Daily Markets Update

2 juin 2010 [DAILY MARKETS UPDATE]
Daily Markets Update
1 Daily Markets Update| Capital Conservator , S. Optyker, C. Guizelli , Mob: +41.79.202.19.58 & +41 79.673.64.61
Fundamental Outlook:
EUR/USD Hits Year Lows

U.S. Dollar Trading (USD) Stock markets rallied aggressively in the US session after a poor lead from Europe on better than expected ISM
manufacturing in May which fell to 59.7 vs. 60.4 previously. Also strong, April Construction spending jumping 2.7% vs. 0.1% previously. News
that Lebanon had fired on Israeli Planes late in the US session sent risk aversion higher sent stocks sharply lower and Dollar higher. In US
stocks, DJIA -122 points closing at 10024, S&P -18 points closing at 1070 and NASDAQ -7 points closing at 2222. Looking ahead, April Pending
Home Sales Change forecast at 5.0 vs. 5.3%.
The Euro (EUR) broke through year lows at 1.2140 to test fresh lows before staging a solid recovery rally on the stock market gains at the start
of the US session. German Unemployment Change was good at -45k vs. -20k forecast but EU Unemployment rate jumped to 10.1% vs. 10.0%.
EUR/USD traded with a low of 1.2110 and a high of 1.2356 before closing at 1.2230. Looking ahead, April PPI is forecast at 0.7% vs. 0.6%
previously.
The Japanese Yen (JPY) risk aversion was met by bargain hunters and the prospect of political turmoil in Japan. The USD/JPY gyrated around
the Y91 level although solid US data did push the pair higher. GBP/JPY was the stand out performer as the Pound led the recovery. Overall the
USDJPY traded with a low of 90.52 and a high of 91.47 before closing the day around 91.10 in the New York session. UPDATE PM Hayotama
Resigns.
The Sterling (GBP) continued to outperform the rest of the market as the collapse of the Prud/AIG deal was seen as a major GBP positive and
EUR/GBP broke to fresh multi-year lows. Cable soared above resistance at 1.4600 to test 1.4700 before weakness at the end of the US stock
session prompted profit taking. May Manufacturing PMI remained at 58.0. Overall the GBP/USD traded with a low of 1.4437 and a high of
1.4726 before closing the day at 1.4670 in the New York session. Looking ahead, April Mortgage Approvals are forecast at 49k vs. 48.9k
previously.
The Australian Dollar (AUD) continued with recent volatility breaking below 0.8300 at the height of the Euro weakness before rebounding on
solid US data. AUD/JPY buying on dips is providing support as the high yielder is still seen as the key carry trade. The RBA held at 4.5% but did
provide a upbeat statement. Overall the AUD/USD traded with a low of 0.8280 and a high of 0.8447 before closing the US session at 0.8330.
UPDATE Q1 GDP is 0.5% vs. 0.6% forecast but revisions of Q4 2009 were at 1.1% Q/Q.
Oil & Gold (XAU) pushed higher on Euro concerns and alternate investment demand. Overall trading with a low of USD$1215 and high of
USD$1229 before ending the New York session at USD$1224 an ounce. Crude Oil was softer on concerns about EU and China Demand. WTI Oil
Closed $1.39 at $72.50 a barrel
EURUSD
The Technical out look for the EUR/USD Wednesday, June the 2sd, 2010, level 1.2234
Position Strategy: Current position : FLAT: Have been stopped on short from 1.2143 at 1.2295
Enter SHORT on a clear break of 1.2143 with stop 1.2295 target 1.20 first for 1.1928 next or SELL near 1.2400 with a stop at 1.2450
Enter LONG if we break 1.2450 with a stop 1.2295 target 1.2671
The yesterday break below 1.2143 have validated one of the mentioned scenarios: The bearish one, as I said previously: We are monitoring a
potential 'triangular' formation in EUR/USD with a bases at 1.2140/50 and immediate higher band of the triangle now at 1.2407. This level
match also with the lower band of the descending channel and serve as a trend line resistance, green line on the chart. On a break below
1.2143, lower than the base of the ‘triangle, suggests a measured move objective to about 1.1616 with a minimum target at 1.1818. We may
note that we may get divergence condition in RSI & Stochastic oscillators when a market is forming a ‘triangle’ formation giving by the way a
false bullish signal. For now we are still inside the triangle for perhaps a last move up and may be limited by the trend line resistance at 1.2407
and bring fall resumption. The EUR/USD Dipped to as low as 1.2110 but recovered since then I’m still favoring the downside even with the
sharp rebound of yesterday because we are making new lows and lower highs the EUR and the current move up is corrective not impulsive.
Further decline is still expected with 1.2450 minor resistance intact, towards 100% projection of 1.5143 to 1.3266 from 1.3691 at 1.1818. On
the upside, however, above 1.2451 will be the first signal that EUR/USD has bottomed and will turn focus to 1.2671 resistance for
confirmation.
Furthermore in an Elliott wave point of view, the bigger picture, price actions from 1.6039 are treated as correction to long term up trend from
0.8823 and fall form 1.5144 is the third leg of such correction. Further decline should be seen to 1.1639 key support level and possibly further
to 100% projection of 1.6039 to 1.2329 from 1.5144 at 1.1433. On the upside, break of 1.3266 resistance is needed to be the first signal of
bottoming. Otherwise, outlook will remain bearish.
In the long term picture, considering the five wave impulsive structure of the long term up trend from 2000 low of 0.8223 to 2008 high of
1.6039, price actions from 1.6039 are viewed as a correction only. Hence, we'd expect strong support between 61.8% retracement of 0.8223 to
1.6039 at 1.1209 and 1.1639 support to contain downside and bring another long term up trend. However, note that sustained break of 1.1209
key Fibonacci level will dampen this view and open up the case of a take on parity.
USD/CHF:
The technical outlook for USD/CHF Wednesday, June the 2sd, 2010, level 1.1565
Position Strategy: Current position : FLAT : Have been stopped on LONG position from 1.1700 at 1.1545
Enter SHORT on a clear break of 1.1447 with stop 1.1545 target 1.1244
Enter LONG if we break 1.1729 with a stop 1.1565 target near 1.1963
USD/CHF pull back from 1.1729 may suggests that a short term top is likely in place with bearish divergence condition in 4 hours RSI. More
consolidation is now in favor and deeper fall could be seen. However, only a break of 1.1447 will indicate that a short term top is formed. In
such case, deeper pull back would be seen towards 1.1244 (38.2% retracement of 1.0434 to 1.1729 at 1.1234 and bring up trend resumption.
On the upside, decisive break of 1.1729 will confirm rise resumption for 1.1963 next, 200% projection of 1.0131 to 1.0897 from 1.0434 at
1.1966.
Furthermore in an Elliott wave point of view, the bigger picture, as noted before, rise from 0.9916 is treated as resumption of the long term
rise from 2008 low of 0.9634. Such rise is expected to have a test on 1.1963/2296 resistance zone first and then 100% projection of 0.9634 to
1.2296 from 0.9916 at 1.2578. On the downside, break of 1.0897 resistance turned support is needed to be the first sign of reversal. Otherwise,
we'll stay bullish.
In the bigger picture, In the longer term picture, a long term bottom is no doubt in place at 0.9634 with bullish divergence condition in
monthly RSI & Stochastic. Rise from 0.9916 is set to resume the rise from 0.9634. Such development will favor the case that long term down
trend from 1.8305 has reversed and would favor stronger rise to 1.3283 resistance and above.
EUR/CHF:
The technical outlook for EUR/CHF Wednesday, June the 2sd, 2010, level 1.4126
Position Strategy:Current position : FLAT

Enter LONG if we break 1.4312 with a stop 1.4138 target near 1.4587 or Enter LONG near 1.4005/10 with a stop 1.3950 target near 1.4587
With 1.4312 resistance intact, another fall would still be seen in EUR/CHF. However, considering risk of another round of SNB intervention,
we'd expect strong support above 1.4 psychological level to contain down side and bring rebound. On the upside, above 1.4312 minor
resistance will suggest that such pull back from 1.4587 is completed and flip intraday bias back to the upside for another recovery.
Furthermore in an Elliott wave point of view, the bigger picture, a medium term bottom should be in place above 1.4 psychological level and
the cross has now entered into another consolidation phase. However, note that the current rebound is not strong enough to warranted a
reversal of the long term down trend yet. We'd expect strong resistance at 1.4846 to limit upside. The cross should revisit 1.4 level again some
time in medium term.
In the long term picture, fall from 1.6827 should be resuming whole down trend from 1993 high of 1.8234. We'd expect such down trend to
extend towards 100% projection of 1.8234 to 1.4391 from 1.6827 at 1.2984 in the longer run. Break of 1.5138 is needed to confirm reversal.
Otherwise, outlook will remain bearish.
GBP/USD:
The technical outlook for GBP/USD Wednesday, June the 2sd, 2010, level 1.4680
Position Strategy: Current position: FLAT; have taken profit on LONG position from 1.4532 at 1.4723
Enter LONG if we break 1.4770 with a stop 1.4630 target near 1.5028
GBP/USD rose further to as high as 1.4769 and is now pressing mentioned 38.2% retracement of 1.5521 to 1.4230 at 1.4723. We'll stay neutral
first. On the downside, break of 1.4439 minor support will suggest that such recovery is finished and flip intraday bias back to the downside
for retesting 1.4230 low first. A break of this low will confirm down trend resumption and should target 100% projection of 1.6456 to 1.4783
from 1.5521 at 1.3848 next. However, sustained trading above 1.4723 will bring stronger rebound towards 61.8% retracement at 1.5028.
In the longer term picture, the corrective nature of the multi-decade advance from 1.0463 (1985 low) to 2.1161 as well as the impulsive nature
of the fall from there suggests that GBP/USD is now in an early stage of a long term down trend. Rebound from 1.3503 should have completed
and the whole fall from 2.1161 is likely resuming for 61.8% projection (2.1161 to 1.3503 from 1.7043) at 1.2310 next.
AUD/USD
The technical outlook for AUD/USD Wednesday, June the 2sd, 2010, level 0.8329
Position Strategy: Current position: FLAT:

Enter LONG on a clear break of 0.8568 with a stop 0.8525 target 0.8686/.8715
Enter SHORT on a break of 0.8200 with stop 0.8332 target 0.8066
As noted before, AUD/USD's recovery from 0.8066 might have completed at 0.8549 already. Intraday bias is cautiously on the downside. On the
downside, below 0.8200 minor support will turn intraday bias back to the downside for retesting 0.8066 low first. Break will confirm down
trend resumption towards 0.8 psychological level next. On the upside, above 0.8549 will bring another rise. But after all, we'd expect strong
resistance at 0.8715 (50% retracement of 0.9380 to 0.8066 at 0.8723) to limit upside and bring fall resumption finally.
Furthermore in an Elliott wave point of view, the bigger picture, while the decline from 0.9380 is steep, it's still treated as a correction to
medium term up trend from 0.6008. Hence, we're expecting strong support from 0.7702 (50% retracement of 0.6008 to 0.9404 at 0.7706), at
least initially, to bring rebound. But after all, break of 0.8715 resistance is needed to indicate that fall from 0.9380 is completed. Otherwise,
more downside would remain in favor.
In the longer term picture, long term correction from 0.9849 has likely completed at 0.6008 already, after being supported slightly above
76.4% retracement of 0.4773 (01 low) to 0.9849 (08 high). Rise from 0.6008 is possibly developing into a new uptrend which will extend the
long term rise from 0.4773. We'll continue to favor the long term bullish case as long as 0.7702 cluster support holds and expect an eventual
break of 0.9849 high. However, a break of 0.7702 support will firstly argue that whole rise from 0.6008 has completed. Secondly this will open
up the case that AUD/USD is in phase of a long term consolidation and will gyrate in the large range of 0.6008/0.9849 for some time.
USD/JPY
The technical outlook for USD/JPY Wednesday, June the 2sd, 2010, level 91.68
Position Strategy: Current position: LONG at 90.97 stop at 90.58 target near 92.60
Enter SHORT on a break of 90.58 with stop 91.76 target 88.25 for 84.81 next
USD/JPY's rebound from 88.97 is still in progress and further rise is still in favor as long as 90.58 minor support holds. Nevertheless, there is
no change in the view that price actions from 88.25 are consolidative in nature. Hence, while strong rebound might be seen, we'd expect upside
to be limited below 93.62 resistance and bring another fall. On the downside, below 90.58 minor support will indicate that recovery from
88.97 is finished and flip intraday bias back to the downside for 88.13/25 support zone.
Furthermore in an Elliott wave point of view, the bigger picture, considering that USD/JPY failed to sustained above the lower band of the
ascending channel, green line on the chart, now at 90.86 and dropped sharply, we're now slightly favoring the case that down trend from
124.13 is not over. Break of 88.13 support will indicate that rebound from 84.81 has completed with three waves up to 94.97 already. The
corrective structure will affirm the bearish case and pave the way to a new low below 84.81. On the upside, however, 94.97 will revive the case
that 84.81 is already the long term bottom and will target 101.43/65 medium term resistance zone for confirming this bullish case.
In the long term picture, we will stay neutral first even if the downside momentum is clearly diminishing and bullish convergence condition in
weekly oscillators; the long term down trend in USD/JPY might have reversed. Focus now turns to 101.43/65 medium term resistance zone
and decisive break there will also break the lower high lower low pattern since 124.13. This will suggest that a long term bottom is in place
and another rising leg of the sideway pattern that started at 79.75 in 1995 should then be in progress for upper side of the range at 147.68.
EUR/JPY
The technical outlook for EUR/JPY Wednesday, June the 2sd, 2010, level 112.21
Position Strategy: Current position: FLAT ,

Enter LONG on a clear break of 114.39 stop at 112.45 target 116.10
No change in EUR/JPY outlook, with a short term bottom in place at 108.82 and with bullish convergence condition in 4 hours Stochastic and
RSI, further recovery might be seen towards the 38.2% retracement of 127.88 to 108.82 at 116.10, on a break above 114.39 minor resistance.
Nevertheless, such recovery is treated as a correction in the larger down trend only. Hence, we'd expect strong resistance below 61.8%
retracement at 120.60 to limit upside and finally bring fall resumption. On the downside, decisive break of 108.82 will target 61.8% projection
of 169.96 to 112.10 from 139.21 at 103.45 next.
Furthermore in an Elliott wave point of view, the bigger picture, fall from 139.21 is treated as resumption of long term down trend from 2007
high of 169.96 and should target 61.8% projection of 169.96 to 112.10 from 139.21 at 103.45 which is close to 100 psychological level. Though,
we'd expect strong support between 2000 low of 88.96 and 100 psychological level to contain downside and bring reversal. On the upside,
break of 127.88 resistance is needed to be the first signal of bottoming. Otherwise, outlook will remain bearish.
In the long term picture, the uptrend from 88.96 (2000 low) has completed at 169.96 and made a long term top there. Based on the five wave
structure of the rise from 88.96 to 169.96, we're favoring that fall from 169.96 is corrective in nature. It should develop into a three wave
correction with first wave completed at 112.10, second wave completed at 139.21. The third falling leg is now in progress but would be
contained above 88.96 key support level. We'll hold on this view unless fall from 169.96 shows sign of acceleration.
GBP/JPY
The technical outlook for GBP/JPY Wednesday, June the 2sd, 2010, level 134.65
Position Strategy: Current position : LONG at 133.25 stop profit at 134.06 target 135.90 first for 138.22 next
GBP/JPY's rebound from 126.73 extends further to as high as 135.20 so far today. Further rise could still be seen as long as 130.78 minor
support holds. Nevertheless, we' expect strong resistance between upper band of the descending channel, green line on the chart (now at
138.22)and 61.8% retracement 138.60 to limit upside and bring fall resumption. On the downside, break of 130.78 will indicate that such
rebound is completed and will flip intraday bas to the downside for retesting 126.73 low first.
Furthermore in an Elliott wave point of view, in the bigger picture, no change to our bearish view rebound from 118.81, which is treated as
correction in the larger down trend from 2007 high of 251.09, has completed at 163.05 already. Fall from 163.05 is tentatively treated as
resumption of such long term down trend and should target 61.8% projection of 215.87 to 118.81 from 163.05 at 103.06 next, which is close to
100 psychological level. On the upside, break of 145.94 resistance is needed to invalidate this view. Otherwise, outlook will remain bearish.
In the longer term picture, fall from 251.09 is treated as resumption of multi decade down trend. Note that the fall from 215.87 is not treated
as the fifth wave, but the third wave inside the third wave that started at 241.35. Another long term decline is still expected after completion of
the correction from 118.81.
USD/CAD
The technical outlook for USD/CAD Wednesday, June the 2sd, 2010, level 1.0523
Position Strategy: Current position : LONG at 1.0563 with stop 1.0439 target 1.0850,have taken profit on short from10530 at 1.0490
Enter short SHORT at 1.0421 with stop 1.0560 target 1.0340
Break of 1.0561 minor resistance suggests that pull back from 1.0851 might be finished at 1.0412 already. Intraday bias is cautiously on the
upside for a retest on 1.0851 first. On the downside, below 1.0421 will bring another fall. But after all, we'd expect strong support between
near term rising trend line (now at 1.0271) and 61.8% retracement of 1.0109 to 1.0851 at 1.0392 and bring strong rebound.
Furthermore in an Elliott wave point of view, the bigger picture, last week's break of 1.0779 resistance confirms that a medium term bottom is
formed at 0.9929 already, with bullish convergence condition in weekly Stochastic and RSI oscillators. We'd stay bullish in USD/CAD and
expect the rebound from 0.9929 to target 38.2% retracement of 1.3063 to 0.9929 at 1.1126 first, with prospect of extending further to 61.8%
retracement at 1.1866 and above. On the downside, break of 1.0109 support is needed to invalidate this view. Otherwise, we'll stay bullish.
In the longer term picture, firstly, there is no clear indication that the long term down trend from 2002 high of 1.6196 has reversed. Secondly,
the medium term fall from 1.3063 is so far looking corrective. Hence, we're slightly favoring the case that price actions from 0.9056 are
developing into a long term sideway pattern. Hence even in case of another fall, we'd expect strong support above 2007 low of 0.9056 to
contain down side. On the other hand, another strong medium term rise should be seen after fall from 1.3063 complete and such rise should
target a test on the upper side of the long term range near to 1.3063.
GOLD
The technical outlook for GOLD: Wednesday, June the 2sd, 2010, level 1221.15
Position Strategy: Current position : LONG from 1206.9 with a stop profit at 1210 target 1249
Enter SHORT on a clear break of 1169.55 with stop 1193 target 1124.3 first for 1044.5 next
No change in Gold outlook, further rise remains in favor as long as 1196.8 minor support holds and Gold would possibly target a retest on
1249.7 high. On the downside, however, below 1196.8 will indicate that recovery has completed and will flip intraday bias back to the
downside for 1169.55 support and below. A firm break below 1169.55 will argue that whole rise from 1044.5 is completed and will turn
outlook bearish for 1124.3 support instead.
Furthermore in an Elliott wave point of view, the bigger picture, while the fall from 1249.35 is deep, gold is still holding on to 1169.5 cluster
support as well as long term trend indicator, light green line on the chat, now at 1198.11. However, note that sustained trading below the long
trend indicator will opens up a bearish possibilities. The bearish case is that fall from 1249.7 is the third leg of the three wave consolidation
from 1227.5 , in an irregular flat pattern, and would target a retest on 1044.5 support next. On the upside, a break above 1249.35 minor
resistance will target 100% projection of 931.3 to 1227.5 from 1044.5 at 1340 next
In the long term picture, rise from 681 is treated as resumption of the long term up trend from 1999 low of 253 after interim consolidation
from 1033.9 has completed in form of an expanding triangle. Next long term target is 100% projection of 253 to 1033.9 from 681 at 1462 level.
We'll hold on to the bullish view as long as 1044.5 key support holds.
CrudeOIL July future contract
The technical outlook for OIL Wednesday, June the 2sd, 2010, level 72.41
Current position : FLAT,

Enter LONG on a clear break of 74.71 with stop 72.74 target 79
There is no change in view that the Crude Oil rebound to 75.71 last week, is a correction in the larger decline. While some more rise might be
seen, upside should be limited by 50.0% retracement of 87.12 to 67.15 at 77.08 and bring fall resumption. Below 71.20 minor support will
indicate that rebound from 67.15 is finished and will flip intraday bias back to the downside for retesting this low first. Break of 67.15 should
target first the 64.24 low and 60 psychological level next, which is close to 50% retracement of 33.2 to 87.15 at 60.18.
Furthermore in an Elliott wave point of view, the bigger picture, the break of 70.83/71.09 support zone affirms our view that whole medium
term rebound from 33.2 has completed at 87.12 already, just ahead of 50% retracement of 147.27 to 33.2 at 90.24. Further decline should be
seen to 50% retracement of 33.2 to 87.12 at 60.16 at least. Also, we count the rebound from 33.2 as the second leg of the whole correction that
started at 2008 at 147.27. On the upside, break of resistance at 81.26 level is needed to be indicate that fall from 87.12 is completed.
Otherwise, we'll stay bearish.
In the long term picture, current development suggests that rebound from 33.2 is finished at 87.15, inside 76.77/90.24 Fibonacci resistance
zone as expected. Our view is that fall from 87.12 would develop into the third falling leg of the whole correction from 147.27 and hence, we'd
anticipate an eventual break of 60.16 target and may bring 58.98 first for 54.25 next and a final target between 51.23 and 49.73.
DOW JONES INDU. Future June 2010
The technical outlook for DJI: Wednesday, June the 2sd, 2010, level 10072.6
Current position: FLAT, Have been stopped on LONG position from 10201.70 at 10007 target near 10326.4
Enter SHORT on a clear break of 9756 with stop 9866 target 9557
Enter LONG on a clear break of 10326 with stop 10177 target 10505
The DOW's rebound from 9756.15 was admittedly stronger than expected but momentum was not too convincing yet. The intraday chart
shows only a 3 waves pattern up and such a recovery may be corrective in nature at this point. The sharp fall of yesterday may confirm this
view. As has noted before we are now in the third leg of the correction, in C of II, after rebound from 9865.65 failed to sustain above the
Fibonacci retracement at 10865 and pullback from this level. Two scenarios is possible the current rebound is only a correction and a we may
test again the 9756.15 low and a break below this level will confirm the continuation of the third leg of the correction in direction of 9557.
Otherwise for the upside, as has said previously, we got a potential “double bottom pattern” for the DOW. We may move above 10916.15 to
trigger the” double bottom” pattern and the break above of 10201.65 was the first sign of bottoming but the DOW fell again below the 10000
psychological level. We need now to close over 10326.4 the 32.8% Fibonacci retracement from 9989.9 to 1205.15, to confirm the continuation
of the rally and a break above 10505.15 will be the second sign of the end of the correction. I will stay neutral for the moment the chart pattern
are not clear.
Furthermore in an Elliott wave point of view, the bigger picture, the count suggests that the bear market ended in Mar 09.The anticipated 50%
retracement rally was actually the start of a new 70-80 year super cycle bull market. The three waves up are only Major waves 1-2-3 of
Primary wave I of Cycle wave I of this bull market. The downtrend from 10723.4 to 9789.9 is wave 4 of I conclude with alternation with
the Jun/July downtrend, and hold the 10% correction, and following our count: we have ended wave I at 11196.65 and we are now in wave II
that may be ended or have a potential to go as far as 9557. For remember Wave I is the start of a super bullish super cycle of 50-70 years and will
be followed by a wave II in correction that may be very profound.
TRACK Since April

2-Jun-10 RECORD 16th, 2010
Current Closed P&L Nb of
Currency Long/Short Open price Price Stop Target Open P&L pips Pips Total P&L pips trades
EUR/USD Flat 0 822 822 14
CHF/USD Flat 0 366 366 10
EUR/CHF Flat 0 -245 -245 5
GBP/USD Flat 0 777 777 11
AUD/USD Flat 0 556 556 11
USD/JPY Long 90.97 91.68 90.58 92.6 71 255 326 8
EUR/JPY Flat 0 795 795 9
GBP/JPY Long 133.25 134.65 134.06 135.9 140 154 294 10
USD/CAD Long 1.0563 1.0523 1.0439 1.085 -40 570 530 12
TOTAL 171 4,050 4,221 90
Current Open P&L Nb of
Markets Long/Short Open price Price Stop points Close P&L pts Total P&L pts trades
Gold Long 1206.9 1221.15 1210 1249 14.25 -86.3 -72.05 4
Oil Flat 0.00 10.55 10.55 10
Dow Jones Flat 0.00 1170.4 1,170.40 7
Monthly
recap
Since April 16 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Total
EUR/USD 247 727 -152 822
CHF/USD -34 555 -155 366
EUR/CHF -245 -245
GBP/USD -56 642 191 777
AUD/USD -145 701 556
USD/JPY 161 94 255
EUR/JPY -31 826 795
GBP/JPY -97 251 154
USD/CAD 149 381 40 570
TOTAL 194 3932 -76 4,050
Gold -11.3 -75 -86.30
Oil 1.71 8.84 10.55
Dow Jones 533.6 831.5 -194.7 1170.4
ECONOMIC CALANDAR
Wednesday, Jun 2, 2010
GMT Ccy Events Consensus Previous
01:30 AUD GDP Q/Q Q1 0.6% 0.9%
01:30 AUD GDP Y/Y Q1 2.6% 2.7%
03:00 NZD ANZ Commodity Price May -- 4.9%
07:15 CHF Retail Sales (Real) Y/Y Apr -- 4.5%
08:30 GBP Mortgage Approvals Apr 49.5K 48.9K
08:30 GBP Net Consumer Credit Apr 0.3B 0.3B
08:30 GBP Net Lending Sec. on Dwellings Apr 0.6B 0.3B
08:30 GBP M4 Money Supply M/M Apr F -- 0.0%
08:30 GBP M4 Money Supply Y/Y Apr F -- 3.3%
08:30 GBP PMI Construction May 58.0 58.2
09:00 EUR Eurozone PPI M/M Apr 0.7% 0.6%
09:00 EUR Eurozone PPI Y/Y Apr 2.6% 0.9%
11:00 USD MBA Mortgage Applications (MAY 28) -- 11.3%
11:30 USD Challenger Job Cuts Y/Y May -- -71.1%
14:00 USD Pending Home Sales M/M Apr 6.0% 5.3%
14:00 USD Pending Home Sales Y/Y Apr -- 23.5%
20:30 USD API U.S. Crude Oil Inventories (MAY 28) -- 616K
20:30 USD API U.S. Gasoline Inventories (MAY 28) -- -3194K
20:30 USD API U.S. Distillate Inventory (MAY 28) -- 1518K
21:00 USD Domestic Vehicle Sales May 8.90M 8.78M
21:00 USD Total Vehicle Sales May 11.40M 11.21M
23:30 AUD AiG Performance of Service Index May -- 52.3
23:50 JPY Capital Spending Q1 -9.6% -17.3%
23:50 JPY Capital Spending excl Software Q1 -2.7% -18.5%
23:50 JPY Japan Buying Foreign Stocks (Yen) (MAY 28) -- 271.1B
23:50 JPY Japan Buying Foreign Bonds (Yen) (MAY 28) -- 1044.8B
23:50 JPY Foreign Buying Japan Stocks (Yen) (MAY 28) -- -434.7B
23:50 JPY Foreign Buying Japan Bonds (Yen) (MAY 28) -- 45.9B
Thursday, Jun 3, 2010
01:30 AUD Trade Balance (AUD) Apr -800M -2082M
01:30 JPY BoJ's Miyako Suda Speaks in Wakayama City -- --

Japan
06:00 GBP Nationwide House Prices s.a. M/M May 0.3% 1.0%
06:00 GBP Nationwide House Prices n.s.a. Y/Y May 9.6% 10.5%
06:45 EUR French Mainland Unemployment Change Q1 -- 145K
06:45 EUR French ILO Mainland Unemployment Rate Q1 -- 9.6%
06:45 EUR French ILO Unemployment Rate Q1 10.1% 10.0%
07:45 EUR Italian PMI Services May 55.0 54.5
07:50 EUR French PMI Services May F 61.9 61.9
07:55 EUR German PMI Services May F 53.7 53.7
08:00 EUR Eurozone PMI Services May F 56.0 56.0
08:00 EUR Eurozone PMI Composite May F 56.2 56.2
08:30 GBP PMI Services May 55.6 55.3
08:30 GBP Official Reserves (Changes) May -- $561M
09:00 EUR Eurozone Retail Sales M/M Apr 0.1% 0.0%
09:00 EUR Eurozone Retail Sales Y/Y Apr -0.1% -0.1%
11:30 USD Fed's Dennis Lockhart to Speaks in Atlanta -- --

Georgia
12:15 USD ADP Employment Change May 55K 32K
12:30 USD Non-Farm Productivity Q1 F 3.6% 3.6%
12:30 USD Unit Labor Costs Q1 F -1.7% -1.6%
12:30 USD Initial Jobless Claims (MAY 29) 450K 460K
12:30 USD Continuing Claims (MAY 22) -- 4607K
14:00 USD ISM Non-Manufacutring Composite May 55.8 55.4
14:00 USD Factory Orders Apr 1.5% 1.3%
14:30 USD ICSC Chain Store Sales Y/Y May -- 0.8%
15:00 USD DOE U.S. Crude Oil Inventories (MAY 28) -- 2460K
15:00 USD DOE U.S. Gasoline Inventories (MAY 28) -- -203K
15:00 USD DOE U.S. Distillate Inventory (MAY 28) -- -267K
15:15 USD Fed Chairman Ben Bernanke Speaks in Detroit -- --

Michigan
16:15 USD Fed's Eric Rosengren Speaks in Springfield -- --

Massachusetts
17:15 USD Fed's Thomas Hoenig Speaks in Bartlesville -- --

Oklahoma
Friday, Jun 4, 2010
-- GBP New Car Registrations Y/Y May -- 11.5%
04:00 USD Treasury Secretary Timothy Geithner Attends -- --

G-20 in South Korea
09:00 EUR Eurozone GDP s.a. Q/Q Q1 P 0.2% 0.2%
09:00 EUR Eurozone GDP s.a. Y/Y Q1 P 0.5% 0.5%
09:00 EUR Eurozone Household Consumption Q/Q Q1 P -0.1% 0.0%
09:00 EUR Eurozone Gross Fixed Capital Q/Q Q1 P -1.1% -1.3%
09:00 EUR Eurozone Government Expenditure Q/Q Q1 P 0.3% -0.1%
11:00 CAD Net Change in Employment May 20.0K 108.7K
11:00 CAD Unemployment Rate May 8.0% 8.1%
11:00 CAD Participation Rate May -- 67.2
11:00 CAD Full Time Employment Change May -- 43.8
11:00 CAD Part Time Employment Change May -- 64.8
12:30 CAD Building Permits M/M Apr -1.5% 12.2%
12:30 USD Change in Non-Farm Payrolls May 500K 290K
12:30 USD Unemployment Rate May 9.8% 9.9%
12:30 USD Change in Private Payrolls May 170K 231K
12:30 USD Change in Manufacturing Payrolls May 35K 44K
12:30 USD Average Hourly Earning M/M May 0.1% 0.0%
12:30 USD Average Hourly Earning Y/Y May -- 1.6%
12:30 USD Average Weekly HoursMay 34.1 34.1
13:30 USD Fed's Dennis Lockhart Speaks Braselton -- --

Georgia
14:00 CAD Ivey PMI May 59.5 58.7
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2 juin 2010 [DAILY MARKETS UPDATE]

Daily Markets Update

EUR/USD Hits Year Lows

Position Strategy:Current position : FLAT

Position Strategy: Current position: FLAT:

Position Strategy: Current position: FLAT ,

CrudeOIL July future contract

Current position : FLAT,

DOW JONES INDU. Future June 2010

TRACK Since April

Wednesday, Jun 2, 2010

GMT Ccy Events Consensus Previous

01:30 AUD GDP Q/Q Q1 0.6% 0.9%

01:30 AUD GDP Y/Y Q1 2.6% 2.7%

03:00 NZD ANZ Commodity Price May -- 4.9%

07:15 CHF Retail Sales (Real) Y/Y Apr -- 4.5%

08:30 GBP Mortgage Approvals Apr 49.5K 48.9K

08:30 GBP Net Consumer Credit Apr 0.3B 0.3B

08:30 GBP Net Lending Sec. on Dwellings Apr 0.6B 0.3B

08:30 GBP M4 Money Supply M/M Apr F -- 0.0%

08:30 GBP M4 Money Supply Y/Y Apr F -- 3.3%

08:30 GBP PMI Construction May 58.0 58.2

09:00 EUR Eurozone PPI M/M Apr 0.7% 0.6%

09:00 EUR Eurozone PPI Y/Y Apr 2.6% 0.9%

11:00 USD MBA Mortgage Applications (MAY 28) -- 11.3%

11:30 USD Challenger Job Cuts Y/Y May -- -71.1%

14:00 USD Pending Home Sales M/M Apr 6.0% 5.3%

14:00 USD Pending Home Sales Y/Y Apr -- 23.5%

20:30 USD API U.S. Gasoline Inventories (MAY 28) -- -3194K

20:30 USD API U.S. Distillate Inventory (MAY 28) -- 1518K

21:00 USD Domestic Vehicle Sales May 8.90M 8.78M

21:00 USD Total Vehicle Sales May 11.40M 11.21M

23:30 AUD AiG Performance of Service Index May -- 52.3

23:50 JPY Capital Spending Q1 -9.6% -17.3%

23:50 JPY Capital Spending excl Software Q1 -2.7% -18.5%

Thursday, Jun 3, 2010

GMT Ccy Events Consensus Previous

01:30 AUD Trade Balance (AUD) Apr -800M -2082M

01:30 JPY BoJ's Miyako Suda Speaks in Wakayama City -- --

06:45 EUR French Mainland Unemployment Change Q1 -- 145K

06:45 EUR French ILO Mainland Unemployment Rate Q1 -- 9.6%

06:45 EUR French ILO Unemployment Rate Q1 10.1% 10.0%

07:45 EUR Italian PMI Services May 55.0 54.5

07:50 EUR French PMI Services May F 61.9 61.9

07:55 EUR German PMI Services May F 53.7 53.7

08:00 EUR Eurozone PMI Services May F 56.0 56.0

08:00 EUR Eurozone PMI Composite May F 56.2 56.2

08:30 GBP PMI Services May 55.6 55.3

08:30 GBP Official Reserves (Changes) May -- $561M

09:00 EUR Eurozone Retail Sales M/M Apr 0.1% 0.0%

09:00 EUR Eurozone Retail Sales Y/Y Apr -0.1% -0.1%

11:30 USD Fed's Dennis Lockhart to Speaks in Atlanta -- --

12:15 USD ADP Employment Change May 55K 32K

12:30 USD Non-Farm Productivity Q1 F 3.6% 3.6%

12:30 USD Unit Labor Costs Q1 F -1.7% -1.6%

12:30 USD Initial Jobless Claims (MAY 29) 450K 460K

12:30 USD Continuing Claims (MAY 22) -- 4607K

14:00 USD ISM Non-Manufacutring Composite May 55.8 55.4

14:00 USD Factory Orders Apr 1.5% 1.3%

14:30 USD ICSC Chain Store Sales Y/Y May -- 0.8%

15:00 USD DOE U.S. Gasoline Inventories (MAY 28) -- -203K

15:00 USD DOE U.S. Distillate Inventory (MAY 28) -- -267K