Forex Market Updates & Commentary

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• US Senators Plan to Introduce Repatriation Tax Bill
• Irish Finance Minister States the Euro is a ‘Very Solid Currency’
• ISM Chairman Nieves on the Wires
• US ISM-Non Manufacturing Composite Falls to 53.0
• Ask the Chartist with James Chen – Webinar Today, Oct 5 at 10:00 AM ET
• The NY Morning Forex Commentary for October 5th 2011
• Rumor of US think tank report of an ECB easing
• US ISM Non-Manufacturing Composite Data at 10AM
• ADP Employment Change Stays Same as Prior at 91K
• Bobbys Corner-Open Market-Oct.5.2011
• US Employment Change Data Due at 8:15AM
• Challenger Job Cuts 212% Higher Than One Year Ago
• EZ Retail Sales drop 0.3% in August
• UK GDP rises 0.1% on quarter and 0.6% for year, weaker than expected
• UK Services PMI stronger than expected

US Senators Plan to Introduce Repatriation Tax Bill Posted: 05 Oct 2011 07:43 AM PDT This is a bill proposing tax breaks for US companies that bring home foreign profits. Very positive news for the dollar.

Irish Finance Minister States the Euro is a ‘Very Solid Currency’ Posted: 05 Oct 2011 07:29 AM PDT

ISM Chairman Nieves on the Wires Posted: 05 Oct 2011 07:20 AM PDT Says: Drop in employment is ‘tell-tale sign’ Service companies cautious and uncertain Employment drop shows loss of confidence Report shows ‘slow’, incremental growth’ Employment needs to improve to spur growth Companies remain hesitant, controlling cost Tight inventory control

US ISM-Non Manufacturing Composite Falls to 53.0 Posted: 05 Oct 2011 07:06 AM PDT Manufacturing Composite:   Survey: 52.8   Actual: 53.0    Prior: 53.3 August vs July 2011 Prices Paid: 61.9 vs 64.2 New Orders:  56.5 vs 52.8 Backlog of Orders:  52.5 vs 47.5   Inventory Change: 51.5 vs 53.5 Employment: 48.7 vs 51.6 ISM Employment data falls sharply.

Ask the Chartist with James Chen – Webinar Today, Oct 5 at 10:00 AM ET Posted: 05 Oct 2011 06:21 AM PDT Please join us today (Wednesday, October 5) at 10:00 AM ET for FXDD’s Ask the Chartist with James Chen. This free webinar will feature answers to questions from the audience regarding forex trading, technical analysis, and trading strategies. Please click here to register: https://www1.gotomeeting.com/register/149915497 .

The NY Morning Forex Commentary for October 5th 2011 Posted: 05 Oct 2011 05:51 AM PDT

Rumor of US think tank report of an ECB easing Posted: 05 Oct 2011 05:39 AM PDT That news could be interpreted two separate ways by the market. 1. Bad for the EURUSD as the interest rate differential is narrowing 2. Good for “risk” which has been good for the EURUSD. Support comes in a 1.3310-14 currently.   For shorts a break of this target should lead to further selling with the the trendline at the 1.3286 level being the next target for the pair.

US ISM Non-Manufacturing Composite Data at 10AM Posted: 05 Oct 2011 05:22 AM PDT

ADP Employment Change Stays Same as Prior at 91K Posted: 05 Oct 2011 05:17 AM PDT   Employment Change:  Survey: 75K    Actual: 91K    Prior: 91K       September vs August 2011 Small Firms(1-49):  49,382 vs 49,322  Level Change: 60 vs 58 Medium Firms(50-499):  42,099 vs 42,063  Level Change: 36 vs 31 Large Firms (499):  17,455 vs 17,460 Level Change:  -5 vs 0 Manufacturing: 11,663 vs 11,668 Level Change: -5 vs -7 %Manf. Jobs: 10.7% vs 10.7% Goods-Producing: 17,835 vs 17,834 Level Change: 1 vs 6 %Goods Produced: 16.4 vs 16.4 Service-Producing: 91,101 vs 91,011 Level Change: 90 vs 83 %Service Produced: 83.6 vs 83.6

Bobbys Corner-Open Market-Oct.5.2011 Posted: 05 Oct 2011 05:16 AM PDT Good Morning: A fairly calm overnight session-especially after yesterday’s see saw in the US equity markets.  For those who missed it-the Dow was off as much as 260 points-but in the latter part of the day the markets rallied to end the day 150 points higher.   The Euro picked up-after declining against the USD.  It is now back in the mid 1.33 level.  The GBP lost ground, and moved to the lowest level against the USD in almost 1 year.  UK government data indicated that the economy grew less than expected last quarter.  This will add pressure to the Bank of England to keep interest rates low for the foreseeable future.  Rumors in the market point to the BOE continuing, if not increasing, it’s bond purchasing program.  Additionally, some Asian currencies are seeing strength, as investors anticipate continued monetary easing in Europe and the US to boost the struggling world economies.  World equity markets rose, and US Futures are also higher at this time. TIME       FOR EST. PRIOR 7:00A.M. MBA MORTGAGE APPLICATIONS 30-Sep   9.30% 7:30A.M. CHALLENGER JOB CUTS YoY SEPT.   47.00% 8:15A.M. ADP EMPLOYMENT CHANGE     SEPT.      70K 91K 10:00A.M. ISM NON-MANUF. COMPOSITE SEPT. 52.8O 53.3O HAVE A GREAT DAY & GOOD LUCK

US Employment Change Data Due at 8:15AM Posted: 05 Oct 2011 04:37 AM PDT

Challenger Job Cuts 212% Higher Than One Year Ago Posted: 05 Oct 2011 04:33 AM PDT

EZ Retail Sales drop 0.3% in August Posted: 05 Oct 2011 02:05 AM PDT EZ Retail sales m/m came in at -0.3%, weaker than the -0.2% expected.

UK GDP rises 0.1% on quarter and 0.6% for year, weaker than expected Posted: 05 Oct 2011 01:36 AM PDT Final GDp q/q came in at 0.1%, weaker than the 0.2% expected. Y/y came in at 0.6%, weaker than the 0.7% expected. Gbp/Usd traded down to 1.5445 on news.

UK Services PMI stronger than expected Posted: 05 Oct 2011 01:32 AM PDT UK Services PMI came in at 52.9, stronger than the 50.6 expected.

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