Forex Market Updates & Commentary

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• EUR/GBP Facing double bottom at major support
• Forex Quick: USD/CAD goal post pressure on 1h timeframe
• Forex Morning Report- June 28th
• Personal Income and Personal Spending Remain Unchanged
• US Personal Spending and Personal Income Data Due at 8:30AM
• Eur/Jpy trading at 100 hour M/A
• 6-28 Economic Calendar
• Japan’s May Retail Sales
• UK Home Track House Prices
• G-20 Statement

EUR/GBP Facing double bottom at major support Posted: 28 Jun 2010 06:40 AM PDT EUR/GBP Facing double bottom at major support

Forex Quick: USD/CAD goal post pressure on 1h timeframe Posted: 28 Jun 2010 06:15 AM PDT Forex Quick: USD/CAD goal post pressure on 1h timeframe

Forex Morning Report- June 28th Posted: 28 Jun 2010 06:00 AM PDT Forex Morning Report- June 28th

Personal Income and Personal Spending Remain Unchanged Posted: 28 Jun 2010 05:42 AM PDT Personal Income:           Survey: 0.5%         Actual: 0.4%        Prior: 0.4%         Revised: 0.5% Personal Spending:        Survey: 0.1%         Actual: 0.2%         Prior: 0.0%        PCE Deflator:    Survey: 1.8%         Actual: 1.9%         Prior: 2.0%      PCE Core(MoM):     Survey: 0.1%         Actual: .2%         Prior: 0.1%      PCE Core(YoY):    Survey: 1.2%         Actual: 1.3%         Prior: 1.2%   EUR/USD stays calm on the news.

US Personal Spending and Personal Income Data Due at 8:30AM Posted: 28 Jun 2010 04:57 AM PDT

Eur/Jpy trading at 100 hour M/A Posted: 27 Jun 2010 10:20 PM PDT In a very quiet session thus far Eur/Jpy has been trading near its 100 hour M/A (110.71) , without yet breaking above. It will be interesting to see upon the European open if the pair can break above and subsequently trade above 111.00. If this occurs 111.50-60 level should act as resistance with both the 50% fibo and 200 hour M/A (111.60) nearby. If the pair holds another run down to its previously tested low of 109.51 is likely.

6-28 Economic Calendar Posted: 27 Jun 2010 10:06 PM PDT

Japan’s May Retail Sales Posted: 27 Jun 2010 05:51 PM PDT Japan’s May Retail Sales readings were weaker than expected, however the market did not react to the release. The details are as follows: Retail Trade (MoM) sa - Survey:-0.1%   Actual: -2.0%  Prior:0.5% Large Retailers’ Sales - Survey:-2.9%   Actual:-4.0%   Prior:-3.6% Retail Trade (YoY)  - Survey:4.8%   Actual:2.8%   Prior:4.9%

UK Home Track House Prices Posted: 27 Jun 2010 04:07 PM PDT UK’s June Hometrack Housing Prices survey rose 2.1% for the year (2.0% prior) and 0.1% for the month (0.2% prior,) giving risk a light bid off session lows.

G-20 Statement Posted: 27 Jun 2010 03:56 PM PDT The G-20 statement contained the following comments, which have a minimal affect on the opening: G-20 document to say growth returning, recovery uneven and fragile. Statement to highlight need for ’sustainable’ budgets. Statement to allow for differentiated budget plans. Statement to say global recovery faster than expected. Statement to highlight risks of current account imbalances. Statement to highlight need to safeguard economy. Statement to pledge to at least halve deficits by 2013. Statement to pledge to stabilize Debt-to-GDP ratio by 2016. Says policies to be tailored to national circumstances. Statement fiscal targets will apply to advanced economies. G-20 may back use of bank tax for some countries. ‘Sound fiscal finances’ essential for global growth. G-20 may call for increase in bank capital. New bank capital rules to phased in over time, implemented by the end of 2012. G-20 calls for currency flexibility in some emerging markets. Stimulus restoring private demand on lending. Bank capital will be ’significantly’ higher. Statement commits to meeting UN development goals by 2015. Strengthen oversight of hedge funds and derivatives. Exchange rate flexibility should reflect fundamentals. Sound fiscal stance are essential for countries. Sees risk that synchronizing cuts may hurt growth. Statement calls for coordination of Derivatives regulation. Says countries can use a range of policies, bank taxes. Biggest banks should have more intensive supervision. G-20 underscores need for offshore oil exploration saftey. Merkel (EUR): G-20 agrees on deficit and debt goals. g-20 agrees to halve deficits by 2013. G-20 agrees to start debt reductions by 2016. Haper (CAD): New risks in global economy have emerged. Must get fiscal ‘houses to order.’ G-20 should halve deficits by 2013. G-20 should reduce unemployment, poverty. G-20 is walking deficit-growth ‘tightrope.’ Osborne (GBP): UK budget received well by credit rating firms. Monetary policy wont be used to inflate debt away. UK budget aligned with G-20 aims. Monetary policy will aid growth in case of slowdown. G-20 stance on hedge fund rules helps UK. Obama (USD): US topline budget number must ’stay firm.’ Has taken several steps on deficit. Expects China will be serious on Yuan policy. China’s currency going to go up significantly. US ‘pleased’ China made this first step, positive thing. German deficit plans not more front-loaded than US. Greece has to act immediately on deficit. Global recovery is still ‘fragile.’ Countries with surplus should seek to spur growth. US has already said it will halve deficit by 2013.

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