Forex Market Updates & Commentary

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• Forex QUICK: EURUSD breaks through intraday floor and extends downside move
• ISM Non Manufacturing stayed unchanged from last month. A little weaker than expected
• Forex Morning Report- June 3
• Fed’s Lockhart on wires
• Forex QUICK: GBPUSD trades with a slight bearish bias. Key support at 1.4624-28 today.
• Initial Claims come in as expected
• Forex QUICK: EURUSD trading like it should from tech perspective in early NY trade
• ADP Employment Change +55K jobs
• Forex QUICK:USDCAD bottomed? A technical look at the pair.
• Bobbys Corner-Open Market-June.3.2010
• ADP NonFarm Employment Change due at 8:15 AM
• Forex QUICK:USDJPY testing key resistance at 92.67-81 area
• Feds Lockhart on the newswires
• New York Opening Forex Commentary is available for viewing
• Eurozone Retaul Sales

Forex QUICK: EURUSD breaks through intraday floor and extends downside move Posted: 03 Jun 2010 07:10 AM PDT

ISM Non Manufacturing stayed unchanged from last month. A little weaker than expected Posted: 03 Jun 2010 07:03 AM PDT EMPLOYMENT INDEX 50.4 AFTER 49.5 LAST MONTH BACKLOGS INDEX 56.0 AFTER 49.5 LAST MONTH PRICES INDEX 60.6 AFTER 64.7 LAST MONTH INVENTORY INDEX 62.5 AFTER 54.5 LAST MONTH ORDERS INDEX 57.1 AFTER 58.2 LAST MONTH BUSINESS ACTIVITY AT 61.1 VS 60.3 LAST MONTH

Forex Morning Report- June 3 Posted: 03 Jun 2010 06:23 AM PDT Forex Morning Report- June 3

Fed’s Lockhart on wires Posted: 03 Jun 2010 05:59 AM PDT Says: Would like to see evidence employment is improving

Forex QUICK: GBPUSD trades with a slight bearish bias. Key support at 1.4624-28 today. Posted: 03 Jun 2010 05:56 AM PDT

Initial Claims come in as expected Posted: 03 Jun 2010 05:32 AM PDT Productivity is revised lower to 2.8% from 3.4%. This might be bearish for stocks as lower productivity gains hits the bottom line for corporations, but it is old news.

Forex QUICK: EURUSD trading like it should from tech perspective in early NY trade Posted: 03 Jun 2010 05:30 AM PDT

ADP Employment Change +55K jobs Posted: 03 Jun 2010 05:15 AM PDT This is probably weaker than what the market might have been looking for given a 500K estimate for NFP on Friday.  The prior month was revised to 65 from 32K. SMall business up 13 K, Medium businesses up 39K, and Large business up 3K. Service jobs added 78K and Manufacturing rose 15K The USDJPY fell on the news and weaker data.  The USDJPY has support at the 92.54  level and the 100 bar MA on the 5 minute chart at the 92.49 level.

Forex QUICK:USDCAD bottomed? A technical look at the pair. Posted: 03 Jun 2010 05:14 AM PDT

Bobbys Corner-Open Market-June.3.2010 Posted: 03 Jun 2010 05:12 AM PDT Good Morning: The JPY traded lower overnight as signs that the global economy is getting stronger-thus dampening the demand for the Japanese currency as a safe haven.  The JPY also declined due to the political changes going on in Japan. Prime Minister Hotoyama resigned and Finance Minister Kan is expected to fill his shoes, and Kan has already made comments that he wants the JPY to weaken-as a higher yen slows profits for exporters, who have lead Japan’s recovery.  World equity markets rose, and US Futures are higher at this time.  Commodities also rallied, after GM and Ford announced higher than expected sales increases for May. Oil:$73.25                                                       Gold:$1218.50    Today’s data: 8:15A.M. ADP EMPLOYMENT CHANGE MAY 70K 32K 8:30A.M. NONFARM PRODUCTIVITY 1QF 3.40% 3.60% 8:30A.M. UNIT LABOR COSTS 1QF -1.40% -1.60% 8:30A.M. INITIAL JOBLESS CLAIMS 29-May 453K 460K 8:30A.M. CONTINUING CLAIMS 22-May 4610K 4607K 10:00A.M. FACTORY ORDERS  APRIL 1.80% 1.30% 1.10% 10:00A.M. ISM NON MANUF.COMPOSITE MAY  55.6O  55.4O 10:30A.M. ICSC CHAIN STORE SALES Y  YoY MAY 0.80%   HAVE A GREAT DAY & GOOD LUCK

ADP NonFarm Employment Change due at 8:15 AM Posted: 03 Jun 2010 05:00 AM PDT The forecast bears no resemblance to Fridays NFP estimates which are pushing 500,000 due to cencus workers. Also released at 8:30 will be the Nonfarm Productivity for the 1Q. This is a revised number. The expectation is for a decline to 3.4% from 3.6%.  The Unit Labor Costs are expected to show a decline of -1.4% from -1.6%.  Finally Jobless Claims are expected to show a fall to 455K from 460K.  The Continuing Claims are expected to stay relatively unchanged at 4610K vs 4607K

Forex QUICK:USDJPY testing key resistance at 92.67-81 area Posted: 03 Jun 2010 04:45 AM PDT

Feds Lockhart on the newswires Posted: 03 Jun 2010 04:31 AM PDT Says time is approaching to weigh recalibrating policy. Also conditions requiring policy change not yet at hand. He sees improvement in jobs market and that confidence is “warranted” for US growth.

New York Opening Forex Commentary is available for viewing Posted: 03 Jun 2010 04:25 AM PDT

Eurozone Retaul Sales Posted: 03 Jun 2010 02:03 AM PDT Eurozone Retail Sales m/m came in at-1.2%, weaker than the 0.1% expected and prior reading of 0.0%. Seemingly bad number for the Euro but market not reacting as such. Eur/Usd escalated above 1.2300 upon release.

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Forex Market Updates & Commentary

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• EURUSD remains contained after holding support at 1.2178
• The Pending Home sales show better sales. USDJPY pushes topside resistance
• Pending Home Sales Higher
• USDCAD falls and bounces
• US Pending Home Sales Data Due at 10AM
• Forex Morning Report- June 2
• Forex QUICK: EURUSD fall below 1.2203 support and tests 1.2178 level
• Bank of England King on newswires
• Bobbys Corner-Open Market-June.2.2010
• Forex QUICK: EURUSD consolidating in narrow trading range
• Challenger Job Cuts fell 65.1% from a year ago
• The NY Opening Forex Commentary is available for viewing
• 6-2 Economic Calendar
• Rebroadcast of Tuesday June 1st 2010 Forex Webinar
• Australian GDP q/q

EURUSD remains contained after holding support at 1.2178 Posted: 02 Jun 2010 07:28 AM PDT The EURUSD tested the support at the 1.2178 level and bounced back higher (see chart below for support).  The 100 and 200 bar MA on the 5 minute chart remain a level to eye on the upside. They come in at the 1.2220-23 levels respectively (blue and green lines above).  The bias remains bearish for the EURUSD but the market needs a push and it seems to be punch drunk from yesterdays short squeeze higher.  A failure to get that push, will get players frustrated, lead to covering and we will likely lead to  seeing  how hard the market can push to the upside.  Patience and trading at key inflection points (like the 100 and 200 bar MA outlined above) will keep risk to a minumum as the market decides on the next directional move.

The Pending Home sales show better sales. USDJPY pushes topside resistance Posted: 02 Jun 2010 07:04 AM PDT The 6% gain was also pushed by a revised 7.1% gain from 5.3% in the March.  The USDJPY is back up testing the high for the day at the 92.16 on the news. A move above the high would look to target the 92.47 level.

Pending Home Sales Higher Posted: 02 Jun 2010 07:02 AM PDT Pending Home Sales (MoM):      Survey: 5.0%           Actual: 6.0%          Prior: 5.3%           Revised: 7.1% Pending Home sales rose by a revised 7.1% in march the figure as previously recorded 5.3% Home Sales index up for the third straight month. Euro trading lower on the news, USD/JPY higher.

USDCAD falls and bounces Posted: 02 Jun 2010 06:55 AM PDT The USDCAD fell through the 200 day MA at the 1.0474 level and fell to the 1.0445 level. However, it has bounced back higher . Look for sellers against the 1.0496 level which was a floor from earlier today.  The quick bounce back, takes some of the steam out of the market.  It seems the market action yesterday took the wind out of the market a bit and lost some players who are licking their wounds.

US Pending Home Sales Data Due at 10AM Posted: 02 Jun 2010 06:42 AM PDT

Forex Morning Report- June 2 Posted: 02 Jun 2010 06:30 AM PDT Click here to view the embedded video. Forex Morning Report- June 2

Forex QUICK: EURUSD fall below 1.2203 support and tests 1.2178 level Posted: 02 Jun 2010 06:06 AM PDT

Bank of England King on newswires Posted: 02 Jun 2010 05:48 AM PDT Says tht UK inflation on track for 2% in the medium term.

Bobbys Corner-Open Market-June.2.2010 Posted: 02 Jun 2010 05:12 AM PDT Good Morning: The JPY lost ground in overnight trading after Prime Minister Hatoyama announced his resignation.  Speculation mounts that Finance Minister Kan will succeed Hatoyama.  Kan has made several comments in the past of his desire to weaken the JPY, and markets are preparing for this strategy should he be named Prime Minister. World equity markets fell, after yesterday’s loss in the Dow.  US Futures are positive at this time.  JP Morgan-Chase was upgraded to a “buy” from “neutral” from UBS this morning, which is a good signal regarding the banking sector. US Futures are also higher this morning-as speculation that the data regarding the number of contracts for previously owned US homes rose for the 3rd month in a row. Oil:$72.38                                                        Gold:$1222.10  TIME FOR  EST PRIOR 7:00A.M. MBA MORTGAGE APPLICATIONS 28-May 11.30% 7:30A.M. CHALLENGER JOB CUTS YoY MAY -71.10% 10:00A.M.  PENDING HOME SALES MoM APRIL 5.50% 5.30% 10:00A.M. PENDING HOME SALES YoY APRIL 23.50% HAVE A GREAT DAY & GOOD LUCK

Forex QUICK: EURUSD consolidating in narrow trading range Posted: 02 Jun 2010 05:09 AM PDT

Challenger Job Cuts fell 65.1% from a year ago Posted: 02 Jun 2010 04:54 AM PDT The total announced job cuts from Challenger showed that 38,810 cuts were announced versus 38,326 last month which was the most recent low monthly figure.  The East led from a regional basis. East            21,285 Midwest     4,288 West             7,923 South            5,314

The NY Opening Forex Commentary is available for viewing Posted: 02 Jun 2010 04:30 AM PDT

6-2 Economic Calendar Posted: 01 Jun 2010 08:50 PM PDT

Rebroadcast of Tuesday June 1st 2010 Forex Webinar Posted: 01 Jun 2010 07:45 PM PDT Rebroadcast of Tuesday June 1st 2010 Forex Webinar >> Click here to watch

Australian GDP q/q Posted: 01 Jun 2010 06:31 PM PDT The AUD traded slightly higher after first quarter GDP came in as expected, the details are as follows: GDP (q/q) - Survey: 0.5%   Actual: 0.5%   Prior: 0.9% GDP (y/y) - Survey: 2.4%   Actual: 2.7%   Prior: 2.7%

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Forex Market Updates & Commentary

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• Higher US Data Accross the Board at 10AM
• ISM better than expected. Construction spending also better
• Forex QUICK: AUDUSD tests the days midpoint at 0.8378 and holds
• Forex QUICK: USDJPY tests high for day. 100 day MA eyed at 91.42
• US ISM Manufacturing and Constructing Spending due at 10AM
• Forex QUICK: EURUSD moves toward target at 1.2209
• Forex Morning Report- June 1st
• Bank of Canada raises rates by 25 basis points as expected
• Canada Interest Rates Pushed Higher to .50%
• Bobbys Corner-Open Market- June.1.2010
• Bank of Canada Rate Decision Due at 9am
• Forex QUICK: USDCAD awaits BOC interest Rate decision
• Forex QUICK: GBPUSD shoots higher. 1.4548 support now
• Forex QUICK: EURUSD consolidating. 1.2143 support eyed
• The NY Opening Forex Commentary is available for viewing

Higher US Data Accross the Board at 10AM Posted: 01 Jun 2010 07:06 AM PDT ISM Manufacturing:    Survey:  59.0     Actual: 59.7      Prior: 60.4 ISM Prices Paid:    Survey: 72.0     Actual: 77.5    Prior: 78.0 Construction Spending (MoM):     Survey: 0.0%     Actual: 2.7%     Prior: 0.2%   Construction Spending at highest increase since August ‘00

ISM better than expected. Construction spending also better Posted: 01 Jun 2010 07:05 AM PDT ISM comes in at 59.78 vs 60.4 but better than expected (expected 59.7). Below are the pieces. Prices paid 77.5 vs. 78.0 Production 66.6 vs. 66.9 New orders 65.7 vs. 65.7 Backlog of orders 59.5 vs 57.5 Supplier deliveries 61.0 vs 61.3 Inventories 45.6 vs 49.4 Customer inventories 32.0 vs 33.0 Employment 59.8 vs 58.5 New export orders 62.0 vs 61.0 Imports 56.5 vs 58.0 Construction spending rises by 2.7% MoM. Stocks are moving higher and so is the USDJPY on the better data. The USDJPY has broken through resistance at 91.27 and is testing the 100 day MA at the 91.43 level.

Forex QUICK: AUDUSD tests the days midpoint at 0.8378 and holds Posted: 01 Jun 2010 06:59 AM PDT

Forex QUICK: USDJPY tests high for day. 100 day MA eyed at 91.42 Posted: 01 Jun 2010 06:47 AM PDT

US ISM Manufacturing and Constructing Spending due at 10AM Posted: 01 Jun 2010 06:30 AM PDT

Forex QUICK: EURUSD moves toward target at 1.2209 Posted: 01 Jun 2010 06:30 AM PDT Support at the 1.2186 level now.

Forex Morning Report- June 1st Posted: 01 Jun 2010 06:30 AM PDT Forex Morning Report- June 1st

Bank of Canada raises rates by 25 basis points as expected Posted: 01 Jun 2010 06:05 AM PDT

Canada Interest Rates Pushed Higher to .50% Posted: 01 Jun 2010 06:03 AM PDT Bank of Canada Rate:    Survey: 0.50%          Actual: 0.50%          Prior: 0.25% Canada becomes the first major G7 industrial countries to raise interest rates. $/CAD trading higher on the news.

Bobbys Corner-Open Market- June.1.2010 Posted: 01 Jun 2010 05:59 AM PDT Good Morning: We have all returned from the long US Memorial Day Weekend, and see  that the Euro continues to take a beating.  Concerns that mounting budget deficits, along with the write downs taken by Euro Zone banks will hamper the zone’s economic recovery, are all adding to the Euros downward spiral.  Italy’s jobless rate rose, as Europe’s 4th largest economy is having difficulty creating new jobs, which is also adding pressure to the Euro.   On another note- last Friday Fitch Ratings dropped Spain’s AAA cdredit rating,  saying the nations debt issue will limit the countries economuic growth in the near future. World equity markets fell, and US Futures are also lower this morning. BP plunged after they announced they were abandoning  efforts to plug the leak at their rig in the Gulf of Mexico. Oil:$72.70                                    Gold:$1227.20     TIME FOR  EST PRIOR 10:00A.M. ISM MANUFACTURING MAY 59.4O 6O.4 10:00A.M. ISM PRICES PAID  MAY 72.5O 78.O 10:00A.M. CONSTRUCTION SPENDING MoM APRIL 0.00% 0.20% 10:30A.M. DALLAS FED MANUF.ACTIVITY MAY 21.10% HAVE A GREAT DAY & GOOD LUCK

Bank of Canada Rate Decision Due at 9am Posted: 01 Jun 2010 05:54 AM PDT

Forex QUICK: USDCAD awaits BOC interest Rate decision Posted: 01 Jun 2010 05:53 AM PDT Forex QUICK: USDCAD awaits BOC interest Rate decision

Forex QUICK: GBPUSD shoots higher. 1.4548 support now Posted: 01 Jun 2010 05:39 AM PDT

Forex QUICK: EURUSD consolidating. 1.2143 support eyed Posted: 01 Jun 2010 05:00 AM PDT

The NY Opening Forex Commentary is available for viewing Posted: 01 Jun 2010 04:43 AM PDT

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