well, Today was quite a busy day in money.

The Pound has somewhat recovered despite the depressing negative results from today’s Mortgage and Loan indices. With credit more difficult than ever to obtain and Manufacturing numbers falling short, the pound has taken a one cent fall over the dollar, but has surprisingly rebounded. At writing, the GBPUSD is at 1.9661.

On the american side of the pond, Shockingly good news in the Manufacturing indices showed an improvement and construction spending is at .4%. Despite all of the good news, The Euro had it’s day in the sun with a positive Manufacturing level as well (Amazing, it seems like everybody has to get their Manufacturing reports in on the same day!) and was playing a see-saw chart in a 75 pip range. Within a couple of hours ago, the EURUSD spiked at 1.5590, but has retreated to 1.5538.

So, with all your news chewing pleasure on this side of the Pacific fulfilled, let’s pay attention to Asia.

Japan starts the trading news day with their Monetary Base. They are basically counting everybody’s assets and turning it into a index, which is used as an economic barometer.

Australia has a busy day in the news wires with four major reports coming out within the next few hours. First we start with Building Approvals, which is the index that contains data on the amount of building permits which are approved. This is gauged on a monthly basis. The current Account numbers will come out as well, think about it kinda like a GDP number.

Also the Reserve Bank of Australia and announcements for overnight interest rate numbers are expected as well.

Folks, Have an awesome night of trading. Time for me to sleep and get rested so I can wake up at 600GMT for Europe’s Open!

Norb’s Forex Tracer is on the chopping block for review tomorrow, Don’t miss my review!

TRADE ON!
Thomas Howell
www.GoForexTrade.com

Follow GoForexTrade.com On Twitter!

Sorry about not posting this morning. I am still getting used to the schedule for blogging 4+ articles a day and I will have it down and pat within a couple of days.

I will give you a quick rundown on today’s market activity.

European Market Wrap Cap:

Manufacturing Indices:
Everybody for some reason has read their numbers in manufacturing today. Europe was right on the ball, while England was just short under the target.

The Mortgage Market has definitely taken a slide:
Now there is a super obvious indication that the world credit markets have taken a plunge. We are seeing a sharp decline in mortgage approvals(58,000) and non mortgage loans(7.3Billion compared to 7.8Billion previously).

The Manufacturing indices from the US have came back in well positive form, but despite this the Euro has taken a sharp upturn, and is looking to make a recovery. Construction spending has gone down .2% over the last month.

And that is your market wrap cap. Be back at 4 to cover Asia.

TRADE ON
Thomas Howell
www.goforextrade.com

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Good morning Europe! Good evening Asia!

Here is just a quick market cap from Asia.

In Australia…
Retail Sales expections fell just 0.2% short. I expected this and being in the worldwide slump as of right now. Inflation though has fell below expection, which is a good thing, coming in at .3%, two points below the expected .5%.

Company gross operating profits have increased 2.2% showing signs of life in the manufacturing end
of things. I am guessing that good things are coming shortly.

We neglected to mention that Australia also had a number on the Index of Commodity Prices, which is measured annually. This number came in at 28.6%.

In Japan, cash earnings was rated at .6%, falling way short of the 1.3% forecasted.
As of 2.55am EDT (655GMT)
USDJPY 105.37
EURJPY 163.56
GBPJPY 207.41

Ok, without further adieu, Europe’s Session

Today, Europe is gearing from a couple of days off to face a really busy news day. Let’s kick it off with the news events for Switzerland:

Switzerland (CHF)
Quarterly Gross Domestic Product is up .3%
in about 30 minutes, the reports from Purchasing Managers in Manufacturing will be out (SVME PMI)

EUROPE - 13
Also putting in Manufacturing Number in today is the Euro, which is expecting the number to come in at 50.5. And later in the day, Expect a few words from ECB president Jean Trichet too.

ENGLAND
Tentatively, Halifax Bank of Scotland expected to get numbers out on home finances. England too is putting in their manufacturing index numbers, as well as the recent number of Mortgage approvals. Mortgage approvals, look for magic number 64 thousand. I am not going to expect much positivity on this number, just because everybody is tightening their standards with the recent subprime mortgage mess. Last, but not least, Net Lending Numbers for individuals, which is looking at 8 Billion dollars from last month.

There is the Euro market open for June 2, 2008, Have a good night’s sleep my fellow Asian traders, and TRADE ON!

Tom Howell
www.GoForexTrade.com

Follow GoForexTrade.com On Twitter!