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1. DAILY I FOREX REPORT
22ND
MAY 2013
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 USD/JPY Erases Losses as
Amari Retracts Yen
Comments; GBP Weakest
 British Pound May Weaken
As Soft CPI Drives Dovish
BOE Bets
The US Dollar is the top performer once again as Asian
traders happily lapped up the world’s reserve
currency following the Monday bank holiday. At the
start of the week, with trading conditions thin, the US
Dollar was hit (relatively) hard after Japanese
Economy Minister Akira Amari said that the period of
excess Japanese Yen strength might have been
“largely corrected.” Today, Mr. Amari has backed off
of his stance, saying that “I have previously said that
the overly strong yen is in the process of being
corrected…I will not say it has been corrected, or
where it will finish.”
It appears that Mr. Amari has been reprimanded by
Japanese policy leadership, not a small coincidence
considering that the Bank of Japan is meeting and will
announce its latest measures, if any, tomorrow. With
Japanese data picking up in the near-term, notably the
1Q’13 GDP print at +3.5% annualized versus +2.7%
annualized expected, there is reason to believe that no
new measures will be announced. In light of the better
than expected data and the Amari commentary, there
are a few notable take away points for the next 24
hours: a weak Yen is desired; but if the Yen gets too
weak, it will have a negative impact on “people’s lives”
as it would create excessive upside pressure on
inflation, causing the BoJ to overshoot its target
creating a volatile monetary policy; and any further
selling of the Yen may be accompanied by selling in
JGBs, which puts upside pressure on interest rate
payments, which hurts government fiscal policy.
TRADING TIPS
 SELL EURUSD BELOW
1.2860 TGT 1.2840/1.2820
SL 1.2890
 BUY USDJPY ABOVE 102.85
TGT 103.15/103.35 SL
102.55
 SELL GBPUSD BELOW
1.5160 TGT 1.5140/1.5110
SL 1.5190
HEADLINES

3.  HOURLY EURUSD CHARTHOURLY EURUSD CHART
ANALYSIS
OPEN: 1.2871 EURUSD LOOKS DOWNWARD
HIGH: 1.2888 TREND: BEARISH
LOW: 1.2864 STRATEGY: SELL ON RISE
CLOSE: 1.2872 MACD =>-.0004(BEARISH SIGNAL)
RSI => 44(BEARISH SIGNAL)

4. HOURLY USDJPY CHART
ANALYSIS
OPEN: 102.78 USDJPY LOOKS UPWARD
HIGH: 102.81 TREND: BULLISH
LOW: 102.63 STRATEGY: BUY ON DIPS
CLOSE: 102.65 MACD =>.05(BULLISH SIGNAL)
RSI => 58(BULLISH SIGNAL)

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HOURLY GBPUSD CHART
ANALYSIS
OPEN: 1.5181 GBPUSD LOOKS DOWNWARD
HIGH: 1.5185 TREND: BEARISH
LOW: 1.5164 STRATEGY: SELL ON RISE
CLOSE: 1.5173 MACD =>-.00013(BEARISH SIGNAL)
RSI => 30(BEARISH SIGNAL)

6. HOURLY EURGBP CHART
ANALYSIS
OPEN: 00.8478 EURGBP LOOKS UPWARD
HIGH: 00.8491 TREND: BULLISH
LOW: 00.8478 STRATEGY: BUY ON DIPS
CLOSE: 00.8482 MACD =>.00005(BULLISH SIGNAL)
RSI => 75(BULLISH SIGNAL)

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HOURLY USD INDEX CHART
ANALYSIS
OPEN: 83.9910 USDINDEX LOOKS UPWARD
HIGH: 84.0310 TREND: BULLISH
LOW: 83.9180 STRATEGY: BUY ON DIPS
CLOSE: 83.9890 MACD =>.0291(BULLISH SIGNAL)
RSI => 59(BULLISH SIGNAL)

8. Date Time Currency Event Importance Actual Forecast Previous Notes
Sun
May 19
22:30
NZD Performance
Services Index (APR)
Medium 56.1 55.6
23:01
GBP Rightmove House
Prices (MoM) (MAY)
Low 2.1% 2.1%
23:01
GBP Rightmove House
Prices (YoY) (MAY)
Low 2.5% 0.4%
Mon
May 20
JPY Cabinet Office
Monthly Economic
Report for May
Medium
04:00
JPY Tokyo
Condominium Sales
(YoY) (APR)
Low -2.8% 48.4%
05:00
JPY Coincident Index
(MAR F)
Low 93.8 93.3
05:00
JPY Leading Index
(MAR F)
Medium 97.9 97.6
05:30
JPY Nationwide
Department Store
Sales (YoY) (APR)
Low -0.5% 3.9%
05:30
JPY Tokyo Department
Store Sales (YoY)
(APR)
Low 2.1% 6.4%
06:00
JPY Machine Tool
Orders (YoY) (APR F)
Medium -23.6% -24.1%
07:00
JPY Convenience
Store Sales (YoY)
(APR)
Low -2.6% -0.4%
12:30
USD Chicago Fed Nat
Activity Index (APR)
Medium -0.53 -0.23
17:00
USD Fed's Evans
Speaks on Economy in
Chicago
Low
Tue
May 21
00:00
AUD Conference Board
Leading Index (MAR)
Medium 0.1% 0.3%
01:30
AUD RBA Policy
Meeting - May Minutes
High
03:00
NZD Reserve Bank of
New Zealand 2-Year
Inflation Expectation
(2Q)
Medium 2.06% 2.17%
03:00
NZD Credit Card
Spending s.a. (MoM)
(APR)
Medium 0.4% -0.3%
03:00
NZD Credit Card
Spending (YoY) (APR)
Medium 4.0% 3.6%
04:30
JPY All Industry Activity
Index (MoM) (MAR)
Medium -0.4% 0.6%
ECONOMIC CALLENDER

9. 05:00
JPY Supermarket
Sales (YoY) (APR)
Low 1.7%
06:00
EUR German Producer
Prices (MoM) (APR)
Low -0.1% -0.2%
06:00
EUR German Producer
Prices (YoY) (APR)
Low 0.1% 0.4%
07:00
CHF Money Supply M3
(YoY) (APR)
Low 9.9%
08:30
GBP Producer Price
Index Input n.s.a.
(MoM) (APR)
Low -1.3% -0.1%
08:30
GBP Producer Price
Index Input n.s.a. (YoY)
(APR)
Low 0.3% 0.4%
08:30
GBP Producer Price
Index Output n.s.a.
(MoM) (APR)
Low 0.2% 0.3%
08:30
GBP Producer Price
Index Output n.s.a.
(YoY) (APR)
Medium 1.4% 2.0%
08:30
GBP Producer Price
Index Output Core
n.s.a. (MoM) (APR)
Low 0.3% 0.1%
08:30
GBP Producer Price
Index Output Core
n.s.a. (YoY) (APR)
Medium 0.9% 1.3%
08:30
GBP DCLG UK House
Prices (YoY) (MAR)
Low 2.0% 1.9%
08:30
GBP Consumer Price
Index (MoM) (APR)
Medium 0.4% 0.3%
08:30
GBP Consumer Price
Index (YoY) (APR)
High 2.6% 2.8%
08:30
GBP Core Consumer
Price Index (YoY)
(APR)
High 2.3% 2.4%
08:30
GBP Retail Price Index
(APR)
Low 249.9 248.7
08:30
GBP Retail Price Index
(MoM) (APR)
Low 0.5% 0.4%
08:30
GBP Retail Price Index
(YoY) (APR)
Low 3.1% 3.3%
08:30
GBP Retail Price Index
Ex Mort Int.Payments
(YoY) (APR)
Low 3.0% 3.2%
15:30
USD Fed's Bullard
Speaks on Monetary
Policy in Frankfurt
Low
17:00
USD Fed's Dudley
Speaks in New York
Low
22:45
NZD Net Migration s.a.
(APR)
Low 1220
23:50
JPY Merchandise
Trade Balance Total
(Yen) (APR)
Medium -¥637.3B -¥362.4B

10. 23:50
JPY Adjusted
Merchandise Trade
Balance (Yen) (APR)
Low -¥605.8B -¥922.0B
23:50
JPY Merchandise
Trade Exports (YoY)
(APR)
Low 5.5 1.1
Wed
May 22
JPY Bank of Japan
Rate Decision (MAY
22)
High 0.10% 0.10%
JPY BOJ Kuroda Press
Conference After Policy
Meeting
High
00:30
AUD Westpac
Consumer Confidence
(MAY)
Medium -5.1%
00:30
AUD Westpac
Consumer Confidence
Index (MAY)
Low 104.9
01:00
AUD DEWR Internet
Skilled Vacancies
(MoM) (APR)
Low 0.1%
04:00
JPY Bank of Japan
Monetary Policy
Statement
Medium
08:00
EUR Euro-Zone
Current Account s.a.
(euros) (MAR)
Low 16.3B
08:00
EUR Euro-Zone
Current Account n.s.a.
(euros) (MAR)
Low 12.1B
08:30
GBP Bank of England
Minutes
High
08:30
GBP Retail Sales
(MoM) (APR)
Low 0.1% -0.8%
08:30
GBP Retail Sales (YoY)
(APR)
Medium 1.8% 0.4%
08:30
GBP Retail Sales
w/Auto Fuel (MoM)
(APR)
Low 0.1% -0.7%
08:30
GBP Retail Sales
w/Auto Fuel (YoY)
(APR)
Medium 2.0% -0.5%
08:30
GBP Public Finances
(PSNCR) (Pounds)
(APR)
Medium -4.0B 31.3B
08:30
GBP PSNB ex
Interventions (APR)
Medium 8.5B 15.1B
08:30
GBP Public Sector Net
Borrowing (Pounds)
(APR)
Medium 8.8B 16.7B
10:00
GBP CBI Trends Total
Orders (MAY)
Low -17 -25
10:00
GBP CBI Trends
Selling Prices (MAY)
Low 5 8
11:00
USD MBA Mortgage
Applications (MAY 17)
Low -7.3%

11. 12:30
CAD Retail Sales
(MoM) (MAR)
Medium 0.2% 0.8%
12:30
CAD Retail Sales Less
Autos (MoM) (MAR)
Low 0.2% 0.7%
14:00
USD Fed's Bernanke
Testifies on Economic
Outlook
High
14:00
USD Existing Home
Sales (APR)
Low 4.99M 4.92M
14:00
USD Existing Home
Sales (MoM) (APR)
Medium 1.3% -0.6%
14:30
USD DOE U.S. Crude
Oil Inventories (MAY
17)
Low -624K
14:30
USD DOE Cushing OK
Crude Inventory (MAY
17)
Low 575K
14:30
USD DOE U.S.
Gasoline Inventories
(MAY 17)
Low 2588K
14:30
USD DOE U.S.
Distillate Inventory
(MAY 17)
Low 2300K
18:00
USD Fed Releases
Minutes from Apr 30 -
May 1 FOMC Meeting
High
23:50
JPY Merchandise
Trade Imports (YoY)
(APR)
Low 6.9 5.5
23:50
JPY Japan Buying
Foreign Bonds (Yen)
(MAY 17)
Medium ¥186.4B
23:50
JPY Japan Buying
Foreign Stocks (Yen)
(MAY 17)
Medium ¥19.2B
23:50
JPY Foreign Buying
Japan Bonds (Yen)
(MAY 17)
Low -¥413.5B
Thu
May 23
01:00
AUD Consumer
Inflation Expectation
(MAY)
Medium 2.20%
01:45
LIVE
CNY HSBC Flash
Manufacturing PMI
(MAY)
Medium 50.4 50.4
05:00
JPY Bank of Japan's
Monthly Economic
Report for May (Table)
Medium
07:00
EUR French
Purchasing Manager
Index Manufacturing
(MAY P)
Low 44.8 44.4
07:00
EUR French
Purchasing Manager
Index Services (MAY
P)
Low 44.5 44.3
07:30
EUR German
Purchasing Manager
Index Manufacturing
(MAY A)
Medium 48.5 48.1

12. 07:30
EUR German
Purchasing Manager
Index Services (MAY
A)
Medium 50.0 49.6
08:00
LIVE
EUR Euro-Zone
Purchasing Manager
Index Manufacturing
(MAY A)
Medium 47.0 46.7
08:00
LIVE
EUR Euro-Zone
Purchasing Manager
Index Services (MAY
A)
Medium 47.2 47.0
08:00
LIVE
EUR Euro-Zone
Purchasing Manager
Index Composite (MAY
A)
Medium 47.2 46.9
08:30
GBP Gross Domestic
Product (QoQ) (1Q P)
High 0.3% 0.3%
08:30
GBP Gross Domestic
Product (YoY) (1Q P)
High 0.6% 0.6%
08:30
GBP Private
Consumption (1Q P)
Low 0.3% 0.4%
08:30
GBP Government
Spending (1Q P)
Low 0.2% 0.6%
08:30
GBP Gross Fixed
Capital Formation (1Q
P)
Low 0.3% -0.2%
08:30 GBP Exports (1Q P) Low -1.0% -1.6%
08:30 GBP Imports (1Q P) Low -0.9% -1.0%
08:30
GBP Total Business
Investment (QoQ) (1Q
P)
Low -0.8%
08:30
GBP Total Business
Investment (YoY) (1Q
P)
Medium 0.8%
08:30
GBP Index of Services
(MoM) (MAR)
Low 0.1% 0.8%
08:30
GBP Index of Services
(3Mo3M) (MAR)
Low 0.6% 0.1%
10:05
USD Fed's Bullard to
Speak on Monetary
Policy in London
Low
12:30
USD Initial Jobless
Claims (MAY 18)
Medium 346K 360K
12:30
USD Continuing Claims
(MAY 17)
Low 3000K 3009K
12:58
USD Markit US PMI
Preliminary (MAY)
Medium 52
13:00
USD House Price Index
(MoM) (MAR)
Medium 0.80% 0.70%
13:00
USD House Price
Purchase Index (QoQ)
(1Q)
Low 1.40%

13. 14:00
EUR Euro-Zone
Consumer Confidence
(MAY A)
Medium -21.8 -22.3
14:00
USD New Home Sales
(APR)
Low 425K 417K
14:00
USD New Home Sales
(MoM) (APR)
Medium 1.90% 1.50%
14:30
USD EIA Natural Gas
Storage Change (MAY
17)
Low 99
15:00
USD Kansas City Fed
Manf. Activity (MAY)
Low -5 -5
22:45
NZD Trade Balance
(New Zealand dollars)
(APR)
Medium 480M 718M
22:45
NZD Exports (New
Zealand dollars) (APR)
Low 4.06B 4.42B
22:45
NZD Imports (New
Zealand dollars) (APR)
Low 3.60B 3.70B
23:50
JPY Foreign Buying
Japan Stocks (Yen)
(MAY 17)
Low ¥878.8B
Fri
May 24
EUR German Gross
Domestic Product s.a.
(QoQ) (1Q F)
Medium 0.1% 0.1%
01:35
CNY MNI May Flash
Business Sentiment
Indicator
Low
02:55
JPY Bank of Japan
Governor Kuroda
speech at Nikkei
Conference
Low
04:00
USD Revisions: New
Home Sales
Low
06:00
EUR German Gross
Domestic Product
w.d.a. (YoY) (1Q F)
High -0.2% -0.2%
06:00
EUR German Gross
Domestic Product
n.s.a. (YoY) (1Q F)
High -1.4% -1.4%
06:00
EUR German Domestic
Demand (1Q)
Low 0.1% 0.2%
06:00
EUR German Exports
(1Q)
Low -0.6% -2.0%
06:00
EUR German Capital
Investment (1Q)
Low -0.7% -0.7%
06:00
EUR German
Government Spending
(1Q)
Low 0.3% 0.4%
06:00
EUR German
Construction
Investment (1Q)
Low -1.2% -0.1%
06:00
EUR German Imports
(1Q)
Low -0.9% -0.6%

14. 06:00
EUR German Private
Consumption (1Q)
Low 0.3% 0.1%
06:00
EUR German GfK
Consumer Confidence
Survey (JUN) (JUN)
Medium 6.2 6.2
08:00
EUR German IFO -
Business Climate
(MAY)
Medium 104.4 104.4
08:00
EUR German IFO -
Current Assessment
(MAY)
Medium 107.2 107.2
08:00
EUR German IFO -
Expectations (MAY)
Medium 101.6 101.6
08:30
GBP BBA Loans for
House Purchase (APR)
Medium 32800 31227
12:30
LIVE
USD Durable Goods
Orders (APR)
High 1.7% -5.7%
12:30
USD Durables Ex
Transportation (APR)
Medium 0.5% -1.4%
12:30
USD Cap Goods
Orders Nondef Ex Air
(APR)
Low 0.5% 0.2%
12:30
USD Cap Goods Ship
Nondef Ex Air (APR)
Low 0.3%
22:45
NZD Balance (YTD)
(New Zealand dollars)
(APR)
Medium -380M -525M

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