Alaron Currency Comment

CHICAGO - Aug 4/08 - SNS -- Following is the currency futures comment from Alaron Trading Corp.

The CD opened lower at .9701 and rose to a morning Hi of .9719 on DX weakness, before lower oil/metals prices continued  to weigh on prices, sending the CD to a mid-day Lo of .9641. Prices continued to trade around the secondary Support level, before

The DX opened higher at 73.61 and rose to a morning Hi of 73.685, before economic data showed Consumer inflation climbed +0.8%, while Personal Spending increased +0.6% amid a report from the Conference Board stating that labor markets are likely to weaken further. Despite lower oil prices, the equity markets showed concern over further write-downs in the financial sector and higher inflation ahead of Tuesday's FOMC meeting. Traders took profit/risk off the top, sending prices to a morning Lo of 73.365, before   bouncing to our Pivot level of 73.70 and trading in a tight range towards the close to end the day at

The BP opened lower at 1.9592 and bounced off our secondary Support level of 1.9590 to a morning Hi of 1.9657, before retracing to a mid-day Lo of 1.9538 as the DX recovered off early weakness. Prices bounced into the afternoon session and

The EC opened higher at 1.5531 and slid to a morning Lo at our Pivot level of 1.5519, before rebounding to a morning Hi   at our secondary Resistance level of 1.5598. As the DX recovered, the EC retraced to 1.5531, before moving higher towards the close.

The JY opened lower at .9263 and slid to a morning Lo of .9255, before bouncing to a morning Hi  at our initial Support level of .9288. As the DX recovered off its morning LO, the JY slid back to secondary Support at .9259, find few takers as we head towards the close.  

Bob Kozak

Alaron Research Team

800.462.4691

bkozak.com

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