Alaron Currency Comment

CHICAGO - Ma09 7/09 - SNS -- Following is the currency futures comment from Alaron Trading Corp.

The EC opened higher at 1.3363 and slid to a morning Lo of 1.3256, before rising to a morning Hi of 1.3469 on better than expected increase in German Factory Orders and DX weakness. The ECB lowered interest rates by 25bp to 1.00% and will use only 60B euros applied to some form of quantitative easing, according to ECB President Trichet's comments. As equity markets retraced, the DX added strength, sending the EC lower into the start of afternoon trading.

The DX opened lower at 83.92 and rose to a morning Hi of 84.54, before  sliding to a morning Lo of  83.555 against a stronger EC. As equity prices retraced, risk-avoidence attracted traders to the DX, sending prices higher into the afternoon session.

The CD opened higher at .8594 and drifted to a morning Lo of .8517, following oil/metals prices lower. Prices bounced to our Pivot of .8538 as we enter the afternoon session and

The BP opened lower at 1.5101 and retraced to a morning Lo of 1.4995 after the BoE increased the size of its quantitative easing by $75B and comments from Lloyd's Banking Gp.Plc, stating that they see a 50% increase in bad loans. Prices drifted into the afternoon session looking for direction from the DX.

Bob Kozak

Alaron Research Team

800.462.4691

bkozak.com

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