Forex Market Updates & Commentary

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• US Business Inventories Up A Half Percent From Prior
• Special Webinar: Autochartist with Ilan Azbel Wednesday May 18th
• Greek Government Advisor Papademos Comments in Frankfurt
• Fed’s Plosser on the Wires:
• EURUSD tests support at 1.4178-81 area
• US Business Inventories Due at 10AM
• Canada New House Price Index Falls
• Jobless Claims Slightly Higher as PPI Rises
• Plethora of US Data at 8:30AM
• Canada New House Price Index Data Due at 8:30
• EUR/USD falls to 5 week low 1.4135
• ECB’s Gonzalez-Paramo
• Euro-zone industrial production (m/m) -0.2%; worse than expected.
• U.K Production Data
• Juncker says Greece has lost 25% of its competitiveness since joining the Euro.

US Business Inventories Up A Half Percent From Prior Posted: 12 May 2011 07:01 AM PDT Business Inventories:    Survey: 0.9%      Actual: 1.0%    Prior: 0.5%    Revised: 0.7% March vs February Business Inventories Breakdown: Retail Inventories:   0.9% vs  -0.1% Ex-Autos:   0.8% vs. 0.3% Motor Vehicles:   1.2% vs. -0.9% Furniture:   1.0% vs. -1.1% Building Material:  0.9% vs 0.7% Food & Beverage:   0.2% vs 0.1% Clothing:   0.7% vs 0.5% General Merchandise:   0.7% vs  0.6% Dept. Stores:  0.2% vs 0.7%

Special Webinar: Autochartist with Ilan Azbel Wednesday May 18th Posted: 12 May 2011 07:00 AM PDT FXDD will be hosting a Special Webinar with Autochartist CEO Ilan Azbel Wednesday May 18th at 1pm. This tool is free for all FXDD live account holders and as such, this is one training that you want to attend. The class is free to take part in and all you need to do is Register here

Greek Government Advisor Papademos Comments in Frankfurt Posted: 12 May 2011 06:59 AM PDT Says: Greek public needs ‘reassureance’ over debt plan Greek debt restructuring undesirable, not needed Greek debt restructuring would hurt Euro bank system If program implemented restructuring will not be necessary Europes debt crisis will be resolved ECB’s April rate increase sent important signal Loose policy globally encouraging risk taking

Fed’s Plosser on the Wires: Posted: 12 May 2011 06:51 AM PDT Says; Sees possibility FOMC will ‘go on hold’ with policy ‘It’d be nice’ if FED had plan for future QE2 is ‘done for all intents and purposes’ No QE3 ‘unless something dramatic happens’ Fed ‘actively discussing’ how to remove stimulus No ‘disruptive effects’ when bond purchases end ‘Wouldnt be surprised’ if FED had to act this year

EURUSD tests support at 1.4178-81 area Posted: 12 May 2011 06:40 AM PDT The EURUSD move below the 38.2% and back above the retracement level at the 1.4150 level should give the dip buyers in play today with risk being a move back below the 1.4150 and the low for the day.  I would expect to see some buying at the 1.4178 area (see 5 minute chart above). if the price can hold this level it gives a green light for a continuation of a potential move back toward the highs. IF not it “muddies the water” as the price would be below the 50% of the days range and the 100 bar MA on the 5 minute chart. A move to 1.150 would likely ensue but the day may also be a consolidation variety too.

US Business Inventories Due at 10AM Posted: 12 May 2011 06:02 AM PDT

Canada New House Price Index Falls Posted: 12 May 2011 05:33 AM PDT

Jobless Claims Slightly Higher as PPI Rises Posted: 12 May 2011 05:32 AM PDT Jobless Claims:  Survey:  430K    Actual: 434K   Prior: 474K    Revised:  478K    Continuing Claims:  Survey: 3700K    Actual:  3756K    Prior: 3733K  Revised: 3751K Producer Price Index (MoM):     Survey: 0.6%    Actual: 0.8%       Prior: 0.7%   PPI Ex Food & Energy (MoM):    Survey: 0.2%    Actual: 0.3%       Prior: 0.3%    Producer Price Index (YoY):     Survey:  6.5%    Actual: 6.8%      Prior: 5.8%     PPI Ex Food & Energy (YoY):     Survey: 2.1%    Actual: 2.1%     Prior: 1.9% Advance Retail Sales:     Survey:  0.6%     Actual:  0.5%      Prior:  0.4%    Revised:  0.9% Core Retail Sales:    Survey:  0.6%    Actual: 0.6%    Prior: 0.8%     Revised:  1.2%

Plethora of US Data at 8:30AM Posted: 12 May 2011 04:37 AM PDT

Canada New House Price Index Data Due at 8:30 Posted: 12 May 2011 04:31 AM PDT

EUR/USD falls to 5 week low 1.4135 Posted: 12 May 2011 02:50 AM PDT

ECB’s Gonzalez-Paramo Posted: 12 May 2011 02:26 AM PDT Crisis has put EUR to the test. Default in Greece would have extreme adverse consequences. Structural reforms, fiscal condolidation only way forward for Greece. Greek debt restructure chatter “dangerous and unwelcome distraction”. Greek Euro membership rules out debt devaluation spirals.

Euro-zone industrial production (m/m) -0.2%; worse than expected. Posted: 12 May 2011 02:04 AM PDT The euro is re-testing session lows following the release.

U.K Production Data Posted: 12 May 2011 01:31 AM PDT Manufacturing Production (m/m) - Survey: 0.3%   Actual: 0.2%   Prior: 0.0% Industrial Production (m/m) - Survey: 0.9%   Actual: 0.3%   Prior: -1.2% The GBP sold off accross the board, losing 30+ pips against the USD. The pair currently trades off session lows.

Juncker says Greece has lost 25% of its competitiveness since joining the Euro. Posted: 12 May 2011 01:14 AM PDT He also believes that Greece needs to consolidate more in order to keep Euro stable.

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