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1. DAILY I FOREX REPORT
3RD
MAY 2013
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2. WWW.EPICRESEARCH.CO +91 9752199966
 EUR/USD And EURJPY
Ready As Economists
Expect ECB Rate Cut
 US Dollar Clings To Support
As S&P 500 Fails At 1600
Again
 Euro Rises on an Upward
Revision of the PMI for
Manufacturing
Euro Downside May Be Limited
Even if ECB Opts to Cut Rates
The European Central Bank is in the spotlight as Mario
Draghi and company deliver their monthly monetary
policy announcement amid widespread speculation
about a 25bps interest rate cut to address the region’s
deepening recession. However, the negative impact of
such a move on the Euro is likely to be limited unless it
is accompanied with the introduction of non-standard
easing efforts.
The market rate to borrow Euros overnight has
averaged around 0.1 percent over the past 12 months.
That means cutting the ECB benchmark lending rate
from 0.75 to 0.5 percent would be essentially moot in
terms of lowering regional borrowing costs.
Meanwhile, a Bloomberg index tracking Eurozone
financial conditions has shown slow deterioration
since late January, underscoring the inability of low
rates by themselves to secure a supportive funding
environment.
TRADING TIPS
 BUY EURUSD ABOVE
1.3180 tgs 1.3200/1.3220
sl 1.3150
 BUY USDJPY ABOVE 97.40
tgt 97.60/97.80 SL 97.10
 BUY GBPUSD ABOVE
1.5585 Tgt 1.5605/1.5615
SL 1.5555
HEADLINES

3.  HOURLY EURUSD CHART

HOURLY EURUSD CHART
ANALYSIS
OPEN: 1.3176 EURUSD LOOKS UPWARD
HIGH: 1.3181 TREND: BULLISH
LOW: 1.3159 STRATEGY: BUY ON DIPS
CLOSE: 1.3177 MACD =>.0003(BULLISH SIGNAL)
RSI => 47(BULLISH SIGNAL)

4. HOURLY USDJPY CHART
ANALYSIS
OPEN: 97.24 USDJPY LOOKS UPWARD
HIGH: 97.36 TREND: BULLISH
LOW: 97.22 STRATEGY: BUY ON DIPS
CLOSE: 97.33 MACD =>.0001(BULLISH SIGNAL)
RSI => 52(BULLISH SIGNAL)
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5. HOURLY GBPUSD CHART
ANALYSIS
OPEN: 1.5572 GBPUSD LOOKS UPWARD
HIGH: 1.5586 TREND: BULLISH
LOW: 1.5568 STRATEGY: SELL ON DIPS
CLOSE: 1.5582 MACD =>.0001(BULLISH SIGNAL)
RSI => 45(BULLISH SIGNAL)

6. HOURLY EURGBP CHART
ANALYSIS
OPEN: 00.8456 EURGBP LOOKS UPWARD
HIGH: 00.8458 TREND: BULLISH
LOW: 00.8447 STRATEGY: BUY ON DIPS
CLOSE: 00.8455 MACD =>.0002(BULLISH SIGNAL)
RSI => 37(BULLISH SIGNAL)
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7. HOURLY USD INDEX CHART
ANALYSIS
OPEN: 81.6780 EURUSD LOOKS DOWNWARD
HIGH: 81.7040 TREND: BEARISH
LOW: 81.6170 STRATEGY: SELL ON RISE
CLOSE: 81.6260 MACD =>.0151(BEARISH SIGNAL)
RSI => 48(BEARISH SIGNAL)

8. Date Time Currency Event Importance Actual Forecast Previous Notes
Sun
Apr 28
23:01
GBP Hometrack
Housing Survey (MoM)
(APR)
Low 0.3% 0.3%
23:01
GBP Hometrack
Housing Survey (YoY)
(APR)
Low 0.2% 0.0%
23:01
GBP Lloyds Business
Barometer (APR)
Low 27 20
Mon
Apr 29
CNY Leading Index
(MAR)
Medium 100.23
09:00
EUR Euro-Zone
Business Climate
Indicator (APR)
Medium -0.93 -0.91 -0.75
09:00
EUR Euro-Zone
Consumer Confidence
(APR F)
Medium -22.3 -22.3 -22.3
09:00
EUR Euro-Zone
Economic Confidence
(APR)
Low 88.6 89.3 90.1
09:00
EUR Euro-Zone
Industrial Confidence
(APR)
Low -13.8 -13.5 -12.3
09:00
EUR Euro-Zone
Services Confidence
(APR)
Low -11.1 -7.1 -7.0
09:00
EUR Italy to Sell 5 and
10-Year Bonds
Low
10:30
EUR EU's Task Force
for Greece Releases
Quarterly Report
Medium
12:25
EUR German
Consumer Price Index -
EU Harmonised (YoY)
(APR P)
High 1.1% 1.7% 1.8%
12:25
EUR German
Consumer Price Index
(YoY) (APR P)
High 1.2% 1.4% 1.4%
12:25
EUR German
Consumer Price Index -
EU Harmonised (MoM)
(APR P)
Medium -0.5% -0.1% 0.4%
12:25
EUR German
Consumer Price Index
(MoM) (APR P)
Medium -0.5% -0.2% 0.5%
12:30
USD Personal
Consumption
Expenditure Core
(YoY) (MAR)
High 1.1% 1.2% 1.3%
12:30
USD Personal
Consumption
Expenditure Core
(MoM) (MAR)
Medium 0.0% 0.1% 0.1%
ECONOMIC CALLENDER

9. 12:30
USD Personal Income
(MAR)
Medium 0.2% 0.4% 1.1%
12:30
USD Personal
Spending (MAR)
Medium 0.2% 0.0% 0.7%
12:30
USD Personal
Consumption
Expenditure Deflator
(MoM) (MAR)
Low -0.1% -0.1% 0.4%
12:30
USD Personal
Consumption
Expenditure Deflator
(YoY) (MAR)
Low 1.0% 1.0% 1.3%
14:00
USD Pending Home
Sales (YoY) (MAR)
Medium 5.8% 6.1% 4.3%
14:00
USD Pending Home
Sales (MoM) (MAR)
Low 1.5% 1.0% -1.0%
14:30
USD Dallas Fed
Manufacturing Activity
(APR)
Low -15.6 5.0 7.4
22:45
NZD Building Permits
(MoM) (MAR)
Low -9.1% 2.0% 4.4%
23:01
GBP GfK Consumer
Confidence Survey
(APR)
Medium -27 -26 -26
23:30
JPY Household
Spending (YoY) (MAR)
Medium 5.2% 1.6% 0.8%
23:30
JPY Jobless Rate
(MAR)
Medium 4.1% 4.2% 4.3%
23:50
JPY Industrial
Production (YoY) (MAR
P)
Medium -7.3% -7.2% -10.5%
23:50
JPY Large Retailers'
Sales (MAR)
Medium 2.4% 1.8% -3.7%
23:50
JPY Retail Trade (YoY)
(MAR)
Medium -0.3% 0.4% -2.2%
23:50
JPY Industrial
Production (MoM)
(MAR P)
Low 0.2% 0.4% 0.6%
23:50
JPY Retail Trade s.a.
(MoM) (MAR)
Low -1.4% -0.8% 1.7%
Tue
Apr 30
01:00
NZD NBNZ Business
Confidence (APR)
Medium 32.3 34.6
01:00
NZD ANZ Activity
Outlook (APR)
Low 30.3 32.4
01:30
AUD Private Sector
Credit (MoM) (MAR)
Medium 0.2% 0.3% 0.2%
01:30
AUD Private Sector
Credit (YoY) (MAR)
Medium 3.2% 3.2% 3.4%
03:00
NZD Money Supply M3
(YoY) (MAR)
Low 7.0% 6.6%
04:00
JPY Vehicle Production
(YoY) (MAR)
Low -16.4% -15.1%

10. 05:00
JPY Annualized
Housing Starts (MAR)
Medium 0.904M 0.890M 0.944M
05:00
JPY Housing Starts
(YoY) (MAR)
Medium 7.3% 6.0% 3.0%
05:00
JPY Construction
Orders (YoY) (MAR)
Low -3.4% 16.3%
06:00
EUR German GfK
Consumer Confidence
Survey (MAY)
Medium 6.2 5.9 6.0
06:00
EUR German Retail
Sales (YoY) (MAR)
Medium -2.8% -1.2% -2.6%
06:00
EUR German Retail
Sales (MoM) (MAR)
Low -0.3% -0.3% -0.6%
07:00
EUR Cyprus
Parliament Vote on
Bailout Deal
Medium
07:00
CHF SNB Releases Q1
Currency Holdings
Low
07:55
EUR German
Unemployment Change
(APR)
High 4K 2K 12K
07:55
EUR German
Unemployment Rate
s.a. (APR)
Medium 6.9% 6.9% 6.9%
08:00
EUR Italian
Unemployment Rate
(SA) (MAR P)
Medium 11.5% 11.7% 11.5%
08:30
GBP Net Consumer
Credit (MAR)
Medium 0.5B 0.5B 0.5B
08:30
GBP Net Lending Sec.
on Dwellings (MAR)
Medium 0.4B 0.6B 0.8B
08:30
GBP M4 Ex IOFCs 3M
Annualised (MAR)
Low 4.6% 3.1% 3.2%
08:30
GBP M4 Money Supply
(MoM) (MAR)
Low -0.9% -0.5%
08:30
GBP M4 Money Supply
(YoY) (MAR)
Low 0.3% 0.6%
08:30
GBP Mortgage
Approvals (MAR)
Low 53.5K 52.7K 51.9K
09:00
EUR Euro-Zone
Consumer Price Index
Estimate (YoY) (APR)
High 1.2% 1.6% 1.7%
09:00
EUR Euro-Zone
Unemployment Rate
(MAR)
High 12.1% 12.1% 12.0%
12:30
CAD Gross Domestic
Product (YoY) (FEB)
High 1.7% 1.3% 1.1%
12:30
CAD Gross Domestic
Product (MoM) (FEB)
Medium 0.3% 0.2% 0.3%
12:30
CAD Industrial Product
Price (MoM) (MAR)
Low 0.1% 0.0% 1.3%
12:30
CAD Raw Materials
Price Index (MoM)
Low -1.7% 0.5% 2.2%

11. (MAR)
12:30
USD Employment Cost
Index (1Q)
Low 0.3% 0.5% 0.4%
13:00
USD NAPM-Milwaukee
(APR)
Low 48.43 51.50 50.98
13:00
USD S&P/CS 20 City
s.a. (MoM) (FEB)
Low 1.24% 0.90% 1.00%
13:00
USD S&P/Case-Shiller
Composite-20 (YoY)
(FEB)
Low 9.3% 9.0% 8.1%
13:00
USD S&P/Case-Shiller
Home Price Index
(FEB)
Low 146.57 146.43 146.14
13:45
USD Chicago
Purchasing Manager
(APR)
Medium 49.0 52.5 52.4
14:00
USD Consumer
Confidence (APR)
High 68.1 61.0 61.9
23:30
AUD AiG Performance
of Manufacturing Index
(APR)
Medium 36.7 44.4
Wed
May 1
00:00
AUD RPData-Rismark
House PX Actual (APR)
Low -0.5% 1.3%
01:00
CNY Manufacturing
PMI (APR)
High 50.6 50.7 50.9
01:00
AUD HIA New Home
Sales (MoM) (MAR)
Medium 4.2% -5.3%
01:30
JPY Labor Cash
Earnings (YoY) (MAR)
Medium -0.6% -1.2% -0.8%
05:00
JPY Vehicle Sales
(YoY) (APR)
Low -15.6%
06:00
GBP Nationwide House
Prices n.s.a. (YoY)
(APR)
Medium 1.3% 0.8%
06:00
GBP Nationwide House
Prices s.a. (MoM)
(APR)
Low 0.3% 0.0%
06:30
AUD RBA Commodity
Index SDR (YoY)
(APR)
Low -7.5%
06:30
AUD RBA Commodity
Price Index (APR)
Low 87.9
08:30
GBP Purchasing
Manager Index
Manufacturing (APR)
Medium 48.5 48.3
11:00
USD MBA Mortgage
Applications (APR 26)
Low 0.2%
12:15
USD ADP Employment
Change (APR)
Medium 150K 158K
12:58
USD Markit US PMI
Final (APR)
Low 52.0
14:00
USD ISM
Manufacturing (APR)
High 50.6 51.3

12. 14:00
USD Construction
Spending (MoM) (MAR)
Medium 0.6% 1.2%
14:00
USD ISM Prices Paid
(APR)
Medium 52.6 54.5
14:30
USD DOE Cushing OK
Crude Inventory (ARP
26)
Low 35K
14:30
USD DOE U.S. Crude
Oil Inventories (ARP
26)
Low 1100K 947K
14:30
USD DOE U.S.
Distillate Inventory
(ARP 26)
Low 250K 97K
14:30
USD DOE U.S.
Gasoline Inventories
(ARP 26)
Low -900K -3928K
18:00
USD Federal Open
Market Committee Rate
Decision (MAY 1)
High 0.25% 0.25%
18:00
LIVE
USD Federal Reserve
FOMC Meeting (MAY
1)
High
21:00
USD Domestic Vehicle
Sales (APR)
Low 12.00M 12.00M
21:00
USD Total Vehicle
Sales (APR)
Low 15.22M 15.22M
23:50
JPY Monetary Base
(YoY) (APR)
Low 19.8%
Thu
May 2
GBP Halifax House
Price (3MoY) (APR)
Low 1.3%
GBP Halifax Plc House
Prices s.a. (MoM)
(APR)
Low 0.2%
JPY Official Reserve
Assets (APR)
Low $1254.4B
01:00
NZD ANZ Commodity
Price (APR)
Low 7.4%
01:30
AUD Building
Approvals (MoM)
(MAR)
Low 1.0% 3.1%
01:30
AUD Building
Approvals (YoY) (MAR)
Low 13.6% 12.8%
01:30
AUD Export Price Index
(QoQ) (1Q)
Low 4.5% -2.4%
01:30
AUD Import Price Index
(QoQ) (1Q)
Low -0.5% 0.3%
01:45
CNY HSBC
Manufacturing PMI
(APR)
Medium 50.6 51.6
07:30
CHF SVME-Purchasing
Managers Index (APR)
Medium 49.0 48.3
07:45
EUR Italian Purchasing
Manager Index
Manufacturing (APR)
Medium 45.0 44.5

13. 07:50
EUR French
Purchasing Manager
Index Manufacturing
(APR F)
Medium 44.4 44.4
07:55
EUR German
Purchasing Manager
Index Manufacturing
(APR F)
Medium 47.9 47.9
08:00
EUR Euro-Zone
Purchasing Manager
Index Manufacturing
(APR F)
Medium 46.5 46.5
08:30
GBP Purchasing
Manager Index
Construction (APR)
Medium 48.0 47.2
11:30
USD Challenger Job
Cuts (YoY) (APR)
Low 30.0%
11:30
USD RBC Consumer
Outlook Index (MAY)
Low 50.3
11:45
LIVE
EUR European Central
Bank Rate Decision
(MAY 2)
High 0.50% 0.75%
11:45
EUR European Central
Bank Deposit Facility
Rate (MAY 2)
Medium 0.0% 0.0%
12:30
USD Initial Jobless
Claims (ARP 26)
Medium 345K 339K
12:30
USD Trade Balance
(MAR)
Medium -$42.3B -$43.0B
12:30
CAD International
Merchandise Trade
(Canadian dollar)
(MAR)
Low -0.70B -1.02B
12:30
USD Continuing Claims
(APR 20)
Low 3030K 3000K
12:30
USD Non-Farm
Productivity (1Q P)
Low 1.0% -1.9%
12:30
USD Unit Labor Costs
(1Q P)
Low 0.7% 4.6%
13:45
USD ISM New York
(APR)
Low 51.2
14:30
USD EIA Natural Gas
Storage Change (ARP
26)
Low 30.0
23:30
AUD AiG Performance
of Service Index (APR)
Medium 49.6
Fri
May 3
01:00
CNY Non-
manufacturing PMI
(APR)
Medium 55.6
01:30
AUD Producer Price
Index (QoQ) (1Q)
Medium 0.2%
01:30
AUD Producer Price
Index (YoY) (1Q)
Medium 1.0%
06:00
CHF UBS Real Estate
Bubble Index (1Q)
Medium 1.11

14. 08:30
GBP Purchasing
Manager Index
Services (APR)
Medium 52.4 52.4
08:30
GBP Official Reserves
(Changes) (APR)
Low $202M
09:00
EUR Euro-Zone
Producer Price Index
(YoY) (MAR)
High 0.6% 1.3%
09:00
EUR Euro-Zone
Producer Price Index
(MoM) (MAR)
Medium -0.2% 0.2%
12:30
LIVE
USD Change in Non-
farm Payrolls (APR)
High 150K 88K
12:30
USD Unemployment
Rate (APR)
High 7.6% 7.6%
12:30
USD Average Hourly
Earning All Employees
(MoM) (APR)
Medium 0.2% 0.0%
12:30
USD Average Hourly
Earning All Employees
(YoY) (APR)
Medium 1.9% 1.8%
12:30
USD Change in Private
Payrolls (APR)
Medium 160K 95K
12:30
USD Average Weekly
Hours All Employees
(APR)
Low 34.6 34.6
12:30
USD Change in
Household
Employment (APR)
Low -206
12:30
USD Change in
Manufacturing Payrolls
(APR)
Low 5K -3K
12:30
USD Two-Month
Payroll Net Revision
(APR)
Low
12:30
USD Underemployment
Rate (U6) (APR)
Low 13.8%
14:00
USD Factory Orders
(MAR)
Medium -3.0% 3.0%
14:00
USD ISM Non-
Manufacutring
Composite (APR)
Medium 54.0 54.4
16:45
USD Fed's Lacker
Speaks on the
Economy in Virginia
Low
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