Economic Calendar (6/1/2009)
Monday, June 1, 2009
Australian Retail Sales
The Aussie Retail Sales figures weakened in April coming in at +0.3%, worse than the estimate (0.5%) and prior month reading of 2.2%. Also weaker than expectations was the Company Operating Profit (QoQ%) at -7.2% versus the estimate of -4.5%. None of these weaker readings hurt the Aussie or other risk pairs as they trade on session highs.
Australian HIA New Home Sales
The Aussie New Home Sales figures weakened month over month from 4.2% to 0.5%. The Aussie however moved back toward session highs, trading at .8040.
China May PMI Manufacturing
For the 3rd straight month China has posted an expansionary PMI Manufacturing figure, coming in at 53.1 in May, slightly worse than the prior months reading of 53.5.
Australian May TD Securities Inflation
The Aussie TD Inflation figures came in weaker than expected, the market had no reaction and the reading was as follows:
Inflation (MoM) – Actual:-0.3% Prior:0.0%
Inflation (YoY) - Actual:1.5% Prior:2.1%
AIG Performance of Manufacturing Index
The Australian AIG Performance of Manufacturing Index posted its best reading in 7 months at 37.5, higher than the April reading of 30.1. The Aussie has had little reaction to this release as it trades below the 80 cent handle.
FXDD Today and Tomorrow: Weekend Edition for June 1st to June 5th
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Greg Michalowski
Trading forex is risky and should only be done with risk capital that will not change your lifestyle. Traders could lose all of their risk capital trading forex. FXDD does not guarantee any recommendation made within this commentary. Traders should make market assessments and take trading positions based on their own personal market analysis, risk tolerance and financial condition. In addition, care should be made to only use leverage which is congruent with your personal risk tolerance. Although care was taken in creating this report, FXDD does not guarantee the accuracy of the information
EURUSD looks to the upside again.
EURUSD held the support on the intraday chart, and like the USDJPY started to move away as the weeks close approaches.. The pair held the 100 bar moving average on the 5 minute chart for a few hours without having a closing bar below the line.
The high for the day is the next target (at 1.4168). The 50 % retracement of the longer term move from the July 2008 high to the October 2008 low looms large above at the 1.4183 level. This remains key, key resistance.
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