Forex Market Updates & Commentary

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• University of Michigan Higher Along with ISM Data
• Forex Morning Report- October 01
• University of Michigan Confidence at 9:55AM
• Fed President William Dudley on the Wires
• Bobbys Corner-Open Market-Oct.1.2010
• US Personal Income & Spending Data Higher
• US Personal Income & Personal Spending Data at 8:30AM
• Eurozone Unemployment Rate
• Eurozone Unemployment at 5 am
• UK Manufacturing Index
• EUR/USD Completes Full Daily Retracement
• Italian Monthly Unemployment Slightly Better
• EUR/CHF Approaching Daily Resistance
• Due Up In 20 Minutes…
• Swiss Retail Sales Worse Than Expected

University of Michigan Higher Along with ISM Data Posted: 01 Oct 2010 07:01 AM PDT Manufacturing:    Survey:  54.5       Actual:  54.4         Prior: 56.3 ISM Prices Paid:    Survey: 59.0         Actual:  70.5          Prior: 61.5 Construction Spending (MoM):     Survey: -0.4%         Actual: .4%       Prior:  -1.0%      Revised: -.8%

Forex Morning Report- October 01 Posted: 01 Oct 2010 06:40 AM PDT Forex Morning Report- October 01

University of Michigan Confidence at 9:55AM Posted: 01 Oct 2010 06:03 AM PDT

Fed President William Dudley on the Wires Posted: 01 Oct 2010 05:48 AM PDT Comments: Fed has tools to provide additional stimulus at costs that do not appear prohibitive. more fed action warranted unless outlook changes fed would need to be clear, credible in asset purchases mistaken  to see asset purchases as monetizing debt fall in inflation expectations may increase real rates current unemployment inflation rate ‘unacceptable’ Fed profit/loss less important than fulfilling mandate ‘mistaken’ to see asset purchases as monetizing debt fed would need to be clear credible in asset purchases fed can reduce deflation risk by clarifying its intent inflation below level consistent with price stability ‘credit conditions are still tight’ U.S. economic recovery is still ‘tepid’

Bobbys Corner-Open Market-Oct.1.2010 Posted: 01 Oct 2010 05:42 AM PDT Good Morning: We start the 3rd Quarter with the USD weak-and and the Dow in the mid 10k level. The USD dropped to the lowest level against the euro since March as speculation mounts that the Fed will need to act quickly to shore up the faltering US economy. Reports that Chinese manufacturing in the world’s 2nd largest economy is expanding, and showing  strong growth for 2010. Asian equity markets were mostly higher, and European Indexes are all in positive territory. US Futures are also pointing to a higher opening this morning. Oil and Gold were higher-as was the commodity markets in general. Oil:$81.17                                                       Gold:$1317.80  TIME FOR EST. PRIOR 8:30A.M. PERSONAL INCOME AUG. 0.30% 0.20% 8:30A.M. PERSONAL SPENDING AUG. 0.30% 0.40% 8:30A.M. PCE DEFLATOR YoY AUG. 1.50% 1.50% 8:30A.M. PCE CORE MoM AUG. 0.10% 0.10% 8:30A.M. PCE CORE YoY AUG. 1.40% 1.40% 9:55A.M. U. OF MICHIGAN CONFIDENCE  SEP.F 67.O     66.6O 10:00A.M. ISM MANUFACTURING  SEP.     54.5O     56.3O 10:00A.M. ISM PRICES PAID SEP. 59.O 61.5O 10:00A.M. CONSTRUCTION SPENDING MoM     AUG. -0.40% -1.00% HAVE A GREAT WEEKEND-DAY & GOOD LUCK

US Personal Income & Spending Data Higher Posted: 01 Oct 2010 05:31 AM PDT Personal Income:           Survey: 0.3%         Actual: 0.5%        Prior: 0.2%          Personal Spending:        Survey: 0.3%         Actual: 0.4%         Prior: 0.4%        PCE Deflator:    Survey: 1.5%         Actual: 1.5%         Prior: 1.5%         PCE Core(MoM):     Survey: 0.1%         Actual: 0.1%         Prior: 0.1%       PCE Core(YoY):    Survey: 1.4%         Actual: 1.4%         Prior: 1.4%

US Personal Income & Personal Spending Data at 8:30AM Posted: 01 Oct 2010 05:17 AM PDT

Eurozone Unemployment Rate Posted: 01 Oct 2010 02:01 AM PDT Eurozone Unemployment Rate for August came in at 10.1%, higher than the 10.0% expected.

Eurozone Unemployment at 5 am Posted: 01 Oct 2010 01:34 AM PDT

UK Manufacturing Index Posted: 01 Oct 2010 01:32 AM PDT The UK manufacturing index dropped to a 10 month low coming in at 53.4; slightly worse then the 53.9 forecast and 54.3 prior reading.

EUR/USD Completes Full Daily Retracement Posted: 01 Oct 2010 01:26 AM PDT Yesterday we said that the next daily target for the EUR/USD pair was the 100.0% fibo line at 1.36910. Just now it made a new session high of 1.3703, breaking through that line. It will be interesting to see if this level now acts as resistance, or if the pair can close above it which would be a bullish sign for the pair.

Italian Monthly Unemployment Slightly Better Posted: 01 Oct 2010 01:06 AM PDT The market had a limited reaction after Italy’s monthly unemployment came in at 8.2% versus the forecast of 8.5% and prior reading of 8.4%. Additionally, Eurozone manufacturing PMI was in line at 53.6.

EUR/CHF Approaching Daily Resistance Posted: 01 Oct 2010 01:04 AM PDT The euro has been trading continually higher across the board for the past few hours. EUR/CHF is approaching some possibly resistance around the 1.34537 level; daily resistance from the beginning of August. Just past that we have the 61.85 fibo line on the move from the high on August 9th to the low on September 8th. If the trend reverses, the first downside target would be the 50.0% line at 1.33425.

Due Up In 20 Minutes… Posted: 01 Oct 2010 12:44 AM PDT

Swiss Retail Sales Worse Than Expected Posted: 01 Oct 2010 12:16 AM PDT Retail Sales came in at 0.5% versus the 3.2% forecast and 4.7% prior reading. The market had a minimal reaction to the release.

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