1. DAILY I FOREX REPORT
24th
MAY 2013
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 USD/JPY Takes Biggest
Plunge in Three Years After
Nikkei Bubble Bursts
 Yen To Extend Gains As US
Data Underpins QE3
Reduction Bets
After touching its highest level in four and a half years,
the USDJPY staged a massive overnight reversal,
falling from a high of ¥103.73 on Wednesday to as low
as 100.82 in early European trading hours today. In a
sell-off that is being credited to the weak Chinese
private sector manufacturing report, the Nikkei 225
plunged -7.32%, the single largest drop since October
2008 – the beginning of the end for global equities.
However, Japanese Economic Minister Akira Amari
said that is normal for equity losses to boost the
domestic currency, and that the stock bubble hadn’t
yet popped (I think a decline of this magnitude in one
session is a mini-bubble bursting); thus Yen losses
should be insulated.
Despite the single greatest drop in three years for the
USDJPY, the US Dollar overall remains resilient, with
the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR)
retaining some of yesterday’s gains, while holding its
ground against the commodity currencies. A lot has
been said about the scope of Fed Chairman Ben
Bernanke’s comments yesterday – that QE3 would
remain in place until data improved, and if it did, then
the scale of asset purchase could decline – but to me,
it’s more of the same.
TRADING TIPS
 BUY EURUSD ABOVE
1.2905 TGT 1.2925/1.2945
SL 1.2875
 SELL USDJPY BELOW
100.80 TGT 100.60/100.40
SL 101.10
 SELL GBPUSD BELOW
1.5010 TGT 1.4990/1.4970
SL 1.5140
HEADLINES

3.  HOURLY EURUSD CHARTHOURLY EURUSD CHART
ANALYSIS
OPEN: 1.2842 EURUSD LOOKS UPWARD
HIGH: 1.2904 TREND: BULLISH
LOW: 1.2821 STRATEGY: BUY ON DIPS
CLOSE: 1.2888 MACD =>-.0004(BULLISH SIGNAL)
RSI => 57(BULLISH SIGNAL)

4. HOURLY USDJPY CHART
ANALYSIS
OPEN: 103.18 USDJPY LOOKS DOWNWARD
HIGH: 103.57 TREND: BEARISH
LOW: 100.83 STRATEGY: SELL ON RISE
CLOSE: 101.32 MACD =>.04(BEARISH SIGNAL)
RSI => 35(BEARISH SIGNAL)

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HOURLY GBPUSD CHART
ANALYSIS
OPEN: 1.5034 GBPUSD LOOKS DOWNWARD
HIGH: 1.5082 TREND: BEARISH
LOW: 1.5014 STRATEGY: SELL ON RISE
CLOSE: 1.5078 MACD =>-.00013(BEARISH SIGNAL)
RSI => 31(BEARISH SIGNAL)

6. HOURLY EURGBP CHART
ANALYSIS
OPEN: 00.8541 EURGBP LOOKS UPWARD
HIGH: 00.8562 TREND: BULLISH
LOW: 00.8532 STRATEGY: BUY ON DIPS
CLOSE: 00.8548 MACD =>.00005(BULLISH SIGNAL)
RSI => 58(BULLISH SIGNAL)

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HOURLY USD INDEX CHART
ANALYSIS
OPEN: 84.3660 USDINDEX LOOKS UPWARD
HIGH: 84.4980 TREND: BULLISH
LOW: 83.7890 STRATEGY: BUY ON DIPS
CLOSE: 83.9160 MACD =>.0291(BULLISH SIGNAL)
RSI => 45(BULLISH SIGNAL)

8. Date Time Currency Event Importance Actual Forecast Previous Notes
Sun
May 19
22:30
NZD Performance
Services Index (APR)
Medium 56.1 55.6
23:01
GBP Rightmove House
Prices (MoM) (MAY)
Low 2.1% 2.1%
23:01
GBP Rightmove House
Prices (YoY) (MAY)
Low 2.5% 0.4%
Mon
May 20
JPY Cabinet Office
Monthly Economic
Report for May
Medium
04:00
JPY Tokyo
Condominium Sales
(YoY) (APR)
Low -2.8% 48.4%
05:00
JPY Coincident Index
(MAR F)
Low 93.8 93.3
05:00
JPY Leading Index
(MAR F)
Medium 97.9 97.6
05:30
JPY Nationwide
Department Store
Sales (YoY) (APR)
Low -0.5% 3.9%
05:30
JPY Tokyo Department
Store Sales (YoY)
(APR)
Low 2.1% 6.4%
06:00
JPY Machine Tool
Orders (YoY) (APR F)
Medium -23.6% -24.1%
07:00
JPY Convenience
Store Sales (YoY)
(APR)
Low -2.6% -0.4%
12:30
USD Chicago Fed Nat
Activity Index (APR)
Medium -0.53 -0.23
17:00
USD Fed's Evans
Speaks on Economy in
Chicago
Low
Tue
May 21
00:00
AUD Conference Board
Leading Index (MAR)
Medium 0.1% 0.3%
01:30
AUD RBA Policy
Meeting - May Minutes
High
03:00
NZD Reserve Bank of
New Zealand 2-Year
Inflation Expectation
(2Q)
Medium 2.06% 2.17%
03:00
NZD Credit Card
Spending s.a. (MoM)
(APR)
Medium 0.4% -0.3%
03:00
NZD Credit Card
Spending (YoY) (APR)
Medium 4.0% 3.6%
ECONOMIC CALLENDER

9. 04:30
JPY All Industry Activity
Index (MoM) (MAR)
Medium -0.4% 0.6%
05:00
JPY Supermarket
Sales (YoY) (APR)
Low 1.7%
06:00
EUR German Producer
Prices (MoM) (APR)
Low -0.1% -0.2%
06:00
EUR German Producer
Prices (YoY) (APR)
Low 0.1% 0.4%
07:00
CHF Money Supply M3
(YoY) (APR)
Low 9.9%
08:30
GBP Producer Price
Index Input n.s.a.
(MoM) (APR)
Low -1.3% -0.1%
08:30
GBP Producer Price
Index Input n.s.a. (YoY)
(APR)
Low 0.3% 0.4%
08:30
GBP Producer Price
Index Output n.s.a.
(MoM) (APR)
Low 0.2% 0.3%
08:30
GBP Producer Price
Index Output n.s.a.
(YoY) (APR)
Medium 1.4% 2.0%
08:30
GBP Producer Price
Index Output Core
n.s.a. (MoM) (APR)
Low 0.3% 0.1%
08:30
GBP Producer Price
Index Output Core
n.s.a. (YoY) (APR)
Medium 0.9% 1.3%
08:30
GBP DCLG UK House
Prices (YoY) (MAR)
Low 2.0% 1.9%
08:30
GBP Consumer Price
Index (MoM) (APR)
Medium 0.4% 0.3%
08:30
GBP Consumer Price
Index (YoY) (APR)
High 2.6% 2.8%
08:30
GBP Core Consumer
Price Index (YoY)
(APR)
High 2.3% 2.4%
08:30
GBP Retail Price Index
(APR)
Low 249.9 248.7
08:30
GBP Retail Price Index
(MoM) (APR)
Low 0.5% 0.4%
08:30
GBP Retail Price Index
(YoY) (APR)
Low 3.1% 3.3%
08:30
GBP Retail Price Index
Ex Mort Int.Payments
(YoY) (APR)
Low 3.0% 3.2%
15:30
USD Fed's Bullard
Speaks on Monetary
Policy in Frankfurt
Low
17:00
USD Fed's Dudley
Speaks in New York
Low
22:45
NZD Net Migration s.a.
(APR)
Low 1220

10. 23:50
JPY Merchandise
Trade Balance Total
(Yen) (APR)
Medium -¥637.3B -¥362.4B
23:50
JPY Adjusted
Merchandise Trade
Balance (Yen) (APR)
Low -¥605.8B -¥922.0B
23:50
JPY Merchandise
Trade Exports (YoY)
(APR)
Low 5.5 1.1
Wed
May 22
JPY Bank of Japan
Rate Decision (MAY
22)
High 0.10% 0.10%
JPY BOJ Kuroda Press
Conference After Policy
Meeting
High
00:30
AUD Westpac
Consumer Confidence
(MAY)
Medium -5.1%
00:30
AUD Westpac
Consumer Confidence
Index (MAY)
Low 104.9
01:00
AUD DEWR Internet
Skilled Vacancies
(MoM) (APR)
Low 0.1%
04:00
JPY Bank of Japan
Monetary Policy
Statement
Medium
08:00
EUR Euro-Zone
Current Account s.a.
(euros) (MAR)
Low 16.3B
08:00
EUR Euro-Zone
Current Account n.s.a.
(euros) (MAR)
Low 12.1B
08:30
GBP Bank of England
Minutes
High
08:30
GBP Retail Sales
(MoM) (APR)
Low 0.1% -0.8%
08:30
GBP Retail Sales (YoY)
(APR)
Medium 1.8% 0.4%
08:30
GBP Retail Sales
w/Auto Fuel (MoM)
(APR)
Low 0.1% -0.7%
08:30
GBP Retail Sales
w/Auto Fuel (YoY)
(APR)
Medium 2.0% -0.5%
08:30
GBP Public Finances
(PSNCR) (Pounds)
(APR)
Medium -4.0B 31.3B
08:30
GBP PSNB ex
Interventions (APR)
Medium 8.5B 15.1B
08:30
GBP Public Sector Net
Borrowing (Pounds)
(APR)
Medium 8.8B 16.7B
10:00
GBP CBI Trends Total
Orders (MAY)
Low -17 -25
10:00
GBP CBI Trends
Selling Prices (MAY)
Low 5 8

11. 11:00
USD MBA Mortgage
Applications (MAY 17)
Low -7.3%
12:30
CAD Retail Sales
(MoM) (MAR)
Medium 0.2% 0.8%
12:30
CAD Retail Sales Less
Autos (MoM) (MAR)
Low 0.2% 0.7%
14:00
USD Fed's Bernanke
Testifies on Economic
Outlook
High
14:00
USD Existing Home
Sales (APR)
Low 4.99M 4.92M
14:00
USD Existing Home
Sales (MoM) (APR)
Medium 1.3% -0.6%
14:30
USD DOE U.S. Crude
Oil Inventories (MAY
17)
Low -624K
14:30
USD DOE Cushing OK
Crude Inventory (MAY
17)
Low 575K
14:30
USD DOE U.S.
Gasoline Inventories
(MAY 17)
Low 2588K
14:30
USD DOE U.S.
Distillate Inventory
(MAY 17)
Low 2300K
18:00
USD Fed Releases
Minutes from Apr 30 -
May 1 FOMC Meeting
High
23:50
JPY Merchandise
Trade Imports (YoY)
(APR)
Low 6.9 5.5
23:50
JPY Japan Buying
Foreign Bonds (Yen)
(MAY 17)
Medium ¥186.4B
23:50
JPY Japan Buying
Foreign Stocks (Yen)
(MAY 17)
Medium ¥19.2B
23:50
JPY Foreign Buying
Japan Bonds (Yen)
(MAY 17)
Low -¥413.5B
Thu
May 23
01:00
AUD Consumer
Inflation Expectation
(MAY)
Medium 2.20%
01:45
LIVE
CNY HSBC Flash
Manufacturing PMI
(MAY)
Medium 50.4 50.4
05:00
JPY Bank of Japan's
Monthly Economic
Report for May (Table)
Medium
07:00
EUR French
Purchasing Manager
Index Manufacturing
(MAY P)
Low 44.8 44.4
07:00
EUR French
Purchasing Manager
Index Services (MAY
P)
Low 44.5 44.3

12. 07:30
EUR German
Purchasing Manager
Index Manufacturing
(MAY A)
Medium 48.5 48.1
07:30
EUR German
Purchasing Manager
Index Services (MAY
A)
Medium 50.0 49.6
08:00
LIVE
EUR Euro-Zone
Purchasing Manager
Index Manufacturing
(MAY A)
Medium 47.0 46.7
08:00
LIVE
EUR Euro-Zone
Purchasing Manager
Index Services (MAY
A)
Medium 47.2 47.0
08:00
LIVE
EUR Euro-Zone
Purchasing Manager
Index Composite (MAY
A)
Medium 47.2 46.9
08:30
GBP Gross Domestic
Product (QoQ) (1Q P)
High 0.3% 0.3%
08:30
GBP Gross Domestic
Product (YoY) (1Q P)
High 0.6% 0.6%
08:30
GBP Private
Consumption (1Q P)
Low 0.3% 0.4%
08:30
GBP Government
Spending (1Q P)
Low 0.2% 0.6%
08:30
GBP Gross Fixed
Capital Formation (1Q
P)
Low 0.3% -0.2%
08:30 GBP Exports (1Q P) Low -1.0% -1.6%
08:30 GBP Imports (1Q P) Low -0.9% -1.0%
08:30
GBP Total Business
Investment (QoQ) (1Q
P)
Low -0.8%
08:30
GBP Total Business
Investment (YoY) (1Q
P)
Medium 0.8%
08:30
GBP Index of Services
(MoM) (MAR)
Low 0.1% 0.8%
08:30
GBP Index of Services
(3Mo3M) (MAR)
Low 0.6% 0.1%
10:05
USD Fed's Bullard to
Speak on Monetary
Policy in London
Low
12:30
USD Initial Jobless
Claims (MAY 18)
Medium 346K 360K
12:30
USD Continuing Claims
(MAY 17)
Low 3000K 3009K
12:58
USD Markit US PMI
Preliminary (MAY)
Medium 52

13. 13:00
USD House Price Index
(MoM) (MAR)
Medium 0.80% 0.70%
13:00
USD House Price
Purchase Index (QoQ)
(1Q)
Low 1.40%
14:00
EUR Euro-Zone
Consumer Confidence
(MAY A)
Medium -21.8 -22.3
14:00
USD New Home Sales
(APR)
Low 425K 417K
14:00
USD New Home Sales
(MoM) (APR)
Medium 1.90% 1.50%
14:30
USD EIA Natural Gas
Storage Change (MAY
17)
Low 99
15:00
USD Kansas City Fed
Manf. Activity (MAY)
Low -5 -5
22:45
NZD Trade Balance
(New Zealand dollars)
(APR)
Medium 480M 718M
22:45
NZD Exports (New
Zealand dollars) (APR)
Low 4.06B 4.42B
22:45
NZD Imports (New
Zealand dollars) (APR)
Low 3.60B 3.70B
23:50
JPY Foreign Buying
Japan Stocks (Yen)
(MAY 17)
Low ¥878.8B
Fri
May 24
EUR German Gross
Domestic Product s.a.
(QoQ) (1Q F)
Medium 0.1% 0.1%
01:35
CNY MNI May Flash
Business Sentiment
Indicator
Low
02:55
JPY Bank of Japan
Governor Kuroda
speech at Nikkei
Conference
Low
04:00
USD Revisions: New
Home Sales
Low
06:00
EUR German Gross
Domestic Product
w.d.a. (YoY) (1Q F)
High -0.2% -0.2%
06:00
EUR German Gross
Domestic Product
n.s.a. (YoY) (1Q F)
High -1.4% -1.4%
06:00
EUR German Domestic
Demand (1Q)
Low 0.1% 0.2%
06:00
EUR German Exports
(1Q)
Low -0.6% -2.0%
06:00
EUR German Capital
Investment (1Q)
Low -0.7% -0.7%
06:00
EUR German
Government Spending
(1Q)
Low 0.3% 0.4%

14. 06:00
EUR German
Construction
Investment (1Q)
Low -1.2% -0.1%
06:00
EUR German Imports
(1Q)
Low -0.9% -0.6%
06:00
EUR German Private
Consumption (1Q)
Low 0.3% 0.1%
06:00
EUR German GfK
Consumer Confidence
Survey (JUN) (JUN)
Medium 6.2 6.2
08:00
EUR German IFO -
Business Climate
(MAY)
Medium 104.4 104.4
08:00
EUR German IFO -
Current Assessment
(MAY)
Medium 107.2 107.2
08:00
EUR German IFO -
Expectations (MAY)
Medium 101.6 101.6
08:30
GBP BBA Loans for
House Purchase (APR)
Medium 32800 31227
12:30
LIVE
USD Durable Goods
Orders (APR)
High 1.7% -5.7%
12:30
USD Durables Ex
Transportation (APR)
Medium 0.5% -1.4%
12:30
USD Cap Goods
Orders Nondef Ex Air
(APR)
Low 0.5% 0.2%
12:30
USD Cap Goods Ship
Nondef Ex Air (APR)
Low 0.3%
22:45
NZD Balance (YTD)
(New Zealand dollars)
(APR)
Medium -380M -525M

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