est of 1.0% to 2.2% Medium term inflation is contained.

US Jobless Claims, Nonfarm Productivity & Unit Labor Costs due at 8:30AM Posted: 02 Sep 2010 05:01 AM PDT

Market awaits ECBs Trichet and the weekly Initial Claims Posted: 02 Sep 2010 04:55 AM PDT

Eurozone PPI and Revised GDP Posted: 02 Sep 2010 02:21 AM PDT The market was unchanged after Eurozone PPI (m/m) and revised GDP (q/q) both came in as expected with PPI reading 0.2% and GDP reading 1.0%.

UK Construction PMI Posted: 02 Sep 2010 01:33 AM PDT UK Construction PMI came in at 52.1, weaker than the 53.5 expected end 54.1 prior reading. Gbp/Usd off about 15 points since release, currently trading at 2.5387.

Swiss Retails Sales y/y Posted: 02 Sep 2010 12:18 AM PDT The franc traded slightly higher after year over year retail sales beat expectations coming in at 4.8%; better than the 2.3% forecast and prior showing of 1.0%

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