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BUY  EURUSD @1.5608, SL @1.5593, TP @1.5618 Signal Time:  July 31, 2008 16:06 GMT STATUS: -ON -

(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; 200-period simple moving average in light blue.) 7/31/2008 – GBP/USD – Price on the GBP/USD (a 4-hour chart of which is shown) shot up on Thursday morning to hit a significant resistance point that combines the top of a new short-term downtrend channel (in red) and the underside of the previous short-term uptrend channel (in green) which price broke

Overview: The preliminary national account for Q2 showed that US GDP expanded by 1.9% q/q AR (Danske Bank: 2.0%, Consensus 2.3% q/q AR) implying a slowdown in the annual growth rate from a revised 2.5% in Q1 to 1.8% in Q2. The report also included revisions showing a contraction in the economy in Q4 by 0.2% q/q AR (prev. +0.6%) and a downward revision to Q1 GDP by one-tenth to 0.9% q/q AR.

The Romanian central bank (NBR) today announced that it has hiked its key policy rate by 25bp to 10.25%. The consensus expectation was for unchanged rates. We view today’s hike as prudent, as it indicates that the NBR is not letting down its guard on inflation. This is good news for the longer term prospects for Romanian markets. The Romanian leu strengthened on the back of the hike.

EURUSD: A swing low (lower low) may be shaping up as most of its intra day weakness on Wednesday was reversed to close marginally lower at 1.5580.A recovery higher was seen in early morning trading today suggesting that its July 24’08 low at 1.5627 could be targeted ahead of its .50 Ret/back of its invalidated LT trendline at 1.5668/81.Above this level if seen will create scope for further gains towards the 1.5842 level, its Jun 09’08 high followed by the 1.5945 level, its July 22’08 high and

August 2008 Calendar

ECONOMIC DATA ·SZ July CPI: M/M -0.4% v -0.4%e; Y/Y 3.1% v 3.0%e ·GE June ILO Unemployment Rate: 7.3% v 7.4%e ·GE July Unemployment Change -15K v - 20Ke ·GE July Unemployment Rate: 7.8% v 7.8%e ·UK July Nationwide House Prices: M/M -1.7% v -1.2%e; Prior revised from -0.9% to -0. 8% |||| Y/Y -8.1% v -7.3%e ·SP July Preliminary CPI Harmonized Y/Y: 5.3% v 5.2%e ·SW July Consumer Confidence: -18.2 v -12.0e ·SW July Economic Confidence: 89.0 v 93.3 prior || Prior revised from 93.8 to 93.3 ·SW Q2

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Action Insight Mid-Day Report Dollar Tumbles on GDP & Jobless Claims, But Supported by Chicago PMI Dollar retreats further against most major currencies in early US session Q2 GDP missed expectation and grew at 1.9% annualized rate. GDP price index was rose much less than expected at 1.1%. Personal consumption grew 1.5% while PCE core was also below expecting, growing 2.1%. Jobless claims released today surged sharply to 448k, adding more pressure to the greenback. Though, better than