Share Investor's Daily Forex Updates: May 2008

May 30, 2008

Daily Forex Update(June 9 2008)

Record jump in Crude Oil as US Unemployment Rate sinks Dollar

CURRENCY TRADING SUMMARY – 9th June 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was hurt considerable after Friday’s jobs data showed a large increase in the US Unemployment Rate from 5.0% to 5.5%. The NonFarm payroll number was slightly better than expectations coming at -49K vs. the -57K forecast. Stocks plummeted, while Oil surged the most since the first Gulf war. The Dollar’s fall coincided with a sharp drop in US Interest rate hike expectations for the rest of the year. The US share markets had a very weak day, the NASDAQ was down 75.38 (-2.95%) and the Dow Jones was down 394 points (-3.13%). Crude Oil closed up $10.75 ending the New York session at record highs of $138.54 per barrel. Looking ahead, Pending home sales expected at -0.5%.

· The Euro (EUR) was buoyed by the weak US data, surging Oil and the continuing flow on from Trichet’s comments last week regarding a possible rate hike as early as July. As a result the Euro made good gains across most currencies on Friday. Overall the EUR/USD traded with a low of 1.5573 and a high of 1.5575 before closing the day at 1.5765 in the New York session. Looking ahead, German Trade Balance expected at 15.5B surplus.

· The Japanese Yen (JPY) had a mixed day with crosses performing well but the fall in stocks weighed pulling the USDJPY off its 106 handle. EURJPY broke new ground again trading above the 166 level. Overall the USDJPY traded with a low of 104.95 and a high of 106.32 before closing the day around 105.10 in the New York session.

· The Sterling (GBP) in a light data day the pound took its direction from the Euro bouncing off its lows after the NonFarm employment report. Overall the GBP/USD traded with a low of 1.9534 and a high of 1.9734 before closing the day at 1.9708 in the New York session. Looking ahead, May UK PPI Input forecast at 2.6%

· The Australian Dollar (AUD) traded in a tight range pivoting the .9600 level although finished the week bid on a very strong rally in commodities. AUD/JPY made fresh highs at 102 before the falling equities took its toll. Overall the AUDUSD traded with a low of 0.9566 and a high of 0.9642 before closing the day at 0.9633 in the New York session.

· Gold (XAU) had a volatile trading day tracking Oil higher on broad USD weakness and inflation concerns. Overall trading with a low of $877 and high of $901 ending the New York session at $901 an ounce.

TECHNICAL COMMENTARY

Currency

Sup 2

Sup 1

Spot

Res 1

Res 2

EUR/USD

1.5366

1.5573

1.5575

1.5818

1.5891

USD/JPY

103.88

104.54

105.10

106.43

106.65

GBP/USD

1.9463

1.9538

1.9680

1.9741

1.9816

AUD/USD

0.9488

0.9564

0.9620

0.9643

0.9655

XAU/USD

865.00

877.65

900.00

909.85

930.90

· Euro – 1.5575

Initial support at 1.5573 (Jun 6 low) followed by 1.5366 (Jun 5 reaction low). Initial resistance is now located 1.5818 (May 27 High) at followed by 1.5891 (April 24 high).

· Yen – 105.10

Initial support is located at 104.54 (June 4 low) followed by 103.88 (Jun 3 low). Initial resistance is now at 106.43 (Jun 5 high) followed by 106.65 (Feb 28 high).

· Pound – 1.9680

Initial support at 1.9538 (Jun 6 low) followed by 1.9463 (Jun 5 low). Initial resistance is now at 1.9741 (Jun 3 high) followed by 1.9816 (Jun 2 high)

· Australian Dollar – 0.9620

Initial support at .9564 (Jun 6 low) followed by 0.9488 (Jun 4 low). Initial resistance is now at 0.9643 (Jun 6 high) followed by 0.9655 (May 21 high).

· Gold – 900

Initial support at 877.65 (Jun 6 low) followed by 865 (Jun 5 low). Initial resistance is now at 909.85 (May 28 high) followed by 930.9 (May 27 high).

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Daily Forex Update(May 30 2008)

FOREX Daily Outlook by Easy-Forex.com

US Dollar Surges on possible future FED rate hikes, Commodities Plunge

CURRENCY TRADING SUMMARY – 30th MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) strong gains across the board were made yesterday as speculation of bottoming in the US economy focused markets on possible future US rate hikes to counter inflation. US data yesterday came out very close to expectations with Preliminary 1^st quarter GDP coming in at 0.9% and jobless claims at 372K. US crude inventories were down 8.8M and this lead to a sharp rally in crude oil above $133 but this was subdued and subsequently sold off over $6 per barrel which supported the USD into the close. In US share markets the NASDAQ was up 21.62 points (.87%) and the Dow Jones was up 52.19 points (.41%). Crude Oil closed down $4.32 ending the New York session at $126.71 per barrel. Looking ahead, Personal Spending and Personal Income out today along with Core PCE price index and Chicago PMI.

· The Euro (EURO) traded under 1.5500 for the first time in three weeks as German unemployment rose 4K in May. Consumer Confidence also weakened in the Eurozone coming in at -15 vs. -12 forecasted for May. Overall the EUR/USD traded with a low of 1.5485 and a high of 1.5665 before closing the day at 1.5515 in the New York session. Looking ahead, German Retail sales out today expected at 0.6% for April along with European Flash CPI Estimates forecasted at 3.5%.

· The Japanese Yen (JPY) traded lower as equities lead by Nikkei’s 3% rise encouraged speculators to take on more risk. Data out early Friday included Core April CPI coming in at 0.9% vs. 1.0% expected and April unemployment rate coming in higher at 4.0% vs 3.9% forecasted. USDJPY traded with a low of 104.61 and a high of 105.88 before closing the day around 105.50 in the New York session. Looking ahead, Japanese Industrial Production out for April expected to come in at -0.3%. UPDATE April Industrial Production ACTUAL -0.3%.

· The Sterling (GBP) was sold heavily into the European session on the back of woeful Nationwide house prices which fell 2.5% vs. an expected fall of 0.5%. A recovery came on the back of stronger CBI Distributive trades realized coming in at -14 vs -25 forecasted. Data out early Friday GFK consumer confidence came in at -29 vs -25 forecasted. Overall the GBP/USD traded with a low of 1.9674 and a high of 1.9820 before closing the day at 1.9760 in the New York session.

· The Australian Dollar (AUD) edged lower on the back of heavy gold sales and stronger USD. In economic data out yesterday New Private capital expenditure came in at -2.5% much lower than the +3.1% expected. AUDJPY supported, holding above the key 100 level. Overall the AUDUSD traded with a low of 0.9536 and a high of 0.9638 before closing the day at 0.9555 in the New York session.

· Gold (XAU) fell heavily with other commodities in response to the stronger dollar and inflation fighting comments from Fed member Fisher. Overall gold traded with a low of $873.5 and high of $903 ending the New York session at $878 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5410	1.5486	1.5515	1.5664	1.5761
USD/JPY	103.89	104.61	105.55	105.88	106.55
GBP/USD	1.9614	1.9674	1.9745	1.9852	1.9870
AUD/USD	0.9511	0.9537	0.9555	0.9639	0.9700
XAU/USD	850.00	860.50	878.00	909.85	930.90

· Euro – 1.5515

Initial support at 1.5486 (May 29 low) followed by 1.5410 (May 6 resistance). Initial resistance is now located 1.5664 (May 29 High) at followed by 1.5761 (May 28 high).

· Yen – 105.55

Initial support is located at 104.61 (May 29 low) followed by 103.89 (May 28 low). Initial resistance is now at 105.88 (May 29 high) followed by 106.65 (Feb 28 high).

· Pound – 1.9745

Initial support at 1.9674 (May 29 low) followed by 1.9614 (May 21 low). Initial resistance is now at 1.9852 (May 23 high) followed by 1.987 (76.4% retracement of 2.00027-1.9363)

· Australian Dollar – 0.9555

Initial support a 0.9537 (May 29 low) followed by 0.9511 (May 19 low). Initial resistance is now at 0.9639 (May 29 high) followed by 0.9700 (round number).

· Gold – 978

Initial support at 883.4 (May 29 low) followed by 860.5 (May 14 low). Initial resistance is now at 909.85 (May 28 high) followed by 930.9 (May 27 high).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

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May 29, 2008

Daily Forex Update(May 29 2008)

FOREX Daily Outlook by Easy-Forex.com

US Dollar Boosted by strong Durable Goods numbers, Oil back above $130

CURRENCY TRADING SUMMARY – 29th MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) gained yesterday as the US Core Durable Goods orders for April came in very strong with a surprising increase of 2.5% vs. -0.5% as expected. Also surprising was the Core Capital Goods number which bounced to 4.2% after 3 months of declines. In US share markets the NASDAQ was up 5.46 points (.22%) and the Dow Jones was up 45.68 points (..36%). Sharp loses early in the European session saw Crude Oil futures trade down towards $126 per barrel before more threats from Nigerian militants caused a strong rally on supply concerns. Crude Oil closed up $2.16 ending the New York session at $130.80 per barrel. Looking ahead, preliminary US GDP for the first quarter is out today.

· The Euro (EURO) strong German CPI figures of 0.6% month on month showed inflation was a major problem for Euro-zone’s biggest economy, but the market focused more on the early loses in Crude Oil and Gold pushing the Euro down to multi day lows. A rally in Crude towards the day end was offset by the strong US data. Overall the EUR/USD traded with a low of 1.5608 and a high of 1.5761 before closing the day at 1.5640 in the New York session. Looking ahead, German unemployment comes out today expecting a change of -25K.

· The Japanese Yen (JPY) was sold heavily today lead by the USDJPY which reclaimed the 105 level briefly after strong data out of the US. The EURJPY also briefly traded above the key 164 level during the day. USDJPY traded with a low of 103.89 and a high of 105.32 before closing the day around 104.70 in the New York session. Look ahead, Japanese April Retail sales out today with the markets forecasting 0.5% year on year. UPDATE: April Retail Sales 0.1% Y/Y.

· The Sterling (GBP) tracked the euro lower against the strong dollar early in Europe, the pound rebounded on heavy cross buying particularly against the Euro and JPY. Overall the GBP/USD traded with a low of 1.9704 and a high of 1.9828 before closing the day at 1.9810 in the New York session. Looking ahead, Nationwide House Prices out today expected to come in at -0.5%.

· The Australian Dollar (AUD) performed strongly overnight as bond yields were focused on and risk appetite stepped up a notch. AUDJPY was very bid, breaking the key 100 level and closing above it. Overall the AUDUSD traded with a low of 0.9562 and a high of 0.9629 before closing the day at 0.9620 in the New York session. Looking ahead, New Capital Expenditure out today forecasted to come in at 3.1%.

· Gold (XAU) fell heavily in early European trading inline with Crude Oil losses, but rebounded strongly reclaiming the $900 level. Overall trading with a low of $889 and high of $910 ending the New York session at $901.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5595	1.5609	1.5650	1.5761	1.5818
USD/JPY	102.58	103.89	104.70	105.32	105.44
GBP/USD	1.9614	1.9684	1.9810	1.9852	1.9870
AUD/USD	0.9511	0.9546	0.9625	0.9655	0.9723
XAU/USD	880.50	889.60	903.00	909.85	930.90

· Euro – 1.5650

Initial support at 1.5609 (May 28 low) followed by 1.5595 (May 6 resistance). Initial resistance is now located at 1.5761 (May 28 high) followed by 1.5818 (May 27).

· Yen – 104.70

Initial support is located at 103.89 (May 28 low) followed by 102.58 (May 12 low). Initial resistance is now at 105.32 (May 28 high) followed by 105.44 (May 14 high).

· Pound – 1.9810

Initial support at 1.9684 (May 22 low) followed by 1.9614 (May 21 low). Initial resistance is now at 1.9852 (May 23) followed by 1.987 (76.4% retracement of 2.00027-1.9363)

· Australian Dollar – 0.9625

Initial support a 0.9546 (May 22 low) followed by 0.9511 (May 19 low). Initial resistance is now at 0.9655 (May 21 trend high) followed by 0.9723 (open this week + range last week*0.618).

· Gold – 903

Initial support at 889.6 (May 28 low) followed by 880.5 (May 16 low). Initial resistance is now at 909.85 (May 28 high) followed by 930.9 (May 27 high).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

May 28, 2008

Daily Forex Update(May 28 2008)

FOREX Daily Outlook by Easy-Forex.com

Strong recovery in the US dollar after Oil and Gold fall steeply

CURRENCY TRADING SUMMARY – 28th MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) gained against all the majors on the back of heavy commodity sales. Helping the greenbacks cause was New home Sales for April, which came in higher then forecasted, rising 3.3% to 526,000 after March’s figure was downwardly revised to 509,000. Other data out yesterday included Standard & Poor’s Case-Shiller index of National Home Prices falling a record 14.1% yearly for the first quarter. In other news, the Conference Board’s Consumer confidence Index fell to a 16 year low of 57.2 for May. In US share markets the NASDAQ was up 36.57 points (1.5%) and the Dow Jones was up 68.72 points (.55%). Comments from Russia that it will increase production, ensured Crude oil fell by $3.34, closing the New York session at $128.85 per barrel. Looking ahead, Core Durable Goods Orders for the month of April is out today, widely expected to come in at -0.5% (Previous: -0.9%)

· The Euro (EURO) was hurt from the commodity sell off and poor German consumer confidence (actual 4.9 vs. 5.7 expected). German GDP was confirmed at 1.5% q/q as anticipated. Overall the EURUSD traded with a low of 1.5682 and a high of 1.5819 before closing the day at 1.5702 in the New York session. Looking ahead, the European Current Account comes out tonight.

· The Japanese Yen (JPY) was sold heavily today as the equity markets recovered. The USD/JPY regained the 104 handle and most of the crosses made fresh gains. USDJPY traded with a low of 103.27 and a high of 104.33 before closing the day around 104.25 in the New York session. Quiet day on the data front; although Bank of Japan Governor Shirakawa is due to speak.

· The Sterling (GBP) tracked the euro, edging lower against a broadly stronger dollar with little data out of the UK. Overall the GBPUSD traded with a low of 1.9715 and a high of 1.9847 before closing the day at 1.9815 in the New York session. Quiet data today, Nationwide House Prices tomorrow.

· The Australian Dollar (AUD) did well to hold its own in the face of USD strength and gold sell off, AUDJPY was very bid trading above the 100 level. Overall the AUDUSD traded with a low of 0.9580 and a high of 0.9633 before closing the day at 0.9583 in the New York session. Looking ahead, Construction work done expected to come in at 2.3%.

· Gold (XAU) fell heavily on broad commodity sell off ending down 1.9%. Overall trading with a low of $903.3 and high of $929.5 ending the New York session at $907.90.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5504	1.5631	1.5685	1.5180	1.5846
USD/JPY	101.91	102.58	104.30	104.38	104.48
GBP/USD	1.9614	1.9684	1.9755	1.9870	1.9881
AUD/USD	0.9511	0.9546	0.9565	0.9655	0.9723
XAU/USD	901.00	904.20	906.70	935.40	953.00

· Euro – 1.5685

Initial support at 1.5631 (May 21 low) followed by 1.5504 (May 20 low). Initial resistance is now located at 1.5814 (May 22 high) followed by 1.5846 (76.4% retracement 1.5284-1.5814)

· Yen – 104.30

Initial support is located at 102.58 (May 12 low) followed by 101.91 (38.2% retracement of 95.76-105.71). Initial resistance is now at 104.38 (May 22 high) followed by key 104.48 (May 20 high).

· Pound – 1.9755

Initial support at 1.9684 (May 22 low) followed by 1.9614 (May 21 low). Initial resistance is now at 1.987 (76.4% retracement of 2.00027-1.9363) followed by 1.9881 (50% retracement 2.0398-1.9393).

· Australian Dollar – 0.9565

Initial support a 0.9546 (May 22 low) followed by 0.9511 (May 19 low). Initial resistance is now at 0.9655 (May 21 trend high) followed by 0.9723 (open this week + range last week*0.618).

· Gold – 907

Initial support at 904.2 (May 27 low) followed by 901 (May 19 low). Initial resistance is now at 935.4 (May 22 high) followed by 953.0 (Apr 17 high).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

May 27, 2008

Daily Forex Update(May 27 2008)

FOREX Daily Outlook by Easy-Forex.com

Little movement with London and New York on Holidays. Oil above $133

CURRENCY TRADING SUMMARY – 27th MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was range bound against the majors with low liquidity due to London and NY holidays. The U.S share markets were closed due to Memorial Day. Crude oil gained $1 after Nigerian rebels blew up a pipeline, closing the New York session at $133.10 per barrel. Looking ahead, today there is some important housing data with US New Home Sales expected to come in at 522K. Alongside this is the Case-shiller National Home Price(HPI) composite expected to come in at -14.3%.

· The Euro (EURO) kept to a small range yesterday but received a boost from rising oil prices late in the day. Overall the EURUSD traded with a low of 1.5742 and a high of 1.5793 before closing the day at 1.5769 in the New York session. Looking ahead, German consumer confidence is out today along with German final GDP for the first quarter.

· The Japanese Yen (JPY) managed to hold firm remaining in a tight range even with the Nikkei down over 2%. Strong bids from importers especially from the oil industry seen trailing down from 103.10 to 102.50 levels. USDJPY traded with a low of 103.14 and a high of 103.49 before closing the day around 103.43 in the New York session. Quiet day on the data front.

· The Sterling (GBP) range bound in quiet markets. Overall the GBPUSD traded with a low of 1.9760 and a high of 1.9832 before closing the day at 1.9815 in the New York session. Looking ahead, only BBA Mortgage approvals out today from the UK.

· The Australian Dollar (AUD) kept to a tight range pivoting the .9600 level. AUDJPY was little changed at 99.30. Overall the AUDUSD traded with a low of 0.9586 and a high of 0.9619 before closing the day at 0.9606 in the New York session. Quiet day on the data front.

· Gold (XAU) gained $4 on inflation concerns and safe haven flows. Overall trading with a low of $924 and high of $929.5 ending the New York session at $929.10.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5504	1.5612	1.5775	1.5814	1.5846
USD/JPY	101.91	102.58	103.40	104.38	104.48
GBP/USD	1.9614	1.9684	1.9815	1.9870	1.9881
AUD/USD	0.9511	0.9546	0.9610	0.9655	0.9723
XAU/USD	901.00	915.25	929.00	935.40	953.00

· Euro – 1.5775

Initial support at 1.5612 (38.2% retracement 1.5284-1.5814) followed by 1.5504 (May 20 low). Initial resistance is now located at 1.5814 (May 22 high) followed by 1.5846 (76.4% retracement 1.5284-1.5814)

· Yen – 103.40

Initial support is located at 102.58 (May 12 low) followed by 101.91 (38.2% retracement of 95.76-105.71). Initial resistance is now at 104.38 (May 22 high) followed by key 104.48 (May 20 high).

· Pound – 1.9815

Initial support at 1.9684 (May 22 low) followed by 1.9614 (May 21 low). Initial resistance is now at 1.987 (76.4% retracement of 2.00027-1.9363) followed by 1.9881 (50% retracement 2.0398-1.9393).

· Australian Dollar – 0.9610

Initial support a 0.9546 (May 22 low) followed by 0.9511 (May 19 low). Initial resistance is now at 0.9655 (May 21 trend high) followed by 0.9723 (open this week + range last week*0.618).

· Gold – 929

Initial support at 915.25 (May 23 low) followed by 901 (May 19 low). Initial resistance is now at 935.4 (May 22 high) followed by 953.0 (Apr 17 high).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

May 26, 2008

Daily Forex Update(May 26 2008)

FOREX Daily Outlook by Easy-Forex.com

Stronger US Housing Data offset by surging oil hitting stocks and Dollar

CURRENCY TRADING SUMMARY – 26th MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) finished the week a little stronger after US existing home sales data came in at 4.89 million vs. 4.86 million expected. These gains were balanced earlier in the day, through the continued rise of crude oil and falling equities. The U.S share markets were down substantially for the third time last week, with the NASDAQ down 19.91 points (-.81%) and DOW JONES down 145.99 points (-1.16%). Crude oil gained $1.38, closing the New York session at $132.19 per barrel. Looking ahead, thin trading is expected with markets closed for Memorial Day.

· The Euro (EURO) was a little mixed on the back of PMI services (50.6 actual vs. 51.7 expected) and manufacturing (50.5 actual vs. 50.5 expected). The May Figures indicated a considerable future economic slowdown. Overall the EURUSD traded with a low of 1.5693 and a high of 1.5795 before closing the day at 1.5768 in the New York session. Looking ahead, no data out today from the Eurozone.

· The Japanese Yen (JPY) strengthened on the back of the falling equities and rise in risk aversion. The USDJPY traded with a low of 103.05 and a high of 104.26 before closing the day around 103.24 in the New York session. Looking ahead, quiet day from Japan.

· The Sterling (GBP) was fairly unmoved as revised GDP came in as expected at 0.4% for the first quarter. Overall the GBPUSD traded with a low of 1.9755 and a high of 1.9852 before closing the day at 1.9821 in the New York session. Looking ahead, bank holiday in UK today.

· The Australian Dollar (AUD) kept to a tight range failing to set new 24 year record highs on despite sturdy commodities. AUDJPY was weighed by equities ending the week at 99.15. Overall the AUDUSD traded with a low of 0.9554 and a high of 0.9638 before closing the day at 0.9594 in the New York session.

· Gold (XAU) gained $1 an ounce inline with oil on inflation concerns. Overall trading with a low of $915 and high of $929 ending the New York session at $925.8.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5504	1.5612	1.5785	1.5814	1.5846
USD/JPY	101.91	102.58	103.20	1.04.48	105.44
GBP/USD	1.9614	1.9684	1.9810	1.9870	1.9881
AUD/USD	0.9511	0.9546	0.9595	0.9655	0.9723
XAU/USD	901.00	915.25	926.00	935.40	953.00

· Euro – 1.5785

· Yen – 103.20

Initial support is located at 102.58 (May 12 low) followed by 101.91 (38.2% retracement of 95.76-105.71). Initial resistance is now at 104.38 (May 22 high) followed by key 104.48 (May 20 high).

· Pound – 1.9810

Initial support at 1.9684 (May 22 low) followed by 1.9614 (May 21 low). Initial resistance is now at 1.987 (76.4% retracement of 2.00027-1.9363) followed by 1.9881 (50% retracement 2.0398-1.9393).

· Australian Dollar – 0.9595

Initial support a 0.9545 (May 22 low) followed by 0.9511 (May 19 low). Initial resistance is now at 0.9655 (May 21 trend high) followed by 0.9723 (open this week + range last week*0.618).

· Gold – 926

Initial support at 916.7 (May 23 low) followed by 901 (May 19 low). Initial resistance is now at 935.4 (May 22 high) followed by 953.0 (Apr 17 high).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

Click here to visit Easy-Forex.com

May 23, 2008

Daily Forex Update(May 23 2008)

FOREX Daily Outlook by Easy-Forex.com

Dollar rebounds on stronger Unemployment Claims, profit taking in Oil

CURRENCY TRADING SUMMARY – 23rd MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was given some relief yesterday after Initial Jobless Claims came in 9K lower then expected at 365K. US home prices fell 0.4 pct in March, after gaining 0.6 pct in February. Home prices have now fallen 3.7 pct since their peak in April 2007. The U.S share markets had some small gains with NASDAQ up 16.31 points (.67%) and DOW JONES up 24.43 points (.19%). Crude oil came off almost $5 from its record highs yesterday of $135.04 per barrel due to some profit taking, closing the New York session at $130.60. Looking ahead, today we have existing Home Sales which is expected to come in at 4.86 Million.

· The Euro (EURO) gave back some of the gains made this weak on the back of weaker then expected Industrial New Orders coming in at -1.0% vs. -0.4% expectations. The EURUSD traded with a low of 1.5693 and a high of 1.5814 before closing the day at 1.5710 in the New York session. Looking ahead, manufacturing and services PMI are made public, and is expected to give the market a clearer picture of current economic conditions in the Euro-zone.

· The Japanese Yen (JPY) recovered from Asian lows on the back of an equities recovery, stronger US data and gain in US bond yields. The USDJPY traded with a low of 102.73 and a high of 104.38 before closing the day around 104.30 in the New York session. Looking ahead, no data out of Japan to end the week.

· The Sterling (GBP) rallied after stronger then expected retail sales with actual -0.2% vs. predictions -0.5%. The cable was tempered by stronger US data but made strong gains against the EURO and JPY. Overall the GBPUSD traded with a low of 1.9687 and a high of 1.9848 before closing the day at 1.9810 in the New York session. Looking ahead, revised GDP is out today with the markets looking for 0.4%.

· The Australian Dollar (AUD) fell from 24 year record highs on the back of weaker commodities and heavy AUS/NZD sales after yesterdays NZD budget. AUS/JPY benefited from the USD/JPY rally closing New York at 99.50. Overall the AUDUSD traded with a low of 0.9547 and a high of 0.9651 before closing the day at 0.9557 in the New York session. Looking ahead, no data out today.

· Gold (XAU) pulled back in line with falling oil on profit taking and dollar strength. Overall trading with a low of 917.9 and high of 935.30 ending the New York session at $920.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5504	1.5612	1.5730	1.5814	1.5846
USD/JPY	101.91	102.58	104.05	104.38	104.48
GBP/USD	1.9614	1.9684	1.9805	1.9870	1.9881
AUD/USD	0.9511	0.9546	0.9575	0.9655	0.9723
XAU/USD	901.00	916.70	920.00	935.40	953.00

· Euro – 1.5730

· Yen – 104.05

Initial support is located at 102.58 (May 12 low) followed by 101.91 (38.2% retracement of 95.76-105.71). Initial resistance is now at 104.38 (May 22 high) followed by key 104.48 (May 20 high).

· Pound – 1.9805

Initial support at 1.9684 (May 22 low) followed by 1.9614 (May 21 low). Initial resistance is now at 1.987 (76.4% retracement of 2.00027-1.9363) followed by 1.9881 (50% retracement 2.0398-1.9393).

· Australian Dollar – 0.9575

Initial support a 0.9545 (May 22 low) followed by 0.9511 (May 19 low). Initial resistance is now at 0.9655 (May 21 trend high) followed by 0.9723 (open this week + range last week*0.618).

· Gold – 920

Initial support at 916.7 (May 21 low) followed by 901 (May 19 low). Initial resistance is now at 935.4 (May 22 high) followed by 953.0 (Apr 17 high).

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May 22, 2008

Daily Forex Update(May 22 2008)

FOREX Daily Outlook by Easy-Forex.com

Better then expected German IFO survey sinks US Dollar, Commodities Surge

CURRENCY TRADING SUMMARY – 22nd MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) The FOMC minutes out today from the April 29-30 meeting pointed to weakening growth and higher unemployment in the US economy for 2008. Also noted several policy makers considered it unlikely that further rate cuts would be appropriate for in upcoming meetings. The U.S share markets and USD reacted negatively to the downgraded outlook, NASDAQ down -43.99 points (-1.77%), DOW JONES down -227.49 points (1.77%), US dollar index at 72.34 down -.82%. Oil broke another record high gaining $4.19 to $133 per barrel on the weak USD and much lower then expected US crude oil inventories. Looking ahead, Initial Jobless Claims out today expected to come in at 373K.

· The Euro (EURO) received another boost on the back of better then expected German IFO business climate index coming in at 103.5 (102.1 expected). The EURUSD traded with a low of 1.5634 and a high of 1.5789 before closing the day at 1.5785 in the New York session. Looking ahead, European Industrial New Orders m/m out today expected to come in at -0.4%.

· The Japanese Yen (JPY) was aided today from sharp falls in equities around the world and generally weaker greenback. The USDJPY traded with a low of 102.99 and a high of 103.66 before closing the day around 103.05 in the New York session. Data out this morning included Japanese trade balance coming in at .61T vs .79 T expected.

· The Sterling (GBP) traded in a soggy tone after the MPC minutes came in as expected with members voting 8-1 for a hold in rates at 5.00% this month. Overall all the GBPUSD traded with a low of 1.9616 and a high of 1.9688 before closing the day at 1.9680 in the New York session. Looking ahead, Retail sales out today expected to come in at -0.5%.

· The Australian Dollar (AUD) touched 20 year highs overnight on surging commodities and continued fallout from hawkish RBA minutes. AUS/JPY traded as high as 99.80 but was weighed down by weak stocks. Overall the AUDUSD traded with a low of 0.9558 and a high of 0.9653 before closing the day at 0.9629 in the New York session. Looking ahead, very little data out for rest of weak.

· Gold (XAU) Gold rallied over $10 seen as an inflation hedge against surging Oil. Overall trading with a low of 916.95 and high of 932.55 ending the New York session at $932.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5504	1.5631	1.5788	1.5789	1.5846
USD/JPY	101.91	102.58	102.90	103.69	104.48
GBP/USD	1.9443	1.9480	1.9710	1.9719	1.9736
AUD/USD	0.9511	0.9558	0.9632	0.9655	0.9723
XAU/USD	916.70	916.70	934.00	953.00	954.98

· Euro – 1.5788

Initial support at 1.5631 (May 21 low) followed by 1.5504 (May 20 low). Initial resistance is now located at 1.5789 (May 21 high) followed by 1.5846 (76.4% retracement of 1.6019 to 1.5284).

· Yen – 102.90

Initial support is located at 102.58 (May 12 low) followed by 101.91 (May 12 low). Initial resistance is now at 103.69 (May 21 high) followed by key 104.48 (May 20 high).

· Pound – 1.9710

Initial support at 1.948 (May 20 low) followed by 1.9443 (May 16 low). Initial resistance is now at 1.9719 (May 20 high) followed by 1.9736 (May 7 high).

· Australian Dollar – 0.9632

Initial support a 0.9558 (May 21 low) followed by 0.9511 (May 19 low). Initial resistance is now at 0.9655 (May 21 trend high) followed by 0.9723 (open this week + range last week*0.618).

· Gold – 934

Initial support at 901 (May 19 low) followed by 880.5 (May 16 low). Initial resistance is now at 953 (Apr 17 reaction high) followed by 954.98 (March 26 reaction high).

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May 21, 2008

Daily Forex Update(May 21 2008)

FOREX Daily Outlook by Easy-Forex.com

German ZEW survey fails to impress, as inflation remains a concern amidst record oil prices

CURRENCY TRADING SUMMARY – 21st MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) The low headline figure of the April US PPI was seen at 0.2% vs 0.4% hurt the USD as focus on inflation in other economies took focus, as result US bond yields fell. The core US PPI figures were stronger then expected, coming in at 0.4% vs 0.2% forecasts. The U.S share markets fell sharply with NASDAQ down 23.83 points (-.95%) and DOW JONES down 199 points (1.53%). Crude oil broke another record high gaining 1.78% to $129 per barrel on continued supply constraints and weak USD. Looking ahead on Wednesday the FOMC minutes is made public, where it is expected to explain the Fed’s decision to cut rate by .25% to 2% in April.

· The Euro (EURO) saw the ZEW survey come in at -41.4 weaker then the expected -37.5. Although traders paid little attention to number, instead finding confidence to long the single currency as comments from the ZEW president, Wolfgang Franz hinted that a rate hike from ECB was likely to help counter inflation. The EURUSD traded with a low of 1.5505 and a high of 1.5680 before closing the day at 1.5645 in the New York session. Looking ahead, important data out today from the Euro-zone German IFO business climate Index expected to come in at 102.1.

· The Japanese Yen (JPY) Muted reaction to Bank of Japans unanimous decision to hold rates at 0.5%, with no change to economic outlook although it was noted that risks are still to the downside. The share market falls weighed heavily on the USDJPY overnight as per usual. The USDJPY traded with a low of 103.47 and a high of 104.47 before closing the day around 103.65 in the New York session. Looking ahead there is no data out today from Japan.

· The Sterling (GBP) With little data out the UK, the Sterling Pound tracked other currencies gaining 1% against broadly weaker dollar. Overall the GBPUSD traded with a low of 1.9483 and a high of 1.9718 before closing the day at 1.9680 in the New York session. Looking ahead, today the MPC minutes are released with markets expecting an 8-1 split of the April rate decision to hold at 5.00%.

· The Australian Dollar (AUD) rallied following hawkish RBA minutes which highlighted that policy makers were considering another rate rise during the May 6 meeting. As a result the Aussie set new multi-year highs above the 96 cents, touching 0.9619 (24 year high). Adding to further Aussie strength were comments that the currency could have been potentially higher given the current commodity surge. AUD/JPY broke through the key level of 100 but as unable to continue higher as falling equities weighed heavy on the so called carry trade. Overall the AUDUSD traded with a low of 0.9571 and a high of 0.9619 before closing the day at 0.9585 in the New York session. Looking ahead, the Westpac Consumer Sentiment is out today with expectations of a rebound to 1.8% from last months -1.3%. UPDATE: Westpac consumer confidence sent at 2.7% for the month May.

· Gold (XAU) continued to rally above $900 as surging as crude oil prices hit record highs. Overall trading with a low of 903.35 and high of 923.40 ending the New York session at $920.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5438	1.5504	1.5650	1.5681	1.5712
USD/JPY	102.58	103.39	103.60	1.04.48	105.44
GBP/USD	1.9443	1.9480	1.9675	1.9736	1.9784
AUD/USD	0.9392	0.9511	0.9580	0.9618	0.9723
XAU/USD	880.50	901.00	920.00	923.60	928.75

· Euro – 1.5650

Initial support at 1.5504 (May 20 low) followed by 1.5438 (May 16 low). Initial resistance is now located at 1.5681 (May 20 high) followed by 1.5712 (Former Support Apr 18).

· Yen – 103.60

Initial support is located at 103.39 (May 13 low) followed by 102.58 (May 12 low). Initial resistance is now at 104.48 (May 20 high) followed by key 105.44 (May 14 high).

· Pound – 1.9675

Initial support at 1.9480 (May 20 low) followed by 1.9443 (May 16 low). Initial resistance is now at 1.9736 (May 7 high) followed by 1.9784 (May 9 high).

· Australian Dollar – 0.9580

Initial support a 0.9511 (May 19 low) followed by 0.9392 (May 16 low). Initial resistance is now at 0.9618 (May 20 trend high) followed by 0.9723 (open this week + range last week*0.618).

· Gold – 920

Initial support at 901 (May 19 low) followed by 880.5 (May 16 low). Initial resistance is now at 923.6 (May 20 high) followed by 928.75 (Apr 21 high).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

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May 20, 2008

Daily Forex Update(May 20 2008)

FOREX Daily Outlook by Easy-Forex.com

USD strength ahead of big data day in the US and Europe

CURRENCY TRADING SUMMARY – 20th MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) The dollar was generally bid today on the back of an unexpected rise in the leading indicators report of 0.1 vs 0.0 expected. The U.S share markets posted mixed results with NASDAQ down -12.76 points (-.50%) and DOW JONES up 41 points (.32%), Oil hovered at record highs around $127 per barrel on supply concerns. Looking ahead focus on U.S. PPI data tonight which is expected to come in at 0.4% for the month of April.

· The Euro (EURO) On the back of the stronger US data the Euro struggled to maintain early gains and finished lower by .5%. The EURUSD traded with a low of 1.5487 and a high of 1.5632 before closing the day at 1.5520 in the New York session. Important data out today from the Eurozone includes the German ZEW economic sentiment (expected 32) and German PPI (expected 0.5%).

· The Japanese Yen (JPY) The Dollar gained against the Yen on the back of a rise in US stocks and general Dollar strength, although it did give back some of its gains into the US close. The USDJPY traded with a low of 103.64 and a high of 104.69 before closing the day around 104.30 in the New York session. Looking ahead, Bank of Japan rate decision out today that most economists believe will be held at current levels of 0.5%.

· The Sterling (GBP) The Pound traded lower in line with the USD strength and recent negative economic reports. Overall the GBPUSD traded with a low of 1.9455 and a high of 1.9624 before closing the day at 1.9480 in the New York session. Looking ahead, no data out from UK today.

· The Australian Dollar (AUD) The Aussie traded in a fairly tight range with stocks and strong commodities helping to take pressure of USD strength. AUS/JPY was very buoyant in line with higher stocks, once again trading at 99.80 levels very close to key 100 level. Overall the AUDUSD traded with a low of 0.9512 and a high of 0.9563 before closing the day at 0.9530 in the New York session. The RBA minutes are out today and the market will be studying this for any hints about future rate direction.

· Gold (XAU) Gold continue to be well supported above $900 with a three week high of $913.35 reached in overnight before easing back to $906

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5367	1.5438	1.5525	1.5632	1.5652
USD/JPY	102.58	103.39	104.40	105.44	105.71
GBP/USD	1.9363	1.9443	1.9495	1.9633	1.9736
AUD/USD	0.9291	0.9392	0.9530	0.9574	0.9597
XAU/USD	860.50	880.50	905.00	913.80	928.75

· Euro – 1.5525

Initial support at 1.5438 (May 16 low) followed by 1.5367 (May 12 low). Initial resistance is now located at 1.5632 (May 19 high) followed by 1.5652 (50% retracement of 1.6019 to 152.84).

· Yen – 104.40

Initial support is located at 103.39 (May 13 low) followed by 102.58 (May 12 low). Initial resistance is now at 105.44 (May 14 high) followed by key 105.71 (May 2 high).

· Pound – 1.9495

Initial support at 1.9443 (May 16 low) followed by 1.9363 (May 14 low). Initial resistance is now at 1.9633 (May 12 high) followed by 1.9736 (May 7 high).

· Australian Dollar – 0.9530

Initial support a 0.9392 (May 16 low) followed by 0.9291 (May 15 low). Initial resistance is now at 0.9574 (May 19 trend high) followed by 0.9597 (open this week + range last week).

· Gold – 905.00

Initial support at 880.5 (May 16 low) followed by 860.5 (May 14 low). Initial resistance is now at 913.8 (May 19 high) followed by 928.75 (Apr 21 high).

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May 19, 2008

Daily Forex Update(May 19 2008)

FOREX Daily Outlook by Easy-Forex.com

US consumer confidence falls to 28 year low 59.5 XAU back above $900

CURRENCY TRADING SUMMARY – 19th MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) The dollar fell across the board as US confidence fell to a multi-decade low reading of 59.5 (62 expected) in May down from 62.6 in April due to “rising uncertainty about future living standards has caused consumers to adopt more prudent spending plans and become more wary of incurring new debt.” Also out on Friday housing Starts showed a rebound to 1.03M vs .94M expected, although all additional building was due to multi-family as opposed to single family homes. In U.S share market little changed NASDAQ down -4.88 points (-.19%) and DOW JONES down -5.86 points (-0.05%), Crude Oil gained over $2 trading at a record high as $127.82 per barrel at one stage before closing at $126.36. Quiet day on US Data.

· The Euro (EURO) On the back of weak US data the Euro tested 1.56 rallying from 1.545 early in the session. The Euro also received a boost from ECB president Trichet’s hawkish comments on fighting inflation creating doubts of rate easing this year. EUR/GBP came close to breaking the key .80 level. The EURUSD traded with a low of 1.5439 and a high of 1.5602 before closing the day at 1.5452 in the New York session. Little data out of Eurozone leading into German ZEW survey tomorrow.

· The Japanese Yen (JPY) gained against the dollar after again having a look above 105 with the drop in the Dow and bad US data precipitating a drop to lows of 103.54 before a recovery in stock market and strong buying on the crosses allowed a close above 104. Some attention being given to Financial Times article on Japan possibly allowing increased Foreign Direct Investment. The USDJPY traded with a low of 103.53 and a high of 105.09 before closing the day at 104.1 in the New York session. Interest rate announcement is out on Tuesday with most economists believing the Bank of Japan will be keeping interest rates on hold predicting a downturn in future data.

· The Sterling (GBP) the pound has been under pressure lately but a strong relief rally on bad US data saw a retest of the 1.96. Overall the GBPUSD traded with a low of 1.9426 and a high of 1.9598 before closing the day at 1.9466 in the New York session. Markets now look to MPC minutes on Wednesday for Central bank thoughts on Rates.

· The Australian Dollar (AUD) traded at a fresh 24 year high of 0.9558 on Friday on the back of weak US data and strong rally in gold and risk appetite. AUS/JPY touched 99.80 and close to critical 100 level. Overall the AUDUSD traded with a low of 0.9393 and a high of 0.9558 before closing the day at 0.9420 in the New York session. UPDATE: The Australian Dollar once again set new highs early on Monday Asian Session touching 0.9571. The RBA minutes are also scheduled for release tomorrow, as market will be looking for any hawkish comments.

· Gold (XAU) rallied above $900 with surge in Oil stoking inflation fears being the catalyst. Gold had a daily Low of $880 and high of $905.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5367	1.5438	1.5580	1.5602	1.5652
USD/JPY	102.58	103.39	104.15	105.11	105.59
GBP/USD	1.9363	1.9443	1.9575	1.9599	1.9633
AUD/USD	0.9291	0.9392	0.9540	0.9560	0.9597
XAU/USD	846.00	860.50	905.00	905.10	906.50

· Euro – 1.5460

Initial support at 1.5438 (May 16 low) followed by 1.5367 (May 12 low). Initial resistance is now located at 1.5602 (May 16 high) followed by 1.5652 (50% retracement of 1.6019 to 152.84).

· Yen – 104.60

Initial support is located at 103.39 (May 13 low) followed by 102.54 (May 12 low). Initial resistance is now at 105.11 (May 16 high) followed by 105.59 (May 7 high).

· Pound – 1.9475

Initial support at 1.9443 (May 16 low) followed by 1.9363 (May 14 low). Initial resistance is now at 1.9599 (May 16 high) followed by 1.9633 (May 12 high).

· Australian Dollar – 0.9415

Initial support a 0.9392 (May 16 low) followed by 0.9291 (May 15 low). Initial resistance is now at 0.956 (May 16 trend high) followed by 0.9597 (open this week + range last week).

· Gold – 883.00

Initial support at 860.50 (May 14 low) followed by 846.00 (May 2 low). Initial resistance is now at 905.1 (May 16 high) followed by 906.5 (Apr 24 high).

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May 16, 2008

Daily Forex Update(May 16 2008)

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FOREX Daily Outlook by Easy-Forex.com

Growth in Europe rises by 0.7%, XAU rebounds by $20

CURRENCY TRADING SUMMARY – 16 MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was mixed once again versus a number of majors as Fed Reserve Chairman Bernanke encouraged banks to continue raising capital post credit turmoil, in order to minimize further damage on the U.S. economy. In data specific news the March release of Capital Net flows was well above expectations at 80.4 bln, whilst the Empire State Manufacturing survey declined by -3.23 from 0.63 in May. In U.S share markets the NASDAQ was higher by 37 points (+1.5%) whilst the Dow Jones was also higher by 94 points (+0.7%). Continued to ease as Iran confirmed it has no plans to cease exports, pushing it lower by US$0.10 a barrel to US$124.12. Friday sees the release of May Housing Starts, which is expected to come in at 940K down from the previous 947K. Furthermore, the Michigan Sentiment Survey is also made public, forecasted to come in at 62.

· The Euro (EURO) was buoyed initially by first quarter growth, up by 0.7% (Forecasts: 0.5%), whilst CPI data fell from 3.6% to 3.3% on an annual basis during the month of April, adding to notions that the ECB will hold rates for the time being. The Euro later gave up much of its gains on a stronger dollar and lower oil prices. The EURUSD traded with a low of 1.5417 and a high of 1.5546 before closing the day at 1.5452 in the New York session.

· The Japanese Yen (JPY) The Bank of Japan will probably keep interest rates on hold next week after it slashed its growth estimate and shelved a two-year policy of seeking higher borrowing costs. Overall the USDJPY traded with a low of 104.43 and a high of 105.29 before closing the day at 104.71 in the New York session.

· The Sterling (GBP) traded in a 100 point range for much of the day, tracking other majors as little data was made available from the UK. Overall the GBPUSD traded wit ha low of 1.9405 and a high of 1.9502 before closing the day at 1.9466 in the New York session.

· The Australian Dollar (AUD) rallied throughout the day, boosted by commodities as gold $20 an ounce. Whilst Speaking in Sydney, RBA Governor Stevens that the fight against price pressures may not be comfortable in the immediate future, although did expect GDP to slow noticeably in the coming years. The Governor also made mention of the Chinese Economy, stating that the economy is “overheating”, predicting it may rival the largest economies in the world within a generation. Overall the AUDUSD traded with a low of 0.9292 and a high of 0.9420 before closing the day at 0.9420 in the New York session.

· Gold (XAU) was boosted by strong physical buying in Asia trading with a high of 887.50 and a low 862.70. XAU ended the day up by US$13.50 an ounce to closing at US$880.00

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5367	1.5453	1.5460	1.5547	1.5571
USD/JPY	103.39	104.43	104.60	105.59	106.65
GBP/USD	1.9338	1.9363	1.9475	1.9530	1.9586
AUD/USD	0.9272	0.9291	0.9415	0.9428	0.9483
XAU/USD	846.00	860.50	881.30	889.80	896.50

· Euro – 1.5460

Initial support at 1.5453 (May 15 low) followed by 1.5367 (May 12 low). Initial resistance is now located at 1.5547 (May 15 high) followed by 1.5571 (May 12 high).

· Yen – 104.60

Initial support is located at 104.43 (May 15 low) followed by 103.39 (May 13 low). Initial resistance is now at 105.59 (May 7 high) followed by 106.65 (Feb 28 low).

· Pound – 1.9475

Initial support at 1.9363 (May 14 low) followed by 1.9338 (Jan 22 reaction low). Initial resistance is now at 1.9530 (61.8% retracement of the 1.9633 to 1.9363 decline) followed by 1.9586 (May 13 high).

· Australian Dollar – 0.9415

Initial support a 0.9291 (May 15 low) followed by 0.9272 (Apr 18 low). Initial resistance is now at 0.9428 (May 14 high) followed by 0.9483 (May 12 high).

· Gold – 883.00

Initial support at 860.50 (May 14 low) followed by 846.00 (May 2 low). Initial resistance is now at 889.80 (May 12 high) followed by 896.50 (Apr 25 high).

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May 15, 2008

Daily Forex Update(May 15 2008)

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FOREX Daily Outlook by Easy-Forex.com

US CPI fails to amuse, Euro-zone CPI figures released on Thursday

CURRENCY TRADING SUMMARY – 15 MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was mixed versus a number of majors as inflation reports for the month of April were below expectations, coming in at 0.2%/3.9% (Forecast: 0.3%/4.0%). Furthermore the Chicago Board of Trade are pricing in a 94% chance that the Federal Reserve will hold rates at its June 25^th meeting. In U.S. share markets the NASDAQ was up by 1.58 points (+0.06%) whilst the Dow Jones was also higher by 66.20 points (+0.52%). Crude Oil rose fell by US$1.58 a barrel to US$124.22 following reassurance from Iran in regards to supplies. A heavy data day is scheduled out of the US today with TIC flows, Philly Fed, whilst Fed Chairman Bernanke is scheduled to speak on Credit Market Turmoil in Chicago at 1330 GMT

· The Euro (EURO) recovered from early day lows as inflationary measures out of the U.S. failed to surprise. In Euro-zone specific data, Industrial Production for March softened by -0.2%, feeling the repercussions of an overvalued Euro. Overall the EURUSD traded with a low of 1.5397 and a high of 1.5486 before closing the day at 1.5457 in the New York session. Key figures out of the Euro zone will be made public in the form of CPI and GDP on Thursday, forecasted to come in at 0.3% and 0.5% respectively.

· The Japanese Yen (JPY) rose to a week lows against the Dollar, as equity markets once again were key to governing moves. Overall the USDJPY traded with a low of 104.58 and a high of 105.44 before closing the day at 105.26 in the New York session.

· The Sterling (GBP) continued its spiral, touching a three week low as the BoE quarterly inflation report showed a downward revision of growth although Inflation will remain above the comfort band for the following two years. Overall the GBPUSD traded with a low of 1.9366 and a high of 1.9473 before closing the day at .9439 in the New York session.

· The Australian Dollar (AUD) eased further throughout the day, failing to gain support from a poor Wage Price Index coming in well below expectations. Overall the AUDUSD traded with a low of 0.9304 and a high of 0.9426 before closing the day at 0.9346 in the New York session. Looking ahead, RBA Gov Stevens is scheduled to speak at 1030 GMT, where he is widely expected to discuss the State of the Australian Economy in its current climate, and its history in recent decades.

· Gold (XAU) eased in fell by US$3.10 an ounce to US$866.50, having traded as low as 860 earlier in the session.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5284	1.5367	1.5460	1.5487	1.5570
USD/JPY	103.39	104.58	105.15	105.59	106.50
GBP/USD	1.9338	1.9363	1.9450	1.9475	1.9586
AUD/USD	0.9249	0.9272	0.9310	0.9428	0.9483
XAU/USD	845.80	846.00	864.60	889.80	896.50

· Euro – 1.5460

Initial support at 1.5367 (May 12 low) followed by 1.5284 (May 8 low). Initial resistance is now located at 1.5487 (May 14 high) followed by 1.5571 (May 12 high).

· Yen – 105.15

Initial support is located at 104.58 (May 14 low) followed by 103.39 (May 13 low). Initial resistance is now at 105.59 (May 7 high) followed by 106.65 (Feb 28 low).

· Pound – 1.9450

Initial support at 1.9363 (May 14 low) followed by 1.9338 (Jan 22 reaction low). Initial resistance is now at 1.9475 (May 14 high) followed by 1.9586 (May 13 high).

· Australian Dollar – 0.9310

Initial support a 0.9272 (Apr 18 low) followed by 0.9249 (50% retracement 0.8953 to 0.9544 advance low). Initial resistance is now at 0.9428 (May 14 high) followed by 0.9483 (May 12 high).

· Gold – 883.00

Initial support at 846.00 (May 2 low) followed by 845.80 (May 2 low). Initial resistance is now at 889.80 (May 12 high) followed by 896.50 (Apr 25 high).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

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May 14, 2008

Daily Forex Update(May 14 2008)

FOREX Daily Outlook by Easy-Forex.com

GBP surge short lived on the back of CPI figures, Oil sets new record highs

CURRENCY TRADING SUMMARY – 14 MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was extremely volatile against all majors on Tuesday as Fed officials, notably Cleveland member Pianalto cited inflationary risks. However Chairman Bernanke did note that the ongoing demand of financial institutions in borrowing from the reserve bank signaled markets were “still far from normal”, and that the rebound would be gradual. On the data front, Retail Sales figures for the month of April were released slightly worse then the forecasted -0.1%, coming in at -0.2%, whilst import prices climbed to 1.8% in April and 15.4% on an annual scope, the largest 12 month gain in 25 years. In U.S. share markets the NASDAQ was up a small 6.63 points (+0.27%) whilst the Dow Jones fell -44.13 points (-0.34%). Crude oil was surged to record highs OPEC member Iran reported it was reviewing a proposal to cut output, pushing the commodity up to US$126.98. Crude ended the session up US$1.57 a barrel to US$125.80. CPI figures are released for the month of April with forecasts at 0.3%/4.0% same as previous. Ongoing speeches from fed officials are also scheduled today.

· The Euro (EURO) lost ground against a resurgent dollar buoyed by economic data and central bank rhetoric, in what was an otherwise quiet session in the Euro-zone. Overall the EURUSD traded with a low of 1.5430 and a high of 1.5565 before closing the session at 1.5476 in the New York session. ECB members Almunia and Papademos will be speaking at an economic forum whilst Industrial Production is also made public out of the Euro zone.

· The Japanese Yen (JPY) edged higher throughout the day on the back of a buoyant dollar and reports that the Chinese Yuan would appreciate by 7% throughout the year. Overall the USDJPY traded with a low of 103.40 and a high of 104.92 before closing the day at 104.80 in the New York session.

· The Sterling (GBP) was most active on Tuesday with CPI figures touching 3% (2.6% expected) on the back of food and energy prices adding further pressure on the BoE to sustain rates in their next meeting. The Sterling Pound surged on the back of the data release although was very short lived. Overall the GBPUSD traded with a low of 1.9421 and a high 1.9587 before closing the day at 1.9456 in the New York session. Unemployment figures are made available as well as the BoE quarterly inflation report.

· The Australian Dollar (AUD) was pressured on Tuesday, as the Greenback rebounded on positive Retail Sales figures. Overall the AUDUSD traded with a low of 0.9386 and a high 0.9485 before closing the day at 0.9408 in the New York session. UPDATE: Wage Price Index for the first quarter were released below expectations at 0.9% (Forecast: 1.1%)

· Gold (XAU) fell sharply for the as the dollar rebounded, with XAU trading at a low of 861.90 and a high of 884.95

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5284	1.5367	1.5455	1.5571	1.5595
USD/JPY	102.58	103.39	104.75	104.96	105.59
GBP/USD	1.9410	1.9420	1.9445	1.9586	1.9633
AUD/USD	0.9342	0.9350	0.9400	0.9483	0.9510
XAU/USD	845.80	846.00	866.20	889.80	896.50

· Euro – 1.5455

Initial support at 1.5367 (May 12 low) followed by 1.5284 (May 8 low). Initial resistance is now located at 1.5571 (May 12 high) followed by 1.5595 (May 6 high).

· Yen – 104.75

Initial support is located at 103.39 (May 13 low) followed by 102.58 (May 12 low). Initial resistance is now at 104.96 (May 8 high) followed by 105.59 (May 7 low).

· Pound – 1.9445

Initial support at 1.9420 (May 13 low) followed by 1.9410 (Feb 21 low). Initial resistance is now at 1.9586 (May 13 high) followed by 1.9633 (May 12 high).

· Australian Dollar – 0.9460

Initial support a 0.9350 (May 8 low) followed by 0.9342 (May 5 low). Initial resistance is now at 0.9483 (May 12 high) followed by 0.9510 (May 6 high).

· Gold – 883.00

Initial support at 846.00 (May 2 low) followed by 845.80 (May 2 low). Initial resistance is now at 889.80 (May 12 high) followed by 896.50 (Apr 25 high).

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May 13, 2008

Daily Forex Update(May 13 2008)

FOREX Daily Outlook by Easy-Forex.com

GBP rallies on the back of sturdy PPI, ahead of Retail Sales and CPI figures today

CURRENCY TRADING SUMMARY – 13 MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was mixed against the majors on Monday, losing ground on the majority bar the Japanese Yen. In Fiscal policy, the US Government reported a 159.3 Billion surplus in April largely boosted by Tax receipts. In U.S. share markets the NASDAQ was up by 42.97 points (+1.76%) whilst the Dow Jones was also higher by 130.43 points (+1.02%). Crude oil set another record high of US$126.40, although falling US$1.73 a barrel to end at US$124.23. Looking ahead on Tuesday, much focus surrounds that of Chairman Bernanke heading a number of speeches from the Federal Reserve. In other data, Retail Sales for the month of April is made public with forecasts surrounding that of a decline by -0.1%, previous 0.2%.

· The Euro (EURO) lifted throughout the day, well above last weeks lows as confidence in the market prompted a return to demand for the single currency. The moves may have been exaggerated as many markets remained closed for the Whit Monday holiday. In policy news, ECB member Quaden commented that interest rates were not hindering growth which only added to further demand for the Euro. Overall the EURUSD traded with a low of 1.5367 and a high of 1.5541 before closing the day at 1.5534 in the New York session.

· The Japanese Yen (JPY) lost ground against a number of currencies as rallying stocks and confidence in financial markets paved the way for investors to purchase high yielding assets funded by the Yen. Overall the USDJPY traded with a low of 102.62 and a high of 104.04 before closing the day at 103.73 in the New York session.

· The Sterling (GBP) was one of the best performing currencies overnight, rebounding from three month lows against the dollar as UK Producer prices caused traders to trim bets that the BoE would look to cut rates in their next meeting. The April figures for PPI revealed that input prices jumped by 2.4%, whilst output prices also rose by 1.4%, with analyst suggesting the underlying factor to be that of record food and energy prices. The BoE is now faced with growing concern of stagflation, with a drop in growth and an upward pressure in inflation. Overall the GBPUSD traded with a low of 1.9444 and a high of 1.9633 before closing the day at 1.9621 in the New York session. CPI and Retail Sales now take the spotlight as traders try delving into how high inflation remains in the UK.

· The Australian Dollar (AUD) was subject to equity market and commodities rallying through the day. Overall AUDUSD traded with a low of 0.9358 and a high of 0.9475 before closing the day at 0.9471 in the New York session.

· Gold (XAU) fell as Oil paired its gains. XAU effectively traded in a range of 878.35 and a high of 889.70.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5284	1.5367	1.5525	1.5571	1.5595
USD/JPY	101.91	102.26	103.90	104.04	104.96
GBP/USD	1.9410	1.9444	1.9530	1.9633	1.9736
AUD/USD	0.9342	0.9350	0.9460	0.9483	0.9510
XAU/USD	846.00	864.20	883.00	889.80	896.50

· Euro – 1.55525

Initial support at 1.5367 (May 12 low) followed by 1.5284 (May 8 low). Initial resistance is now located at 1.5571 (May 12 high) followed by 1.5595 (May 6 high).

· Yen – 103.90

Initial support is located at 102.26 (Apr 18 low) followed by 101.91 (38.2% retracement of the 95.76 low). Initial resistance is now at 104.04 (May 12 high) followed by 104.96 (May 8 low).

· Pound – 1.9530

Initial support at 1.9444 (May 12 low) followed by 1.9410 (Feb 21 low). Initial resistance is now at 1.9633 (May 12 high) followed by 1.9736 (May 7 high).

· Australian Dollar – 0.9460

Initial support a 0.9350 (May 8 low) followed by 0.9342 (May 5 low). Initial resistance is now at 0.9483 (May 12 high) followed by 0.9510 (May 6 high).

· Gold – 883.00

Initial support at 864.20 (May 7 low) followed by 846.00 (May 2 low). Initial resistance is now at 889.80 (May 12 high) followed by 896.50 (Apr 25 high).

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May 12, 2008

Daily Forex Update(May 12 2008)

FOREX Daily Outlook by Easy-Forex.com

Oil sets record highs, again. US trade deficit narrows sharply.

CURRENCY TRADING SUMMARY – 12 MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was mixed against a number of majors on Friday as the Trade deficit narrowed sharply for the month of March, with imports falling 2.9% the most since the last recession ended. The U.S. traded deficit narrowed from US$61.7 billion to US$58.2 billion. In U.S share markets the NASDAQ fell by -5.72 points (-0.23%) whilst the Dow Jones was also down by -120.90 points (-0.94%) as shares in the world’s largest insurer, AIG, fell following a reported record quarterly loss. Crude oil traded at a record high once again touching US$126.25 in after hours trading. Crude closed the session up by US$2.56 a barrel to US$125.40. Looking ahead, Fed officials are scheduled to speak on the U.S. economic outlook and financial markets today.

· The Euro (EURO) continued its late week revival; following the ECB signal that it was unlikely cuts would materialize. Overall the EURUSD traded with a low of 1.5394 and a high of 1.5489 before closing the day at 1.5479 in the New York session.

· The Japanese Yen (JPY) continued its rally as equity market fell on the back of AIG profit earnings. Japanese stocks also fell adding to the moves, with several large organizations including Toyota Motor Corp. forecasted lower profit earnings in light of the global economic slowdown. Overall the USDJPY traded with a low of 102.62 and a high of 103.96 before closing the day at 102.93 in the New York session.

· The Sterling (GBP) eased against a number of majors on signs that the faltering economy would prompt the Bank of England to resume it easing cycle. U.K. home repossession claims by mortgage lenders rose 16 percent from a year ago to the highest since the early 1990s. Overall the GBPUSD traded with a low of 1.9461 and a high of 1.9598 before closing the day at 1.5479 in the New York session. Looking ahead, key figures in the form of PPI are scheduled out of the UK on Monday.

· The Australian Dollar (AUD) was range bound and held firm on sturdy commodities, despite falling equities. Overall the AUDUSD traded with a low of 0.9385 and a high of 0.9465 before closing the day at 0.9430 in the New York session.

· Gold (XAU) rose further on supply concerns and record oil prices. XAU jumped by US$3.70 an ounce to US$885.80.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5284	1.5393	1.5460	1.5540	1.5595
USD/JPY	101.91	102.26	102.85	103.97	104.96
GBP/USD	1.9363	1.9410	1.9510	1.9570	1.9621
AUD/USD	0.9342	0.9350	0.9405	0.9510	0.9544
XAU/USD	846.00	864.20	886.20	889.65	896.50

· Euro – 1.5460

Initial support at 1.5393 (May 9 low) followed by 1.5284 (May 8 low). Initial resistance is now located at 1.5540 (May 7 high) followed by 1.5595 (May 6 high).

· Yen – 102.85

Initial support is located at 102.26 (Apr 18 low) followed by 101.91 (38.2% retracement of the 95.76 low). Initial resistance is now at 103.97 (May 9 high) followed by 104.96 (May 8 low).

· Pound – 1.9510

Initial support at 1.9410 (Feb 21 low) followed by 1.9363 (Feb 20 reaction low). Initial resistance is now at 1.9570 (May 9 high) followed by 1.9621 (May 8 high).

· Australian Dollar – 0.9435

Initial support a 0.9350 (May 8 low) followed by 0.9342 (May 5 low). Initial resistance is now at 0.9510 (May 6 high) followed by 0.9544 (Apr 23 high).

· Gold – 883.00

Initial support at 864.20 (May 7 low) followed by 846.00 (May 2 low). Initial resistance is now at 889.65 (May 9 high) followed by 896.50 (Apr 25 high).

Forex trading involves substantial risk of loss, and may not be suitable for everyone.

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May 9, 2008

Daily Forex Update(May 9 2008)

FOREX Daily Outlook by Easy-Forex.com

ECB and BoE hold in attempt to balance inflation and growth.

CURRENCY TRADING SUMMARY – 09 MAY 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was volatile versus a number of currencies thorough out all session on Thursday. US wholesale inventories data unexpectedly fell for the first time in more than a year in March, while wholesale sales posted a stronger-than-expected rise of 1.6 percent. Stocks rose in U.S. share markets the NASDAQ was 12.75 points (0.52%) whilst the Dow Jones 52.43 points (0.41%). Crude oil traded at another record high on Thursday for the fourth straight day, hitting US$124.61. Oil finished the day up by US$0.16 a barrel to US$123.69. US Trade Balance is scheduled for release today with markets expecting the trade deficit to narrow to -61 billion.

· The Euro (EURO) rebounded as the ECB kept rates on hold at 4.00% and signaled that policy makers were still committed to fighting inflation, although noting that “risks to growth prevail”. Overall the EURUSD traded with a low of 1.5284 and a high of 1.5442 before closing the day at 1.5401 in the New York session.

· The Japanese Yen (JPY) was range bound for much of the session, tracking other majors and equity markets. Overall the USDJPY traded with a low of 103.41 and a high of 104.93 before ending the session at 103.84 in New York.

· The Sterling (GBP) saw the Bank of England also keep rates unchanged at 5.00% as widely expected, in an attempt to balance upside inflation and slowing growth in light of credit turmoil. Overall the GBPUSD traded with a low of 1.9504 and a high of 1.9621 before closing the day at 1.9551 in the New York session.

· The Australian Dollar (AUD) was boosted by strong jobs data in Thursday, despite the Unemployment rate rising from 4.1% to 4.2%. With Employment change jumping to 25,400 new jobs (Forecast: 10,000), The AUD rallied in the Asian session as the Labour force remains healthy. Overall the AUDUSD traded with a low of 0.9350 and a high of 0.9441 before closing the day at 0.9425 in the New York session.

· Gold (XAU) rebounded well on Thursday, as record oil prices pushed the appeal for gold as an inflation hedge. Overall XAU traded with a low of 864.00 and a high of 885.25

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5230	1.5284	1.5405	1.5442	1.5540
USD/JPY	103.23	103.41	103.75	104.96	105.71
GBP/USD	1.9410	1.9503	1.9560	1.9621	1.9736
AUD/USD	0.9342	0.9350	0.9435	0.9510	0.9544
XAU/USD	846.00	864.20	883.00	885.80	896.50

· Euro – 1.5405

Initial support at 1.5284 (May 8 low) followed by 1.5230 (50% retracement of the 1.4440 to 1.6019). Initial resistance is now located at 1.5442 (May 8 high) followed by 1.5540 (May 7 high).

· Yen – 103.75

Initial support is located at 103.41 (May 8 low) followed by 103.23 (Apr 29 low). Initial resistance is now at 104.96 (May 8 high) followed by 105.71 (May 2 low).

· Pound – 1.9560

Initial support at 1.9503 (May 8 low) followed by 1.9410 (Feb 21 low). Initial resistance is now at 1.9621 (May 8 high) followed by 1.9736 (May 7 high).

· Australian Dollar – 0.9435

Initial support a 0.9350 (May 8 low) followed by 0.9342 (May 5 low). Initial resistance is now at 0.9510 (May 6 high) followed by 0.9544 (Apr 23 high).