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Tuesday June 15, 2010 - 15:30:14 GMT
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Forex Blog - US Market Update (Trade the News)

Tuesday, June 15, 2010 11:20:18 AM

 US Market Update

Dow +106 S&P +12.2 NASDAQ +31.7

***Economic data***
- (BE) Belgium Mat Trade Balance: -€358.3M v -€656.9M prior
- (US) ICSC/GS weekly chain store sales w/e June 12th: -0.7% w/w; +2.9% y/y
- (PD) Poland May
CPI M/M: 0.3% v 0.4%e; Y/Y: 2.2% v 2.3%e
- (CA) Canada Q1 labor Productivity Q/Q: 0.7% v 1.2%e
- (CA) Canada Apr manufacturing Sales M/M: 0.2% v 0.3%e
- (CL) Chile May Copper Exports: $2.8B v $3.2B prior
- (US) May Import Price Index M/M: -0.6% v -1.3%e; Y/Y: 8.6% v 7.9%e
- (US) Jun Empire Manufacturing: 19.6 v 20.0e
- (US) Redbook Retail Sales w/e June 12th: +2.7% y/y; MTD -0.5% v May
- (US) Apr Net Long Term TIC Flows: $83.0B v $70.0Be; Total Net TIC Flows: $15.0B v $26.0B prior
- (PD) Poland May Budget Level (PLN) -5.2B v -4.3B; Budget Level YTD: -32.1B v -27.0B prior; Budget Performance: 61.6% v 51.8% prior
- (US) Jun NAHB Housing Market Index: 17.0 v 21.0e

- US equities opened higher this morning and have trended upwards as investors attempt to erase the memory of yesterday's disappointing close in NY. Modest strength in
Asia and Europe has propelled some fresh risk appetite, highlighted by growing EUR/USD momentum enabling it to trade above 1.23 for the first time in nearly two weeks. Front month crude is above the $76.30 for the first time in nearly a month, while copper is unchanged. Executives from the major oil firms are testifying before Congress on offshore oil drilling this morning, in a warm-up to the appearance of BP's CEO later in the week. Note that the June NAHB housing index was markedly weaker than expected and the June Empire manufacturing Index missed expectations with notable weakness in the employment component. US Treasury prices are little changed with the 10-year yield holding just above 3.25%.

- Shares of electronics retailer Best Buy are off 7% after the firm missed top- and bottom-line expectations. On the conference call executives were apologetic, noting that customer spending was highly variable in the last quarter. GameStop dropped 3% as
BBY executives discussed Best Buy's new trade-in plan for used video games, noting that the program will officially launch this summer. In other economic news, pre-earnings profit warnings are getting under way ahead of the June quarter earnings season. Shares of Callaway Golf fell nearly 10% before the open after the firm slashed its guidance for the current quarter to less than half the expected amount, citing expectations for a slower economic recovery. Steelmaker Nucor is in the red after offering slightly disappointing guidance for the firm's Q2. Illinois Tool Works brought up the lower end of its view for Q2, citing ongoing improvements in demand. Tenet Healthcare offered its first look at FY10 earning guidance, guiding a broad range that mostly beat estimates.

- EUR/USD tested above the 1.23 level earlier in the session, knocking out alleged option barriers. The EU Commission assessed the deficits in 15 member states and noted that
Spain and Portugal's budgets were "appropriately ambitious" but noted the countries must specify steps for to achieved their planned deficit targets. The ECB stated that Greek bonds would have 5% additional haircut when used as collateral following the Monday sovereign downgrade by Moody's. The yen has maintained a firmer tone against the majors despite a positive equity sentiment. USD/JPY is at 91.16 while EUR/JPY unable to sustain moves above 112

***Looking Ahead***
11:30 (IS) Israel May Consumer prices M/M: 0.4%e v 0.9% prior; Y/Y: 3.0%e v 3.0% prior
11:30 (IS) Israel May Consumer prices M/M: 0.% v 4%e; Y/Y: % v 3.0%e



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