Daily Forex Snapshots

US Session - Eurozone GDP Surprise

May 15, 2008 8:04 PM CEST

G10 Advancers and Decliners vs USD

	AUD	.71
	JPY	.50
	CAD	.19
	CHF	.13
	GBP	.10
	DKK	.08
	EUR	.07
	NOK	-.10
	SEK	-.29
	NZD	-0.37

Global Indexes

Current Level

% Change

Nikkei 225 Index	14251.74	+ 0.94
FTSE 100 Index	6251.80	+ 0.58
CAC 40 Index	5057.51	+ 0.05
DAX Index	7081.05	- 0.03
DJIA Index	12916.78	+ 0.14
NASDAQ 100 Index	2512.06	+ 0.62
S&P 500 Index	1413.04	+ 0.31

World Markets

Current Level

% Change

Gold	882.90	+ 2.19
Silver	16.85	+ 1.84
VIX	17.88	- 2.30
Crude wti	125.40	+ 0.95
USD Index	73.19	- 0.28

Todays Calender

Estimates

Country / GMT

Fed's Bernanke Speaks on Risk Management	--	--	US/13:30
Initial Jobless Claims	370,000	365,000	US/14:30
Empire State Manufacturing Index	-5.0	0.6	US/14:30
Net Foreign Purchases of	+$62.5bn	+$72.5bn	US/14:00
Industrial Production	-0.2%	+0.3%	US/14:15
Tur Interest Rate Announcement	15.75%	15.25%	TUR/17:00
NAHB Housing Market Index(May)	21	20	US/18:00

Currency Tech

USDJPY
R 3: 111.92 K
R 2: 110.10 T
R 1: 105.70 M
CURRENT 104.84
R 1: 103.39 M
R 2: 100.00 P
R 3: 95.74 K

GBPUSD
R 3: 2.0447 S
R 2: 2.0100 P
R 1: 1.9800 S
CURRENT 1.9446
S 1: 1.9391 M
S 2: 1.9337 S
S 3: 1.9105 K

EURUSD
R 3: 1.6200 T
R 2: 1.6000 K
R 1: 1.5571 M
CURRENT 1.5439
S 1: 1.5285 M
S 2: 1.5000 K
S 3: 1.4500 P

Market Brief

The Usd traded slightly lower in the European session between the range of 1.54 and 1.55. Fed commentary remains optimistic regarding the current state of the US economy, but hesitant to state the credit crisis is over yet.

Surprisingly strong economic data was released in the Eurozone. GDP growth was higher than expected y/y at 2.2% vs. 1.9% exp. With Germany showing particularly resilience to declining global headwinds, and a elevated euro printing at q1 1.5% vs. 0.7% exp. In addition, Eurozone CPI y/y was in line at 3.3% down from prior reading of 3.6%. A slowly moderating growth rate will give Trichet more breathing room to combat inflation, which should keep any significant move in the EUR-USD under wraps.
In the US, jobless claims came in slightly higher than expected at 371k vs. 370k.

The Empire Manufacturing number declined to -3.2 from 0.6 in April. US Market is waiting on the remaining US data Philly Fed and NAHB Housing Market Index. Last month’s Philly Fed was overly pessimistic and we should see a slight recovery in May, however this data will reflect little evidence regarding the health of the US economy. Precious metals showing a slight rally, and crude oil followed commodities higher on light trading in a quiet market. Equity markets are trading flat today, but are higher overall this week. Even with negative economic news in the short term, the market remains bullish on the notion that Fed will pause in August.

ACM Advanced Currency Markets SA (hereinafter referred as ACM) is a professional financial intermediary, directly regulated by the Swiss Federal Department of Finance, Anti Money Laundering Control Authority. As forex specialist, ACM provides only currency trading via highly professional forex trading software. All customers are aware that this information or any part thereof has been prepared without taking account of your objectives, financial situation and/or needs. This information is not intended as personalized investment advice and does not constitute a recommendation. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. The analysis is based on the information which ACM finds reliable and accurate, but ACM does not assume any responsibility for any material nor for the transactions made on the basis of the information or the estimates of the analysis. ACM cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct, indirect and/or consequential loss arising from any use of this information, document or its content. All opinions and estimates constitute ACM analysis as of the data and are subject to change without notice. ACM does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions. Past performance is not a reliable indicator of future performance.