Daily Forex Snapshots

US Session - Usd Slips & Equities Gain

May 30, 2008 6:17 PM CEST

G10 Advancers and Decliners vs USD

	NZD	0.63
	CHF	0.74
	EUR	0.32
	DKK	0.32
	SEK	0.16
	JPY	0.08
	GBP	0.03
	AUD	-0.07
	NOK	-0.26
	CAD	-0.59

Global Indexes

Current Level

% Change

Nikkei 225 Index	14,338.54	+ 1.51
FTSE 100 Index	6,073.80	+ 0.09
CAC 40 Index	5,007.73	+ 0.64
DAX Index	7,101.76	+ 0.66
DJIA Index	12,647.77	+ 0.01
S&P 500 Index	1,399.22	+ 0.06
NASDAQ 100 Index	2,517.99	+ 0.38

World Markets

Current Level

% Change

Gold	888.55	+ 1.21
Silver	16.81	+ 1.17
VIX	17.86	- 1.54
Crude wti	127.23	+ 0.13
USD Index	72.97	- 0.07

Todays Calender

Estimates

Country / GMT

Currency Tech

USDJPY
R 3: 111.92 K
R 2: 110.10 T
R 1: 105.70 M
CURRENT 105.35
S 1: 102.60 M
S 2: 100.00 P
S 3: 95.74 K

GBPUSD
R 3: 2.0447 S
R 2: 2.0100 P
R 1: 1.9800 S
CURRENT 1.9755
S 1: 1.9363 T
S 2: 1.9337 S
S 3: 1.9105 K

EURUSD
R 3: 1.6200 T
R 2: 1.6000 K
R 1: 1.5819 M
CURRENT 1.5495
S 1: 1.5485 M
S 2: 1.5000 K
S 3: 1.4500 P

S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot

Market Brief

Usd was slightly weaker in US session as weaker than expected German retail sales put pressure on the Eur. EurUsd fell to 1.5462 but was able to rally back to 1.5515 perhaps on Trichet’s comments stating that the ECBs biggest challenge is to keep inflation at a level below 2%. UsdJpy was range bound between 105.30 -105.70. However the greenback will close the month with its second consecutive positive performance against the yen. Overall risk appetite seems strong with most major stock indexes trading up.

German preliminary real total retail sales were again particularly frail in April, falling 3.3% m/m after a revised figure showed a decline of 3.8% m/m in March. In terms of consumption this is a very weak signal for q2.

Data from the US was generally encouraging. Consumer spending increased by a decent 0.2%, however this figure was unchanged in real terms and points to a contraction in GDP q2. In addition the boost received from tax rebates will be offset by rising gasoline prices. On the inflation front the news was also good. PCE deflator rates rose by 0.2% m/m while the core rate inched up by 0.1%. On a final note for the US, University of Michigan will probabily beat expectations at 59.8 vs. the 59.5 expected.

Canadian annualized GDP surprised to the downside dropping -0.3% vs. 0.4% exp. UsdCad spiked to 0.9980 from 0.9875 as traders paired down bets that the Canadian economy would hold up to declining domestic conditions. Traders are now speculating on a 50bp cut from the BoC next time around. We should see Cad come under pressure near term.

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