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The EUR/USD is making a solid move higher past 8/13-8/14 highs after the wave of PMI data came in above analyst expectations. In fact, a couple PMI data points are registering expansion (50+) while the rest are making a strong case to do the same. Such positive improvements in data tend to have a larger impact on the EUR/USD than the GBP/USD since the ECB’s interest rate remains at 1%. The growth in PMI mirrors the expansion we saw in the EU’s Economic Sentiment data released earlier this week. Hence, the EU is making a good case for returning to GDP growth in H2. The EUR/USD is reacting accordingly, knocking on the door of our readjusted 2nd tier downtrend line.
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The Cable is moving higher after EU PMI and U. S. Existing Home Sales data surpassed analyst expectations. The S&P futures are setting new 2009 highs while the EUR/USD tests some important technical barriers to the topside. However, the GBP/USD is only participating partially since investors are still sour about the level of debt in Britain.
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The Cable is moving higher after EU PMI and U. S. Existing Home Sales data surpassed analyst expectations. The S&P futures are setting new 2009 highs while the EUR/USD tests some important technical barriers to the topside. However, the GBP/USD is only participating partially since investors are still sour about the level of debt in Britain.
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According to The New York Times' Thursday report, citing unnamed people 'in the know,' Netscape founder - now developer-turned-financier - Marc Andreessen is backing a new browser startup, RockMelt!
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Andreessen was the brain behind the Netscape browser - a browser that helped millions of users access the Internet in the 1990s; but later lost the browser and Web server market to Microsoft's Internet Explorer packaged with the Windows operating system! And now, Andreessen is backing a new browser probably because it might chip away part of Internet Explorer's market share!
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Moreover, going by the newspaper report, Andreessen has an earlier association with the co-founders of RockMelt - Eric Vishria and Tim Howes- both of whom are former Opsware executives. Incidentally, it was Andreessen who co-founded Opsware, and later sold it to Hewlett-Packard. Howes has also worked with Andreessen at Netscape.

Though the site of RockMelt, which will be a browser to be built 'from a scratch,' does not disclose much detail about its technology, it does allow people to tender their e-mail to keep pace with the browser's future updates.
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Andreessen had, some time back, told the Times that with Web fast becoming a network of complex Web sites, a new browser is needed to effectively deliver services to end users. In addition, with Andreessen being a Facebook board member, the RockMelt browser reportedly would be a singular 'social networking browser'!
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U.S. stocks retreated, pushing the S&P 500 index down the most in six weeks, as investors speculated the global economy isn’t expanding fast enough to justify the steepest equity market rally in seven decades.

U.S. stocks staged their fastest advance since the Great Depression after falling to a 12?year low on March 9, rising as much as 50% over five months on signs the global recession is easing. Speculation that growth in China would spur demand for raw materials helped send the Reuters Jefferies/CRB Commodity Price Index up 32%.
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China’s Shanghai Composite Index sank 5.8 % yesterday, the steepest slump since Nov. 18, after Ping An Insurance (Group) Co. reported profit that trailed projections and the government reported a 10th straight monthly decline in foreign investment. Yunnan Copper Industry Co. said there are “no clear signs” of a recovery after posting a first?half loss.
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Commodity producers retreated as investors speculated that a rally in riskier assets has outpaced prospects for economic growth. The CRB index of 19 raw materials fell 1.6 %.

China’s benchmark stock index, the world’s worst performer this month, may fall another 10 % as bank lending slows, said Andy Xie, a former Morgan Stanley chief Asian economist.
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“The current correction is reflecting the tightening in lending,” said Xie, who correctly predicted in April 2007 that China’s equities would tumble. “We’ve seen the peak of this market cycle, though there’s likely to be a bounce as the government seeks to stabilize the market.”

Today morning Most Asian stocks fell, led by commodity companies, after metals prices slumped amid concern the global economic recovery will fail to meet investors’ expectations. A measure of six metals, including copper and zinc, traded on the London Metal Exchange fell 2.7 % yesterday to the lowest level in a week. Copper futures in New York dropped 2.3 %, while oil sank 1.1 %.
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a weather bureau official said that revival in India’s monsoon rains is helping ease dry weather that’s caused drought in a third of the nation’s districts and dented sowing of rice and sugar cane. Uttar Pradesh, the country’s biggest cane grower, Madhya Pradesh, the largest soybeans producer, and Bihar, a top grower of rice and corn, received “good rain” over the past few days, said Ajit Tyagi, director general of the India Meteorological Department, from New Delhi today. Monsoon rain may be similar to 2002, when showers were 19.2 % below average and the nation faced its worst drought in 12 years, Tyagi said last week.
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LAHORE: There are reports regarding shortage of patrol and diesel in various parts of the country, particularly in Punjab and many petrol pumps have run short of fuel. Talking to Geo News, Chairman of Petroleum Dealers Association Abdul Sami Khan said fuel stations are being delivered 60 to 70 percent fuel less than the demand in cities including Mianwali, Sargoda and Multan, while Gilgit is also facing the similar problem. According to the dealers, petroleum products are available in black market in some places including Mianwli. Meantime Oil Marketing Companies assert there is no discontinuation in the supply.
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The EUR/USD has dropped through our 3rd tier uptrend line after America’s U of M Consumer Sentiment number came in weaker than expected. Today’s pullback in consumer sentiment adds to yesterday’s disappointing retail sales data. The battered American consumer is not making a return as quickly as analysts hoped due to the persistently high level of unemployment. The S&P futures are off nearly -2% and crude is trading lower by over -3.5% in reaction to the news, dragging the EUR/USD lower due to positive correlations.
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DATA SNAP: UK July Services PMI 53.2 Vs 51.6 In June
By Ilona Billington
Of DOW JONES NEWSWIRES
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LONDON (Dow Jones)--The U.K.'s dominant services sector expanded for the second straight month in July, with the Purchasing Managers Index for the sector rising to a 17-month high. Research group Markit Economics and the Chartered Institute of Purchasing and Supply Wednesday said the services PMI rose to 53.2 in July from 51.6 in June. The size of the increase came as a surprise as economists surveyed by Dow Jones Newswires last week had forecast the PMI would increase to just 52.0. A reading above 50.0 indicates the sector is expanding, while a reading below 50.0 indicates it is contracting. -By Ilona Billington and Nicholas Winning, Dow Jones Newswires; +44 20 7842 9452; ilona.billington@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?
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rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 04:39 ET (08:39 GMT)Copyright 2009 Dow Jones & Company, Inc
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CURRENCIES: Dollar Slips Vs. Rivals In Asian Trading By Lisa Twaronite The dollar edged down against major counterparts in Asian trading Wednesday, as investors awaited U.S. employment data. One dollar bought 95.01, down from 95.25 yen in late North American trading on Tuesday. The dollar index (DXY), which tracks the U.S. unit against a trade-weighted basket of six major currencies, was at 77.671, down from 77.720 late Tuesday. "Major currencies remain vulnerable to risk on/off in sympathy of cyclical recovery expectations," said Tomoko Fujii, a rates and currency strategist at Bank of America Securities-Merrill Lynch Japan. "Wednesday's focus should be the U.S. ADP employment survey results, which should offer indications of Friday's official nonfarm payroll jobs data," she said in emailed comments. The euro was buying $1.4404, up from $1.4399 late Tuesday, and the British pound was at $1.6977, up from $1.6932. The Aussie dollar was buying 84.23 U.S. cents, up from 84.15 U.S. cents Tuesday, when the Reserve Bank of Australia kept its policy cash rate steady at 3.0% and abandoned its easing bias. Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 04:43 ET (08:43 GMT)Copyright 2009 Dow Jones & Company, Inc.
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Currency Rates Of Coffee Producing, Consuming Countries
LONDON (Dow Jones)--U.S. dollar exchange rates as of 09:45 GMT August 5, compared with 09:18 GMT August 4.
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Producers:
05/08/09 (04/08/09) Angolan Kwanza AON 77.805 (77.805) Bolivian Boliviano BOB 7.02 (7.02) Brazil Real BRL 1.8168 (1.825) Burundi Franc BIF 1216.05 (1216.05) *CFA Franc XOF 455.15 (455.15) Colombian Peso COP 2044.5 (2009.5) Costa Rican Colon CRC 585.95 (585.95) Cuban Peso CUP 0 (0) Dominican Republic DOP 36 (36.05) Ecuadorean Sucre ECS 0 (0) El Salvador Colon SVC 8.7475 (8.7475) Ethiopian Birr ETB 11.337 (11.336) Guatemala Quetzal GTQ 8.1415 (8.1415) Guinea Franc GNS 4848.15 (4895.8) Haiti Gourde HTG 40.25 (40.25) Honduras Lempira HNL 18.925 (18.925) Indian Rupee INR 47.625 (47.635) Indonesian Rupiah IDR 9920 (9880) Kenyan Shilling KES 76.25 (76.35) Malawi Kwacha MWK 143.05 (142.05) Mexican Peso MXN 13.145 (13.132) Nicaragua Cordoba NIC 19.8815 (19.872) Papua New Guinea Kina PGK 2.635 (2.6261) Peruvian New Sol PES 2.97337 (2.98628) Philippines Peso PHP 47.835 (47.785) Venezuelan Bolivar VEB 0 (0) Vietnam Dong VND 17815 (17815) Zambian Kwacha ZMK 5075.5 (5075.5) Zimbabwe Dollar ZWD 365.4 (365.4025) CONSUMERS: Danish Krone DKK 5.1749 (5.1728) #Euro EUR 1.4391 (1.4395) Japanese Yen JPY 95.185 (94.835) Norwegian Krone NOK 6.0323 (6.046) Swedish Krona SEK 7.1385 (7.1543) Swiss Franc CHF 1.0626 (1.0612) * = The CFA Franc is the common currency of 14 African countries which are members of the Franc zone: XOF = Benin, Burkina, Ivory Coast, Guinnea Bissau, Mali, Niger, Senegal and Togo under the Central Bank of the West African States. XAF = Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon, under the Bank of the Central African States. # = Currencies that are quoted in U.S. dollars per unit of currency. All other currencies are quoted in units of currency per U.S. dollar. Source: OANDA Corp and yahoo.com. -By Caroline Henshaw, Dow Jones Newswires; 4420-7842-9372; caroline.henshaw@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary:
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http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 04:46 ET (08:46 GMT)Copyright 2009 Dow Jones & Company, Inc.
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GLOBAL MARKETS: European Stocks Flat; Data To Set Direction

By Ishaq Siddiqi
Of DOW JONES NEWSWIRES
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LONDON (Dow Jones)--European stock markets have floated around the flat-line Wednesday, with investors dissecting the latest corporate results for clues about the extent of the economic recovery. "The market is pausing for breath, awaiting further direction. Traders have taken money off the table but are poised to get back in if the market breaks one way or the other," said Manoj Ladwa, trader at ETX Capital. At 0830 GMT, the Dow Jones Stoxx 600 index was up 0.1% at 228.10, while London's FTSE 100 index was down 0.2% to 4565.51, Frankfurt's DAX index was down 0.4% at 5395.7, and the CAC-40 index in Paris was 0.1% higher at 3482.7. The next few days are likely to be important in terms of giving the market a guide to the next direction, given the key economic data pieces scheduled for release. The U.S. ADP employment data Wednesday at 1215 GMT will offer a gauge at the current state of the U.S. labor market ahead of Friday's key U.S. nonfarm payrolls figure for July . "A less downbeat ADP employment survey could temper profit-taking in stocks ahead of nonfarm payrolls," said Kenneth Broux, market economist at Lloyds Banking Group. Also, Thursday's main economic agenda will be set around the policy meetings by the Bank of England and European Central Bank. "If these (data pieces) are all benign and we continue to get good earnings results then I think the market will continue its upward trend," added Ladwa. And there is no denying that there is value in the market, said Owen Ireland, sales broker at ODL Securities, "but many investors need to be aware that the markets have recovered eerily quickly considering the quagmire we were in less than a year ago." On the corporate front, banking stocks were in vogue again following earnings from France's Societe Generale SA (GLE.FR) and the U.K's Lloyds Banking Group PLC (LYG). Societe Generale returned to profit in the second quarter as revenues almost doubled at its corporate and investment banking unit. But Lloyds Banking Group reported that loan impairments rose more than five-fold in the first six months of the year. Still, shares in Lloyds pushed 5.6% higher, after it said it expected loan impairment charges to come down significantly from GBP13.4 billion in the first half. Shares in Societe Generale shares were 5.1% higher, and the pan-European Dow Jones Stoxx 600 banks index added 0.9%. On Wall Street Tuesday, the Dow Jones Industrial Average increased 33.63 points, or 0.4%, to 9320.19, marking its fourth straight day higher and the Standard & Poor's 500 tacked on 3.02, or 0.3%, to 1005.65. Still, Asian stock markets edged lower Wednesday with investors wary about whether recent upwards momentum can be sustained. Japan's Nikkei 225 closed 1.2% lower, South Korea's Kospi Composite ended down 0.4% and the Hang Seng index in Hong Kong closed 1.4% lower. "Players are worried that markets are becoming increasingly immune to positive cues, while any negative cues may trigger profit-taking," said Investrust CEO Hiroyuki Fukunaga. In foreign exchange markets, investors seemed to continue the previous session's trend of profit taking amid subdued equities, said Ashley Davies at UBS, and "the EUR/USD pair has hugged the $1.4400 level fairly precariously." At 0910 GMT, the euro stood at $1.4387, while sterling stood at $1.6981. The dollar traded at Y95.16. Elsewhere, spot gold was trading at $963.50 per troy ounce, around $2 below its close in New York. The front-month September Nymex crude oil futures contract was also a touch lower as trading entered a lull ahead of data expected to show a growing oil surplus. At 0910 GMT, the contract stood 43 cents lower at $70.99 a barrel on Globex, after settling at $71.42 a barrel, down 16 cents. Analysts expect oil inventories to rise by 500,000 barrels in the week ended July 31, while distillate stocks are seen increasing by 900,000 barrels, according to a Dow Jones Newswires survey, with the data from the U.S. Department of Energy due at 1430 GMT. Meanwhile, European government bonds are marginally weaker Wednesday, steadying after Tuesday's late price sell off following stronger-than-expected U.S. pending home sales data. At 0910 GMT, the September bund contract stood at 121.57, 0.02 higher. -By Ishaq Siddiqi, Dow Jones Newswires; +44-20-7842-9488; ishaq.siddiqi@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=py6XKysBWxRFQBX8LswcYA%3D%3D. You can use this link on the day this article is published and the following day. (END) Dow Jones NewswiresAugust 05, 2009 05:15 ET (09:15 GMT)Copyright 2009 Dow Jones & Company, Inc.
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