Forex Market Updates & Commentary

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• The Week Ahead from FXDD
• Personal Income & Spending Lower, PCE Slightly Higher
• NY Morning Forex Commentary for June 27th
• US Personal Income, Spending & Core PCE Due at 8:30AM
• ECB’s Stark on the wires…
• Germany’s Seibert says Germany is working on all fronts to bolster the euro.
• According to EU sources, French plan to roll over Greek debt is being discussed by EU officials with IIF.
• Sarkozy says cutting spending alone won’t solve Greece’s problems.
• EUR/$ approaching 1.4200 handle.
• German Deputy Finance Minister Asmussen on the wires….
• The Greek finance ministry is considering calling an amnesty for people with unpaid back taxes from 2010 to recouop part of the lost revenue.
• Moody’s says continued deposit outflows are credit negative for Greek banks.
• 6-27 Calender
• Kiwi Trade Balance – Worse

The Week Ahead from FXDD Posted: 27 Jun 2011 06:10 AM PDT

Personal Income & Spending Lower, PCE Slightly Higher Posted: 27 Jun 2011 05:32 AM PDT Personal Income:   Survey: 0.4%     Actual:  0.3% Prior: 0.4%   Revised: 0.3% May vs. April 2011 Personal Income:  0.3% vs 0.3% Compensation:  0.2% vs 0.4% Wage & Salary:  0.2% vs 0.4% Disposable Inc:  0.2% vs 0.2% Personal Spending:   Survey: 0.1%    Actual: 0.0% Prior: 0.4% PCE Core(MoM):     Survey: 0.2% Actual:  0.3% Prior: 0.2% PCE Core(YoY):    Survey:  1.1% Actual:  1.2% Prior:  1.0% PCE Deflator:    Survey: 2.5% Actual:  2.5% Prior: 2.2%

NY Morning Forex Commentary for June 27th Posted: 27 Jun 2011 05:14 AM PDT

US Personal Income, Spending & Core PCE Due at 8:30AM Posted: 27 Jun 2011 04:17 AM PDT

ECB’s Stark on the wires… Posted: 27 Jun 2011 03:39 AM PDT ECB is very vigilant and will do all to preserve stability of the euro. Greek restructuring would threaten solvency of Greek banks, impact of Eurozone financial markets, lead to sell off in other sovereign bonds. Quick and full implementation of EU/IMF program is best way forward for crisis hit countries. Greek debt restructuring could eclipse the impact of the Lehman insolvency. ECB rejects any solution that involves credit event, rating cut to selective default or lower PSI. Will continue to pursue stability oriented policy for all of the Eurozone, and preserve its independence. EU commission says all Eurozone officials, including commission experts are attending Rome meeting on Greek crisis.

Germany’s Seibert says Germany is working on all fronts to bolster the euro. Posted: 27 Jun 2011 03:21 AM PDT

According to EU sources, French plan to roll over Greek debt is being discussed by EU officials with IIF. Posted: 27 Jun 2011 03:20 AM PDT

Sarkozy says cutting spending alone won’t solve Greece’s problems. Posted: 27 Jun 2011 02:14 AM PDT

EUR/$ approaching 1.4200 handle. Posted: 27 Jun 2011 02:12 AM PDT The euro is recouping losses from last Friday, after the currency weakened against the USD following better than expected GDP data out of the United States. With no data releases to start the week, we are seeing some choppy trading in the European currencies. In the last hour we have seen the EUR/USD move higher through the 100 hour moving average and 38.2% line (on the move from Friday’s high to today’s low). Our next target higher is 1.42035 where we find the 50.0% retracement line and 200 hour moving average.

German Deputy Finance Minister Asmussen on the wires…. Posted: 27 Jun 2011 02:02 AM PDT Eurozone is prepared for future sovereign debt crisis through rescue mechanisms. ESM is very close to idea of European currency fund. Greek austerity measures so far deserve respect; however Greece still needs to do more. Euro is in danger of losing legitimacy. Eurozone crisis management can buy time to answer fundamental questions on Europe. Must be prepared for losing Greed parliamentary vote on reforms. Bondholder role in Greek aid must be voluntary, wants as much as possible from private sector. Detb crisis is not a currency crisis. Budget situation is better than in Japan and US. We are on the way to a global multipolar currency system.

The Greek finance ministry is considering calling an amnesty for people with unpaid back taxes from 2010 to recouop part of the lost revenue. Posted: 27 Jun 2011 12:17 AM PDT

Moody’s says continued deposit outflows are credit negative for Greek banks. Posted: 26 Jun 2011 11:08 PM PDT Outflows could cause a severe cash shortage if they increased beyond 35% of deposits within a short period of time.

6-27 Calender Posted: 26 Jun 2011 09:18 PM PDT

Kiwi Trade Balance – Worse Posted: 26 Jun 2011 04:09 PM PDT The New Zealand Trade Balance reading came in ~40% below expectations at 605M surplus vs. the 1B survey. Rising imports +4.021B (expected 3.75B)  beat shrinking exports of 4.626B (4.725B expected) causing the disappointing release which pushed the NZD/USD to session lows as it holds the 80 cent handle for now as we see the USD firming across the board. The pair has found support early in Asia at the trending 21 day moving average.

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