Forex Market Updates & Commentary

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• The component pieces of the ISM Service Index
• US ISM Non-Manufacturing Data a Touch Higher
• Forex Morning Report- Oct 5th
• IMF on the Wires
• US ISM Non-Manufacturing Composite Data at 10AM
• Gold breaks and so does EURUSD with it.
• Bank of Spain Governor Miguel Ordonez on the Wires
• The NY Opening Forex Commentary is available for viewing
• ECB’s Ordonez
• Retail Sales Worse
• Euro Retail Sales at 5
• U.K. Services PMI
• UK Services PMI
• EU’s Rehn
• Euro Continues Gains on Better Final Services PMI

The component pieces of the ISM Service Index Posted: 05 Oct 2010 07:02 AM PDT Index comes in a 53.2 vs 51.5 last month Orders 54.9 vs 52.4 last month Employment 50.2 vs 48.2 last month Inventory 47.0 vs 53.5 last month Prices 60.1 vs 60.3 last month Backlogs 48.0 vs 50.5 last month The better data has the helped pressure the EURUSD on the back of better data = no selling of the dollar

US ISM Non-Manufacturing Data a Touch Higher Posted: 05 Oct 2010 07:01 AM PDT ISM Non-Manufacturing Composite-   Survey:  52.0     Actual:  53.2    Prior:  51.5

Forex Morning Report- Oct 5th Posted: 05 Oct 2010 06:25 AM PDT Forex Morning Report- Oct 5th

IMF on the Wires Posted: 05 Oct 2010 06:16 AM PDT Comments: Caring for weaker financial institutions priority Global financial system ‘achilles heel’ of recovery Sees over 4 trillion bank debt rollover in next two years Some public support still needed for banks Governments must be ready to recap, restructure some banks European banks more vulnerable to funding shock than U.S. Possible need to delay exiting unconventional measures Banking risks increased in last six months IMF cuts global write down estimates to 2.2 trillion from 2.3 trillion Imminent funding pressures on banks. Vinal sees sovereign debts stay at unprecedented levels

US ISM Non-Manufacturing Composite Data at 10AM Posted: 05 Oct 2010 06:08 AM PDT

Gold breaks and so does EURUSD with it. Posted: 05 Oct 2010 05:53 AM PDT

Bank of Spain Governor Miguel Ordonez on the Wires Posted: 05 Oct 2010 05:12 AM PDT Says: Spain economy should clearly weaken in 3rd quarter. Spains 6% deficit target is ’sacred’ Too early to tell growth will be negative in Q3 Spains economy showed ‘clear weakening’ in 3Q

The NY Opening Forex Commentary is available for viewing Posted: 05 Oct 2010 05:08 AM PDT

ECB’s Ordonez Posted: 05 Oct 2010 03:33 AM PDT Regional governments must agree to spending cuts. Must gain control of the deficit. Financing is still restrictive. Market confidence in Spain has become a main objective. In need of labour market reform. Recovery will remain mild in the coming quarters.

Retail Sales Worse Posted: 05 Oct 2010 02:01 AM PDT Eurozone retail sales came in at -0.4%. The EUR traded slightly lower following the release.

Euro Retail Sales at 5 Posted: 05 Oct 2010 01:59 AM PDT

U.K. Services PMI Posted: 05 Oct 2010 01:31 AM PDT U.K. Services PMI came in at 52.8, stronger than the 51.1 expected and 51.3 prior reading. Gbp/Usd got a 30 point lift on the heels of release, currently trading at 1.5897.

UK Services PMI Posted: 05 Oct 2010 01:29 AM PDT

EU’s Rehn Posted: 05 Oct 2010 01:21 AM PDT China and EU will work ro rebalance global growth. China commits to flexible FX policy. Need to end conflicts between China and Japan.

Euro Continues Gains on Better Final Services PMI Posted: 05 Oct 2010 01:11 AM PDT Eurozone final services PMI came in at 54.1; better than the survey of 53.6 and prior reading of 53.6. The EUR/USD is currently trading off session highs of 1.3776

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