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Friday May 28, 2010 - 15:40:50 GMT
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Forex Blog - US Market Update (Trade the News)

Friday, May 28, 2010 11:19:16 AM

 US Market Update

Dow -86 S7P -10 NASDAQ -21

***Economic Data***
- (BR) Brazil May FGV Inflation M/M: 1.2% v 1.3%e; Y/Y: 4.2% v 4.3%e
- (CA) Canada Q1 Current Account (
BOP): -C$7.8B v -C$7.5Be - (US) Apr Personal Income: 0.4% v 0.4%e; Personal Spending: 0.0% v 0.3%e
- (US) Apr PCE Core M/M: 0.1% v 0.1%e; Y/Y: 1.2% v 1.1%e; PCE Deflator Y/Y: 2.0% v 1.9%e
- (CL) Chile Apr Industrial Production Y/Y: -1.3% v -6.6%e; Industrial sales Y/Y: -4.8% v -2.8%e
- (CL) Chile Apr Copper Production: 455.0K tons v 451.1K tons prior
- (US) May Chicago Purchasing Manager: 59.7 v 61.3e
- (US) May Final University of Michigan Confidence: 73.6 v 73.3e
- (US) May
NAPM - Milwaukee: 65.0 v 64.0e

- Markets remain calm this morning as one of the most volatile months of trading in recent memory comes to a close. Stocks are attempting to hold onto a bulk of yesterday's gains, although some risk aversion appears to be surfacing pushing US indices further into the red. Extra helpings of
US economic data are painting a mixed picture of the economy: consumer spending leveled off in April following small gains in March, surprising analysts who expected another uptick, while the University of Michigan confidence survey indicated the consumer outlook continues to brighten steadily. The May Chicago PMI missed expectations and included worrying declines in its prices paid and employment subcomponents. Nevertheless the VIX index volatility index is back below 30, well off recent highs. In a sign some ramping down of fear in regards to Europe, EUR/USD tested above the 1.2400 level earlier in the European session, although the pair was unable to sustain strong gains. Bogeymen remain in the background: there has been saber rattling in North Korea as the US presses the UN security council to act on the ship sinking incident, and in Spain a flurry of forced bank merger news is keeping the spotlight on Europe's shaky financial institutions. Front-month crude is flat on the day, trading around $74.50. Bond prices are steadily drifting higher has stocks retreat. The 10-year note is up nearly half a point yielding 3.3%.

- Small-cap tech names are in focus this morning following several key earnings reports. In its mid quarter update, chip fab name Novellus Systems tweaked its outlook for Q3 a little higher, noting that business has gotten incrementally better since its last outlook.
Enterprise software firm Novell met expectations. Computer security name Blue Coat Systems has fallen off a cliff, with its shares down 20%. Blue Coat's Q4 results met expectations, but it offered soft guidance for next quarter, driving multiple analyst downgrades overnight. A BoA/Merrill analyst said that the miss was a warning sign for the data networking industry. Both Juniper Networks and Cisco are down nearly 2% on the news.

- In FX trading, EUR/USD moved into negative territory during the
New York session on chatter that the Bank of International Settlements (BIS) offered the pair above the 1.2430 level. The Spanish Finance Ministry revised its 2012 and 2013 GDP estimates lower and raised its forecast for 2010 and 2011 unemployment levels, adding to the softer euro.

***Looking Ahead***
12:00 (FR) France Apr Net Change Jobseekers: 3.0Ke v -6.6K prior; Total Jobseekers: No est v 2.66M prior
15:30 (MX) Mexico Apr YTD Budget Balance (MXN): No est v 11.3B prior
- (PU) Peru Q1 GDP Y/Y: 6.1%e v 3.4% prior



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