Forex Market Updates & Commentary

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• Durable Goods Revisions Positive
• US Consumer Sentiment Up
• Trichet Interview with Interconomia Radio
• Forex Weekly Wrap Show with Shawn Powell and Jason Galano TODAY at 12:30pm
• US CPI Data Stays According to Forecast
• US Consumer Price Index Data Due at 8:30AM
• EU’s Rehn
• Euro flash GDP (q/q) 0.8%; better than expected.
• Trichet speaks in Madrid
• Euro lower after Moody’s downgrades the rating of Greek structured finance transactions.
• Italian prelim GDP 0.1%; worse than expected.
• Greece PM Papendreou on the wires
• CHF PPI (m/m) 0.3%
• Swiss PPI @ 3:13 (eastern)
• Euro falls after ECB’s Nowotny says it appears Greece has not sufficiently fullfilled rescue package terms of late.

Durable Goods Revisions Positive Posted: 13 May 2011 07:22 AM PDT US March Durables excluding transportation were revised to 2.3% previously from 1.8.  Durables Excluding defense revised to 3.7 from 2.8.

US Consumer Sentiment Up Posted: 13 May 2011 07:02 AM PDT Consumer Sentiment: Survey: 70.0  Actual: 72.4  Prior: 69.8

Trichet Interview with Interconomia Radio Posted: 13 May 2011 06:33 AM PDT Says: Will look at new projections in June Extraordinary measures separate from monetary policy Central banks duty is to avoid 2nd round effects We are never pre-committed We are inflexible on preserving price stability We have delivered price stability ECB is asking Greece to apply the plan Plan, fiscal goals must be applied in Greece CAJA situation better than a month ago in Spain Spain’s credibility has improved ‘impressively’ Much still to be done in Spain Growth data encouraging

Forex Weekly Wrap Show with Shawn Powell and Jason Galano TODAY at 12:30pm Posted: 13 May 2011 06:30 AM PDT Weekly Wrap Show with Shawn Powell and Jason Galano Friday at 12:30pm Register now

US CPI Data Stays According to Forecast Posted: 13 May 2011 05:31 AM PDT Consumer Price Index(MoM):   Survey: 0.4%    Actual: 0.4%   Prior: 0.5%   CPI Ex Food & Energy(MoM):    Survey: 0.2%    Actual: 0.2%   Prior: 0.1%    Consumer Price Index(YoY):    Survey: 3.1%    Actual: 3.2%   Prior: 2.7%   CPI Ex Food & Energy(YoY):    Survey: 1.3%   Actual: 1.3%   Prior: 1.2%   CPI Core Index SA:    Actual: 223.745  Prior: 223.331   Consumer Price Index NSA:    Survey: 224.715    Actual: 224.906   Prior: 223.467

US Consumer Price Index Data Due at 8:30AM Posted: 13 May 2011 04:59 AM PDT

EU’s Rehn Posted: 13 May 2011 02:56 AM PDT EU forecasts assume oil price of $117 a barrel. Risks to inflation outlook tilted to the upside. Increasing EU government debt levels are unsustainable. Spain is decoupling from Ireland, Portugal, and Greece. Italy must start soon to reduce public debt. Interest rates on EU loans to Portugal are in line with IMF policy. Portugal economy faces significant challenges, and Portugal needs to take bold steps.

Euro flash GDP (q/q) 0.8%; better than expected. Posted: 13 May 2011 02:03 AM PDT

Trichet speaks in Madrid Posted: 13 May 2011 01:34 AM PDT Consistent aim in the crisis is to protect the real economy from financial distress. Reform on financial markets must create greater transparency for market segments and products. Basel III implementation should bring substantial long term benefits. Must level global playing field needed on bank rules. We are about half way through the reforms that the crisis has demanded. it is an absolute obligation to do whatever is necessary to reinforce resilience and ensure growth.

Euro lower after Moody’s downgrades the rating of Greek structured finance transactions. Posted: 13 May 2011 01:30 AM PDT

Italian prelim GDP 0.1%; worse than expected. Posted: 13 May 2011 01:04 AM PDT

Greece PM Papendreou on the wires Posted: 13 May 2011 12:53 AM PDT * Greek drama is European drama * initial positive results, exports doing well * IMF says no need for restructuring * there is systematic contradiction in Europe * Europe should move towards a common bond; playing the blame game at moment * Greece remains frontline state of stability; key for stability in Balkans

CHF PPI (m/m) 0.3% Posted: 13 May 2011 12:15 AM PDT

Swiss PPI @ 3:13 (eastern) Posted: 13 May 2011 12:10 AM PDT

Euro falls after ECB’s Nowotny says it appears Greece has not sufficiently fullfilled rescue package terms of late. Posted: 12 May 2011 11:53 PM PDT

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