Daily Forex Update: August 29 2008

FOREX Daily Outlook by Easy-Forex.com

US GDP Surges Higher taking Greenback for the ride.

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

· U.S. Dollar Trading (USD) traded near week lows as Oil surged above $120 a barrel on Hurricane Gustav fears, pre US data. US GDP Data took the markets by surprise with a staggering 3.3% Q2 y/y rate. Forecasts had called for a solid 2.7% up from 1.9% in Q1. Government stimulus and surging exports were the main causes for the unexpected bounce which resulted in strong US stocks and Dollar. Oil fell off highs but markets are wary of another rally as Gustav approaches. Weekly Jobless Claims dropped to 425K from 435K previously. In the U.S. share markets, the NASDAQ was up 29 points (1.22%) and the Dow Jones was up 212 points (1.85%). Crude Oil closed up $-2.56 ending the New York session at $115.59 per barrel. Looking ahead, July Core PCE is forecast at 0.3% along with Consumption at 0.2%. Also released is the August Chicago PMI seen slightly lower at 50 from 50.8 previously and the August Michigan consumer confidence expected to rise slightly to 62.

· The Euro (EUR) was able to test the topside twice as Euro data supported and Oil rallied. US GDP was able to subdue the Euro rally as Oil reveresed and Dollar rallied. German Unemployment dropped by 40K much more than the 10K expected. Overall the EUR/USD traded with a low of 1.4671 and a high of 1.4812 before closing the day at 1.4705 in the New York session. Looking ahead, Eurozone August CPI is seen slightly lower at 3.9% from 4.0% in July. Also released the July Unemployment rate forecast to remain at 7.3% and August Consumer Confidence is forecast at -20.

· The Japanese Yen (JPY) traded in a volatile manner tracking USD strength ending relatively unchanged as Equities rallied and Oil fell from highs. GBP/JPY broke through the key 200 level at the height of Yen strength. Overall the USDJPY traded with a low of 108.78 and a high of 109.72 before closing the day around 109.50 in the New York session. UPDATE Japanese CPI for Tokyo was 1.5% in August along with Nationwide July CPI at 2.4%. July Retail Sales jumped to 1.9% from 0.3% in June and 1.3% expected. July Industrial Production also bounced to +0.9% from -2.2% previously.

· The Sterling (GBP) came under extreme pressure, falling against all currencies as data confirmed an economy on the verge of recession. Nationwide House Prices dropped for a 10^th month running at -1.9% in August. More Concerning was the continued slump in CBI Distributive Trades Realized at -46 in August vs. -30 expected and -36 in July. Overall the GDP/USD traded with a low of 1.8240 and a high of 1.8404 before closing the day at 1.8290 in the New York session.

· The Australian Dollar (AUD) tracked oil movements but traded with a bid tone after AUD data provided some relief. Q2 CAPEX rebounded strongly to 5.7% from -2.5% previously. Heavy falls in Oil during the US session capped gains and settled just above 86 cents. Overall the AUD/USD traded with a low of 0.8576 and a high of 0.8694 before closing the US session at 0.8620.

· Gold (XAU) tracked Oil and the USD gaining strongly before US data sent the precious metal back to the opening levels. Oil was weighed down from IEA comments about strategic reserves being ready to use in case of emergencies. Overall trading with a low of USD$825.90 and high of USD$844 before ending the New York session at USD$832 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4634	1.4672	1.4730	1.4811	1.4908
USD/JPY	108.30	108.70	109.10	109.89	110.29
GBP/USD	1.8177	1.8241	1.8310	1.8489	1.8531
AUD/USD	0.8532	0.8577	0.8640	0.8694	0.8814
XAU/USD	801.00	807.40	835.00	844.20	846.00

· Euro – 1.4730

Initial support at 1.4672 (Aug 28 low) followed by 1.4634 (Aug 27 low). Initial resistance is now located at 1.4811 (Aug 28 high) at followed by 1.4908 (Aug 21 high).

· Yen – 109.10

Initial support is located at 108.70 (Aug 27 low) followed by 108.3 (Aug 21 low). Initial resistance is now at 109.89 (Aug 27 high) followed by 110.29 (Aug 25 high).

· Pound – 1.8310

Initial support at 1.8241 (Aug 28 low) followed by 1.8177 (July 17, 2006). Initial resistance is now at 1.8489 (Aug 27 high) followed by 1.8531 (Aug 26 high).

· Australian Dollar – 0.8640

Initial support at 0.8577 (Aug 28 low) followed by 0.8532 (Aug 27 low). Initial resistance is now at 0.8694 (Aug 26 High) followed by 0.8814 (Aug 25 high).

· Gold – 835

Initial support at 807.40 (Aug 22 low) followed by 801 (Aug 20 low). Initial resistance is now at 844.2 (Aug 28 high) followed by 846 (Former May 2 support).

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Daily Forex Update: August 28 2008

FOREX Daily Outlook by Easy-Forex.com

Oil threatening Dollar Gains

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

· U.S. Dollar Trading (USD) was on the backfoot early in the day as commodities found strength and recent dollar gains were pared back. US Durable Good Orders were significantly higher than expected in July coming at 1.3% (.1% expected) putting the Dollar bulls back in control. Oil surged higher a possible superstorm developed in the Gulf of Mexico threatening offshore Oil platforms. In the U.S. share markets, the NASDAQ was up 20 points (0.87%) and the Dow Jones was up 89 points (0.79%). Crude Oil closed up $1.88 ending the New York session at $118.15 per barrel. Looking ahead, big data day ahead with Core PCE Q2 expected at 2.1% along with GDP Q2 seen at 2.7% annualized. Weekly Jobless Claims are expected to ease slightly to 428K.

· The Euro (EUR) was able to make substantial gains after bouncing off the multi month lows of Tuesday. Hawkish ECB comments from multiple members tempered speculation of interest rate cuts before the end of the year, which combined with surging Oil supported the single currency. German CPI figures showed a drop of -0.3% in August. Overall the EUR/USD traded with a low of 1.4634 and a high of 1.4777 before closing the day at 1.4725 in the New York session. Looking ahead, German Unemployment Rate seen unchanged at 7.8% after an Unemployment change forecast at -10K in August.

· The Japanese Yen (JPY) stock weakness and early dollar weakness allow the Yen to strengthen falling off the 109 handle before stocks rebounded on strong US data. Crosses were heavy lead by the EUR/JPY which tested the 160 support. Overall the USDJPY traded with a low of 108.70 and a high of 108.89 before closing the day around 109.50 in the New York session.

· The Sterling (GBP) suffered the most of the majors as a key resistance on the EUR/GBP was broken at .8000. Cable was able to recover in line with the Euro but fell heavily after the US Durable Goods Orders to hit New Year lows below 1.8300. Overall the GDP/USD traded with a low of 1.8285 and a high of 1.8489 before closing the day at 1.8360 in the New York session. Looking ahead, CBI Trends Orders August forecast at -30 vs. -36 in July.

· The Australian Dollar (AUD) recovered from lows as Oil and other Commodities strengthened and USD was sold. US data took the bid tone off the Aussie sending the pair back to the .85 handle. AUD/JPY bounced as equities recovered. Overall the AUD/USD traded with a low of 0.8530 and a high of 0.8636 before closing the US session at 0.8585. Looking ahead, Q2 CAPEX forecast to recover to 2.0% Q/Q after falling -2.5% Q1.

· Gold (XAU) benefited as an inflation hedge as Oil continued to head higher and US Treasury yields fell. Overall trading with a low of USD$822 and high of USD$835 before ending the New York session at USD$827 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4571	1.4634	1.4750	1.4777	1.4808
USD/JPY	108.30	108.70	109.45	109.86	110.29
GBP/USD	1.8177	1.8331	1.8340	1.8489	1.8531
AUD/USD	0.8495	0.8532	0.8600	0.8647	0.8693
XAU/USD	801.00	807.40	829.00	838.60	846.00

· Euro – 1.4750

Initial support at 1.4634 (Aug 27 low) followed by 1.4571 (Feb 26 reaction low). Initial resistance is now located 1.4777 (Aug 27 high) at followed by 1.4808 (Aug 25 high).

· Yen – 109.45

Initial support is located at 108.70 (Aug 27 low) followed by 108.3 (Aug 21 low). Initial resistance is now at 109.86 (Aug 27 high) followed by 110.29 (Aug 25 high).

· Pound – 1.8340

Initial support at 1.8331 (Aug 26 low) followed by 1.8177 (July 17, 2006). Initial resistance is now at 1.8489 (Aug 27 high) followed by 1.8531 (Aug 26 high).

· Australian Dollar – 0.8600

Initial support at 0.8532 (Aug 27 low) followed by 0.8495 (Aug 26 low). Initial resistance is now at 0.8647 (Aug 26 High) followed by 0.8693 (Aug 25 high).

· Gold – 829

Initial support at 807.40 (Aug 22 low) followed by 801 (Aug 20 low). Initial resistance is now at 838.60 (Aug 21 high) followed by 846 (Former May 2 support).

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Daily Forex Update: August 27 2008

FOREX Daily Outlook by Easy-Forex.com

German IFO pummels Euro, Boosts Dollar

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

· U.S. Dollar Trading (USD) gained again during the Asian session this time lead by the Antipodean currencies AUD and NZD. Weak EU data allowed new multimonth highs against most currencies except the Yen which outperformed as banking worries continued. Gains in Oil as a hurricane formed off the Gulf Coast pared some of USD gains. US data was mixed with a rise in CB Consumer Confidence to 56.9(53 Expected) for August being offset by a fall in New Home Sales for July to 515K (530K expected). FOMC minutes from last Fed meeting also released but offered little new to the debate over future rate movements. In the U.S. share markets, the NASDAQ was down 3 points (-0.15%) and the Dow Jones was up 26 points (0.23%). Crude Oil closed up $1.16 ending the New York session at $116.27 per barrel. Looking ahead, July Durable Goods Orders are seen at -0.5% vs. 2% in June. US Crude Inventories are expected to build .9M Barrels.

· The Euro (EUR) was on a weak footing as USD strengthened broadly before being knocked lower on weaker than expected data. GFK Consumer Confidence dropped to 1.5 in September vs. 2 expected and Q2 German GDP was confirmed at -0.5%. The big market mover was August IFO Index which fell more than expected to 94.8 vs. the 97.1 forecast. The Euro broke through support at 1.4600 before a rally in Oil allowed some relief. Overall the EUR/USD traded with a low of 1.4570 and a high of 1.4760 before closing the day at 1.4650 in the New York session. Looking ahead, German Import Prices are expected to rise 0.5% in July.

· The Japanese Yen (JPY) one of the only currencies to stand up to USD strength gaining against most currencies especially the EUR/JPY which took out option barriers at 160. Ongoing unwinding of carry trades supported gains. Overall the USDJPY traded with a low of 109.14 and a high of 109.94 before closing the day around 109.60 in the New York session.

· The Sterling (GBP) new multi year lows where plumbed as USD gained all day and support at 1.8400 gave way. Heavy selling in the GBP/JPY added pressure. Overall the GDP/USD traded with a low of 1.8330 and a high of 1.8530 before closing the day at 1.8400 in the New York session.

· The Australian Dollar (AUD) broke support at .8590 during the Asian session and extended losses as the EUR/USD continued its fall. Strong Support in the low .85’s propped up the pair as Oil and Gold rebounded. NZD/USD also suffered as Trade data weakened and support at .7000 gave way. Overall the AUD/USD traded with a low of 0.8493 and a high of 0.8647 before closing the US session at 0.8550.

· Gold (XAU) was able to counter USD strength as Oil jumped higher on supply concerns and risk aversion remained relatively high. Overall trading with a low of USD$829.70 and high of USD$807.70 before ending the New York session at USD$824 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4440	1.4571	1.4650	1.4762	1.4808
USD/JPY	108.43	109.02	109.55	110.29	110.67
GBP/USD	1.8177	1.8331	1.8390	1.8531	1.8590
AUD/USD	0.8276	0.8488	0.8550	0.8647	0.8693
XAU/USD	801.00	807.40	824.00	830.60	838.60

· Euro – 1.4650

Initial support at 1.4571 (Aug 26 low) followed by 1.4444 (Feb 7 reaction low). Initial resistance is now located 1.4762 (Aug 26 high) at followed by 1.4808 (Aug 25 high).

· Yen – 109.55

Initial support is located at 109.02 (Aug 25 low) followed by 108.43 (Aug 22 low). Initial resistance is now at 110.29 (Aug 25 high) followed by 110.67 (Aug 15 high).

· Pound – 1.8390

Initial support at 1.8331 (Aug 26 low) followed by 1.8177 (July 17, 2006). Initial resistance is now at 1.8531 (Aug 26 high) followed by 1.8590 (Aug 25 high).

· Australian Dollar – 0.8550

Initial support at 0.8488 (Sep 19 2007) followed by 0.8276 (Sep 18 low). Initial resistance is now at 0.8647 (Aug 26 High) followed by 0.8693 (Aug 25 high).

· Gold – 824

Initial support at 807.40 (Aug 22 low) followed by 801 (Aug 20 low). Initial resistance is now at 830.60 (Aug 26 high) followed by 838.60 (Aug 21 high).

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Daily Forex Update: August 26 2008

FOREX Daily Outlook by Easy-Forex.com

When UK’s away, pound comes out to play

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

· U.S. Dollar Trading (USD) received a major boost through a sizable cable sell off during the Asian session dragging down all the majors against the greenback. Sentiment slowly reversed during the remainder of the day picking up speed as US equities tumbled on reports another US bank failed and speculation of large write downs in Q3. July Existing Home Sales supported rising 3.1% to 5 Million from 4.85 Million in June. In the U.S. share markets, the NASDAQ was down 49 points (-2.03%) and the Dow Jones was down 241 points (-2.08%). Crude Oil closed up $0.50 ending the New York session at $115.10 per barrel. Looking ahead, the Case Shiller Home price index is forecast to drop -0.8% in June. Conference Board Consumer Confidence is expected to increase to 53 from 51.9 in August. July New Home Sales are expected to remain 530K.

· The Euro (EUR) came under pressure falling in sympathy with the large falls in Cable before reversing as US equities turned south. Oil was unable to maintain gains and its pullback weighed on the single currency into the US close. Overall the EUR/USD traded with a low of 1.4696 and a high of 1.4809 before closing the day at 1.4755 in the New York session. Looking ahead, German GDP Q2 expected at -0.5% along with Consumer Confidence expected at 2 down slightly from 2.1. Also released, IFO Index forecast down slightly to 97.1.

· The Japanese Yen (JPY) gained again falling off the 110 level as risk aversion spiked on continued rumbling of global banking issues. GBY/JPY came under heavy pressure during the Asian session. Overall the USDJPY traded with a low of 109.02 and a high of 110.29 before closing the day around 109.30 in the New York session.

· The Sterling (GBP) lead the fall in the Asian session as stops below 1.8500 were cleared inducing an 80 pip fall to multi-year lows. Support was found in the European session although trading was light as UK was away on a bank Holiday. USD weakness during the US session turned the rebound into a rally but gains were pared to end the day roughly where we began. Overall the GDP/USD traded with a low of 1.8405 and a high of 1.8590 before closing the day at 1.8530 in the New York session.

· The Australian Dollar (AUD) fell in sympathy with the cable but was able to track higher during the rest of the day as stable gold prices supported. AUD/JPY came under pressure as stocks weakened. Overall the AUD/USD traded with a low of 0.8615 and a high of 0.8690 before closing the US session at 0.8740. UPDATE AUD/USD Breaks below .8600 in Asian Trade.

· Gold (XAU) was unable to capitalize on increasing risk aversion as Oil pared gains and USD strengthened. Overall trading with a low of USD$817.50 and high of USD$825.70 before ending the New York session at USD$822 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4673	1.4697	1.4715	1.4901	1.4963
USD/JPY	108.04	108.43	109.40	110.29	110.67
GBP/USD	1.8385	1.8406	1.8465	1.8787	1.8901
AUD/USD	0.8515	0.8580	0.8585	0.8807	0.8846
XAU/USD	801.00	812.30	818.00	838.60	846.00

· Euro – 1.4715

Initial support at 1.4697 (Aug 22 low) followed by 1.4673 (Aug 20 low). Initial resistance is now located 1.4901 (Aug 22 low) at followed by 1.4963 (23.6% retrace 1.6038 to 1.4631).

· Yen – 109.40

Initial support is located at 108.43 (Aug 22) followed by 108.04 (38.2% retrace 103.78 to 110.67). Initial resistance is now at 110.29 (Aug 25 high) followed by 110.67 (Aug 15 high).

· Pound – 1.8465

Initial support at 1.8406 (Aug 25 low) followed by 1.8385 (July 25 2006 low). Initial resistance is now at 1.8787 (Aug 14 high) followed by 1.8901 (23.6% retrace 2.0157 to 1.8513).

· Australian Dollar – 0.8585

Initial support at 0.8580 (trendline support) followed by 0.8515 (Jan 15 low). Initial resistance is now at 0.8807 (Aug 22 High) followed by 0.8846(Aug 12 high).

· Gold – 818

Initial support at 812.3 (Aug 22 low) followed by 801 (Aug 20 low). Initial resistance is now at 838.60 (Aug 21 high) followed by 846 (Former May 2 support).

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Daily Forex Update: August 25 2008

FOREX Daily Outlook by Easy-Forex.com

US stocks rally taking Dollar for the Ride

CURRENCY TRADING SUMMARY – 25thAugust 2008 (00:30GMT)

· U.S. Dollar Trading (USD) rallied before Fed Chief Bernanke’s speech on speculation that Lehman Brother’s may receive capital from the Korean Development Bank. Also supporting was a massive drop in Oil on the back of easing geopolitical concerns and reopening of major pipelines in Turkey. Bernanke took some of the wind out of the Dollar’s rally though with comments that slowing US growth would mediate inflation concerns indicating that the Fed would be able to keep target rates low for an extended period of time. In the U.S. share markets, the NASDAQ was up 34 points (1.44%) and the Dow Jones was up 197 points (1.73%). Crude Oil closed down $6.59 ending the New York session at $114.59 per barrel. Looking ahead, July Home Sales are forecast at 4.9 Million up from 4.86 Million in June.

· The Euro (EUR) pulled back from Thursday’s highs as Oil retreated and the USD rallied broadly. Eurozone data did little to support with the June Current Account blowing out to -8.2 Billion. Industrial Orders for June were better than forecast although still negative, down -0.3% in June or -7.4% Y/Y. Overall the EUR/USD traded with a low of 1.4759 and a high of 1.4909 before closing the day at 1.4790 in the New York session.

· The Japanese Yen (JPY) reversed Thursday’s losses gaining all day to reclaim the 110 level driven by buoyant equities and renewed risk appetite. Monetary Policy Minutes showed Bank of Japans concern with rising global Inflation and growing downside risks. Overall the USDJPY traded with a low of 108.33 and a high of 110.15 before closing the day around 109.90 in the New York session.

· The Sterling (GBP) suffered more than most currencies as Oil losses combined with downgraded data. Q2 GDP was revised down to 0.0% from 0.1% initially forecast. Support was finally found pre 1.8500. Overall the GDP/USD traded with a low of 1.8503 and a high of 1.8780 before closing the day at 1.8520 in the New York session. Looking Ahead, Bank Holiday in UK today. UPDATE GDP/USD BREAKS 1.8500 dropping quickly to 1.8425.

· The Australian Dollar (AUD) fell in line with the pullback in commodity prices. AUD was also under pressure from a wide range of currencies as the market pared longs especially against the AUD/NZD. The Aussie has consolidated between the .8600-.8800 levels against the Greenback. Overall the AUD/USD traded with a low of 0.8649 and a high of 0.8804 before closing the US session at 0.8780.

· Gold (XAU) positive stocks and heavy losses in Oil set the tone with the precious metal falling over $10 an ounce. Overall trading with a low of USD$821 and high of USD$838 before ending the New York session at USD$823 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4673	1.4732	1.4785	1.4901	1.4963
USD/JPY	108.04	108.43	109.95	110.14	110.67
GBP/USD	1.8177	1.8385	1.8425	1.8787	1.8901
AUD/USD	0.8626	0.8651	0.9680	0.8807	0.8846
XAU/USD	801.00	812.30	822.00	838.60	846.00

· Euro – 1.4785

Initial support at 1.4732 (Aug 21 low) followed by 1.4673 (Aug 20 low). Initial resistance is now located 1.4901 (Aug 22 low) at followed by 1.4963 (23.6% retrace 1.6038 to 1.4631).

· Yen – 109.95

Initial support is located at 108.43 (Aug 22) followed by 108.04 (38.2% retrace 103.78 to 110.67). Initial resistance is now at 110.14 (Aug 22 high) followed by 110.67 (Aug 15 high).

· Pound – 1.8425

Initial support at 1.8385 (July 25 2006 low) followed by 1.8177 (July 17 2006 low). Initial resistance is now at 1.8787 (Aug 14 high) followed by 1.8901 (23.6% retrace 2.0157 to 1.8513).

· Australian Dollar – 0.8680

Initial support at 0.8651 (Aug 22 low) followed by 0.8626 (Aug 19 low). Initial resistance is now at 0.8807 (Aug 22 High) followed by 0.8846(Aug 12 high).

· Gold – 822

Initial support at 812.3 (Aug 22 low) followed by 801 (Aug 20 low). Initial resistance is now at 838.60 (Aug 21 21) followed by 846 (Former May 2 support).

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Daily Forex Update: August 25 2008

Daily Forex Update: August 22 2008

FOREX Daily Outlook by Easy-Forex.com

Oil surges back to life, Dollar under Pressure

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

· U.S. Dollar Trading (USD) Economic data and Equities took a backseat to the Oil show yesterday. Geopolitical Concerns stemming from Russia/US sabre rattling sent Oil through the roof up over $6 a barrel at one stage. Initial Dollar weakness was seen in the Asian session as US banking concerns sent the Yen surging. Weekly Jobless Claims eased slightly to 432K from 445K previous and Leading Indicators dropped to -0.7% in July vs. expectations of -0.2%. The August Philly Fed Manufacturing Index recovered to -12.7 from -16.3 in July. In the U.S. share markets, the NASDAQ was down 8 points (-0.36%) and the Dow Jones was up 12 points (0.11%). Crude Oil closed up $5.62 ending the New York session at $121.18 per barrel. Looking ahead, Fed Chief Ben Bernanke speaks tonight on Financial Stability.

· The Euro (EUR) had an initial foray into the 1.48’s early in the European session which was sharply repelled by mixed European data. August German Manufacturing PMI slipped below 50 to 49.9 from 50.9 in July. German Services PMI also slipped to 50.6 from 53.1. Eurozone PMI data surprised to the topside though, ticking higher to 47.5 in August vs. 47.4 in July. The surge in Oil provided the stimulus for the second 1.48 attempt which proved successful with spot settling just below 1.4900. Overall the EUR/USD traded with a low of 1.4731 and a high of 1.4897 before closing the day at 1.4890 in the New York session. Looking ahead, Eurozone June Current account forecasted at -2Billion and June Industrial Orders are expected at -1.1%.

· The Japanese Yen (JPY) broke through 109.50 as stock losses mounted and the Dollar weakened. Downside Momentum into the European Session saw support at 109 and 108.50 broken before some heavy cross buying finally brought the decent to a halt. Overall the USDJPY traded with a low of 108.13 and a high of 109.86 before closing the day around 108.50 in the New York session.

· The Sterling (GBP) had a volatile trading day but ended substantially higher on USD weakness but UK data was mixed. July Retails Sales bounced back from a -3.9% fall last month to a surprisingly strong +0.8%. Initial Pound gains were tempered though as Preliminary Business Investment look set for a -1.9% drop Q/Q. Overall the GDP/USD traded with a low of 1.8608 and a high of 1.8782 before closing the day at 1.8760 in the New York session. Looking Ahead, Q2 GDP is forecast at 0.1% Q/Q, 1.5% Y/Y.

· The Australian Dollar (AUD) made good gains on the back of broad commodity strength and USD weakness. AUD/JPY was under pressure early before AUD/USD finally overcame resistance in the low .8700 area to provide some support. Overall the AUD/USD traded with a low of 0.8650 and a high of 0.8798 before closing the US session at 0.8730.

· Gold (XAU) took its cue from Oil, climbing over $20 as investors flooded back into commodities. Overall trading with a low of USD$812.60 and high of USD$839 before ending the New York session at USD$834 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4673	1.4732	1.4880	1.4896	1.4963
USD/JPY	107.29	108.04	108.60	109.90	110.67
GBP/USD	1.8513	1.8607	1.8760	1.8787	1.8901
AUD/USD	0.8626	0.8651	0.8780	0.8797	0.8846
XAU/USD	801.00	811.00	834.00	846.00	855.00

· Euro – 1.4880

Initial support at 1.4732 (Aug 21 low) followed by 1.4673 (Aug 20 low). Initial resistance is now located 1.4896 (Aug 21 low) at followed by 1.4963 (23.6% retrace 1.6038 to 1.4631).

· Yen – 108.60

Initial support is located at 108.04 (38.2% retrace 103.78 to 110.67) followed by 107.29 (Aug 1 low). Initial resistance is now at 109.90 (Aug 21 high) followed by 110.67 (Aug 15 high).

· Pound – 1.8760

Initial support at 1.8607 (Aug 21 low) followed by 1.8513 (Aug 15 low). Initial resistance is now at 1.8787 (Aug 14 high) followed by 1.8901 (23.6% retrace 2.0157 to 1.8513).

· Australian Dollar – 0.8780

Initial support at 0.8651 (Aug 21 low) followed by 0.8626 (Aug 19 low). Initial resistance is now at 0.8797 (Aug 14 High) followed by 0.8846(Aug 12 high).

· Gold – 834

Initial support at 811.7 (Aug 21 low) followed by 801 (Aug 20 low). Initial resistance is now at 846 (May 2 support) followed by 855.44 (38.2% retrace 988.00 to 773.50).

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c Daily Forex Updates 2008

Daily Forex Update: August 21 2008

FOREX Daily Outlook by Easy-Forex.com

Oil Gains hurt Dollar Recovery

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

· U.S. Dollar Trading (USD) Traded in tight but volatile manner lead by fluctuations in Oil. EIA US Inventory Data showed a surprise build of 9.4M sending Oil plummeting from pre data highs of $117 to $112.60. Mortgage data showed another decline in applications of -1.5% but the market was more concerned with continued speculation that Fannie Mae and Freddie Mac would be bailed out causing a slide in their respective share prices. In the U.S. share markets, the NASDAQ was up 4 points (0.20%) and the Dow Jones was up 68 points (0.61%). Crude Oil closed up $0.45 ending the New York session at $114.98 per barrel. Looking ahead, Weekly Jobless Claims are forecasted at 443K and the August Philly Fed Index is expected at -14 slightly better than the -16.3.

· The Euro (EUR) tested the 1.4800 level during the early Asian Session before falling back to 1.4700 early in the European session. With little economic data out the market took its cue from commodities tracking Oils movement into the close. Overall the EUR/USD traded with a low of 1.4673 and a high of 1.4807 before closing the day at 1.4745 in the New York session. Looking ahead, German August Manufacturing PMI is seen at 50.5 down from 50.9 in July along with Services expected 52.2 vs. 53.1 in July. Eurozone August Services PMI is forecasted at 48 down slightly from 48.3 in July and Manufacturing is seen at 47 down from 47.4.

· The Japanese Yen (JPY) kept to a fairly tight range pivoting the 110 level, the Yen has been in demand as equities have been under pressure during the week. The July Trade Balance fell -86.6%Y/Y vs. forecasts of a milder -62.9%Y/Y which were dashed on increasing Oil import costs and weakening export demand. Overall the USDJPY traded with a low of 109.62 and a high of 110.28 before closing the day around 109.80 in the New York session.

· The Sterling (GBP) received a small boost as BoE minutes from the August meeting showed a 7-1-1 split for the second month running with Beazley once again voting for a rate hike to control record inflation. CBI Industrial Trends Orders put the pound under pressure again coming in at -13 worse than the -12 expected and -8 reading in July. Overall the GDP/USD traded with a low of 1.8540 and a high of 1.8688 before closing the day at 1.8620 in the New York session. Looking Ahead, July Retail Sales are forecast at -0.3% in July.

· The Australian Dollar (AUD) tracked the commodities gaining as Oil and gold edged higher but unable to make significant gains as the market is still happy to sell rallies and interest rate speculation weighs. AUD/NZD managed to hit multi-month lows below 1.22 as traders sold out of there long term trades. Overall the AUD/USD traded with a low of 0.8674 and a high of 0.8745 before closing the US session at 0.8730.

· Gold (XAU) Gyrated wildly as Oil went on a rollercoaster ride. US banking concerns continued to underpin and Gold stayed above the key $800 level. Overall trading with a low of USD$801.20 and high of USD$817.80 before ending the New York session at USD$814 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4611	1.4631	1.4775	1.4808	1.4963
USD/JPY	109.04	109.55	109.60	110.67	112.15
GBP/USD	1.8385	1.8513	1.8650	1.8685	1.8722
AUD/USD	0.8593	0.8626	0.8725	0.8757	0.8797
XAU/USD	773.50	783.35	815.00	818.55	836.80

· Euro – 1.4775

Initial support at 1.4631 (Aug 19 low) followed by 1.4611 (Feb 18 low). Initial resistance is now located 1.4808 (Aug 15 low) at followed by 1.4963 (23.6% retrace 1.6038 to 1.4631).

· Yen – 109.60

Initial support is located at 109.55 (Aug 19 low) followed by 109.04 (Aug 14 low). Initial resistance is now at 110.67 (Aug 15 high) followed by 112.15 (Jan 2 high).

· Pound – 1.8650

Initial support at 1.8513 (Aug 15 low) followed by 1.8385 (Jul 25, 2006). Initial resistance is now at 1.8685 (Aug 20 high) followed by 1.8722 (Aug 18 high).

· Australian Dollar – 0.8725

Initial support at 0.8626 (Aug 19 low) followed by 0.8593 (Aug 13 low). Initial resistance is now at 0.8757 (Aug 18 High) followed by 0.8797 (Aug 12 high).

· Gold – 815

Initial support at 783.35 (Aug 19 low) followed by 773.5 (Aug 15 low). Initial resistance is now at 818.55 (Aug 20 high) followed by 836.8 (Aug 14 high).

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c Daily Forex Updates 2008

Daily Forex Update: August 20 2008

FOREX Daily Outlook by Easy-Forex.com

Weak US Housing Data stalls Dollar Advance

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

· U.S. Dollar Trading (USD) lost ground against all currencies as weakness in the US housing sector dampened speculation of Fed Rate Hikes anytime this year. US financials were under pressure again and a spike higher in Oil hurt the general stock market. US PPI for July at 1.2% was considerable higher than the 0.6% forecast but was dismissed as backwards looking and not containing the recent Oil correction. US housing data was harder to ignore as July Building Permits dropped to .94M from 1.14M in June a drop of 16.7%. Housing Starts also slumped to a 16 year low at 965K in July vs. 1066K in June. In the U.S. share markets, the NASDAQ was down 32 points (-1.35%) and the Dow Jones was down 130 points (-1.14%). Crude Oil closed up $1.66 ending the New York session at $114.53 per barrel. Looking ahead, Crude Inventories are seen rising 0.7M.

· The Euro (EUR) bounced off lows grinding higher as economic data surprised to the upside. German PPI was white hot at 2.0% m/m in July vs. forecasts of 0.7%. The German ZEW Index rebounded to -55.5 from -63.9 but this was tempered by the ZEW current conditions falling to -9.2. Overall the EUR/USD traded with a low of 1.4630 and a high of 1.4794 before closing the day at 1.4780 in the New York session.

· The Japanese Yen (JPY) a resurgence in risk aversion aided the yen to gain against the USD. Large gains in their respective majors for GBP and EUR meant the crosses were relatively unchanged after bouncing off lows of the Asian and European session. The Bank of Japan held rates at 0.5% and downgraded the economic outlook. Overall the USDJPY traded with a low of 109.55 and a high of 110.33 before closing the day around 110.70 in the New York session.

· The Sterling (GBP) came under pressure early in the European session as the market digest comments from hawkish BoE Member Beazley that inflation should moderate over time suggesting he did not vote for a rate hike at the last meeting. Cable followed the Euro higher as the Dollar weakened throughout the US session. Overall the GDP/USD traded with a low of 1.8538 and a high of 1.8680 before closing the day at 1.8670 in the New York session. Looking Ahead, MPC Minutes from the August rate meeting and August CBI Orders is forecast at -12 from -8 in July.

· The Australian Dollar (AUD) bounced in line with a rebound in the commodity complex. Earlier in the day the market digested and shrugged of some dovish minutes from the August RBA meeting suggesting an early rate cut was a possibility. Overall the AUD/USD traded with a low of 0.8625 and a high of 0.8734 before closing the US session at 0.8714.

· Gold (XAU) broke above $800 convincingly as the Feds inability to fight inflation saw Gold glitter again as a suitable inflation hedge. Overall trading with a low of USD$783 and high of USD$815 before ending the New York session at USD$814 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4611	1.4631	1.4790	1.4808	1.4963
USD/JPY	109.04	109.55	109.75	110.67	112.15
GBP/USD	1.8385	1.8513	1.8675	1.8679	1.8722
AUD/USD	0.8593	0.8626	0.8730	0.8757	0.8797
XAU/USD	773.00	773.50	815.00	816.80	836.80

· Euro – 1.4790

Initial support at 1.4631 (Aug 19 low) followed by 1.4611 (Feb 18 low). Initial resistance is now located 1.4808 (Aug 15 low) at followed by 1.4981 (Aug 13 high).

· Yen – 109.75

Initial support is located at 109.55 (Aug 19 low) followed by 109.04 (Aug 14 low). Initial resistance is now at 110.67 (Aug 15 high) followed by 112.15 (Jan 2 high).

· Pound – 1.8675

Initial support at 1.8513 (Aug 15 low) followed by 1.8385 (Jul 25, 2006). Initial resistance is now at 1.8679 (Aug 19 high) followed by 1.8722 (Aug 18 high).

· Australian Dollar – 0.8730

Initial support at 0.8626 (Aug 19 low) followed by 0.8593 (Aug 13 low). Initial resistance is now at 0.8757 (Aug 18 High) followed by 0.8797 (Aug 12 high).

· Gold – 815

Initial support at 773.5 (Aug 15 low) followed by 773 (Nov 20 reaction low). Initial resistance is now at 816.8 (Aug 19 high) followed by 836.8 (Aug 14 high).

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c Daily Forex Updates 2008

Daily Forex Update: August 19 2008

FOREX Daily Outlook by Easy-Forex.com

Choppy, quiet start to the Week

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

· U.S. Dollar Trading (USD) traded in a tight range against most of the majors, buoyed by continued weakness in Oil but hurt as stocks weakened. Speculation that government backed Fannie Mae and Freddie Mac would have to be bailed out cast a shadow of the banking sector. In the U.S. share markets, the NASDAQ was down 35 points (-1.45%) and the Dow Jones was down 180 points (-1.55%). Crude Oil closed down $0.90 ending the New York session at $112.87 per barrel. Looking ahead, July Building Permits are forecasted at .97M and Housing Starts at .96M. Also released PPI expected at 0.6% in July with a Core reading of 0.2%.

· The Euro (EUR) made day highs as storms threatened Oil platforms in the Gulf of Mexico sending Oil above $115 per barrel. As the storms look set to miss, Oil retreated taking the Euro along for the ride. A blow out in Eurozone Trade Deficit by 3 Billion in June also weighed on the single currency. Overall the EUR/USD traded with a low of 1.4645 and a high of 1.4768 before closing the day at 1.4700 in the New York session. Looking ahead, German PPI is expected at 0.7% in July along with the August ZEW survey seen improving slightly to -62.

· The Japanese Yen (JPY) was relatively unchanged against the USD but gained against most currencies as weak US banking stocks sparked further Yen Buying. Overall the USDJPY traded with a low of 109.96 and a high of 110.55 before closing the day around 110.10 in the New York session. Looking ahead, Bank of Japan Rate announcement and Press Conference widely expected to hold at 0.5% on weakening growth outlook.

· The Sterling (GBP) bounced inline with the Euro but was unable to hold gains retreating during the US session. The Market is becoming increasingly certain that the BOE will cut rates before the year’s end and this could weigh on the Pound going forward. Overall the GDP/USD traded with a low of 1.8618 and a high of 1.8720 before closing the day at 1.8650 in the New York session.

· The Australian Dollar (AUD) gained as the commodity complex bounced lead by Oil and Gold which reclaimed the $800 level briefly before retreating with the Aussie. Attempts to rally were met with very good selling pressure especially as support for the AUD/JPY faded. Markets still see a 50/50 chance of 50 basis point cuts in September. Overall the AUD/USD traded with a low of 0.8652 and a high of 0.8748 before closing the US session at 0.8680. Looking ahead, RBA minutes from the August Meeting.

· Gold (XAU) reclaimed the $800 an ounce level briefly as Oil surged and the USD weakened. US banking concerns also supported but a rally in the Dollar during New York capped gains. Overall trading with a low of USD$790.55 and high of USD$803.65 before ending the New York session at USD$800 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4611	1.4646	1.4690	1.4808	1.4981
USD/JPY	109.04	109.64	110.10	110.67	112.15
GBP/USD	1.8385	1.8513	1.8635	1.8722	1.8787
AUD/USD	0.8593	0.8652	0.8680	0.8797	0.8846
XAU/USD	773.00	773.50	795.00	804.20	836.80

· Euro – 1.4690

Initial support at 1.4646 (Aug 18 low) followed by 1.4611 (Feb 18 low). Initial resistance is now located 1.4808 (Aug 15 low) at followed by 1.4981 (Aug 13 high).

· Yen – 110.10

Initial support is located at 109.64 (Aug 15 low) followed by 109.04 (Aug 14 low). Initial resistance is now at 110.67 (Aug 15 high) followed by 112.15 (Jan 2 high).

· Pound – 1.8635

Initial support at 1.8513 (Aug 15 low) followed by 1.8385 (Jul 25, 2006). Initial resistance is now at 1.8722 (Aug 18 high) followed by 1.8787 (Aug 14 high).

· Australian Dollar – 0.8680

Initial support at 0.8652 (Aug 18 low) followed by 0.8593 (Aug 13 low). Initial resistance is now at 0.8797 (Aug 14 High) followed by 0.8846 (Aug 12 high).

· Gold – 795

Initial support at 773.5 (Aug 15 low) followed by 773 (Nov 20 reaction low). Initial resistance is now at 804.2 (Aug 15 low) followed by 836.8 (Aug 14 high).

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

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c Daily Forex Updates 2008

Daily Forex Update: August 18 2008

FOREX Daily Outlook by Easy-Forex.com

Dollar consolidates gains into the Weekend

CURRENCY TRADING SUMMARY – 18^th August 2008 (00:30GMT)

· U.S. Dollar Trading (USD) made new 7 month highs according to the Dollar index on the back of surprisingly strong economic data. Empire State Manufacturing rebounded into positive territory in August at 2.8 vs. expectations of -2.8 and a -4.9 reading in July. July Industrial Production also beat expectations at 0.2% vs. forecasts of 0.0%. August Preliminary Consumer sentiment was also firm at 61.7 slightly less than the 62 forecast. In the U.S. share markets, the NASDAQ was down 1 point (0.05%) and the Dow Jones was up 43 points (0.38%). Crude Oil closed down $1.24 ending the New York session at $113.77 per barrel.

· The Euro (EUR) tracked lower throughout the day although markets were thin as Europe had a bank holiday on Friday. US data added pressure denying any relief rally into the weekend. Overall the EUR/USD traded with a low of 1.4659 and a high of 1.4826 before closing the day at 1.4680 in the New York session. Looking ahead, Euro zone Trade Balance expected to be +0.5 Billion in June.

· The Japanese Yen (JPY) was sold heavily against the USD breaking through resistance at 110.50 but was relatively unchanged against other currencies as continuing weakness in the majors offset. GBP/JPY was able to bounce of recent lows but EUR/JPY and AUD/JPY remained heavy. Overall the USDJPY traded with a low of 109.63 and a high of 110.67 before closing the day around 110.50 in the New York session.

· The Sterling (GBP) bounce off support at 1.8520 trading up to 1.8680 as market was seen a little short after large waves of selling early in the week. Rightmove House Price Index down -2.3% in July. Overall the GDP/USD traded with a low of 1.8510 and a high of 1.8685 before closing the day at 1.8660 in the New York session. Looking ahead, Public holiday in UK.

· The Australian Dollar (AUD) fell heavily once again after managing to recover from heavy sales and a low 0.8590 earlier in the week. Gold falling below $800 being the main catalyst. Support in the low 0.86 levels held for the time being as Oil bounced off lows and Gold stabilized. Overall the AUD/USD traded with a low of 0.8610 and a high of 0.8707 before closing the US session at 0.8660.

· Gold (XAU) broke below $800 an ounce during the Asian session and was unable to recover as US data supported the Greenback. Overall trading with a low of USD$774.90 and high of USD$805.50 before ending the New York session at USD$787 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4611	1.4664	1.4685	1.4808	1.4981
USD/JPY	109.04	109.43	110.35	110.67	112.15
GBP/USD	1.8385	1.8513	1.8640	1.8686	1.8787
AUD/USD	0.8503	0.8593	0.8665	0.8709	0.8797
XAU/USD	773.00	773.50	791.00	799.50	836.00

· Euro – 1.4685

Initial support at 1.4664 (Aug 15 low) followed by 1.4611 (Feb 18 low). Initial resistance is now located 1.4808 (Aug 15 low) at followed by 1.4981 (Aug 13 high).

· Yen – 110.35

Initial support is located at 109.43 (Aug 15 low) followed by 109.04 (Aug 14 low). Initial resistance is now at 110.67 (Aug 15 high) followed by 112.15 (Jan 2 high).

· Pound – 1.8640

Initial support at 1.8513 (Aug 15 low) followed by 1.8385 (Jul 25, 2006). Initial resistance is now at 1.8686 (Aug 15 high) followed by 1.8787 (Aug 14 high).

· Australian Dollar – 0.8665

Initial support at 0.8593 (Aug 13 low) followed by 0.8503 (Jan 22 low). Initial resistance is now at 0.8709 (Aug 15 High) followed by 0.8797 (Aug 14 high).

· Gold – 791

Initial support at 773.5 (Aug 15 low) followed by 773 (Nov 20 reaction low). Initial resistance is now at 799.5 (Aug 15 low) followed by 836.8 (Aug 14 high).

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c Daily Forex Updates 2008

Daily Forex Update(August 15 2008)

FOREX Daily Outlook by Easy-Forex.com

US Inflation surges to fastest pace in 17 years

CURRENCY TRADING SUMMARY – 15^th August 2008 (00:30GMT)

· U.S. Dollar Trading (USD) continued to gain as US CPI surged to 17 Year Highs. July m/m Jumped 0.8% and an 5.6% annual rate. July Core CPI was more moderate at 0.3% slightly higher than the 0.2% expected but adding to arguments for interest rate hikes to control inflation. Weekly Jobless claims remained high at 450K, slightly greater than the 440K forecasted. The Dollar also found strength through another significant fall in commodities and gains in the US share market. In the U.S. share markets, the NASDAQ was up 25 points (1%) and the Dow Jones was up 82 points (0.72%). Crude Oil closed down $0.99 ending the New York session at $115.01 per barrel. Looking ahead, June TIC Net Long-Term Transactions are forecast at $65 Billion. July Capacity Utilization is seen at 79.8% along with Industrial Output at 0.0%. Also released is the Preliminary August Consumer Sentiment expected at 62 up slightly from 61.2 in July.

· The Euro (EUR) received a small boost as German Q2 GDP was not as bad as expected at -0.5% vs. -0.8% forecast. July Eurozone Inflation ticked down to 4.0% Y/Y from 4.1%Y/Y in June supporting the view that inflation had topped last month. Q2 Provisional GDP was seen at -0.2% for the Eurozone confirming the weakening growth outlook. Overall the EUR/USD traded with a low of 1.4777 and a high of 1.4936 before closing the day at 1.4780 in the New York session. Looking ahead, Public Holiday in the Eurozone.

· The Japanese Yen (JPY) lead by the USD/JPY which regained a lot of the losses seen on Wednesday’s carry trade unwind. AUD/JPY and NZD/JPY had considerable bounces during the European session and Strong US stocks also supported. A slide in commodities towards the end of the day capped further gains in the crosses. Overall the USDJPY traded with a low of 109.03 and a high of 109.99 before closing the day around 109.60 in the New York session.

· The Sterling (GBP) managed a slight recovery during the European session after the heavy falls seen yesterday but was unable to sustain the gains as the USD started to appreciate on falling Oil and increasing US rate hike speculation. Support at the 1.8620 held for the time being. Overall the GDP/USD traded with a low of 1.8619 and a high of 1.8788 before closing the day at 1.8680 in the New York session.

· The Australian Dollar (AUD) was able to recover strongly on heavy AUD/JPY buying and a bounce in both Gold and Oil. During the US session sentiment turned again as Oil dropped nearly $4 dollars off highs and gold dropped over $20 an ounce. Comments from the RBA calling for rate cuts to be passed on from the banks was seen by some as an overt declaration of rate cuts in September. Overall the AUD/USD traded with a low of 0.8670 and a high of 0.8798 before closing the US session at 0.8700.

· Gold (XAU) continued to recover during the day before another wave of selling forced Gold back towards the $800 level. Overall trading with a low of USD$805.40 and high of USD$836.50 ending the New York session at USD$810 an ounce. UPDATE GOLD BREAKS $800

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4700	1.4719	1.4775	1.4815	1.4981
USD/JPY	108.22	109.04	109.90	110.40	112.15
GBP/USD	1.8518	1.8619	1.8660	1.9036	1.9123
AUD/USD	0.8513	0.8593	0.8660	0.8797	0.8846
XAU/USD	773.00	789.95	794.00	803.00	836.00

· Euro – 1.4775

Initial support at 1.4719 (76.4% retrace 1.4311 to 1.6038) followed by 1.4700 (Round Number). Initial resistance is now located 1.4815 (Aug 12 low) at followed by 1.4981 (Aug 13 high).

· Yen – 109.90

Initial support is located at 109.04 (Aug 14 low) followed by 108.22 (Aug 6 low). Initial resistance is now at 110.40 (Aug 11 high) followed by 112.15 (Jan 2 high).

· Pound – 1.8660

Initial support at 1.8619 (61.8% retrace 1.7048 to 2.1161) followed by 1.8518 (Oct 11 2006). Initial resistance is now at 1.9036 (Aug 13 high) followed by 1.9123 (Aug 12 high).

· Australian Dollar – 0.8660

Initial support at 0.8593 (Aug 13 low) followed by 0.8513 (Jan 22 low). Initial resistance is now at 0.8797 (Aug 14 High) followed by 0.8846 (Aug 12 high).

· Gold – 794

Initial support at 789.93 (61.8% retrace 640.00 to 1032.5) followed by 773 (Nov 20 reaction low). Initial resistance is now at 803 (Aug 12 low) followed by 836.8 (Aug 14 high).

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

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Daily Forex Update(August 11 2008)

FOREX Daily Outlook by Easy-Forex.com

Major USD rally as Key Technical levels broken.

CURRENCY TRADING SUMMARY – 11^th August 2008 (00:30GMT)

· U.S. Dollar Trading (USD) continued its post Trichet rally into the Asian session, gaining against every currency. US economic data missed targets but this was overlooked, Q2 Non productivity rose 2.2% vs. 2.5% expected and Labor Costs rose 1.3% around expectations. Oil continued to slide and prompted a major US equity rally also supporting the dollar. In the U.S. share markets, the NASDAQ was up 58 points (2.48%) and the Dow Jones was up 302 points (2.65%). Crude Oil closed down $4.82 ending the New York session at $115.20 per barrel.

· The Euro (EUR) broke through the Key 1.5300 level in early Asian trade and continued to fall testing the 1.5000 level during the US session. Falling Oil and a readjustment of Eurozone economic outlooks the main catalyst. Overall the EUR/USD traded with a low of 1.4997 and a high of 1.5336 before closing the day at 1.5005 in the New York session. Looking ahead, German Wholesale Price index is expected at 0.5% in July.

· The Japanese Yen (JPY) gained against most crosses as the major’s weighed lead by the EUR/USD on the EUR/JPY. USD/JPY did gain though breaking through the key 110 level as US stocks surged. Overall the USDJPY traded with a low of 109.30 and a high of 110.37 before closing the day around 110.20 in the New York session. Looking ahead, July Corporate Goods Price expected at 0.8%.

· The Sterling (GBP) tracked the Euro lower breaking through supports at 1.9410 to year lows. Market is awaiting the BOE Inflation report for further Interest rate direction. Overall the GDP/USD traded with a low of 1.9146 and a high of 1.9439 before closing the day at 1.9200 in the New York session. Looking ahead, July PPI Core Output is seen at 0.4%, PPI input at 1% and PPI Output at 0.5%. Also released the June trade Balance seen at -7.4Bln.

· The Australian Dollar (AUD) continued its recent plunge this time as the USD strengthened, breaking through .9000 for the first time since March and confirming the biggest 3 week fall since 1980. Overall the AUD/USD traded with a low of 0.8866 and a high of 0.9077 before closing the US session at 0.8990. Looking ahead, RBA Monetary Policy statement.

· Gold (XAU) broke lower as USD strengthened and Oil dropped off. Strong support at $850 held. Overall trading with a low of USD$851.50 and high of USD$873.50 ending the New York session at USD$857 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.4778	1.4956	1.4955	1.5025	1.5335
USD/JPY	108.22	109.14	109.80	110.24	112.15
GBP/USD	1.8838	1.9105	1.9165	1.9438	1.9538
AUD/USD	0.8819	0.8875	0.8860	0.9074	0.9131
XAU/USD	846.00	851.73	860.00	873.50	886.50

· Euro – 1.4955

Initial support at 1.4956 (Feb 1 low) followed by 1.4778 (Feb 28 low). Initial resistance is now located 1.5025 (Aug 8 low) at followed by 1.5335 (Aug 8 high).

· Yen – 109.80

Initial support is located at 109.14 (Aug 7 low) followed by 108.22 (Aug 6). Initial resistance is now at 110.24 (AUG 8 high) followed by 112.15 (Jan 2 high).

· Pound – 1.9165

Initial support at 1.9105 (50% retrace 1.7048 to 2.1161) followed by 1.8838 (Nov 15 2006). Initial resistance is now at 1.9438 (Aug 8 high) followed by 1.9538 (Aug 7 high).

· Australian Dollar – 0.9860

Initial support at 0.8875 (Feb 7 low) followed by 0.8819 (Jan 31 low). Initial resistance is now at 0.9074 (Aug 8 high) followed by 0.9131 (Aug 7 high).

· Gold – 860

Initial support at 851.73 (Aug 8 low) followed by 846 (May 2 low). Initial resistance is now at 873.5 (Aug 6 high) followed by 886.5 (Aug 5 high).

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

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Daily Forex Update(August 8 2008)

FOREX Daily Outlook by Easy-Forex.com

USD soars on weakening EURO

CURRENCY TRADING SUMMARY – 8^th August 2008 (00:30GMT)

· U.S. Dollar Trading (USD) took another leg up as the recent USD rally continued. US data was mixed with weekly Jobs claims soaring to a six year high of 455K. Pending homes sales surprised to the upside though coming in at 5.3% in June vs. expectations of -1%. Oil was volatile but ended up on supply concerns from a fire in Turkey. In the U.S. share markets, the NASDAQ was down 22 points (0.95%) and the Dow Jones was down 224 points (1.93%). Crude Oil closed up $1.44 ending the New York session at $120.02 per barrel. Looking ahead, Q2 labor Costs expected at 1.5% (previous 2.2%) and Productivity at 2.5% (previous 2.6%).

· The Euro (EUR) was sold heavily as ECB President talked about slowing growth in the ECB post rate press conference. The ECB held rates at 4.25% and although Trichet spoke about inflation the market responded to comments on growth. Overall the EUR/USD traded with a low of 1.5310 and a high of 1.5505 before closing the day at 1.5310 in the New York session. UPDATE EURO BREAKS 1.5300

· The Japanese Yen (JPY) gained as risk aversion entered the market on weaker US stocks. The USD/JPY held up well but EUR/JPY and GDP/JPY fell heavily as their respective majors slid. Overall the USDJPY traded with a low of 109.13 and a high of 109.81 before closing the day around 109.40 in the New York session.

· The Sterling (GBP) fell with the Euro as the Bank of England also held rates. No statement was released but recent economic data made the bias a cut in coming months. The Halifax House Price Index fell -1.7% last month. Overall the GDP/USD traded with a low of 1.9420 and a high of 1.9538 before closing the day at 1.9440 in the New York session.

· The Australian Dollar (AUD) fell as the USD strengthened but held up well against other currencies after the July Employment report surprised to the upside. July Unemployment change was +10.9K vs. +5K expected. Overall the AUD/USD traded with a low 0.9050 and a high of 0.9130 before closing the US session at 0.9080. UPDATE AUSSIE BREAKS 0.9000

· Gold (XAU) fell heavily bowing to USD strength although was supported by Oil. Overall trading with a low of USD$868.60 and high of USD$884.90 ending the New York session at USD$872 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5145	1.5200	1.5235	1.5400	1.5500
USD/JPY	108.60	109.05	109.60	109.70	109.95
GBP/USD	1.9430	1.9355	1.9370	1.9440	1.9545
AUD/USD	0.8925	0.8955	0.9010	0.9075	0.9130
XAU/USD	858.00	970.00	871.00	886.00	894.60

· Euro – 1.5235

Initial support at 1.5200 (Aug 8 low) followed by 1.5145 (Mar 5 low). Initial resistance is now located 1.5400 (Aug 6 low) at followed by 1.5500 (round number).

· Yen – 109.60

Initial support is located at 109.05 (Aug 6 hrly low) followed by 108.60 (Jun and Feb tops). Initial resistance is now at 109.70 (AUG 7 high) followed by 110.12 (Jan 9 high).

· Pound – 1.9370

Initial support at 1.9355 (May 14 low) followed by 1.9340 (Jan 22 low). Initial resistance is now at 1.9440 (Aug 8 high) followed by 1.9545 (Aug 6 high).

· Australian Dollar – 0.9010

Initial support at 0.8955 (Mar 20 low) followed by 0.8925 (Feb 13 low). Initial resistance is now at 0.9075 (Aug 8 high) followed by 0.9130 (hourly resistance).

· Gold – 871

Initial support at 870 (Aug 5 low) followed by 858 (Jun 12 low). Initial resistance is now at 886 (Aug 6 high) followed by 894.6 (Aug 5 high).

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Daily Forex Update(August 7 2008)

FOREX Daily Outlook by Easy-Forex.com

Eurozone and UK interest rates in Focus.

CURRENCY TRADING SUMMARY – 7^th August 2008 (00:30GMT)

· U.S. Dollar Trading (USD) continued to strengthen broadly gaining against all currencies as Oil continued to slide and US Treasury’s rallied. Stocks remained buoyant as mining and energy shares rebounded from large sell offs and Cisco reported better that estimated earnings. The Weekly MBA Purchases Index rose to 315.2 from 309.5. In the U.S. share markets, the NASDAQ was up 28 points (1.21%) and the Dow Jones was up 40 points (0.35%). Crude Oil closed down $0.59 ending the New York session at $118.59 per barrel. Looking ahead, Weekly Jobless Claims are seen down to 423K from 448K last week. June Pending Homes Sales seen down -1%.

· The Euro (EUR) remained on the back foot as economic data disappointed and speculation mounted ECB President Trichet might change tone on the European economy. June German Factory Orders fell -2.9% in a surprise fall with the markets expecting a +0.4%. Overall the EUR/USD traded with a low of 1.5398 and a high of 1.5517 before closing the day at 1.5415 in the New York session. Looking ahead, ECB Interest Rate announcement widely expected to hold at 4.25%. Also released the June German Trade Balance seen at $15 Billion, and Import Prices forecast to rise 1.4%. June German Industrial Production is expected at 0.8%.

· The Japanese Yen (JPY) was sold heavily as USD/JPY popped through multiple resistance levels shooting through 109 before heavy offers before the key 110 levels finally contained the surge. Crosses remained bid and made solid gains across the board. Core Machinery Orders m/m was better than expected at -2.6% vs. forecast of -9.6%. Overall the USDJPY traded with a low of 108.25 and a high of 109.88 before closing the day around 108.80 in the New York session.

· The Sterling (GBP) fell below the Key 1.9500 level on USD strength but was able to make gains against the JPY. Overall the GDP/USD traded with a low of 1.9467 and a high of 1.9595 before closing the day at 1.9555 in the New York session. Looking ahead, BOE Interest Rate announcement widely tipped to stay at 5.00%.

· The Australian Dollar (AUD) came under continued pressure as home loan data confirmed a weakening in the housing industry and the commodity complex continued to fall. AUD/JPY did manage to eek out small gains. Overall the AUD/USD traded with a low 0.9065 and a high of 0.9203 before closing the US session at 0.9080. Looking ahead, Unemployment Rate is expected to rise to 4.3% in July with a employment change +1.25K.

· Gold (XAU) traded in a tighter range declining as the USD continued to gain and Oil remained under pressure. Overall trading with a low of USD$873 and high of USD$894 ending the New York session at USD$875 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5303	1.5342	1.5425	1.5517	1.5578
USD/JPY	107.29	108.22	109.40	109.96	110.12
GBP/USD	1.9363	1.9410	1.9480	1.9595	1.9625
AUD/USD	0.9023	0.9032	0.9090	0.9206	0.9301
XAU/USD	858.00	873.00	880.00	894.60	916.75

· Euro – 1.5425

Initial support at 1.5342 (June 16 low) followed by 1.5303 (Jun 13 reaction low). Initial resistance is now located 1.5517 (Aug 6 high) at followed by 1.5578 (Aug 5 high).

· Yen – 109.40

Initial support is located at 108.22 (Aug 6 low) followed by 107.29 (Aug 1 low). Initial resistance is now at 109.96 (50 retrace 124.15 to 95.76) followed by 110.12 (Jan 9 high).

· Pound – 1.9480

Initial support at 1.9410 (Jun 13 reaction low) followed by 1.9363 (May 14 low). Initial resistance is now at 1.9595 (Aug 6 high) followed by 1.9625 (Aug 5 high).

· Australian Dollar – 0.9090

Initial support at 0.9032 (Apr 1 low) followed by 0.9023 (61.8% retrace 0.8513 to 0.9849). Initial resistance is now at 0.9206 (Aug 6 high) followed by 0.9301 (Aug 5 High).

· Gold – 880

Initial support at 873 (Aug 5 low) followed by 858 (Jun 12 low). Initial resistance is now at 894.6 (Aug 5 high) followed by 916.75 (Aug 1 high).

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Daily Forex Update(August 6 2008)

FOREX Daily Outlook by Easy-Forex.com

US and Australia hold Rates, Greenback gains on Oil

CURRENCY TRADING SUMMARY – 6^th August 2008 (00:30GMT)

· U.S. Dollar Trading (USD) gained all day as investors sold Oil, Gold and other commodities. Stronger than forecast Non Manufacturing ISM for July 49.5 (vs. 48.8 expected) and Oil below $120 a barrel sent equities off on an impressive rally. The Feds decisions to hold rates at 2.00% and tone down the accompanying statement halted the USD rally but added fuel to stocks. Dropped from the FED statement was the sentence downside risks seem to have diminished, but added was that inflation was a significant concern. In the U.S. share markets, the NASDAQ was up 64 points (2.81%) and the Dow Jones was up 331 points (2.94%). Crude Oil closed down $2.24 ending the New York session at $119.17 per barrel. Looking ahead, Weekly MBA Purchase index.

· The Euro (EUR) punched through 1.5500 in early European trading as Oil fell below the key $120 per barrel level and European sales were negative at -0.6% in June. A brief rally after the FOMC held at 2.00% was quickly reversed with euro hovering at day lows for the remainder of the US session. Overall the EUR/USD traded with a low of 1.5446 and a high of 1.5578 before closing the day at 1.5469 in the New York session. Looking ahead, German Industrial Orders for June forecast 0.4% from -0.9% in May.

· The Japanese Yen (JPY) made gains against most currencies except the USD as heavy selling of GBP/JPY, AUD/JPY and EUR/JPY supported the Yen. Better US data and Buoyant stocks help off the crosses off there lows and USD/JPY reclaim the 108 handle. Overall the USDJPY traded with a low of 107.68 and a high of 108.34 before closing the day around 108.18 in the New York session. Looking ahead, June leading indicators seen at -1.8.

· The Sterling (GBP) fell in sympathy with the Euro in the face of broad based USD strength. June PMI services were slightly better than expected at 47.4 vs. forecasts of 46.7. June Industrial Production weakened -0.2%. Overall the GDP/USD traded with a low of 1.9524 and a high of 1.9611 before closing the day at 1.9555 in the New York session.

· The Australian Dollar (AUD) continued to fall yesterday after the RBA held rates at 7.25% and released a dovish accompanying statement. The RBA opened the door to rate cuts with the comment ‘scope to move towards a less restrictive stance of monetary policy in the period ahead is increasing’. AUD/JPY sales weighed and heavy falls in the CRB index (commodity index) hurt sentiment. Overall the AUD/USD traded with a low 0.9134 and a high of 0.9299 before closing the US session at 0.9155.

· Gold (XAU) continued to fall as both Crude Oil dropped below the key $120 and the USD strengthened. Gold broke below $889 an ounce the 200 day moving average. Overall trading with a low of USD$873 and high of USD$894 ending the New York session at USD$875 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5462	1.5463	1.5475	1.5578	1.5632
USD/JPY	106.58	107.29	108.40	108.59	108.61
GBP/USD	1.9410	1.9525	1.9555	1.9625	1.9762
AUD/USD	0.9032	0.9091	0.9175	0.9301	0.9347
XAU/USD	858.00	874.50	878.00	894.60	916.75

· Euro – 1.5475

Initial support at 1.5463 (Aug 5 low) followed by 1.5462 (76.4% retracement of 1.5284 to 1.6038). Initial resistance is now located 1.5578 (Aug 5 high) at followed by 1.5632 (Aug 4 high).

· Yen – 108.40

Initial support is located at 107.29 (Aug 1 low) followed by 106.58 (July 25 low). Initial resistance is now at 108.59 (Jun 16 high) followed by 108.61 (Feb 14 high).

· Pound – 1.9555

Initial support at 1.9525 (Aug 5 low) followed by 1.9410 (Jun 13 low). Initial resistance is now at 1.9625 (Aug 5 high) followed by 1.9762 (Aug 4 high).

· Australian Dollar – 0.9175

Initial support at 0.9091 (Apr 3 low) followed by 0.9032 (April 1 low). Initial resistance is now at 0.9301 (Aug 5 high) followed by 0.9347 (Aug 4 High).

· Gold – 878

Initial support at 874 (Jun 24 low) followed by 858 (Jun 12 low). Initial resistance is now at 894.6 (Aug 5 high) followed by 916.75 (Aug 1 high).

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Daily Forex Update(August 5 2008)

FOREX Daily Outlook by Easy-Forex.com

FOMC, Australian rate decisions in Focus.

CURRENCY TRADING SUMMARY – 5^th August 2008 (00:30GMT)

· U.S. Dollar Trading (USD) better than expected data and a large sell off in Oil allowed the Dollar to gain the upper hand leading into the FOMC announcement. June Core PCE which measures consumer inflation climbed faster than expected to 0.3% vs. 0.2% forecasted. Personal income also rose 0.1% vs. expectations of a -0.2% slide. Factory Orders for June beat forecasts at 1.7% its fastest rate since December as rising food and energy prices surged. In the U.S. share markets, the NASDAQ was down 25 points (-1.10%) and the Dow Jones was down -42 points (-0.37%). Crude Oil closed down $3.69 ending the New York session at $121.41 per barrel. Looking ahead, July Non-manufacturing ISM Composite is expected at 48.5. The US FED meets tonight to discuss interest rates, widely expected to remain at 2.0%.

· The Euro (EUR) traded in a tight range as markets wait for the interest rate decision during the week with the US on Tuesday and ECB on Thursday. Small gains on the back of higher than expected Eurozone PPI in June of 0.9% m/m, 8% y/y were relinquished by large falls in Crude Oil. Overall the EUR/USD traded with a low of 1.5565 and a high of 1.5631 before closing the day at 1.5565 in the New York session. Looking ahead, July Eurozone PMI service’s is forecast 48.3. Also released June Retail Sales expected at -0.6% m/m and -1.2% y/y.

· The Japanese Yen (JPY) lost ground against most currencies as strong buying of the EUR/JPY supported the crosses. AUD/JPY and NZD/JPY recovered off the lows from last week as markets saw the sell off a little overdone. Overall the USDJPY traded with a low of 107.47 and a high of 108.29 before closing the day around 108.25 in the New York session.

· The Sterling (GBP) was the big loser of the day as economic concerns mounted and expectations of rates cuts intensified. Construction PMI in July dropped again to 36.7 from 38.8 in June. Overall the GBP/USD traded with a low of 1.9601 and a high of 1.9761 before closing the day at 1.9625 in the New York session. Looking ahead, July PMI services forecast at 46.7 and June Manufacturing Production expected flat 0.0%.

· The Australian Dollar (AUD) an initial bounce throughout the Asian and European session was unable to be maintained as Gold and Oil fell considerable and the USD strengthened during the US session. Home prices fell -0.3% in June better than -1.1% expected. Overall the AUD/USD traded with a low 0.9285 and a high of 0.9347 before closing the US session at 0.9295. Looking ahead, RBA meets today to discuss interest rates, widely believed to hold at 7.25% but with a risk of cut or dovish statement given recent economic data.

· Gold (XAU) fell through $900 an ounce as Oil plunges lower in New York. Speculation of a peak in commodities prices has kept Gold under Pressure. Overall trading with a low of USD$895.70 and high of USD$915.20 ending the New York session at USD$896 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5493	1.5515	1.5570	1.5632	1.5710
USD/JPY	106.58	107.29	108.20	108.38	108.59
GBP/USD		1.9550	1.9620	1.9762	1.9842
AUD/USD	0.9276	0.9286	0.9295	0.9419	0.9476
XAU/USD	888.68	894.25	895.00	925.25	935.30

· Euro – 1.5570

Initial support at 1.5515 (Aug 1 low) followed by 1.5493 (June 30 low). Initial resistance is now located 1.5632 (Aug 4 high) at followed by 1.5710 (76.4% retracement of the 1.5303 to 1.6038 advance).

· Yen – 108.20

Initial support is located at 107.29 (Aug 1 low) followed by 106.58 (July 25 low). Initial resistance is now at 108.38 (July 31 high) followed by 108.59 (June 16 high).

· Pound – 1.9620

Initial support at 1.9555 (76.4% retracement of 1.9363 to 2.0157) Initial resistance is now at 1.9762 (Aug 4 high) followed by 1.9843 (Aug 1 high).

· Australian Dollar – 0.9295

Initial support at 0.9286 (Aug 4 low) followed by 0.9276 (May 2 low). Initial resistance is now at 0.9419 (Aug 1 high) followed by 0.9476 (July 31 High).

· Gold – 895

Initial support at 894.25 (Jul 31 low) followed by 888.68 (76.4% retracement of the 858.00 to 988.00 advance). Initial resistance is now at 925.2 (July 31 high) followed by 935.30 (July 25 high).

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