Today's Market Update

Asia Session
Published: June 1, 2009 0:45 AM

Today's market open looked promising for the US Dollar, with the Greenback making gains right out of the gate, however the move was short lived as it slipped right back to multi-month lows as traders looked to profit from higher yielding currencies. EUR/USD opened near 1.4140 and initially slipped below 1.4100 before punching back to session highs near 1.4166, just short of Friday's six month high of 1.4170. The pattern was similar in GBP/USD as the pair slipped on the open and eventually made an almost seven month high of 1.62440, and this was repeated with the AUD/USD and NZD/USD as well. It would seem that the selling of the Dollar and the purchase of risk continues as investors are emboldened with more signs that the worst of the economic crisis is over. USD/JPY dropped lower to 94.66 after hitting initial highs of 95.45 as the Yen buying continued across the board, pushing all the yen based crosses lower. As the session creeps into London, it would seem that the yen crosses are almost complete in paring their losses. Good PMI data out of China help push the commodity currencies higher, as AUD/USD and NZD/USD continued their dynamic moves higher. This week will begin with market moving data and end with it as well, as we start the week in a precarious fashion in NY tomorrow with the supposed bankruptcy of General Motors, and from there we will see rate decisions from Australia, Canada and Great Britain, and finish the week with the US Employment data.....It should be quite a week.

Upcoming Economic Data Releases (London Session) prior expected

6/1/2009	7:50	FR	PMI Manufacturing	MAY F	43.1	43.1
6/1/2009	7:55	GE	PMI Manufacturing	MAY F	39.1	39.1
6/1/2009	8:00	EC	PMI Manufacturing	MAY F	40.5	40.5
6/1/2009	8:30	UK	PMI Manufacturing	MAY	42.9	44
01-02 JUN	JUN	US	Geithner to Give Speech, Hold Talks With Officials in Beijing	2-Jun

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