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Wow! What an amazing US session we had! Oil is just dropping faster than the pounds on “The Biggest Loser!” Crude Oil on the New York Mercantile EXchange has dropped down to $129.29. Keep drilling offshore and if we see prices go down to 30-40 a Barrel, I have a reason to buy a Hummer H2 in Gunmetal Grey! (Actually, I would much rather prefer a BMW X6 50i, the Hummer H2 was for effect only.)

So, how did the US Market do? Let’s roll out the numbers for you right here!!!
Building Permits are UP! 1.09 Million over .96 Million
Housing Starts are UP! 1.07 Million over .96 Million
Unemployment Claims DOWN! 366K instead of 380K!
Natural Gas Storage Cubes UP! a STAGGERING 104 Billion Cubes instead of 88 Billion on consensus. Now THAT’s what I call AWESOME! now Natural Gas will fall in price!!!

Of course we have some negative news as well. The Cheesesteak (Philadelphia Fed Manufacturing Index drops 16.3)

Tighter mortgage rules and looking further into mortgage broker compensation were the subject matter with Randy Krosner a Governor from the Federal Reserve.

Let’s not forget Canada…
Bank of Canada Mark Carney has stated in his latest podium piece, that the economy seems robust, and that Canada is doing very well with monetary policy. In the report, it is noted that Canada’s Inflation will peak due to soaring energy prices in 2009. Hopefully soaring energy prices not for long though! Start Drilling offshore NOW! heh

So what is going on for tonight?
Japan has a couple reports for today’s session. Masaaki Shirakawa will be speaking in several hours at Tokyo’s Research Institute of Japan. Look for any clues for monetary policy and also keep in mind that the BOJ’s Monetary Policy Minutes for this month’s meeting will be due out several hours before Shirakawa’s speech.

Australia will release their quarterly Import Price Index in a couple of hours.

TRADE ON! See you at the european market session!

Thomas Howell
GoForexTrade.com