Alaron Currency Comment

CHICAGO - Mar 10/08 - SNS -- Following is the currency futures comment from Alaron Trading Corp.

The JY opened higher at .9771 and touched a morning Lo at our Pivot level of .9770, before climbing to a morning Hi at our initial Resistance level of .9850. With the Nikkei 225 index nearing a 2-yr Low   and lower U.S. equity markets, risk aversion had carry-traders covering JY shorts, driving prices close to the previous 8-yr Hi. Prices retraced as the DX recovered during afternoon trading and rumors about Bear Sterns lack of access to capital abated.

The DX opened lower at 72.94 and rose to a morning Hi of 73.13 after ECB President Trichet's comments about the Euro  that,"excessive, volatile and disorderly movements are undesirable for economic growth", helped the DX recover. Prices slid to a morning Lo of 72.815 and bounced into the afternoon session.  

The BP opened higher at 2.0193 and retraced to a mid-day Lo at our initial Support level of 2.0090 as carry-traders took profit/risk off the table as equity markets tumbled. Prices

The CD opened higher at 1.0100 as a bettere than expected increase in Feb. Housing Starts showed 256,900 new residences.Lower equity prices and concern that the Canadian economy will continue to follow the U.S. economy lower sent prices to a  mid-day Lo at our initial Support level of 1.0025, before ending the day at

The EC opened higher at 1.5363, before sliding to a morning Lo of 1.5320, after ECB President Trichet commented that the "excessive, volatile and disorderly   movements (in FX rates) are undesirable for economic growth. Prices recovered to a mid-day Hi of 1.5370, before drifting lower towards the close and ending the day at

Bob Kozak

Alaron Research Team

800.462.4691

bkozak.com

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