The stock market runs into some modest resistance after establishing fresh session highs. Crude oil is down 3.4%, which is close to its session low when it was down 3.8%. Buyers are showing particular interest in small-cap stocks, as the Russell 2000 spikes 1.6%. For-profit education provider DeVry (DV 58.20, +3.04) is a leader

From economist Brian Wesbury at FTA: After Q1 revisions, "We still expect real GDP will grow at a 1.5% rate in Q2 and at a 4% rate in the second half of 2008, as the end of the Federal Reserve's rate cutting cycle unleashes the full force of loose monetary
policy. Meanwhile, the inflation news remains bad. In Q1, prices were up at a 2.6% rate for GDP (what we produce) but up at a 3.5% rate for Gross Domestic Purchases (what we buy)."

The stock market is trading modestly below its session highs. Meanwhile Treasuries are out of favor, with the 10-year note falling 27 ticks, sending its yield to 4.11%. The dollar (+0.74%) continues to strengthen against a basket of world currencies, which is weighing on commodity prices. Gold ended the session with a loss of 2.8% at $875.70 per ounce and sliver lost 4.8%. The CRB Index is down 2.2%.

There is quite clearly an oil trade today as the stock market has rallied while oil prices have backed up considerably. Overall, oil prices are down 2.9% for the session to $127.21, but more significantly, they are down 4.5% from the highs they hit shortly after the release of some bullish inventory data at 10:30 ET.
The pullback in crude prices has been exacerbated by a boost in the dollar that is also playing a part in a broader decline across the commodity complex today.
Of the 19 commodities that comprise the CRB Index, only two - cocoa and lean hogs - are showing a gain at this juncture. The CRB Index as a whole is down 1.5%.

Crude is now less than $1 above yesterday's low at $125.96.

The dollar rose the most in three weeks against the euro as the U.S. government said the economy grew at a faster pace than initially estimated last quarter.
The U.S. economy expanded at a 0.9 percent annual pace last quarter, faster than the Commerce Department's April 30 estimate of 0.6 percent, the government said. U.S. durable goods orders excluding transportation equipment rose 2.5 percent in April, the government said yesterday. The median forecast in a Bloomberg survey was for a 0.5 percent drop.
The U.S. currency also gained a fourth straight day against the yen after Federal Reserve Bank of Dallas President Richard Fisher said yesterday the central bank will raise interest rates should consumers expect faster inflation. The Canadian dollar gained after a report showed Canada's current-account surplus in the first quarter was almost double the forecast.
``U.S. data is not turning out as weak as the market anticipated and that's giving the dollar a bounce,'' said Shaun Osborne, chief currency strategist at TD Securities Inc. in Toronto. ``On top of that you had very hawkish comments from the Fed.''
Futures on the Chicago Board of Trade show a 39 percent chance the Fed will raise its target rate by a quarter- percentage point to 2.25 percent on Sept. 16, up from 29 percent yesterday. The central bank has cut rates seven times since September. Japan's benchmark rate is 0.5 percent and the euro region's is 4 percent.
Should ``inflation expectations continue to worsen, I would expect a change of course in monetary policy to occur sooner rather than later,'' Fisher said in a speech in San Francisco. ``I don't know a single person on the committee that isn't concerned about inflation.''
Higher oil prices will stoke inflation in the U.S. to an average of 4.5 percent this year, according to David Rosenberg, chief North America economist at Merrill Lynch & Co. in New York. Consumer prices rose 3.9 percent in the year through April, according to the Labor Department.
``The market has to re-price the Fed removing accommodation quicker than expected on the back of rising inflation concerns,'' said Matthew Kassel, director of proprietary trading at ING Financial Markets LLC in New York. ``Yields are up and that's driving the dollar.''

High prints seen around hefty supply zone ahead of Y105.50. Offers said to extend to the Y105.70 area of early May highs with stopsexpected to kick in above there.

Stocks are holding near session highs. The financial sector (+1.5%) is showing notable broad-based strength, with 92% components trending higher. Although not included in the financial sector, MasterCard (MA 312.70, +25.74) is posting a hefty 10% gain as it advances to its all-time high. The company pleased investors with its outlook of 20% to 25% income growth. Crude prices extend their losses, dropping 0.9% to $129.80.

The major indices quickly recover from the recent dip, bouncing to fresh session highs. The Nasdaq is outperforming, thanks to strength in large-cap tech names. Google (GOOG 581.84, +13.60) is providing leadership on encouraging paid click data from comScore.
Meanwhile, crude prices have traded in a volatile manner. Prices are currently down 0.2% to $130.17, after being down as much as 1.9% and up as much as 1.6%.

The pare trades around $1.5530 mark after prints were seen to near $1.5555 in the wake of the oil inventory data, the spike presenting euro bears with a quick sell opportunity. Demand interest seen at $1.5500/10 zone.

The major indices fall from session highs to the unchanged mark on the release of the weekly energy report.
Crude inventories for the week ended May 24 fell by 8.9 million barrels. Analysts expected that inventory levels would be unchanged. Crude prices spike to a gain of 1.5% at $133.10 per barrel after trading down 1.3% to $129.27 just prior to the release.

Analysts predict:

-- Crude oil stocks up 750,000 barrels

-- Gasoline stocks up 400,000 barrels

-- Distillates stocks up 800,000 barrels

EUR/USD: $1.5550, $1.5600, $1.5850, $1.5900
USD/JPY: Y105.60
GBP/USD: $1.9775, $1.9605
EUR/CHF: Chf1.5975
KIWI: $0.7890
AUS/USD: $0.9600

European stocks have reversed morning gains and in the red ahead of the Wall Street open. Persimmon is underperforming on the much weaker than expected UK Nationwide house price data. France Telecom is leading CAC-40 lower. CAC-40 is 8pts lower (-0.17%), Xetra-DAX is down 3pts (-0.05%) and FTSE-100 is down 15pts (-0.24%).

AUS/USD easing back towards the day's lows near $0.9570. Strong bids are seen in the $0.9550 area with stops below there and through $0.9530. On the topside, traders report strong offers from $0.9645 up to $0.9670, placed around last week's $0.9655 high.

Stock futures edged narrowly higher Thursday, as investors awaited the latest look at oil and fuel supplies and weighed mixed reports from two major retailers.
Oil prices fell back $1.21 at $129.82 per barrel.
Corporate news: Retailer Sears Holdings, which operates the Sears and Kmart chains, reported an unexpected loss for its fiscal first quarter as it increased promotions and markdowns to clear slow-moving merchandise. It also warned that it expects its sales to be pressured for the rest of the year due to tough economic conditions.
But wholesale club retailer Costco reported improved earnings that narrowly topped forecasts.
TiVo reported late Wednesday that its net income more than quadrupled in the first quarter, although it said it expects to return to a loss in the current period.
Economic news: the U.S. economy grew at an annual 0.9% rate in the first quarter, a slightly faster pace than previously reported, according to the government's revised reading on gross domestic product. Last month it had reported an initial reading of 0.6% growth.
Initial jobless claims rose slightly to 372,000 last week from the previous week's reading of 368,000, which was revised slightly higher.
Federal Reserve Chairman Ben Bernanke is due to speak today on the steps the central bank can take to provide cash and stability to financial markets.

USD/CAD continues to decline in the wake of the strong CAD data. Bids ahead of this month's C$0.9822 low so far holding firm with stops at risk under C$0.9820, a break of which would open up a potential test of the this year's low from February at C$0.9713.

EUR/USD clicks higher to $1.5575 after printing earlier lows around $1.5545, leaving stops below that level intact. Euro offers $1.5610/30.

The following data were issued
06:00UKNationwide house price index (May) -2.5% -0.6% -1.1%
06:00UKNationwide house price index (May) Y/Y -4.4% -2.1% -1.0%
06:00Germany Wholesale sales (May) real adjusted 0.2% - -1.4%
06:00GermanyWholesale sales (May) real adjusted Y/Y 9.3% - -4.6%
07:55GermanyUnemployment (May) seasonally adjusted +4K -27K -4 (-7)K
07:55GermanyUnemployment (May) seasonally adjusted, mln 3.310 - 3.299
07:55GermanyUnemployment rate (May) seasonally adjusted 7.9% 7.8% 7.9%
07:55GermanyUnemployment (May) seasonally unadjusted, mln 3.283 - 3.413
07:55GermanyUnemployment rate (May) seasonally unadjusted 7.8% - 8.1%
08:00EU(15) M3 money supply (April) adjusted Y/Y 10.6% 10.3% 10.3%
08:00EU(15)M3 money supply (3 months to April) adjusted Y/Y 10.7% 10.6% 11.1%
09:00EU(15)Economic sentiment index (May) 97.1 96.5 97.1
09:00EU(15)Business climate indicator (May) 0.54 - 0.44
10:00UKCBI retail sales volume balance (May) -14% -20% -26%

The dollar rose to the highest level in more than a week against the euro after Federal Reserve Bank of Dallas President Richard Fisher said the central bank will raise interest rates should consumers expect faster inflation.
The euro also declined after a government report showed unemployment in Germany unexpectedly rose in May for the first time in more than two years. The number of people out of work, adjusted for seasonal swings, rose 4,000 from April to 3.31 million, the Nuremberg-based Federal Labor Agency said today.

EUR/USD opened around $1.5615. Bids on approach to $1.5600 were eroded and stops triggered as the rate slipped to initial lows at $1.5560. A bounce back to $1.5610 met with willing sellers, with rate then coming back to make fresh lows for the day at $1.5545 before a slight bounce to end around $1.5570. Stops under $1.5545, bids $1.5520/25, stronger $1.5510/00. Offers $1.5610/30
GBP/USD opened at $1.9738. Weak numbers saw rate drop to $1.9708. Recovery boosted in late morning trade, hitting $1.9780 after CBI data, before easing back to $1.9750.
USD/JPY rose to Y105.40. Offers Y105.30, Y105.40/70, stops above, bids Y105.00/90.

The U.S. economy probably expanded at a 1.0% annual pace last quarter, faster than the Commerce Department's April 30 estimate of 0.6%, according to a survey.

EUR/USD: $1.5550, $1.5600, $1.5850, $1.5900
USD/JPY: Y105.60
GBP/USD: $1.9775, $1.9605
EUR/CHF: Chf1.5975
KIWI: $0.7890
AUS/USD: $0.9600

GBP/USD rallies back from pullback lows around $1.9730, moves up to retest post CBI data highs at $1.9780, but seen meeting resistance from reported offers placed on approach to this level. A break above $1.9780 to open a move on toward $1.9800, with stronger resistance noted between $1.9820/30. Bids remain in place back at $1.9730/20.

The pound has had a bad morning, particularly against the U.S. dollar, after the Nationwide building society found house prices in the UK fell at a record pace in May.
In its monthly survey of the sector, the Nationwide said house prices fell by a whopping 2.5% between April and May, the biggest monthly fall since records began in 1991. It was also the seventh fall in a row and the longest consecutive period of monthly fall since 1992.
Later rate recovered some earlier losses on release of strong CBI data(-14% versus -26%).
That has piled the pressure on the pound as investors price in a growing possibility of an early interest rate cut from the Bank of England.
While many think the U.S. Federal Reserve will not be cutting rates again soon, the pressure is mounting on the European Central Bank to lower borrowing costs by the autumn amid signs of faltering economic prospects.
The rate-setting FOMC meets again on June 25 and is widely expected now to keep its benchmark Fed funds rate unchanged at 2.00%, the lowest since December 2004.
Meanwhile, the ECB has kept its rate at a six-year high of 4% since last June and is widely anticipated to maintain its rate until the end of the year as inflation concerns remain to the fore.

“Fed is still more likely to cut again than hike. A number of positive catalysts are brewing, including more stress in housing resets and for the consumer, post fiscal stimulus.”

"We see two reasons to believe that the bottom for housing activity is coming closer. First, with new home sales now close to our long-standing target of 500,000 (annualized), there are ome signs of stabilization in home demand. Second, on a like-for-like basis, housing starts are now running below new home sales, by an amount that is comparable to that seen at the bottom of past housing downturns." Still they call for starts to fall 200k to 750k annualized.

GBP/USD printed high on $1.9780 on release of CBI data, but move ran
into reported profit take sell interest. Offers remain in place to $1.9780, more at $1.9800 ahead of stronger interest at $1.9820/30. Bids $1.9730/20.

Resistance 3: Y107.00
Resistance 2: Y106.30
Resistance 1: Y105.30
Current price: Y105.07
Support 1: Y104.60
Support 2: Y103.80
Support 3: Y103.20
Comments: Dollar continues to advance. Resistance is around yesterday’s high on Y105.30 with a break above will point to further rise to trend line from Jul 2007 on Y106.30. Above the upward momentum will grow and bring the rate to Y107.00. Strong support is near session low on Y104.60. Below correction may widen to Y103.80 and Y103.20.

Resistance 3: Chf1.0620
Resistance 2: Chf1.0550
Resistance 1: Chf1.0480
Current price: Chf1.0464
Support 1: Chf1.0360
Support 2: Chf1.0200
Support 3: Chf1.0160
Comments: Dollar continues its rise with minor resistance comes at Chf1.0480. Above the target comes at 61.8% Fibo level on Chf1.0550 (Chf1.0100 - Chf1.9640 decline), then – to Chf1.0620. Strong support is around session lows on Chf1.0360 with a break under will weaken the rate to Chf1.0200 (38.2%) and Chf1.0160.

Resistance 3: $1.9900
Resistance 2: $1.9880
Resistance 1: $1.9850
Current price: $1.9743
Support 1: $1.9710
Support 2: $1.9670
Support 3: $1.9580
Comments: Cable tries to rebound with support comes at hourly low on $1.9710, Stronger level comes on $1.9670 and $1.9580. Resistance comes at $1.9850. Above the target is at $1.9880 and $1.9900 (May 02 high).

Resistance 3:$1.5820
Resistance 2: $1.5760
Resistance 1: $1.5660
Current price: $1.5562
Support 1: $1.5540
Support 2: $1.5480
Support 3: $1.5420
Comments: Euro remains under pressure with strong support comes now at $1.5540. Below losses may extend to $1.548 and $1.5420. Resistance comes at session high on $1.5660, neat band of resistance is around yesterday’s high on $1.5760 and May 27 top on $1.5820.

Crude oil stocks up 750,000 barrels
Gasoline stocks up 400,000 barrels
Distillates stocks up 800,000 barrels
Refinery utilization or run rate up 0.5 percentage point to 88.4%

closing
Nikkei 225 -183.87 -1.3% 13,709.44
Topix -19.56 -1.4% 1,348.69
FTSE 100 +11.10 +0.18% 6,069.60
CAC 40 +64.55 +1.32% 4,971.11
Xetra Dax +75.18 +1.08% 7,033.84
DOW +45.68 +0.36% 12,594.03
NASDAQ +5.46 +0.22% 2,486.70
S&P 500 +5.49 +0.40% 1,390.84
10yr Note +0.8800 +0.224% 4.009%
NYMEX Crude Oil +2.18 +1.69% 131.03
Gold -7.80 -0.85% 905.00

Japanese stocks fell after crude oil posted the biggest decline in a month, diminishing the earnings outlook for trading companies and oil explorers.
Mitsubishi, Japan's largest trading company by value, retreated 3.5%, while rival Mitsui & Co., which has stakes in oil fields in Oman and Thailand, lost 3.6%. Sumitomo Corp., the nation's No. 3 trading house, retreated 3.2% after Goldman Sachs Group Inc. cut its rating to ``neutral'' from ``buy.''
Sumitomo Metal Mining Co., Japan's biggest gold producer, lost 4%, the lowest since March 24. Japan Petroleum fell 4.3%, while bigger rival Inpex Holdings Inc. dropped 4.6 percent to 1.25 million yen. The Topix Mining Index, which includes both stocks, had the biggest drop among industry groups on the Topix.
Toshiba, Japan's largest supplier of reactors, jumped 4.3%, and was the biggest winner on the Nikkei. Westinghouse and Shaw Group Inc. were hired to build nuclear reactors for Scana Corp., the South Carolina-based utility said yesterday. NEC Electronics Corp., Japan's third-largest chipmaker added 3%, after saying it will spend about 10 billion yen ($96 million) this year to almost double its production capacity for 300-millimeter wafers. Tokyo Electron Ltd., the world's second-largest maker of semiconductor equipment, added 2.6%.
Oki Electric Industry Co., which makes telecommunications equipment, advanced 3.8%, after earlier surging as 11 percent. The company plans to sell its chip-making business to bigger rival Rohm Co., the Nikkei newspaper reported today, and which Oki confirmed after the market shut. Rohm fell 1.5% in Osaka trading.

European stocks rose for the first time in four days after oil touched a one-week low and orders for durable goods in the U.S. beat economists' forecasts, improving the profit outlook for airlines, carmakers and retailers.
Deutsche Lufthansa rose 1.8%. British Airways Plc, Europe's third-biggest airline, jumped 3.2% as the shares trade without the right to the latest dividend. Porsche, the maker of the 911 sports car, advanced 1.6%. ABB rose 1.6%, the biggest gain since May 19.
J Sainsbury Plc climbed 2.7%. Hennes & Mauritz AB, Europe's second-largest clothes retailer, added 2.3%.
SAP AG climbed 4.2% after CA Cheuvreux upgraded the world's largest maker of business- management software to ``selected list'' from ``underperform,'' citing the prospect of margin growth. Intermediate Capital Group Plc rallied 8.4%. The 19-year-old U.K. provider of loans and bonds for leveraged buyouts said fiscal full-year profit climbed 8 percent as rival forms of funding for private equity dried up.
British Energy Group Plc fell 2.2% after the U.K. nuclear power producer that's considering takeover offers from rivals said full-year profit fell 28% to 335 million pounds ($662 million) because of production shutdowns.
Groupe Eurotunnel SA plunged 7.7% after the operator of the rail link between the U.K. and France placed 70 percent of the shares in a rights offer, raising 641 million euros ($1 billion) to buy back convertible bonds.
Alitalia SpA added 2.3%. Italy's state- controlled airline said it needs capital ``in a very short time'' after talks to merge with Air France-KLM Group failed and it reported a fifth straight annual loss.

US stocks closed higher, following a choppy session influenced by fluctuating oil prices, more woes for the financial sector and a smaller-than-expected decline in manufactured goods.
The Commerce Department provided traders with some economic data. Durable goods orders fell 0.5% during April, which is a less severe downturn than expected. Excluding transportation, durable goods orders increased 2.5%. Economists forecast a 0.5% downturn following 1.7% increase registered in the previous month.
Prior to opening bell, Chico's FAS (CHS 7.70, +0.53) and American Eagle Outfitters (AEO 18.78, +1.56) announced better-than-expected earnings results for the most recent quarter. Polo Ralph Lauren (RL 68.45, +6.70) reported this morning an increase in sales and earnings; the company also reaffirmed its full-year outlook. Discount variety store operator Dollar Tree (DLTR 35.00, +1.22) also reported upbeat results for its latest quarter.
Global delivery and shipment company United Parcel Service (UPS 70.70, +2.30) is also receiving attention from buyers after reports surfaced the company may see its sales climb upon reaching a deal to provide services for competitor DHL Express. Notably, shares of UPS were also upgraded to Buy from Hold at Merrill Lynch.
The Wall Street Journal reported that Bear Stearns plans to hand over documents to the Securities and Exchange Commission showing that several Wall Street firms, including Goldman Sachs, cut their exposure to Bear in the weeks leading up to its collapse.
Computer maker Dell suffered a setback late Tuesday when a New York state judge ruled it engaged in repeated false and deceptive advertising of its promotional credit financing and warranty terms.

The dollar reached a two-week high against the yen as a measure of U.S. durable goods orders unexpectedly increased, signaling the outlook for the world's biggest economy may improve. Durable goods orders fell 0.5% during April, which is a less severe downturn than expected. Excluding transportation, durable goods orders increased 2.5%. Economists forecast a 0.5% downturn following 1.7% increase registered in the previous month.
Japan's currency touched a one-month low against the euro and the weakest since November versus the Australian dollar, dropping to the day's lowest levels as an earlier decline in crude oil spurred investors to buy higher-yielding assets funded in Japan's currency, a strategy known as the carry trade. The yen pared its drop as oil reversed its decline.
The euro pared its drop after a report showed inflation in Germany, Europe's largest economy, accelerated more than forecast in May. German consumer prices rose 3 percent this month from a year ago after rising 2.6 percent last month, when measured using a harmonized European Union method, the Federal Statistics Office said. The median forecast was for inflation to quicken to 2.9 percent. A separate report showed French consumer confidence dropped to a record low in May.
The euro will trade at $1.56 at the end of next month, and fall to $1.49 at year-end, according to the median forecast in a Bloomberg survey of 44 analysts.

EUR/USD printed high near $1.5758, before retreating to $1.5607.
GBP/USD firmed initialy to $1.9825, where supply brought the rate down to $1.9700 with further return to $1.9825.
USD/JPY gained from Y103.87 to a high on Y105.30, closing later near Y104.65.

US data starts at 1230GMT with preliminary first-quarter GDP and the weekly jobless claims. The first quarter GDP is expected to be revised up to a 1.0% gain on smaller net exports gap and modestly stronger construction spending. PCE appears to be virtually unrevised. The chain price index is expected to be unrevised at 2.6%. Initial claims are expected to rise 5,000 to 370,000 in the May 24 week. US data continues at 1400GMT with the help-wanted index for April and at 1430GMT with the weekly crude oil and natural gas stocks data. 1500GMT sees Kansas City Fed Production for May. At 1830GMT, Fed Chairman Ben Bernanke is due to speak about liquidity provisions at a risk transfer mechanism conference, in Basel, Switzerland.

The dollar rose to a two-week high against the euro after Federal Reserve Bank of Dallas President Richard Fisher said the central bank will raise interest rates should consumers expect faster inflation.
The U.S. currency gained for a fourth day against the yen before a government report today that will probably show the economy grew at a faster pace than initially estimated last quarter. The yen fell against the Australian dollar and was near a one-month low versus the euro as stock gains encouraged the purchase of higher-yielding assets funded in the Japanese currency. Should ``inflation expectations continue to worsen, I would expect a change of course in monetary policy to occur sooner rather than later,'' Fisher said in a speech in San Francisco.
The euro may be supported by speculation the 15 countries that share the currency are strong enough to withstand a slowdown in the U.S., allowing the ECB to keep interest rates on hold to fight inflation.
A government report today will probably show unemployment in Germany declined a 28th consecutive month to 7.8 percent in May, according to a survey.


EUR/USD retreated from $1.5660 to $1.5605.
GBP/USD fell from $1.9820 to $1.9770.
USD/JPY firmed from Y104.60 to Y104.90.

At 0900GMT, the Eurozone May economic sentiment index is seen edging down to 96.5. UK data sees the 1000GMT release of the May and Q2 CBI distributive trades survey/report.

The Nikkei 225 Stock Average climbed 415.03, or 3 percent, to close at 14,124.47, the sharpest gain since April 2. The broader Topix index jumped 31.94, or 2.4 percent, to 1,380.63. All but one of 33 industry groups on the index advanced.

Resistance 3: Y106.00

Resistance 2: Y105.70
Resistance 1: Y105.30
Current price: Y104.95
Support 1: Y103.90

Support 2: Y103.00

Support 3: Y102.20

Comments: Dollar continues to advance. The nearest resistance is yesterday's high at Y105.30. Lift above May 2 high on Y105.70 will pave the way to 106.00. Yesterday's lows zone is the nearest support now at Y103.90. Below Y103.00 losses may widen till Y102.20.

Resistance 3: Chf1.0570
Resistance 2: Chf1.0480
Resistance 1: Chf1.0420

Current price: Chf1.0424

Support 1: Chf1.0270
Support 2: Chf1.0220

Support 3: Chf1.0180

Comments: Dollar tests resistance at Chf1.0420. Above the target comes at Chf1.0480 and then – on Chf1.0570 (May 19 highs). The nearest support holds near yesterday's lows at Chf1.0270, stronger level- near Chf1.0220 and then - Chf1.0180.

Resistance 3: $1.9900
Resistance 2: $1.9880
Resistance 1: $1.9850
Current price: $1.9718
Support 1: $1.9710
Support 2: $1.9680
Support 3: $1.9580
Comments: Cable remains within the former range of $1.9680/$1.9850, even recent selloff. Below strong support $1.9710 (Tuesday’s low), the losses may widen to $1.9680, then – to 50% of the rise from May 19 at $1.9580/90. Resistance comes at $1.9850. Above the target is at $1.9880 and $1.9900 (May 02 high).

Resistance 3:$1.5820
Resistance 2: $1.5760
Resistance 1: $1.5690Current price: $1.5576

Support 1: $1.5600
Support 2: $1.5560
Support 3: $1.5490

Comments: Euro drops testing support around $1.5600. Below losses may extend to $1.5560 (50% rebound of $1.5285 - $1.5820) and to $1.5490. Resistance comes at $1.5690(Fibo 76,4%), higher comes $1.5760 and May 27 top on $1.5820.

Stops triggered on the break below $1.9730, as Nationwide house price data shows the largest y/y fall since Dec 1992. Rate trades to a low of $1.9725 on the initial react, from a pre release level of $1.9740, with secondary selling taking it on to $1.9717. Bids reported in place between $1.9705/1.9695, with stops below, which if triggered opens a deeper move toward $1.9680 ahead of $1.9650.

High Low Close
EUR/USD 1.5757, 1.5607, 1.5646
USD/JPY 105.28, 103.87, 104.65
GBP/USD 1.9825, 1.9703, 1.9800
USD/CHF 1.0421, 1.0258, 1.0371

EUR/JPY 164.46, 163.09, 163.78
EUR/GBP 0.7953, 0.7879, 0.7899
GBP/JPY 207.66, 205.18, 207.25
GBP/CHF 2.0590, 2.0332, 2.0538

Change % Change Last
Nikkei 225 -183.87 -1.3% 13,709.44
Topix -19.56 -1.4% 1,348.69
FTSE 100 +11.10 +0.18% 6,069.60
CAC 40 +64.55 +1.32% 4,971.11
Xetra Dax +75.18 +1.08% 7,033.84
DOW +45.68 +0.36% 12,594.03
NASDAQ +5.46 +0.22% 2,486.70
S&P 500 +5.49 +0.40% 1,390.84
10yr Note +0.8800 +0.224% 4.009%
NYMEX Crude Oil +2.18 +1.69% 131.03
Gold -7.80 -0.85% 905.00

06:00 UK Nationwide house price index (May) Y/Y -1.0%
06:00 UK Nationwide house price index (May) -1.1%
07:55 Germany Unemployment rate (May) seasonally unadjusted 8.1%
07:55 Germany Unemployment (May) seasonally unadjusted, mln 3.413
07:55 Germany Unemployment rate (May) seasonally adjusted 7.8% 7.9%
07:55 Germany Unemployment (May) seasonally adjusted, mln 3.299
07:55 Germany Unemployment (May) seasonally adjusted -27K -7K
08:00 EU(15) M3 money supply (3 months to April) adjusted Y/Y 10.6% 11.1%
08:00 EU(15) M3 money supply (April) adjusted Y/Y 10.3% 10.3%
09:00 EU(15) Business climate indicator (May) 0.44
09:00 EU(15) Economic sentiment index (May) 96.5 97.1
10:00 UK CBI retail sales volume balance (May) -26%
12:30 USA PCE price index ex food, energy (Q1) revised 2.2%
12:30 USA PCE price index (Q1) revised 3.5%
12:30 USA GDP (Q1) revised Y/Y 1.0% 0.6%
12:30 USA Jobless claims (week to 24.05) 368K 365K
14:00 USA Help-wanted index (April) 19
17:00 France Unemployment (April) +8.2K
20:30 USA M2 money supply (19.05), bln +21.8
23:30 Japan Household spending (April) real Y/Y -1.6%
23:30 Japan Unemployment (April) 3.8% 3.8%
23:30 Japan Tokyo-area CPI ex fresh food (May) Y/Y 0.7%
23:30 Japan Tokyo-area CPI (May) Y/Y 0.6%
23:30 Japan Tokyo-area CPI (May) 0.3%
23:30 Japan Nationwide CPI ex fresh food (April) Y/Y 1.2%
23:30 Japan Nationwide CPI (April) Y/Y 1.2%
23:30 Japan Nationwide CPI (April) 0.5%
23:50 Japan Industrial output (April) preliminary Y/Y -0.7%
23:50 Japan Industrial output (April) preliminary -3.4%