Major USD rally as Key Technical levels broken. CURRENCY TRADING SUMMARY – 11th August 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

· 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).

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FOREX USD soars on weakening EURO CURRENCY TRADING SUMMARY – 8th August 2008 (00:30GMT)

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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Forex Trading ...Eurozone and UK interest rates in Focus. CURRENCY TRADING SUMMARY – 7th August 2008 (00:30GMT)

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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FOREX Daily Outlook CURRENCY TRADING SUMMARY – 5th August 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

FOMC, Australian rate decisions in Focus.

· 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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FOREX Weekly Outlook 04/08/08 last week’s currency trading

FOREX Weekly Outlook by Easy-Forex.com

Dollar sentiment turning cautiously positive

The Dollar gained this week as US data came in better than expected and other economies data weakened considerably putting an end to the decoupling theory. Supply concerns and a reemergence of geopolitical tensions caused Oil to remain above $120 and helped cap USD gains. Consumer Confidence improved slightly in July to 51.9 and ADP employment report surprised with a gain of 9K. US GDP came in at the lower end of expectations at 1.9% and the sharp jump in weekly jobless claims offset the ADP surprise going into the Nonfarm payrolls on Friday. July Nonfarm came in better than expectations at -51K but was accompanied by a tick higher in the Unemployment rate to 5.7%. To finish the week off the July Manufacturing beat forecasts at 50.0 remaining above the contraction level. The Euro lost ground against the USD for the second week after a series of weak Data releases. German Consumer confidence slipped to 2.1 vs. forecasts of 3.5. Eurozone CPI ticked higher to 4.1% well above the ECB comfort zone but with Oil of $20 from highs some believe that the July reading could be the cycle high. Also weakening in July, German Retail Sales dropped -1.4% vs. forecast of -0.5%. The Euro closed down 0.95% at 1.5562 having opened at 1.5710. The Japanese was the week’s main winner with Japanese retail investors paring back carry trades sending the AUD/JPY and NZD/JPY significantly lower. Large falls in the majors dragged the EUR/JPY and GBY/JPY down as well. Retail sales beat expectations at 0.3% in June Y/Y. Concerning was the Preliminary Industrial Productions figures out for June at -2.0%. The USD/JPY fell -0.16% closing at 107.68, after opening the week at 107.85. The GBP was once again under pressure from both a strengthening USD and weak of disappointing economic data. CBI Distributive trades fell to -36 a record low and were followed by GFK consumer confidence falling to -39 in July another record low. July manufacturing fell to a 10 year low of 44.3 and Nationwide house prices dropped another 1.7% in July. The GBP/USD lost 0.83% closing at 1.9750 after opening at 1.9913. The AUD fell the most of the G10 currencies last week as markets aggressively factored in rate cute from the RBA on a deteriorating economic outlook. Key data weakened including the June Retail sales down 1.0% vs. forecast of a gain of 0.2% and June Building Approvals dropping 0.7% vs. expectations of 1.0% gain. Supporting was a Trade surplus in June of 411 Million vs. Trade deficit of -300 million in May. The AUD/USD closed down -2.90% at 0.9290 after opening at 0.9559.

The forex trading week preview

In the States; markets will be looking for clearer US interest rate outlook with the FOMC decision on Tuesday expected to remain at 2.00%. On Monday we have Core PCE prices expected to come in at 0.2% after gaining 0.1% in May. Tuesday also has the Non-manufacturing ISM forecast at 48.2. Thursday sees June Pending Home sales at -1.0% after dropping -4.7% in May. Thursday also see the release of June Consumer Credit expected at $7.8 Billion from $6.4 Billion in May. We will provide our previews and reviews of these data releases in the daily summary.

In the Eurozone; Thursdays ECB announcement will be the Highlight widely expected to be held at 4.25% the press conference afterwards will be critical in predicting direction of next move. Also released this week the Eurozone PPI on Monday expected at 0.9% m/m and the Eurozone PMI services expected at 49.3 in July. Tuesday also sees the release of July retail sales forecast at -0.6%. On Wednesday we have German Factory orders seen at -0.3% m/m. In the UK; Bank of England meeting expected to hold at 5.0% on Thursday as Inflation risks are weighed down by economic contraction. Other data includes a busy Tuesday with June manufacturing production seen at 0.2%, July PMI Services expected at 46.7 down from 47.1 in June and Nationwide July Consumer Confidence forecast at 57. We will provide our previews and reviews of these data releases in the daily summary.

In Japan; light data week with the Core Machinery Orders on Thursday seen at -9.5% the highlight. On Friday we have the Economy Watchers Current Index expected to continue to weaken from previous levels of 29.5. We will provide our previews and reviews of these data releases in the daily summary.

In Australia; RBA interest decision on Tuesday widely seen as being held at 7.25% but with a small chance of a cut. Wednesday sees June Home Loans at -2.0% after sliding 7.9%. On Thursday we have the Employment change numbers for July expected at +5K with a tick up in the Unemployment Rate to 4.3% form 4.2% in June. We will provide our previews and reviews of these data releases in the daily summary.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5493	1.5515	1.5565	1.5603	1.5710
USD/JPY	106.58	107.29	107.55	107.91	108.39
GBP/USD	1.9650	1.9728	1.9745	1.9842	1.9929
AUD/USD	0.9206	0.9276	0.9290	0.9419	0.9476
XAU/USD	894.25	902.50	910.00	925.25	935.30

· Euro – 1.5565

Initial support at 1.5515 (Aug 1 low) followed by 1.5493 (June 30 low). Initial resistance is now located 1.5603 (Aug 1 high) at followed by 1.5710 (76.4% retracement of the 1.5303 to 1.6038 advance).

· Yen – 107.55

Initial support is located at 107.29 (Aug 1 low) followed by 106.58 (July 25 low). Initial resistance is now at 107.91 (Aug 1 high) followed by 108.38 (Jul 31 high).

· Pound – 1.9745

Initial support at 1.9728 (Aug 1 low) followed by 1.9650 (July 7 low). Initial resistance is now at 1.9842 (Aug 1 high) followed by 1.9929 (July 31 high).

· Australian Dollar – 0.9290

Initial support at 0.9276 (61.8% retrace 0.8953 to 0.9849) followed by 0.9206 (May 2 low). Initial resistance is now at 0.9419 (Aug 1 high) followed by 0.9476 (July 31 High).

· Gold – 910

Initial support at 902.5 (Aug 1 low) followed by 894.5 (July 31 low). Initial resistance is now at 925.2 (July 31 high) followed by 935.30 (July 25 high).

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FOREX Daily Outlook US data leads rebound in US stocks and Greenback. CURRENCY

FOREX Daily Outlook by Easy-Forex.com

US data leads rebound in US stocks and Greenback.

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

· U.S. Dollar Trading (USD) Strong US data lead to a bounce in the equity markets and a surge in the Greenback. Oil fell over $4 at one point as the USD strengthened also helping to keep stocks buoyant. The Case Schiller May House Price Index fell less than expected to -15.8% Y/Y and July Consumer Confidence improved slightly from 51.0 to 51.9. In the U.S. share markets, the NASDAQ was up 55.40 points (2.45%) and the Dow Jones was up 266 points (2.39%). Crude Oil closed down $2.54 ending the New York session at $122.19 per barrel. Looking ahead, July ADP Private Employment Change seen at -60K slightly better than the -79K surprise drop in June.

· The Euro (EUR) fell heavily as the US data was digested and the market pared EURO longs. The sharp fall in Oil and weakening EU economic data also weighed. Strong July German CPI of 3.3%Y/Y provided some support but as energy costs come off peaks some analysts suggest July’s reading could be a cycle high. Overall the EUR/USD traded with a low of 1.5553 and a high of 1.5758 before closing the day at 1.5590 in the New York session.

· The Japanese Yen (JPY) gained against most currencies except the USD which broke above 108 as US equities surged. Heavy falls in the EUR/USD and GPB/USD were too large to offset an increase in risk appetite. June Industrial Output was slightly weaker than forecast at -2% vs. market expectations of 1.7%. Overall the USDJPY traded with a low of 107.30 and a high of 108.30 before closing the day around 108.10 in the New York session.

· The Sterling (GBP) broke to the downside on woeful UK data released yesterday. June Mortgage Approvals fell to 36K with Total Lending falling to 4 billion from 5.1 Billion in May. It was the July CBI Orders that started the rout though falling to -36 from -9 in June. Market’s had been expecting a much tamer -15 and confirms that UK Retails Sales are plummeting justifying the record drop seen in June Retail Sales. Overall the GBP/USD traded with a low of 1.9760 and a high of 1.9969 before closing the day at 1.9800 in the New York session.

· The Australian Dollar (AUD) weakened in sympathy with the sharp falls seen in commodities. Recent banking reports suggest the Australian Financial sector may not be as sound as once thought. AUD/JPY was able to trade steady though as risk appetite increased. Overall the AUD/USD traded with a low 0.9499 and a high of 0.9586 before closing the US session at 0.9520. Looking ahead, June Building Permits are seen up 1% recovering from a -6.5% drop last month.

· Gold (XAU) Fell sharply as the USD strengthened and Oil dropped. Buoyant equities also weighed as safe haven flows decreased. Overall trading with a low of USD$914.80 and high of USD$933 ending the New York session at USD$919 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5476	1.5584	1.5590	1.5758	1.5769
USD/JPY	106.58	107.30	108.10	108.31	108.59
GBP/USD	1.9650	1.9754	1.9800	1.9990	2.0077
AUD/USD	0.9451	0.9477	0.9520	0.9590	0.9637
XAU/USD	908.65	912.90	918.00	935.20	949.25

· Euro – 1.5590

Initial support at 1.5584 (61.8% retracement of the 1.5303 to 1.6038 advance) followed by 1.5476 (76.4% retracement of the 1.5303 to 1.6038 advance). Initial resistance is now located 1.5758 (July 29 high) at followed by 1.5769 (July 28 High).

· Yen – 108.10

Initial support is located at 107.30 (July 29 low) followed by 106.58 (July 25 low). Initial resistance is now at 108.31 (Jun 29 high) followed by 108.59 (Jun 16 high).

· Pound – 1.9800

Initial support at 1.9754 (July 11 low) followed by 1.9650 (July 7 low). Initial resistance is now at 1.9990 (July 24 high) followed by 2.0077 (July 22 high).

· Australian Dollar – 0.9520

Initial support at 0.9477 (July 9 low) followed by 0.9451 (76.4% retracement of the 0.9328 to 0.9849 advance). Initial resistance is now at 0.9590 (July 17 low) followed by 0.9637 (July 24 low).

· Gold – 918

Initial support at 912.9 (July 8 low) followed by 908.65 (Jun 19 low). Initial resistance is now at 935.3 (July 25 high) followed by 949.25 (July 23 high).

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FOREX Daily Outlook CURRENCY TRADING SUMMARY – 28th July 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

US data supports Greenback into the weekend

· U.S. Dollar Trading (USD) slightly stronger stocks, improving US economic data and stable Oil prices all combined to give the USD a solid footing into the weekend. June Durable Goods Orders beat expectations at 0.8% m/m along with Core Orders at 2.0%. University of Michigan Consumer Sentiment showed a surprise jump to 61.2 from 56.2. New Home sales also beat forecasts falling 0.6% to 530K vs. expectations of 505K. In the U.S. share markets, the NASDAQ was up 30 points (1.33%) and the Dow Jones was up 21 points (0.19%). Crude Oil closed down $2.23 ending the New York session at $123.26 per barrel.

· The Euro (EUR) traded higher during the European session touching day’s highs after the market digested higher than expected German Import Prices of 1.5% vs. 1.0% forecast. The strong US data saw the Euro retreat to Asian lows. EUR/JPY rebounded strongly as equities turned positive. Overall the EUR/USD traded with a low of 1.5668 and a high of 1.5754 before closing the day at 1.5690 in the New York session. Looking ahead, German Consumer confidence seen at 3.5 down from 3.9 in July.

· The Japanese Yen (JPY) traded in very large range gaining during the Asian session as Core CPI came in at 1.9% (at expectations) and stocks were weak. Reversal of sentiment in the European session saw a large bounce and subsequent rally in all crosses especially the GBP/JPY. Overall the USDJPY traded with a low of 106.58 and a high of 107.95 before closing the day around 107.90 in the New York session.

· The Sterling (GBP) rebounded as 2^ndQuarter GDP came in at expectations 0.2% and strong buying of the GBP/JPY supported. UK Hometrack House Prices showed another dip, falling to -4.4% y/y in July. Overall the GBP/USD traded with a low of 1.9840 and a high of 1.9978 before closing the day at 1.9915 in the New York session.

· The Australian Dollar (AUD) came under pressure as commodities continued to slide and the USD strengthened. Overall the AUD/USD traded with a low of 0.9545 and a high of 0.9609 before closing the day at 0.9560. Looking ahead, RBA Assistant Governor Debelle speaks tonight.

· Gold (XAU) traded in a relatively small range buoyed by an increase in US Durable Goods orders but capped by the strong USD. Overall trading with a low of USD$919.40 and high of USD$934.90 ending the New York session at USD$929 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5612	1.5629	1.5695	1.5799	1.5948
USD/JPY	106.08	106.58	107.95	107.99	108.59
GBP/USD	1.9754	1.9815	1.9885	1.9990	2.0077
AUD/USD	0.9404	0.9477	0.9530	0.9675	0.9794
XAU/USD	908.65	912.90	930.00	949.25	976.00

· Euro – 1.5695

Initial support at 1.5629 (July 24 low) followed by 1.5612 (July 23 low). Initial resistance is now located 1.5799 (July 23 high) at followed by 1.5948 (July 16 High).

· Yen – 107.95

Initial support is located at 106.58 (July 25 low) followed by 106.06 (July 22 low). Initial resistance is now at 107.99 (Jun 24 high) followed by 108.59 (Jun 16 high).

· Pound – 1.9885

Initial support at 1.9815 (July 14 low) followed by 1.9754 (July 11 low). Initial resistance is now at 1.9990 (July 24 high) followed by 2.0077 (July 22 high).

· Australian Dollar – 0.9530

Initial support at 0.9477 (July 9 low) followed by 0.9404 (Jun 18 low). Initial resistance is now at 0.9675 (June 17 low) followed by 0.9794 (July 22 High).

· Gold – 930

Initial support at 912.9 (July 8 low) followed by 908.65 (Jun 19 low). Initial resistance is now at 949.25 (July 23 high) followed by 976 (July 22 high).

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FOREX Daily Outlook CURRENCY TRADING SUMMARY – 25th July 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

Weak data across the Globe, Equities down.

U.S. Dollar Trading (USD) had a mixed trading day, initially making impressive gains on the back of weak European data before weak US data also and share losses forced the Dollar to give up most of its gains. Weekly Jobless Claims came in surprisingly high at 406K vs. expectations of 376K. June Home Sales came in at 4.86 Million, lower than the 4.93 forecast down -2.6% from May. In the U.S. share markets, the NASDAQ was down 45 points (-1.97%) and the Dow Jones was down 283 points (2.43%). Crude Oil closed up $1.05 ending the New York session at $125.49 per barrel. Looking ahead, June Durable Goods are seen at -0.5%, Final July Michigan Survey at 56.4 and June New Home Sales at 500K.

· The Euro (EUR) came under pressure during the European session as a raft of data disappointed. July Preliminary Services PMI came in at 48.3 and the Manufacturing PMI came in at 47.5. The German IFO Business Climate Index came in below 100 for the first time since 2005 at 97.5. Overall the EUR/USD traded with a low of 1.5628 and a high of 1.5714 before closing the day at 1.5685 in the New York session. Looking ahead, June Import Prices seen up 1%.

· The Japanese Yen (JPY) tracked the equities gaining in strength as risk aversion crept into the market. USD/JPY losses were relatively contained but EUR/JPY and GBP/JPY came off considerably. Overall the USDJPY traded with a low of 107.19 and a high of 107.99 before closing the day around 107.30 in the New York session. UPDATE June Core CPI 1.9%.

· The Sterling (GBP) fell heavily as UK retail sales hit a record low for June falling 3.9% after rising 3.6% in May. The cable broke out of its recent range, breaking through the downside and giving up most of yesterday’s impressive gains against the EURO and JPY. Overall the GBP/USD traded with a low of 1.9817 and a high of 1.9990 before closing the day at 1.9865 in the New York session. Looking ahead, Preliminary 2^nd GDP q/q seen at 0.2% vs. 0.3% in the 1^st.

· The Australian Dollar (AUD) was unable to recover as commodities remained weak and risk aversion spiked. AUD/JPY came under a lot of pressure as stocks turned negative. Overall the AUD/USD traded with a low of 0.9540 and a high of 0.9637 before closing the day at 0.9590.

· Gold (XAU) had a mixed day as USD strength was outweighed by safe haven flows. Overall trading with a low of USD$916.80 and high of USD$930.90 ending the New York session at USD$928 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5612	1.5629	1.5680	1.5799	1.5948
USD/JPY	104.76	106.06	107.30	108.19	108.59
GBP/USD	1.9754	1.9815	1.9855	2.0077	2.0157
AUD/USD	0.9477	0.9540	0.9555	0.9675	0.9794
XAU/USD	908.65	912.90	928.00	949.25	976.00

· Euro – 1.5680

Initial support at 1.5629 (July 24 low) followed by 1.5612 (July 23 low). Initial resistance is now located 1.5799 (July 23 high) at followed by 1.5948 (July 16 High).

· Yen – 107.30

Initial support is located at 106.06 (July 22 low) followed by 104.76 (July 17 low). Initial resistance is now at 108.19 (Jun 26 high) followed by 108.59 (Jun 16 high).

· Pound – 1.9855

Initial support at 1.9815 (July 14 low) followed by 1.9754 (July 11 low). Initial resistance is now at 1.9990 (July 24 high) followed by 2.0077 (July 22 high).

· Australian Dollar – 0.9555

Initial support at 0.9540 (July 24 low) followed by 0.9477 (July 9 low). Initial resistance is now at 0.9675 (June 17 low) followed by 0.9794 (July 22 High).

· Gold – 928

Initial support at 912.9 (July 8 low) followed by 908.65 (Jun 19 low). Initial resistance is now at 949.25 (July 23 high) followed by 976 (July 22 high).

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

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FOREX Daily Outlook CURRENCY TRADING SUMMARY – 24th July 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

Oil slides lower, New Zealand cuts rates

CURRENCY TRADING SUMMARY – 24th July 2008 (00:30GMT)

· U.S. Dollar Trading (USD) was able to make solid gains last night on the back of increasing speculation that the Fed will begin tightening rates to fight inflation. Oil slipped another $4 per barrel and equities performed well as the US government moved closer to approving the housing bill. The latest Beige book showed concern for weakening growth and rising price pressures. In the U.S. share markets, the NASDAQ was up 21 points (0.95%) and the Dow Jones was up 29 points (0.26%). Crude Oil closed down $3.98 ending the New York session at $124.44 per barrel. Looking ahead, Weekly Jobless Claims are seen at 376K and June Home Sales at 3.14 Million up 2% from May.

· The Euro (EUR) continued to slide against the dollar as commodities fell and economic data weakened. May Industrial Orders were down 3.5%. Overall the EUR/USD traded with a low of 1.5670 and a high of 1.5798 before closing the day at 1.5695 in the New York session. Looking ahead, heavy data day with July German PMI services seen at 51.5 while Eurozone’s is seen at 48.8. Eurozone’s PMI manufacturing is forecast at 48.7. The July German IFO index is keenly anticipated with the market forecasting 100.

· The Japanese Yen (JPY) remained buoyant but was unable to penetrate the 108 level. EUR/JPY failed to break through 170. GBP/JPY broke throught the critical 214 level racing to highs of 215.88. Overall the USDJPY traded with a low of 107.17 and a high of 107.97 before closing the day around 107.90 in the New York session.

· The Sterling (GBP) received a major boost yesterday gaining against all the major currencies as the July MPC meeting minutes came in a surprising 7-1-1. MPC member Beasley voted for a rate hike on concerns that medium inflation was the most important threat to the UK economy. EUR/GBP traded at month lows of 0.7840. Overall the GBP/USD traded with a low of 1.9902 and a high of 2.0032 before closing the day at 1.9995 in the New York session. Looking ahead, June Retail Sales are seen at -2.5% down from May’s surprising 3.5% rise.

· The Australian Dollar (AUD) fell hard for the 3^rd day as the commodity complex continued to slide. New Zealand surprised the markets with an interest rate cut today, putting inflation fears aside to combat the deteriorating economic outlook. AUD/NZD scaled new peaks on the back of the news above 1.2900. Overall the AUD/USD traded with a low of 0.9601 and a high of 0.9739 before closing the day at 0.9620.

· Gold (XAU) fell heavily as the USD gained strength and Oil continued to slide. Overall trading with a low of USD$918.80 and high of USD$948.75 ending the New York session at USD$920 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5612	1.5670	1.5680	1.5799	1.5948
USD/JPY	104.76	106.06	107.85	107.45	107.76
GBP/USD	1.9815	1.9898	1.9965	2.0077	2.0157
AUD/USD	0.9477	0.9565	0.9585	0.9738	0.9794
XAU/USD	908.65	912.90	918.00	978.50	988.00

· Euro – 1.5680

Initial support at 1.5670 (July 23 low) followed by 1.5612 (July 23 low). Initial resistance is now located 1.5799 (July 23 high) at followed by 1.949 (July 16 High).

· Yen – 107.85

Initial support is located at 106.06 (July 22 low) followed by 104.76 (July 17 low). Initial resistance is now at 108.19 (Jun 26 high) followed by 108.59 (Jun 16 high).

· Pound – 1.9965

Initial support at 1.9898 (July 22 low) followed by 1.9815 (July 14 low). Initial resistance is now at 2.0077 (July 22 high) followed by 2.0157 (Jul 15 high and 76.4% retrace of 2.0398-1.9363).

· Australian Dollar – 0.9585

Initial support at 0.9565 (76.4% retrace of 0.9477-0.9849 rally) followed by 0.9477 (July 9 low). Initial resistance is now at 0.9738 (July 23 high) followed by 0.9794 (July 22 High).

· Gold – 918

Initial support at 912.9 (July 8 low) followed by 908.65 (Jun 19 low). Initial resistance is now at 978.5 (July 17 high) followed by 988.0 (July 15 high).

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FOREX Daily Outlook CURRENCY TRADING SUMMARY – 23rd July 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

Dollar Bulls run on Hawkish FED comments.

· U.S. Dollar Trading (USD) came under selling pressure early in the European session as stocks turned negative and Wachovia Bank reported a record loss. The rebound and subsequent rally in the USD was spurred buy a combination of Treasury’s Paulson strong Dollar comments and FED’s Plosser stating that ‘interest rate policy reversal should happen sooner rather than later’ and ‘there is no need to wait for a recovery in labor or financial markets’. Also supporting the greenback was a further pull back in Oil and Gold as Hurricane Dolly looked like missing the Gulf Production Areas. In the U.S. share markets, the NASDAQ was up 24 points (1.07%) and the Dow Jones was up 135 points (1.18%). Crude Oil closed down $3.09 ending the New York session at $127.95 per barrel.

· The Euro (EUR) fell heavily as US Fed comments spurred Dollar buying. Falling oil and concerns over the Euro economy also weighed. Overall the EUR/USD traded with a low of 1.5758 and a high of 1.5945 before closing the day at 1.5781 in the New York session. Looking ahead, May Industrial Orders are seen falling -1.3% in May down from +2.5% in April.

· The Japanese Yen (JPY) rebounded inline with a recovery in US stocks lead by large gains in the USD/JPY pulling most crosses higher. EUR/JPY was unable to make new highs though as the pace of EUR/USD declines were faster than USD/JPY gains. Overall the USDJPY traded with a low of 106.06 and a high of 107.45 before closing the day around 107.16 in the New York session.

· The Sterling (GBP) notched higher early in the European session but fell in sympathy with the Euro breaking back through the Key 2.00 level and support at 1.9950. BoE Governor King lamented on not being given the power to intervene directly in a banking crisis. Strong buying of GBP/JPY supported although 214 has proven a strong resistance. Overall the GBP/USD traded with a low of 1.9898 and a high of 2.0075 before closing the day at 1.9908 in the New York session. Looking ahead, July CBI orders are seen at -5% and the July Bank of England Meeting Minutes are released.

· The Australian Dollar (AUD) fell against the USD but held up well against most other currencies as renewed risk taking propped up the AUD/JPY. Falling commodities did weigh though with gold off more than $20 an ounce from day highs. Overall the AUD/USD traded with a low of 0.9686 and a high of 0.9788 before closing the day at 0.9710. Looking ahead, 2^nd Quarter CPI seen at 1.3% Q/Q and 4.3% Y/Y.

· Gold (XAU) fell heavily as the USD gained strength on Plosser’s inflation fighting rhetoric. Overall trading with a low of USD$944.50 and high of USD$976 ending the New York session at USD$947 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5692	1.5756	1.5785	1.5948	1.6038
USD/JPY	103.78	104.76	107.30	107.45	107.76
GBP/USD	1.9815	1.9898	1.9915	2.0097	2.0157
AUD/USD	0.9664	0.9675	0.9715	0.9818	0.9849
XAU/USD	942.00	944.10	948.00	978.50	988.00

· Euro – 1.5785

Initial support at 1.5756 (July 22 low) followed by 1.5692 (July 10 low). Initial resistance is now located 1.5948 (July 16 high) at followed by 1.6038 (July 15 High).

· Yen – 107.30

Initial support is located at 104.76 (July 17 low) followed by 103.78 (July 16 low). Initial resistance is now at 107.45 (July 21 high) followed by 107.76 (July 7 high).

· Pound – 1.9915

Initial support at 1.9898 (July 22 low) followed by 1.9815 (July 14 low). Initial resistance is now at 2.0097 (July 16 high) followed by 2.0157 (Jul 15 high and 76.4% retrace of 2.0398-1.9363).

· Australian Dollar – 0.9715

Initial support at 0.9675 (July 17 low) followed by 0.9664 (July 14 low). Initial resistance is now at 0.9818 (July 16 high) followed by 0.9849 (July 15 High).

· Gold – 948

Initial support at 944.1 (July 22 low) followed by 942 (July 11 low). Initial resistance is now at 978.5 (July 17 high) followed by 988.0 (July 15 high).

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FOREX Daily Outlook CURRENCY TRADING SUMMARY – 22nd July 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

Oil advances on Hurricane watch, Dollar down.

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

· U.S. Dollar Trading (USD) experienced a slow start to the week with Japan away for Ocean day and little economic data out. The Greenback lost some ground as Oil advanced on news of hurricane Dolly in the Gulf. Bank of America results offered the Dollar and Stocks some support but enthusiasm waned and both lost ground into the US session close. After market earning reports from American Express has put extra pressure on the USD and stock futures for Tuesday. June leading Indicators came in as expected at -0.1%. In the U.S. share markets, the NASDAQ was down 3 points (0.14%) and the Dow Jones was down 29 points (0.25%). Crude Oil closed up $2.16 ending the New York session at $131.04 per barrel. Looking ahead, Treasury Secretary Paulson speaks tonight. The July Richmond Fed Index which is also released came in at -12 in June.

· The Euro (EUR) gained against most currencies as Oil rebounded and the equity rally stalled. New all time records of 169.92 traded in the EUR/JPY just below the critical 170 level. Overall the EUR/USD traded with a low of 1.5830 and a high of 1.5909 before closing the day at 1.5900 in the New York session.

· The Japanese Yen (JPY) was sold heavily after Bank of Americas results were positive with the USD/JPY trading briefly above the 107 level before easing as market sentiment reversed. The crosses were lead by the EURO and AUD which made new year highs. Overall the USDJPY traded with a low of 106.37 and a high of 107.15 before closing the day around 106.65 in the New York session.

· The Sterling (GBP) was able to rebound off the lows of the day as markets digested comments from ultra dove MPC member Blanchflower that the UK was already in recession and news that HBOS share offering was severely undersubscribed. Strong buying of GBP/JPY supported. Overall the GBP/USD traded with a low of 1.9908 and a high of 1.9990 before closing the day at 1.9984 in the New York session. Looking ahead, Bank of England Governor King speaks.

· The Australian Dollar (AUD) shrugged off lower than expected (1.6%) 2^nd Quarter PPI of 1.0% as Gold and Oil made solid gains. Diverging economic outlooks sent the AUD/NZD to year highs above 1.2800. Overall the AUD/USD traded with a low of 0.9707 and a high of 0.9767 before closing the day at 0.9754.

· Gold (XAU) gained in sympathy with Oil and soft equities. Overall trading with a low of USD$956.55 and high of USD$968.25 ending the New York session at USD$965 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5692	1.5784	1.5915	1.5948	1.6038
USD/JPY	103.78	104.76	106.55	107.16	107.76
GBP/USD	1.9815	1.9907	2.0015	2.0097	2.0157
AUD/USD	0.9664	0.9675	0.9765	0.9818	0.9849
XAU/USD	942.00	950.50	967.00	978.50	988.00

· Euro – 1.5915

Initial support at 1.5784 (July 17 low) followed by 1.5692 (July 10 low). Initial resistance is now located 1.5948 (July 16 high) at followed by 1.6038 (July 15 High).

· Yen – 106.55

Initial support is located at 104.76 (July 17 low) followed by 103.78 (July 16 low). Initial resistance is now at 107.16 (July 21 high) followed by 107.76 (July 7 high).

· Pound – 2.0015

Initial support at 1.9907 (July 18 low) followed by 1.9815 (July 14 low). Initial resistance is now at 2.0097 (July 16 high) followed by 2.0157 (Jul 15 high and 76.4% retrace of 2.0398-1.9363).

· Australian Dollar – 0.9765

Initial support at 0.9675 (July 17 low) followed by 0.9664 (July 14 low). Initial resistance is now at 0.9818 (July 16 high) followed by 0.9849 (July 15 High).

· Gold – 967

Initial support at 950.50 (Jul 18 low) followed by 942 (July 11 low). Initial resistance is now at 978.5 (July 17 high) followed by 988.0 (July 15 high).

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

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FOREX Weekly Outlook 21/07/08 last week’s currency trading review

FOREX Weekly Outlook by Easy-Forex.com

US banks turn from Villain to Savior

21/07/08

last week’s currency trading review

The Dollar had an extremely volatile week as multiple trading themes took hold. Doubts about the government’s ability to backstop GSE’s such as Freddie Mac and Fannie May saw shares touch year lows and the Dollar hit all time lows against the EURO and AUD. The second half of the week was lead by falling Oil, rising stocks and positive US banking reports. This combination proved a major catalyst for reducing fear in the market and renewing risk appetite. On the Data front we had June CPI surging 1.1% m/m the strongest rate since 1982 along with year on year at 5%. PPI also jumped to 9.2% year on year confirming inflation is a major problem for the US economy. Fed chief Bernanke spoke twice before Congress and reiterated his concerns on slowing growth and increasing inflation outlooks. June Retail Sales were weak at 0.1% m/m vs. expectations of 0.5%. The Euro surged to record highs on Tuesday as banking fears gripped the market. US banks reported better than expected 2^nd quarter earnings which combined with sliding Oil let the Euro ease substantially into the weeks close. Euro data continue to deteriorate with the German ZEW economic sentiment survey dropping to -63.9 in July vs. forecasts of -55. June HICP was confirmed at 4.0% y/y and German PPI surged to 0.9% m/m and 6.7% y/y. The Euro closed down 0.57% at 1.5847 having opened at 1.5937. The Japanese Yen recovered off multi month highs as equities rebounded and risk aversion subsided. The Bank of Japan left rates at 0.5% but lowered GDP estimates while increasing Inflation forecasts. AUS/JPY and EUR/JPY traded at year highs. The USD/JPY gained 0.64% closing at 106.95, after opening the week at 106.30. The GBP traded to multi month highs at the height of USD weakness above the key 2.00 level for the first time since April. UK data was mixed for the GBP with CPI and PPI both beating expectations at 3.8% and 4.8% y/y respectively but on the downside BRC retail sales were down 0.4% in June and June Claimant count jumped 15.5K, its biggest rise in 15 years. The GBP/USD gained 0.52% closing at 1.9988 after opening at 1.9884. The AUD made new post float highs again this week surging to 0.9850 but was unable to maintain these levels as stocks recovered and Gold came off highs. The RBA minutes from the July meeting were fairly neutral commenting that demand is slowing and that current rates are adequate to control inflation. The AUD/USD closed up 0.39% at 0.9699 after opening at 0.9661.

The forex trading week preview

In the States; June Leading Indicators on Monday are expected at -0.1%. Treasury’s Paulson speaks on the US economy Tuesday along with FOMC member Plosser. On Wednesday the Fed’s Beige book is released. Thursday sees Weekly Jobless claims at 379K and June Existing Home Sales expected at 4.94 Million. On Friday June’s Core Durable goods are seen flat at 0.0% after falling -0.9% in May. New Home Sales are expected at 505K in June. We will provide our previews and reviews of these data releases in the daily summary.

In the Eurozone; A host of survey data this week lead by the German IFO Business Climate Index on Thursday expected at 100.2. Also on Thursday we have July Eurozone Manufacturing PMI seen at 48.7 and Services PMI forecast at 48.9. In the UK on Tuesday BoE Governor King speaks on banking reform at the Parliamentary Treasury Committee. On Wednesday we have the BoE minutes from the July Meeting and CBI Industrial Trends forecast at -5. Thursday sees June Retail sales weakening -2.5% from May’s surprise 3.5% jump. Finally Preliminary 2^nd quarter GDP is seen down at 0.2% from 0.3% in the previous. We will provide our previews and reviews of these data releases in the daily summary.

In Japan; with a holiday on Monday Focus will be on Wednesday Trade Balance seen at 506 billion Yen. Thursday we focus on CPI data for July seen at 1.9%y/y nationally and 1.6% in Tokyo. We will provide our previews and reviews of these data releases in the daily summary.

In Australia; Focus will be on Mondays 2^nd Quarter PPI seen at 1.6%. UPDATE 2^nd Q PPI 1.0%. Wednesday sees the 2^nd Quarter CPI at 1.2% Q/Q and 4.3% Y/Y. We will provide our previews and reviews of these data releases in the daily summary.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5612	1.5765	1.5845	1.5948	1.6038
USD/JPY	103.78	104.76	106.85	107.09	107.76
GBP/USD	1.9815	1.9907	1.9935	2.0097	2.0157
AUD/USD	0.9664	0.9675	0.9725	0.9818	0.9849
XAU/USD	947.88	950.50	958.00	978.50	988.00

· Euro – 1.5845

Initial support at 1.5765 (July 11 low) followed by 1.5612 (July 7 low). Initial resistance is now located 1.5948 (July 16 high) at followed by 1.6038 (July 15 High).

· Yen – 106.85

Initial support is located at 104.76 (July 17 low) followed by 103.78 (July 16 low). Initial resistance is now at 107.09 (July 17 high) followed by 107.76 (July 7 high).

· Pound – 1.9935

Initial support at 1.9907 (July 18 low) followed by 1.9815 (July 14 low). Initial resistance is now at 2.0097 (July 16 high) followed by 2.0157 (Jul 15 high and 76.4% retrace of 2.0398-1.9363).

· Australian Dollar – 0.9725

Initial support at 0.9675 (July 17 low) followed by 0.9664 (July 14 low). Initial resistance is now at 0.9818 (July 16 high) followed by 0.9849 (July 15 High).

· Gold – 958

Initial support at 950.50 (Jul 18 low) followed by 947.88 (Tread line support). Initial resistance is now at 978.5 (July 17 high) followed by 988.0 (July 15 high).

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

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FOREX Daily Outlook CURRENCY TRADING SUMMARY – 21st July 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

Citigroup Earnings Aid Dollar

· U.S. Dollar Trading (USD) had a relatively quiet trading day with little economic data out, equities and commodities directed the market. Citigroup’s earning came in better than expected leading to an overall buoyant mood on the equities markets and dollar. Cooling Middle Eastern tensions allowed Oil to slip again slightly, also helping dollar sentiment. In the U.S. share markets, the NASDAQ was down 29 points (1.28%) and the Dow Jones was up 49 points (0.44%). Crude Oil closed down $0.41 ending the New York session at $128.88 per barrel. Looking ahead, June National Activity Index is released along with the June Leading indicators seen at -0.1%.

· The Euro (EUR) traded at day highs after June German PPI came in stronger at 0.9% vs. expectations of 0.7%. The Euro was unable to hold these gains in the face of general USD strength but regained the 169 level on the EUR/JPY. Overall the EUR/USD traded with a low of 1.5807 and a high of 1.5886 before closing the day at 1.5845 in the New York session.

· The Japanese Yen (JPY) lost ground against most currencies as investors sought to take advantage of renewed risk appetite as US banks reported better than expected results. Overall the USDJPY traded with a low of 105.97 and a high of 106.94 before closing the day around 106.91 in the New York session. Looking ahead, Public holiday in Japan Today.

· The Sterling (GBP) traded in a slightly offered tone due to Dollar strength and rumors of a relaxing of Government Public debt guidelines. Strong buying of GBP/JPY supported. Overall the GBP/USD traded with a low of 1.9909 and a high of 2.0020 before closing the day at 1.9985 in the New York session.

· The Australian Dollar (AUD) lost ground as Gold and Oil continued to retrace gains but was supported buy continued demand for the high yielder especially against the JPY. Overall the AUD/USD traded with a low of 0.9702 and a high of 0.9739 before closing the day at 0.9705. Looking ahead, 2^nd Quarter PPI is seen at 1.6% slightly lower than 1.9% in the first Quarter.

· Gold (XAU) gave up more of its recent gains on the back on reduced fear in the markets especially as the major US investment banks reported better than forecast 2^nd Quarter earnings. Overall trading with a low of USD$950.30 and high of USD$964.50 ending the New York session at USD$955 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5612	1.5765	1.5845	1.5948	1.6038
USD/JPY	103.78	104.76	106.85	107.09	107.76
GBP/USD	1.9815	1.9907	1.9935	2.0097	2.0157
AUD/USD	0.9664	0.9675	0.9725	0.9818	0.9849
XAU/USD	947.88	950.50	958.00	978.50	988.00

· Euro – 1.5845

Initial support at 1.5765 (July 11 low) followed by 1.5612 (July 7 low). Initial resistance is now located 1.5948 (July 16 high) at followed by 1.6038 (July 15 High).

· Yen – 106.85

Initial support is located at 104.76 (July 17 low) followed by 103.78 (July 16 low). Initial resistance is now at 107.09 (July 17 high) followed by 107.76 (July 7 high).

· Pound – 1.9935

Initial support at 1.9907 (July 18 low) followed by 1.9815 (July 14 low). Initial resistance is now at 2.0097 (July 16 high) followed by 2.0157 (Jul 15 high and 76.4% retrace of 2.0398-1.9363).

· Australian Dollar – 0.9725

Initial support at 0.9675 (July 17 low) followed by 0.9664 (July 14 low). Initial resistance is now at 0.9818 (July 16 high) followed by 0.9849 (July 15 High).

· Gold – 958

Initial support at 950.50 (Jul 18 low) followed by 947.88 (Tread line support). Initial resistance is now at 978.5 (July 17 high) followed by 988.0 (July 15 high).

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

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FOREX Daily Outlook CURRENCY TRADING SUMMARY – 18th July 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

USD surges as Oil dips below $130 per barrel

· U.S. Dollar Trading (USD) gained against most of the majors for the 2^nd day as stocks continued to rebound off the year lows seen on Tuesday. Earning Reports from JP Morgan were better than expectations helping to boost financials. Crude Oil dipped below the key $130 level inspiring a modest USD rally. US data was marginally positive with Housing starts back above 1 million (1.066 actual vs. 0.960 expected) and Weekly Jobless claims gaining less than forecast at 360K. In the U.S. share markets, the NASDAQ was up 27 points (1.2%) and the Dow Jones was up 207 points (1.85%). Crude Oil closed down $4.69 ending the New York session at $129.91 per barrel.

· The Euro (EUR) consolidated recent falls, trading in a range with rally’s capped by further falls in Oil. Large gains in the EUR/JPY supported. Overall the EUR/USD traded with a low of 1.5782 and a high of 1.5894 before closing the day at 1.5850 in the New York session. Looking ahead, we have June German PPI expected at 0.7% and the EU May Trade Balance is seen at 0.9 Billion.

· The Japanese Yen (JPY) was sold heavily as the carry trade roared back into life on positive equities gains. All the crosses made substantial gains especially the GBP/JPY. Overall the USDJPY traded with a low of 104.76 and a high of 107.11 before closing the day around 106.25 in the New York session.

· The Sterling (GBP) traded in a tight range pivoting the key 2.00 level. Overall the GBP/USD traded with a low of 1.9949 and a high of 2.0073 before closing the day at 2.0020 in the New York session. Looking ahead, Public Sector net borrowing is seen at 7.4 Billion.

· The Australian Dollar (AUD) Declined for the third day as Oil and Gold took another leg lower. Strong AUD/JPY buying supported and limited any Aussie weakness. Overall the AUD/USD traded with a low of 0.9678 and a high of 0.9791 before closing the day at 0.9725. Looking ahead, 2^nd Quarter Export and Import prices seen at 10% and 1.7% respectively.

· Gold (XAU) traded lower but managed to hold up well relative to Oil and other Commodities as the USD rallied. Overall trading with a low of USD$954.20 and high of USD$978.25 ending the New York session at USD$959 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5612	1.5765	1.5855	1.5948	1.6038
USD/JPY	103.69	103.78	106.25	107.09	107.76
GBP/USD	1.9815	1.9933	1.9975	2.0157	2.0193
AUD/USD	0.9664	0.9675	0.9725	0.9818	0.9849
XAU/USD	950.00	953.00	959.00	981.21	988.00

· Euro – 1.5855

Initial support at 1.5765 (July 11 low) followed by 1.5612 (July 7 low). Initial resistance is now located 1.4948 (July 16 high) at followed by 1.6036 (July 15 High).

· Yen – 106.25

Initial support is located at 103.78 (July 16 low) followed by 103.69 (38.2% retracement of 0.9576-108.59). Initial resistance is now at 107.09 (July 17 high) followed by 107.76 (July 7 high).

· Pound – 1.9975

Initial support at 1.9933 (July 15 low) followed by 1.9815 (July 14 low). Initial resistance is now at 2.0157 (July 15 high) followed by 2.0193 (Mar 27 high)

· Australian Dollar – 0.9725

Initial support at 0.9675 (July 17 low) followed by 0.9664 (July 14 low). Initial resistance is now at 0.9818 (July 16 high) followed by 0.9849 (July 15 High).

· Gold – 959

Initial support at 953 (Jul 17 low) followed by 950 (Round Number). Initial resistance is now at 981.25 (July 15 high) followed by 988.0 (July 15 high).

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

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FOREX Daily Outlook by Easy-Forex CURRENCY TRADING SUMMARY – 17th July 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

Rise in Crude Inventories drop Oil, Boosts stock and USD

· U.S. Dollar Trading (USD) was able to make solid gains yesterday as US data came out mostly dollar positive. US crude Inventories unexpectedly gained 3.0M Barrels leading to a sharp sell off in the Crude Oil Futures. The drop in oil combined with positive results from Wells Fargo for a significant relief rally in the equity markets. June US CPI came in very high at 1.1% vs. expectations 0.7% and on top of 0.6% in May confirming that inflation was becoming a problem in the world largest economy and sparking speculation of interest rate rises sooner rather than later. June Industrial production surprised to the upside at 0.5% along with an increase in Capacity to 79.9% from 79.4% in May. Fed Chief Bernanke spoke again last night in his second night testifying before congress. The FOMC minutes from the June meeting were mostly looked over as Bernanke gave more up to date and detailed responses over the last 2 days. In the U.S. share markets, the NASDAQ was up 69.14 points (3.12%) and the Dow Jones was up 276 points (2.52%). Crude Oil closed down $4.14 ending the New York session at $134.60 per barrel. Looking ahead, June Housing starts are seen at .960 Million down slightly from .975 in May. Weekly Jobless claims are seen 380K after last week surprised drop at 346K. The Philly Fed is seen at -15 in July after falling to -17.1 in June.

· The Euro (EUR) dropped in sympathy with the large sell off in Oil and Gold. Euro Sentiment has soured slightly as economic conditions continued to weaken suggesting there will be little decoupling from US problems. June CPI was confirmed at 4.0% y/y. Overall the EUR/USD traded with a low of 1.5801 and a high of 1.5948 before closing the day at 1.5817 in the New York session. Looking ahead, the June HICP is seen at 0.4% after jumping 0.6% last month.

· The Japanese Yen (JPY) was able to make good gains as Europeans shares traded lower but reversed as positive data out of the US initiated stock gains. EUR/JPY traded at multi week lows of 165.35. Overall the USDJPY traded with a low of 103.77 and a high of 105.12 before closing the day around 105.10 in the New York session.

· The Sterling (GBP) had a fairly mixed day with cable breaking below the key 2.00 level on US strength. UK data continued to under perform with June Claimant Count rising to 15.5K vs. expectations of 10K in its fastest rate in 15 years. Average earning rose by 3.8% in May. Overall the GBP/USD traded with a low of 1.9958 and a high of 2.0097 before closing the day at 1.9984 in the New York session.

· The Australian Dollar (AUD) pulled back from all time highs as commodities were broadly lower lead by Oil. AUD/JPY bounce off what is becoming a solid support at 101.40 as equities recovered and risk appetite increased. RBA governor Stevens spoke yesterday and was relatively dovish commenting that “in the future we will look back at this period as one of high interest rates” .Overall the AUD/USD traded with a low of 0.9730 and a high of 0.9815 before closing the day at 0.9738.

· Gold (XAU) was sold off substantially as Oil fell and Equities rebounded. Overall trading with a low of USD$961.10 and high of USD$980.75 ending the New York session at USD$961 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5612	1.5765	1.5845	1.5948	1.6038
USD/JPY	106.69	103.78	104.85	105.14	106.28
GBP/USD	1.9815	1.9933	2.0005	2.0157	2.0193
AUD/USD	0.9664	0.9708	0.9760	0.9818	0.9849
XAU/USD	954.85	957.90	964.00	981.21	988.00

· Euro – 1.5845

Initial support at 1.5765 (July 11 low) followed by 1.5612 (July 7 low). Initial resistance is now located 1.4948 (July 16 high) at followed by 1.6036 (July 15 High).

· Yen – 104.85

Initial support is located at 103.78 (July 16 low) followed by 103.69 (38.2% retracement of 0.9576-108.59). Initial resistance is now at 105.14 (July 16 high) followed by 106.28 (July 15 high).

· Pound – 2.0005

Initial support at 1.9933 (July 15 low) followed by 1.9815 (July 14 low). Initial resistance is now at 2.0157 (July 15 high) followed by 2.0193 (Mar 27 high)

· Australian Dollar – 0.9760

Initial support at 0.9708 (July 15 low) followed by 0.9664 (July 14 low). Initial resistance is now at 0.9818 (July 16 high) followed by 0.9849 (July 15 High).

· Gold – 964

Initial support at 957.9 (Jul 16 low) followed by 954.85 (Jul 14 low). Initial resistance is now at 981.25 (July 15 high) followed by 988.0 (July 15 high).

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

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FOREX Daily Outlook CURRENCY TRADING SUMMARY – 16th July 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

USD finds support from record drop in Oil.

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

· U.S. Dollar Trading (USD) was under severe pressure most of yesterday as shares continued to slump driven by financial and energy stocks. Fed Chief Ben Bernanke commented on slowing growth and President Bush held a press conference to talk about his plans for offshore drilling with the combined effect of a severe pullback in Crude Oil falling over $9 per barrel at one point. The large drop in Oil allowed the dollar to pare some losses in the US session. US data included June PPI surging 1.8% m/m above expectations of 1.3% although Core PPI was a more moderate 0.2%. June Retail Sales were slightly weak at 0.1% m/m vs. forecasts of 0.4% although Core Retail sales came in 0.8%. In the U.S. share markets, the NASDAQ was up 2 points (0.13%) and the Dow Jones was down 92 points (-0.84%). Crude Oil closed down $6.44 ending the New York session at $138.74 per barrel. Looking ahead, June CPI is seen at 0.7% m/m with year on year at 4.5%. June Capacity Use is seen at 79.3 slightly down from 79.4 in May along with June Industrial Production expected flat at 0.0%. FED Chief Bernanke testifies again tonight.

· The Euro (EUR) made new record highs during the European session as US banking concerns intensified. The July German Zew survey stunned to the downside at -63.9% vs. expectations of -55%. The Euro shrugged off the poor data though trading above the 1.6000 level before a large slump in Crude Oil pushed the single currency lower. Overall the EUR/USD traded with a low of 1.5866 and a high of 1.6040 before closing the day at 1.5975 in the New York session. Looking ahead, the June HICP is seen at 0.4% after jumping 0.6% last month.

· The Japanese Yen (JPY) gained across the board as risk aversion spiked high and carry trades were liquidated. The Bank of Japan held rates at 0.5% yesterday and reported a lower growth forecast this year in the BOJ monthly report. EUR/JPY fell significantly through supports at 168 and 167. Overall the USDJPY traded with a low of 104.16 and a high of 106.27 before closing the day around 105.06 in the New York session.

· The Sterling (GBP) broke through resistance at 2.0000 level surging to highs of 201.57 as USD weakness and UK inflation data supported. June CPI hit 3.8% vs. expectations of 3.6% will above the 3% mandate set out for the MPC. Overall the GBP/USD traded with a low of 1.9933 and a high of 2.0157 before closing the day at 2.0018 in the New York session. Looking ahead, June claimant count is seen at 10K up from 9K and May Unemployment Rate seen at unchanged at 5.3%.

· The Australian Dollar (AUD) surged to new post float highs as gold surged and the USD weakened. The July RBA meeting minutes were seen balanced with the central bank reiterating that current rates were appropriate and that demand should slow tempering inflation. Overall the AUD/USD traded with a low of 0.9709 and a high of 0.9849 before closing the day at 0.9779. Looking ahead, RBA Governor Stevens will be speaking on the challenges of monetary policy

· Gold (XAU) continued to rally as safe haven flows increased on slumping stocks. Overall trading with a low of USD$968.70 and high of USD$988.15 ending the New York session at USD$977 an ounce.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5841	1.5866	1.5905	1.6038	1.6064
USD/JPY	103.69	104.16	104.75	106.28	106.82
GBP/USD	1.9815	1.9959	2.0055	2.0157	2.0193
AUD/USD	0.9664	0.9708	0.9805	0.9849	0.9895
XAU/USD	954.85	968.40	975.00	988.40	988.49

· Euro – 1.5905

Initial support at 1.5866 (July 15 low) followed by 1.5841 (July 14 low). Initial resistance is now located 1.6038 (July 15 high) at followed by 1.6064 (1 month potential bull channel top).

· Yen – 104.75

Initial support is located at 104.16 (July 15 low) followed by 103.69 (38.2% retracement of 0.9576-108.59). Initial resistance is now at 106.28 (July 15 high) followed by 106.82 (July 14 high).

· Pound – 2.0055

Initial support at 1.9959 (July 11 low) followed by 1.9815 (July 14 low). Initial resistance is now at 2.0157 (July 15 high) followed by 2.0193 (Mar 27 high)

· Australian Dollar – 0.9805

Initial support at 0.9708 (July 15 low) followed by 0.9664 (July 14 low). Initial resistance is now at 0.9849 (July 15 high) followed by 0.9895 (Bull channel top).

· Gold – 975

Initial support at 968.4 (Jul 15 low) followed by 954.85 (Jul 14 low). Initial resistance is now at 988.4 (July 15 high) followed by 988.49 (76.4% retracement of the 1032.50-846.00 decline).

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

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FOREX Weekly Outlook 14/07/08 last week’s currency trading review

FOREX Weekly Outlook by Easy-Forex.com

Freddie and Fannie causing USD headaches

14/07/08

last week’s currency trading review

The Dollar lost ground against all the major currencies as the US banking sector swirled with rating writedowns and bailout rumours. News that Iran had test fired missiles added to Middle Eastern tension sending Crude Oil to record highs above $147 per barrel. Gold also reached multi month highs as equities traded at year lows. The dollar was able to recover off its lows as Fed Chief Bernanke stated late on Friday that the Government Sponsered entities (GSE’s) would be able to use the Fed discount loan facility. On the data front we had May Pending Home Sales falling -4.7% weaker than the -2.4% expected. The June Trade Balance was stronger than forecasts at -59.8 Billion while the July Consumer sentiment improved slightly to 56.6 up from 55.5 in June. The Euro surged higher on Friday after being relatively rangebound during the week tracking the Crude Oil rally to new multi months highs of 1.5949. Trichet reiterated his ‘no bias’ comments on future rate movements but signaled his concern about 2^nd round inflation effects. 1st Quarter GDP was revised down to 0.7% from 0.8% along with a bevy of disappointing May Industrial Production reports (German -2.4%, French -2.6%, Italy -1.4%). The Euro closed up 1.42% at 1.5930 having opened at 1.5704. The Japanese Yen gained against USD but lost ground the Euro taking most of its direction from the equities markets. Core Machinery Orders surprised to the upside coming in at 10.4% fir Nay after a 1.1% gain in April. The USD/JPY fell -0.44% closing at 106.30, after opening the week at 106.77. The GBP struggled during the week as economic data continued to weaken. The Bank of England held rates at 5.00% in a widely expected move with the market in two minds as to the direction of the next rate movement. Halifax House Price Index -2.0% in June on top of the -1.0% in May. Also poor was the May Manufacturing Consumer Confidence sliding to a two year low of 61. The GBP/USD gained 0.30% closing at 1.9820 after opening at 1.9947. The AUD was able to capitalize on the USD weakness surging to new 24 year post float high of .9717. Weak business and consumer confidence early in week was outweighed by a surprising jump in June employment numbers coming in at 29.4K vs. expectations of 10K. The positive result went along way to make up for the -25K in May providing the Aussie with a positive footing. Also helping the bullish tone was the significant rally in commodities and Gold. The AUD/USD closed up 0.25% at 0.9632 after opening at 0.9608.

The forex trading week preview

In the States; Tuesday sees June retail sales expected at 0.3% after gaining 1% in May along with June PPI expected at 1.3%. US Fed Chief Bernanke reports on the economy and Fed policy on Tuesday. Wednesday sees the June Core CPI seen at 2.3% y/y along with June Industrial Production forecast at 0.0%. Thursday sees the release of June Housing starts (expected .965 Million) and the Weekly Jobless claims seen at 380k. We will provide our previews and reviews of these data releases in the daily summary.

In the Eurozone; On Tuesday the German Zew Survey is expected to weaken to -55 in June from -52.4 in May. On Wednesday the Eurozone CPI is forecasted at 4.0% y/y. On Friday also of note is the German PPI for June forecast at 0.8%. In the UK we have a heavy data week starting with June PPI forecast at 2.5% input and 1.2% output. Also out on the RICS House Price Balance seen at -93.8% vs. -92.9% in May. On Tuesday we have the June CPI seen at 3.6% y/y. Wednesday sees the June Claimants Count Change forecast at 10K and the May Average Earning Index at 3.7%. Thursday attention will be on MPC member Dale as he testifies at the Treasury Committee. We will provide our previews and reviews of these data releases in the daily summary.

In Japan; Focus will be on Tuesday’s interest rate decision widely expected to remain at 0.50% but clues as to future rate direction could be found in the BOJ Monthly report and Press conference also on Tuesday. Wednesday we have the May Tertiary Activity Index forecast at 0.0%. Friday sees the Monetary policy meeting minutes released along with the BOJ Governor Shirakawa Speaking. We will provide our previews and reviews of these data releases in the daily summary.

In Australia; light data week with the RBA meeting minutes the highlight along with RBA Governor Stevens speaking on Wednesday on the “Challenges for Economic Policy” . We will provide our previews and reviews of these data releases in the daily summary.

TECHNICAL COMMENTARY

Currency	Sup 2	Sup 1	Spot	Res 1	Res 2
EUR/USD	1.5692	1.5765	1.5895	1.5948	1.6019
USD/JPY	104.99	105.66	106.65	107.30	107.76
GBP/USD	1.9673	1.9754	1.9840	1.9959	2.0008
AUD/USD	0.9546	0.9597	0.9670	0.9718	0.9792
XAU/USD	926.00	942.00	964.00	967.95	988.49

· Euro – 1.5895

Initial support at 1.5765 (July 11 low) followed by 1.5692 (July 10 low). Initial resistance is now located 1.5948 (July 11 high) at followed by 1.6019 (Apr 22 high).

· Yen – 106.65

Initial support is located at 105.66 (July 11 low) followed by 104.99 (Jun 30 low). Initial resistance is now at 107.3 (July 11 high) followed by 107.76 (July 7 high).

· Pound – 1.9840

Initial support at 1.9754 (July 11 low) followed by 1.9673 (July 9 low). Initial resistance is now at 1.99959 (July 11 high) followed by 2.0008 (July 1 high)

· Australian Dollar – 0.9670

Initial support at 0.9597 (July 11 low) followed by 0.9546 (July 10 low). Initial resistance is now at 0.9718 (July 11 high) followed by 0.9792 (July open + June range* 0.618).

· Gold – 964

Initial support at 942 (Jul 11 low) followed by 926 (Jul 10 low). Initial resistance is now at 967.95 (July 11 high) followed by 988.49 (76.4% retracement of the 1032.50-846.00 decline).

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

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Daily Forex Trading Analysis and CURRENCY TRADING SUMMARY – 15th July 2008 (00:30GMT)

FOREX Daily Outlook by Easy-Forex.com

Gold shines as the Financial storm continues.

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

· U.S. Dollar Trading (USD) staged a minor recovery during the Asian and European sessions as the markets digested the latest plan from the Treasury to stabilize the Government Sponsored Entities (GSE) Freddie Mac and Fannie May. Gains were reversed in the US session as equities turned south on doubts about the viability of the government GSE backstop. In the U.S. share markets, the NASDAQ was down 26 points (0.90%) and the Dow Jones was down 45 points (0.41%). Crude Oil closed up $0.20 ending the New York session at $145.18 per barrel. Looking ahead, June PPI is expected to rise 1.3% slightly slower than 1.4% in May while the Core PPI is seen at 0.3%. Markets will be paying attention to Fed Chief Bernanke as he gives his semiannual monetary policy testimony.

· The Euro (EUR) was able to pare losses sustained from the GSE’s rescue plan as the market focused on regional banks when the FIDC commented that more banks are expected to fail in the US. May Industrial Production came in weak at -1.9% confirming the slowdown in the Eurozone. Overall the EUR/USD traded with a low of 1.5842 and a high of 1.5971 before closing the day at 1.5908 in the New York session. Looking ahead, the July German Zew survey is seen at -55 from -52.4 in June.

· The Japanese Yen (JPY) was sold as stocks recovered and risk taking came back into the market but as equities turned south in the US session the USD/JPY gave up all of its gains. EUR/JPY came off new year highs of 169.67 early in the Asian session as the EUR/USD came off highs. Overall the USDJPY traded with a low of 106.06 and a high of 106.81 before closing the day around 106.16 in the New York session. Looking ahead, Bank of Japan interest rate announcement and the BOJ monthly report released during the Asian session.

· The Sterling (GBP) took advantage of USD weakness during the US session regaining the 1.9900 level. June PPI input was slightly lower than expected at 2.1% contributing to a more dovish stance the BoE is expected to take on interest rates into the future. The BoE”s Kate Barker was reported as saying that the central bank is concerned about keeping rates too tight allowing the economy to weaken more than is necessary. Overall the GBP/USD traded with a low of 1.9816 and a high of 1.9962 before closing the day at 1.9941 in the New York session. Looking ahead, June CPI seen at 0.4% down slightly form 0.6% in May but year on year is expected to jump to 3.6% from 3.3%.

· The Australian Dollar (AUD) was able to sustain the new levels above .9700 as gold continued to make solid gains. AUD/NZD reached new record highs trading above 1.2750. In NZD data we had the 2^nd Quarter CPI coming in at 4.0% year on year and May Core Retail Sales rising 0.7%. Overall the AUD/USD traded with a low of 0.9665 and a high of 0.9735 before closing the day at 0.9721. Looking ahead, the RBA meeting minutes will be scrutinized for future rate movement.

· Gold (XAU) had another good day as investors flocked to the precious metal seen as a safe haven and inflation hedge. Overall trading with a low of USD$954.40 and high of USD$974.65 ending the New York session at USD$972 an ounce.

TECHNICAL COMMENTARY

Currency

Sup 2

Sup 1