Gold keeps minutes in the focus range 8 consecutive weeks - FOMC

Fundamental Outlook for gold: neutral

Gold was more than 1% this week with the precious metals at $1581 on Friday after a disappointing NFP print broader commodities and stock markets weighed close. Before the end of trading on Friday had reduced throughout the week ahead, suggesting with the specifications, that the couple can test the lower bound of its recent gold. But gold is now a $100 range hold for the last two months, we remain pending before an outbreak of its recent range on the sidelines with our longer-term trend is still weighted down.

A weaker than expected pressure in June non-farm wages and payrolls report weighed on broader risk appetite with gold, the tracking of stocks and other commodities connected lower on Friday. NFP amounted to 80 K, missing consensus estimates for the reading of 100 K keep with the unemployment rate of 8.2%, as expected. A drill down deeper shows a slight improvement in the data in employment, a senior unsecured looked back as discouraged workers employees. Wage growth rose also unexpectedly in June on his fastest pace this year. The data were weak enough, where it is unlikely that further relief from the federal warrant reserve, but continue to weigh concerns about a global slowdown in economic growth to broader market sentiment continues to take hold. Gold paragraph 1.65% on the heels of the release as a fear of deflation reduced demand after the previous metal as a hedge against rising prices.

Look at the next week, dealers will closely minutes from the June 20 meeting FOMC policy amid widespread concern over domestic growth prospects and a continued recovery in the labour market are considered. Investors will weigh the Outlook, quoted on future monetary policy in the light of labour market data on Friday after Chairman Bernanke, that the Central Bank was ready to act conditions should deteriorate further. With growth, the recent uptick in wage growth and continued stickiness underlying price, however, find we it unlikely that the Fed will go on further easing at these levels. Find gold, continue to strongly to fluctuations in the dollar with the 20-tägige inverse correlation between the Dow Jones FXCM dollar index (ticker: USDOLLAR) and the price of gold hit to respond its highest level since mid-April.

From a technical perspective gold in consolidation for the past eight weeks with the price keeps its recent range of 38.2% to 61.8% Fibonacci extensions, which September and February of highs at $1640 to $1545 or been taken. Friday's reduced the whole week ahead suggest further weakness ahead with our medium-term bias number (s) weighted down, as long as the February 1641 is highly respected decline. Soft support lies on the $1561 secured through the area with 1545 low. As Jamie Saettele notes "this length of consolidation is a stunning break probably..." "Fuel finally" with a break below the 61.8% extension considered subsequent floors at $1500 and the mouth of July 2011 lows and 78.6% extension at $1480. interim resistance is at $1624 with a break over the heights of the June relief further downside pressure. Such a scenario is seen at the 200-day moving average at $1660, the may highs at $1671 and the $1700 mark our bias with overhead goals invalid. In other words, we break out the several months range neutral remain at these levels until one. -MB

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€ Euro Relief Rally To Foster Range-Bound Prices, Debt Auction In Focus

06 June 2012 14:45 GMT Talking Points
Euro: ECB Hints At More Easing Despite Growing Rift, 23.6% Fib In Sight British Pound: RSI Comes Off Of Oversold, Needs To Clear 10-Day SMA Euro: ECB Hints At More Easing Despite Growing Rift, 23.6% Fib In Sight
The Euro snapped back from a low of 1.2439 as the European Central Bank showed a greater willingness to address the ongoing turmoil in the banking sector, and it seems as though the Governing Council will continue to carry out its easing cycle in the second-half of the year as the fundamental outlook for the region turns increasingly bleak. Although some members of the ECB called for a 25bp rate cut in June, it seems as though President Mario Draghi is keeping the door open to expand the balance sheet further, and we may see the central bank further utilize a range of tools to stem the risks surrounding the region as the EU maintains a reactionary approach in tackling the debt crisis.
Indeed, there appears to be a growing rift within the Governing Council as the outlook for region remains clouded with high uncertainty, but we may see the central bank act in July as the region faces an increased risk for a prolonged recession. However, as the governments operating under the fixed-exchange rate system become increasingly reliant on monetary support, it seems as though the central bank is sticking to its wait-and-see approach in an effort to preserve its independence, and the council may continue to sit on the sidelines until the EU takes a more proactive approach in restoring investor confidence. Nevertheless, the short-term rebound in the EURUSD may ultimately turn into a larger correction as the relative strength index continues to come off of oversold territory, and we may see the pair test the 23.6% Fibonacci retracement from the 2009 high to the 2010 low around 1.2640-50 for interim resistance, and we may see the exchange rate face sideways price action over the near-term as market participants look forward to the elections in France and Greece as well as the EU Summit scheduled for later this month. Over the next 24-hours of trading, we will be closely watching the medium and long-term bond auction in Spain, and the relief rally in the EURUSD may taper off should the debt sale fuel fears for contagion.
British Pound: RSI Comes Off Of Oversold, Needs To Clear 10-Day SMA
The British Pound snapped back on Wednesday amid the rise in risk-taking behavior, and the GBPUSD may continue to track higher ahead of the Bank of England interest rate decision as the relative strength index bounces back from oversold territory. In turn, we are looking for a break and a close above the 10-Day SMA (1.5512) to see a meaningful correction in the exchange, but the BoE meeting may do little to prop up the sterling as the central bank is widely expected to preserve its wait-and-see approach in June. As a result, we may see the Monetary Policy Committee refrain from releasing a policy statement, and currency traders will certainly turn their attention to the meeting minutes due out on the 20th as market participants see scope for more quantitative easing.

####Correct the low dollar value on Outlook there, testimony from Bernanke in Focus

05 June 2012 03:55 GMT 

Major Currencies vs. US Dollar (% change)

(28 May 2012 – 01 Jun 2012)

Points de discussion
Dollar américain, de juste inférieur sur Outlook de3, témoignage de Bernanke dans Focus Euro, British Pound peut trouver appui comme la BCE et la BOE Hold Back relance japonais Yen visant plus vs USD comme QE espère peser sur Conseil du Trésor donne australien, canadien et le NZ Dollars peut recouvrer long avec risque appétit The US Dollar pénètre dans la semaine commerciale avec un surplomb de lourde par rapport profondément décevant sur l'emploi de vendredi ayant puisé hauts 18 mois juste avant la sortie de données. Le résultat ouvre la porte à un redémarrage de la spéculation, environ un tiers de tour de quantitative easing (de3) de la réserve fédérale. L'impact des efforts antérieurs de QE suggère que les marchés traiterait de stimulation supplémentaire comme ayant un effet dilutif sur le billet vert, ce qui suggère le gonflement des attentes d'un tel résultat sont susceptibles de peser sur les prix à court terme.
Témoignage à venir fromFed président Ben Bernanke susceptible d'amplifier l'accent sur la détente avant une session conjointe du Congrès de Paris. Bien que le chef de la Banque centrale est susceptible de rester engagés – relais un stimulus supplémentaire message familier, toujours « sur la table » mais « téméraire » si cela veut dire sacrifier la stabilité des prix – il semble sûr de reconnaître que tourner la récente baisse dans les données. Marchés peuvent accepter une fois de plus cela comme une attitude assez modérés de vendre le billet vert. L'impression d'ISM-secteur des services livre Beige de la Fed levé et du titre de conditions économiques régionales le calendrier économique, avec des signes de ralentissement susceptible de renforcer les espoirs de3 et composé de Dollar vente à pression.
Mais surtout, la probabilité que se concrétisera réellement de3 semble très petite. Nous les coûts d'emprunt nous trouver leur chemin moins bien sans intervention de la Fed. Référence 10 ans du Conseil du Trésor des rendements est tombé à un dossier faible 1,45 % la semaine dernière que les craintes de crise de la zone euro a conduit capital cherchant refuge dans la dette américaine. Après ajustement pour l'inflation, cela signifie que les investisseurs paiera effectivement le gouvernement environ 60 bps par an pour s'occuper de leur argent. Avec la situation en Europe guère sur la voie de la guérison, les rendements sont susceptibles de demeurer sous la pression pendant un certain temps, c'est-à-dire que le bénéfice marginal d'un programme de3 serait très faible au mieux et en faisant valoir ce qui laisse supposer que la faiblesse du Dollar cette semaine est susceptible d'être corrective, avec le rassemblement probable de retrouver le dynamisme que le trac de retour avant de la deuxième tentative de la Grèce, lors d'une élection générale le 17 juin.
Cependant son retour cette semaine, la prévalence de de3 Paris comme un conduite thème à court terme est susceptible de voir le Yen japonais continuent de renforcer une raffermissant de la corrélation entre les rendements du Conseil du Trésor et USDJPY tire la paire inférieure. Les stocks liés australien, canadien et Dollars néo-zélandais s'apprêtent à monter ainsi que confirmation des espoirs d'appétit risque de Fed relance bouée. L'EBR est censé largement réduire les taux d'intérêt encore une fois cette semaine. Les marchés semblent être des prix à une possibilité significative pour une autre réduction 50 bit/s, donc un résultat 25 bps plus petit peut-être offrir réellement la Aussie un bit d'un ascenseur. Séparément, le BOC devrait largement à maintenir les taux en attente à 1 %.
Quant à l'Euro et la livre sterling, corrélations avec l'appétit de risque (comme le suivi par le MSCI World Stock Index), les tendances ont diminué significativement, mettant l'accent sur les attentes de la politique monétaire comme la BOE ECBand fournir des annonces de taux d'intérêt. Les deux banques centrales devraient demeurer en attente cette fois-ci. Pour le BEP, un tel résultat est probablement un non-événement donné penchant de la Banque pour la maman de rester lorsqu'aucun changement de politique. Alors que les données économiques UK ont aigri, obstinément forte inflation est susceptible de garder Mervyn King et compagnie sur la touche pour l'instant. Quant à la BCE, les commerçants seront plus intéressés à la Banque centrale qui suit Conférence de presse du Président Mario Draghi l'annonce pour des conseils sur l'assouplissement de futurs possibles comme la croissance de la zone Euro continue d'affaissement et apaisement de l'inflation donne les décideurs le rythme pour l'exploitation. Sur la balance, moratoire sur les deux fronts peut aider EURUSD et GBPUSD plus élevé.
EURO

EURO

Source : Bloomberg
LIVRE STERLING

Source : Bloomberg
YEN JAPONAIS

Source : Bloomberg
DOLLAR CANADIEN

Source : Bloomberg
DOLLAR AUSTRALIEN

AUSTRALIAN DOLLAR

Source : Bloomberg
DOLLAR NÉO-ZÉLANDAIS

Euro Looks Lower As Spain Struggles To Tap Markets, ECB In Focus

Discussion points
Euro: The Spain struggles to tap markets upcoming auction, ECB in Focus of Sterling: trends-risk of lead in holiday to the United Kingdom of the Canadian Dollar, the price: BoC rate is 1.00%, sees the risk of risk Euro Inflation: Spain struggles to tap markets upcoming auction, ECB in Focus
The Euro dropped to a low during the night of 1.2408 as Cristobal Montero of the Spain Treasury Minister, warned that the region was a "problem of access to markets", and the growing for the contagion threat continues to cast a bearish for the EURUSD perspective, as argued by makers European approach reactionary in the fight against the debt crisis. Well held in the emergency environment G7 bien tenue à le milieu urgence du G7 du négociations d' du tenue du du négociations d' négociations d' négociations d' negotiations of d' du du tenue tenue the unrest increased in Europe, the Group has refrained from releasing a joint statement, but pledged to cooperate in an effort reduce the fears surrounding the global economy.
In Spain, tap is expected à le milieu ci the auction and the long-term debt on Thursday, the auction of the bond can be painted a perspective of the region, and we could see the EU to increase its efforts to buy more time than to discuss a potential group plans However, the push for greater integration may not materialize as the Germany continues to express his opposition to broaden the scope of European stability mechanism, and we could attend the European Central Bank showed a greater willingness to ease monetary policy more than European officials strive to meet on common ground. The EURUSD is not movement to put in a fence over the ADM, 10 days (1.2476), the pair seems ready to extend the reported decline of the previous month, and we will be keeping a close eye on the strength relative index that he continues to flirt with the oversold territory. As the ECB interest rate decision arrives in the home, the fresh batch of rhetoric of the Central Bank should set the tone for the rest of the week, but we could see the EURUSD to strengthen in the next 24 hours, of the trade as the market players weigh the prospects for future policy.
Pound sterling: is oversold, capped by the ADM, 10 days
Despite the United Kingdom vacations, the pound sterling has rebounded overnight minimum of 1.5321, and we closely monitor developments as the GBPUSD oversold remains key technical. As the pound sterling-dollar continues to stand on 50.0% of 2009 low Fibonacci allows to high around 1.5270 figure, we must see the RSI back over 30 push to see a correction to form, and we will monitor for a break and a fence over the ADM, 10 days (1.5529) to see a significant gesture on the back. However, we may see the struggle of the pair to return top former support around 1.5600 could come new resistance, and we may see prices depending on the range of the Exchange face action in the short term that the Bank of England continues to approve approach of wait and see.
Canadian dollar: BoC to 1.00% guard rate, sees the risk of emerging Inflation
The decision of the Bank of the sustained Canada of the dollar interest rate as the Central Bank continued to talk about speculation for a rate hike, but it seems that the BoC is another attempt to discourage the record rise in debt domestic as it is likely to derail the economic recovery. Indeed, the Central Bank saw risk emerging of the target of 2% for inflation on the back of the lower energy costs and the BoC is certainly about limited to embark on a series of rate hikes as the persistent strength in local currency, dampens growth prospects. Although USDCAD remains surachat, the IHR should get off to see the pair back the net advance of the previous month, and the recent strength of the Canadian dollar can be short-lived as the theft of security continues to gather pace.
For more information to follow...

Commodities Aim Higher as Risky Assets Find Support, US Data in Focus

Talking Points
Crude Oil, Copper Aim to Follow Stocks Higher as Market Sentiment Recovers Gold and Silver Looking to Balance Cues from Risk Trends, QE3 Expectations Commodity prices are yielding mixed results in European trade as traders wait for guidance from the US economic data set to establish near-term direction cues. May’s US Consumer Confidence reading and the Dallas Fed Manufacturing Activity gauge are on tap, with expectations pointing to improvements on both fronts. Broadly speaking, data collected by Citigroup suggests US economic data has stabilized relative to expectations in May after three months of deterioration. This lays the foundation for stronger outcomes to buoy hopes that a firming (albeit unevenly so) recovery in North America can help offset weakness in Europe and Asia.
In the context of heavy selling across the risky asset space over recent weeks, this may help drive a recovery in sentiment. As noted yesterday, this would fall within the context of a general tendency toward corrective profit-taking on risk-off exposure accumulated over recent weeks. This bodes well for growth-geared crude oil and copper prices and may likewise offer a lift to gold and silver amid ebbing demand for the safe-haven US Dollar. Upside momentum in the precious metals space may be limited however in that firmer data would work against QE3 expectations, denting the appeal; of alternative store-of-value assets. S&P 500 stock index futures are pointing firmly higher ahead of the opening bell no Wall Street, reinforcing the likelihood of a risk-on scenario in the hours ahead.
WTI Crude Oil (NY Close): $90.86 // +0.20 // +0.22%
Prices put in a Harami candlestick pattern above resistance-turned-support at 90.14, the September 7 closing high, hinting a corrective bounce may be ahead. Positive RSI divergence reinforces the case for an upside scenario. Initial resistance lines up at 92.51, a former support marked by the December 16 low, with a push above that targeting 95.41 (another former bottom now acting as resistance at the February 2 low).

Daily Chart - Created Using FXCM Marketscope 2.0
Spot Gold (NY Close): $1580.94 // +7.91 // +0.50%
Prices continue to consolidate above support in the 1522.50-1532.45 area. Near-term trend line support-turned-resistance lines up at 1584.56. A break above this boundary exposes the 1600/oz figure followed by the top of a channel set from late February, now at 1621.73.

Daily Chart - Created Using FXCM Marketscope 2.0
Spot Silver (NY Close): $28.39 // -0.13 // -0.47%
Prices are recovering from support at 27.06 after putting in a Bullish Engulfing candlestick pattern to aim at resistance at 28.70. A break above this level initially exposes 29.71. Alternatively, a reversal through support exposes the 26.05-15 area.

Daily Chart - Created Using FXCM Marketscope 2.0
COMEX E-Mini Copper (NY Close): $3.448 // +0.020 // +0.58%
Prices are mounting a recovery from support at 3.438, the 100%Fibonacci expansion. Positive RSI divergence reinforces the case for an upside scenario. Initial resistance lines up at 3.537, the 76.4% expansion level. Alternatively, a break below support exposes the 123.6% level at 3.327.

Daily Chart - Created Using FXCM Marketscope 2.0

NZDUSD 7675 in Focus

Daily Bars


The strong reaction off of the December low is textbook. Like the AUDUSD, medium term traders should look for shorts near 7675 resistance. Short term traders may wish to trade higher towards that level with 7580 as support. "It's best to keep the form channels based on your charts." "The underside of these lines tends to act as resistance as time passes."
LEVELS: 7370 7455 7580 7645 7675 7755 7820

::- Focus of gold still 1600 before seq. Bear

Every day bars


"Gold has broken down under a large trendline (and channel) that extends off the coast of depressions in 2008, 2010 and 2011." Focus is now on the bottom 1522.50 of December and then may 2011 support and resistance in December 2010-14 h 30/60. "Near term, the gathering of the bass is impulsive. As a result, expect an assault on trendline resistance over 1600 before the trend turned down once more.
LEVELS: 1462-1477 1522.50 1565-1600-1625

¥ Yen Soars as BOJ Holds Back on Stimulus, EU Summit Now in Focus

Discussion points
Japanese Yen rise on the political BOJ hold, Greece-Linked Stocks Bond Euro at risk if the EU Summit does not offer practical rhetorical support Bank of England unlikely Minutes stir the S & P 500 Stock Index Futures price Fireworks Point on risk Aversion before the Japanese Yen rose against high counterparts in trade to the day the dayadding as much as 0.7% on average, after the Bank of Japan has chosen to retain all the elements of its unchanged monetary policy regime. Traders expected to see Maasaki Shirakawa and company extend stimulus the BOJ tries to meet its objectives of 1%, which would require doubling the rate of price growth registered in March.
The announcement of the BOJ aggravated existing upward pressure on sentiment on the Japanese unit as Asian shares sank, conduct capital in the currency of refuge. The rout probably reflects the front trac Chief today Summit EU traders meditate a final at the last outbreak of crisis debt which can include the output of the Greece of the euro area. Unsurprisingly, the stocks-linkedAustralian and New Zealand Dollars were the aversion to risk in the FX space.
The seated EU is being presented as a dinner of "informal". German officials were busy to take to the wires yesterday to pour cold water on expectations of what can appear to its conclusion. A statement on the Greece, the issuance of joint Eurobonds or any specific policy decision are in General according to the German sources, cited in the range of products - not to do. That left traders naturally confused as to what is said in fact.
If the German public line is taken at face value, the conversation focuses on the European Investment Bank (EIB) and how it can be used more effectively to boost growth, probably without compromising the deficit reduction efforts. If this is the case, disappointed with the sale seems to get off on the Euro and the spectrum of assets at risk in the broad sense. Stock index future S & P 500 to a resolutely austere atmosphere in financial markets, trade at 0.5 per cent of the Bell to open in Europe.
Elsewhere on the calendar, the minutes of the Bank of England rate decision this month seems unlikely that generate fireworks of the action of bellicose after that implied price that apparently emerged to him sitting of April were quickly dispersed with the quarterly last week report, the inflation. ICC soft yesterday printing has also helped on this front, implementation mute the value of shock of a dovish result while claiming against a warmongers.
Asia session: What happened
Total trade balance (JPY) of goods (APR)
Adj. Trade Balance (JPY) (APR)
Goods trade exports (YoY) (APR)
Importation of trade (YoY) (APR) merchandise
Conference Board Leading Index (MAR)
Westpac Leading Index (MoM) (MAR)
DEWR skilled vacancies Internet (MoM) (APR)
Session of the euro: what to expect
Italy consumer confidence index (may)
N.o.s. for account of the euro (€) (MAR)
S.a. account current of the euro (€) (MAR)
Retail ex Auto fuel (MoM) (APR)
Retail ex Auto fuel (YoY) (APR)
Retail sales w/Auto fuel (MoM) (APR)
Retail sales w/Auto fuel (YoY) (APR)
CBI trends of the sale price (may)
EU leaders hold the Summit in Brussels
Critical levels

£ British Pound: BOE Inflation Report, Euro Zone Debt Crisis in Focus

12 May 2012 01: 14 GMT  Fundamental Forecast for British Pound: Bullish
Familiar themes persist for the British Pound in the week ahead, with prices relying on a precarious balance between the impact of Eurozone crisis fears and an outlook for Bank of England monetary policy that appears to be turning relatively hawkish. In the week ahead, both drivers will find ample triggers for volatility, but the path of least resistance appears to point toward a broadly supportive environment for the UK currency against most of its top counterparts.
On the monetary policy front, the focus will be on the updated BOE quarterly Inflation Report. The document served as the basis for last week's MPC decision to leave benchmark interest rates on hold as well as opt not to expand the score of the quantitative easing program. Since the BOE typically doesn't release a statement when no. changes to policy are made, the report will serve as the markets' leading guide on the central bank's thinking for the coming three months, and thereby carries heavy implications for the Pound.
Minutes from April's sit-down of the rate-setting committee showed it's theretofore most dovish voice - Adam Posen - withdrew his long-standing call for additional EQ amid concerns about sticky core inflation. If Mr. Posen believes that price growth concerns overshadow the UK economy's descent into a technical recession as the chief concern of policy, there is a good chance that other less-dovish members of the committee are likewise if not more perturbed. Confirmation of such a shift in tone is likely to prove supportive for Sterling, boosting front end yields and scattering dilution fears.
In the Eurozone, uncertainty persists over the political landscape in Greece as the Pasok party attempts to cobble together a ruling coalition able to meet the country's commitments under the EU/IMF bailout program. Failure to do so would reinforce increasingly credible fears that Greece may be forced to leave the Eurozone and possibly the EU altogether, an unprecedented outcome with no forecast-able benchmark in terms of its practical implications for financial markets. With that in mind, continued uncertainty is likely to perpetuate capital flight out of Euro-denominated assets. Given the floor imposed on the Swiss Franc via SNB intervention, the next logical regional haven has become the Pound. -IS
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12 May 2012 01: 14 GMT

€ Swale Euro training In Focus, Sterling, support research

Discussion points
Euro: ECB to knock your dove in the Middle risk for prolonged recession pound sterling: current Correction, the prospects remain optimistic on the Dollar of BoE: Index of 9 900, Lacker Fed on tap Euro tests: ECB to knock your Dove the medium risk for prolonged recession
The Euro slipped to a weekly minimum fee of 1.3120 as the weakening of the market of work associated with the decline in manufacturing of increased the risk of a prolonged recession, and the EURUSD can continue to rebound from the previous month, as the sovereign debt crisis continues to drag on the real economy. Indeed, the Portugal auction EUR 1 b 12 months good performance 3.908 percent, which compares the % 3.652 offered in March, and there could be a little more moderate the European Central Bank, this time as fundamental for the region perspectives more dark.
Although the ECB should largely to maintain its current position of the policy in may, Central Bank Chairman Mario Draghi may seek to target the reference interest rate as the non-standard measures have limited impact with regard to the risks to the region, and we could attend the Board of Governors to carry its relaxation cycle in the second half of the year : the Governments under the single currency become more and more dependent on monetary support. The EURUSD resumed a series of senior lower in April, we will paste by our forecasts down for the pair, and that we are still a strong bond of the exchange rate as price action continues to approach the apex of the triangle down. In return, we need a significant break and a fence below 1.3000 to see bearish formation pan, and we should see the entering fall to Fibonacci 23.6% of the top 2009-2010 allows low around 1. 2630-50 as European policy makers trying to reduce the risks surrounding the area.
Pound sterling: Correction underway, Outlook remains optimistic on the BoE
The pound extended the decline of the previous day as participants in the market reduced their appetite for risk, and the correction in the short term in the GBPUSD may gather pace for the rest of the week, then that index of upcoming continuing relative strength in the territory of surachat. However, as the economic recovery in the United Kingdom brings together progressively the pace, we should see the Bank of England continue to move away from its relaxation cycle, and we are looking for charges annual highs in the GBPUSD as the pair maintains the trend since the beginning of this year. As Governor of the BoE Mervyn King is expected to speak later today, bellicose comments of the head of the Central Bank should support the sterling, but the GBPUSD may continue to fall back to the old resistance around 1.6000 he is seeking for support.
US dollar: Index 9 900, Lacker Fed on tap test
The greenback has continued to return on the decline of the previous month, with the Dow Jones - FXCM U.S. Dollar Index (Ticker: USDOLLAR) advancing to a maximum of 9 902 and the reserve currency may appreciate more during trade in North America, as the flight to safety is the pace. As the economic record is still light enough for the rest of the day, we should see trends risk dictate the action price through the major currencies, but the fresh batch of comments from the Fed Chairman of Richmond Jeffery Lacker can trigger a bullish reaction in the greenback as the FOMC Member adopted a bellicose tone of monetary policy. As the US Federal Reserve increased its Outlook for growth and inflation, we should see the Central Bank to discuss a preliminary exit strategy, and the Committee can see scope start to normalize monetary policy toward the end of the year, as the recovery gathers pace.

Currency	GMT	EDT	Release	Expected	Prior
USD	14:00	10:00	Factory Orders	-1.70%	1.30%
USD	14:30	10:30	DOE U.S. Crude Oil Inventories		3978K
USD	14:30	10:30	DOE Cushing OK Crude Inventory		574K
USD	14:30	10:30	DOE U.S. Distillate Inventory		-3052K
USD	14:30	10:30	DOE U.S. Gasoline Inventories		-2235K
USD	16:30	12:30	Fed's Lacker Speaks on Economy in Norfolk
EUR	17:00	13:00	Italian Budget Balance (euros) (YTD)		-28.2B
EUR	17:00	13:00	Italian Budget Balance (euros)		-17.5B
NZD	22:45	18:45	Unemployment Rate	6.20%	6.30%
NZD	22:45	18:45	Employment Change (QoQ)	0.50%	0.10%
NZD	22:45	18:45	Employment Change (YoY)	0.90%	1.60%
NZD	22:45	18:45	Participation Rate (QoQ)	68.30%	68.20%

Currency	GMT	Release	Expected	Actual	Comments
NZD	01:00	ANZ Commodity Price (APR)	--	-4.5%	Falls for second month.
JPY	01:30	Labor Cash Earnings (YoY) (MAR)	0.2%	1.3%	Largest advance since July 2010.
CNY	02:30	HSBC Manufacturing PMI (APR)	--	49.3	Contracts for the sixth month.
CHF	07:30	SVME-Purchasing Managers Index (APR)	51.0	46.9	Lowest print since November.
EUR	07:45	Italian Purchasing Manager Index Manufacturing (APR)	47.1	43.8	Contracts for the second month.
EUR	07:50	French Purchasing Manager Index Manufacturing (APR F)	47.3	46.9
EUR	07:55	German Purchasing Manager Index Manufacturing	46.3	46.2
EUR	07:55	German Unemployment Change (APR)	-10K	19K	Rises for the second time this year.
EUR	07:55	German Unemployment Rate s.a. (APR)	6.7%	6.8%
EUR	08:00	Italy Unemployment Rate (SA) (MAR P)	9.4%	9.8%	Highest since 2000.
EUR	08:00	Euro-Zone Purchasing Manager Index Manufacturing (APR)	46.0	45.9	Lowest since June 2009.
GBP	08:30	Purchasing Manager Index Construction (APR)	54.0	55.8	Slows for the first time since January.
GBP	08:30	Mortgage Approvals (MAR)	48.0K	49.9K	Holds below 50K for the second month.
GBP	08:30	Net Consumer Credit (MAR)	0.3B	0.4B
GBP	08:30	Net Lending Sec. on Dwellings (MAR)	1.0B	1.0B
GBP	08:30	M4 Money Supply (MoM) (MAR)	--	-0.8%	Contracts for the second straight month.
GBP	08:30	M4 Money Supply (YoY) (MAR)	--	-5.0%
GBP	08:30	M4 Ex IOFCs 3M Annualised (MAR)	--	6.4%
EUR	09:00	Euro-Zone Unemployment Rate (MAR)	10.9%	10.9%	Rises to a 15-year high.
EUR	09:00	Italy Producer Price Index (MoM) (MAR)	0.6%	0.3%	Slowest pace of growth since March 2010.
EUR	09:00	Italy Producer Price Index (YoY) (MAR)	3.0%	2.7%
USD	11:00	MBA Mortgage Applications (APR 27)	--	0.1%	Rises for the second time in April.
USD	12:15	ADP Employment Change (APR)	170K	119K	Smallest advance since September.