Daily Market Outlook from ACFX

[acfx]

Daily Market Outlook from ACFX 08/09/2013

Important Financial Indicators of the day

CAD - 15:30 (GMT) - Employment Change
Forecast 6.2K
Previous -0.4K

CAD - 15:30 (GMT) - Unemployment Rate
Forecast 7.1%
Previous7.1%

Currencies

•EUR/USD The dollar is poised to drop against most of its major peers this week before Chinese data that will probably add to signs of stabilization in the Asian economy, buoying demand for higher-yielding assets. •The euro was little changed from yesterday at $1.3384 and set for a 0.8 percent weekly gain. It yesterday reached $1.34, the strongest level since June 19. The shared currency dropped 0.2 percent to 129.06 yen, set for a 1.7 percent decline since Aug. 2. The dollar slid 0.3 percent to 96.43 yen, heading for a 2.5 percent weekly loss, the most since the middle of June

•GBP/USD The pound strengthened to a seven-week high against the dollar after Bank of England Governor Mark Carney reiterated policy makers’ commitment to bring down inflation, fueling speculation interest rates will rise. •The pound advanced 0.4 percent to $1.5550 at 4:32 p.m. London time after rising to $1.5574, the highest level since June 19. Sterling was little changed at 86.10 pence per euro after advancing to 85.79 pence yesterday, the strongest since July 10.

•USD/CAD Canada’s dollar strengthened the most in almost a month after improved trade data from China and Germany added to signs the global economy is recovering, fueling speculation demand for the nation’s commodities will increase.

•Canada’s currency, nicknamed the loonie for the image of the bird on the C$1 coin, appreciated 0.9 percent, the most on a closing basis since July 11, to C$1.0328 per U.S. dollar at 5 p.m. in Toronto. It gained as much as 1.1 percent to C$1.0304, the strongest level since Aug. 1, after sliding yesterday to C$1.0445, the weakest since July 11. One Canadian dollar purchases 96.82 U.S. cents

Commodities

•Oil West Texas Intermediate crude rose for the first time in six days, trimming a weekly decline before government data forecast to show that retail sales climbed last month in China, the second-biggest oil consumer.

•WTI for September delivery advanced as much as 96 cents to $104.36 a barrel in electronic trading on the New York Mercantile Exchange and was at $104.25 at 1:16 p.m. Sydney time. The volume of all futures traded was 26 percent below the 100-day average. The contract fell 97 cents to $103.40 yesterday. Prices are down 2.5 percent this week.

•Brent for September settlement rose as much as 52 cents to $107.07 a barrel on the London-based ICE Futures Europe exchange. The European benchmark was at a premium of $2.87 to WTI futures, down from $3.28 yesterday.

•Gold traded near its highest in four days after climbing the most in more than two weeks yesterday as investors weighed speculation the Federal Reserve will pare bond purchases. Platinum rose to the highest in two months.

•Bullion for immediate delivery added as much as 0.3 percent to $1,317.10 an ounce and was at $1,314.74 by 10:59 a.m. in Singapore. Prices rose 2 percent yesterday, the most since July 22, and are set to gain 0.2 percent this week. Gold for December increased 0.3 percent at $1,313.90 on the Comex in New York.

Equities
•Asian stocks index is on course to snap its longest weekly winning streak since January after Nikon Corp. (7731) cut its profit forecast and as investors await Chinese industrial production data.

•The MSCI Asia Pacific Index slid 0.2 percent to 133.56 as of 12:48 p.m. in Tokyo, with four stocks falling for every three that rose. The gauge is headed for a 1.5 percent decline this week, ending six weeks of gains. That was the longest run of weekly gains since the first week of this year.

•U.S stocks rose, with the Standard & Poor’s 500 Index halting a three-day drop, as Chinese trade data topped estimates and jobless claims fell to the lowest monthly rate since before the recession.

•The S&P 500 climbed 0.4 percent to 1,697.48 at 4 p.m. in New York, paring the index’s weekly drop to 0.7 percent. The Dow Jones Industrial Average gained 27.65 points, or 0.2 percent, to 15,498.32. About 5.9 billion shares changed hands on U.S. exchanges, 6.9 percent below the three-month average

[acfx]

Daily Market Outlook from ACFX 08/12/2013

Important Financial Indicators of the day

JPY - 02:50 (GMT) - Prelim GDP q/q

Forecast 0.9%

Previous 1.0%

Currencies

•EUR/USD The Dollar Index climbed for a second day before U.S. data forecast to show retail sales rose a fourth-straight month, adding to the case for the Federal Reserve to reduce monetary stimulus.•The greenback rose 0.3 percent to 96.51 yen, after dropping to 95.81 on Aug. 8, the lowest since June 19. It added 0.1 percent to $1.3325 per euro. Europe’s shared currency rallied 0.2 percent to 128.60 yen after earlier reaching 127.98, the weakest since June 27.

•NZD/USD New Zealand’s two-year swap rate was near the highest since 2011 after a private report showed housing prices remained close to an all-time high in the South Pacific nation. •New Zealand’s currency was little changed at 80.31 U.S. cents, while the Aussie fell 0.2 percent to 91.86 U.S. cents. The kiwi climbed 2.6 percent and the Aussie jumped 3.4 percent last week, the biggest gain for both currencies since December 2011.

Commodities

•Oil West Texas Intermediate crude swung between gains and losses after the biggest rally in more than a week as hedge funds cut bullish bets. •WTI for September delivery was at $106.07 a barrel in electronic trading on the New York Mercantile Exchange, up 10 cents at 2:40 p.m. Singapore time. The contract advanced $2.57 to settle at $105.97 on Aug. 9. The volume of all futures traded was 13 percent below the 100-day average. Prices fell 0.9 percent last week.
•Brent for September settlement slid 14 cents to $108.08 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $2.02 to WTI contracts. The spread narrowed on Aug. 9 for the first time in six days to $2.25

•Gold climbed to the highest level this month after holdings in the biggest bullion-backed exchange-traded product expanded for the first time since June. Platinum advanced for a fourth day to a two-month high. •Bullion for immediate delivery rallied as much as 1.5 percent to $1,333.94 an ounce, the highest price since July 31, and traded at $1,331.69 at 2:05 p.m. in Singapore. Gold for December delivery climbed as much as 1.6 percent to $1,333 an ounce on the Comex in New York and was at $1,330.40.

Equities

•Asian stocks outside Japan rose as Chinese property developers and commodities companies climbed. Japanese shares fell after growth in the world’s third-largest economy slowed more than forecast.

•The MSCI Asia Pacific excluding Japan Index advanced 1 percent to 444.77 as of 2:30 p.m. in Hong Kong. All 10 groups on the gauge rose. More than two stocks climbed for each that dropped. China’s Shanghai Composite Index (SHCOMP), now at the cheapest valuation of the world’s top 10 stock markets, added 2 percent, on course for the highest closing level in two months

•European stocks have risen half as much as global benchmarks this year, leaving them cheaper than equities in the U.S. and Asia as the region’s economy starts to recover from the longest recession on record.
•After a 7.2 percent gain in 2013, the Euro Stoxx 50 Index (SX5E) trades at 12.5 times projected earnings, 6.7 percent less than in 2009, the last time the euro area was in the final quarter of a contraction, data compiled by Bloomberg show. In the U.S., where the economy is in its 10th straight quarter of growth, the Standard & Poor’s 500 Index is valued at 15.3 times estimated profit and Japan’s Topix trades at 14.2 times income after Prime Minister Shinzo Abe vowed to end two decades of deflation.

•U.S stocks fell for the week, with benchmark indexes posting the worst losses since June, as better-than-estimated data on trade and service industries fueled concern the Federal Reserve may reduce its stimulus.
•The Standard & Poor’s 500 Index dropped 1.1 percent to 1,691.42. The Dow Jones Industrial Average slid 232.85 points, or 1.5 percent, to 15,425.51. Both gauges capped their worst week since June 21 after closing at records on Aug. 2.

[acfx]

Daily Market Outlook from ACFX 08/13/2013

Important Financial Indicators of the day

GBP - 11:30 (GMT) - CPI y/y - Forecast 2.8% - Previous 2.9%
EUR - 12:00 (GMT) - German ZEW Economic Sentiment - Forecast 40.3 - Previous 36.3
USD - 15:30 (GMT) - Core Retail Sales m/m - Forecast 0.4% - Previous 0.0%
USD - 15:30 (GMT) - Retail Sales m/m - Forecast 0.2% - Previous 0.4%

Currencies

â—¾EUR/USD The dollar touched the highest in
almost a week versus the yen before a report today that may show
U.S. retail sales climbed for a fourth month.

â—¾The dollar rose 0.4 percent to 97.30 yen as of 1 p.m. in
Tokyo after earlier touching 97.44, the strongest since Aug. 7.
It fetched $1.3310 per euro, down 0.1 percent from yesterday.
Japan’s currency slid 0.5 percent to 129.49 per euro.

◾AUD/USD Australia’s dollar fell for a second
day before U.S. data that may show retail sales climbed, adding
to the case for the Federal Reserve to taper monetary stimulus
that tends to weaken the greenback.

◾Australia’s currency lost 0.4 percent to 91.14 U.S. cents
as of 10:07 a.m. in Sydney from yesterday. The kiwi dollar
dropped 0.5 percent to 79.76 U.S. cents. It posted a 2.6 percent
weekly gain on Aug. 9, the most since December 2011

◾USD/CAD Canada’s dollar declined for the
first time in three days after it failed to breach a key
technical level, a move that might have signaled gains beyond a
one-week high it reached last week, spurring speculation the
currency’s run of strength is at an end.

◾Canada’s currency depreciated 0.2 percent to C$1.0307 per
U.S. dollar at 5 p.m. in Toronto after gaining earlier to
C$1.0281. Its 100-day moving average is C$1.0279. It touched
C$1.0276 on Aug. 9, the strongest level since Aug. 1. One
Canadian dollar buys 97.02 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate crude traded
near the highest price in five days amid speculation that U.S.
stockpiles fell for the sixth time in seven weeks as summer
driving buoyed demand.

â—¾WTI for September delivery was at $106.18 a barrel in
electronic trading on the New York Mercantile Exchange, up 7
cents at 12:20 p.m. Singapore time. The volume of all futures
traded was 34 percent below the 100-day average. Prices have
climbed 16 percent this year.

â—¾Brent for September settlement gained 2 cents to $108.99 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $2.83 to WTI, from $2.86 yesterday.

â—¾Gold snapped a four-day advance as a
rally to the highest level in almost three weeks damped demand
and prompted some investors to sell. Silver declined.

â—¾Spot gold fell as much as 0.6 percent to $1,330.35 an ounce
and was at $1,336.55 at 11:57 a.m. in Singapore. Bullion climbed
4.3 percent in the four days through yesterday, when it touched
$1,344.40, the highest price since July 24.

Equities

â—¾Asian stocksrose for a fourth day, with Japanese shares gaining after the yen weakened as a report showed machinery orders beat estimates and amid a report Prime Minister Shinzo Abe is considering a corporate-tax cut.

â—¾The MSCI Asia Pacific Index added 0.5 percent to 134.81 as of 11:39 a.m. in Hong Kong, with about three shares rising for each that fell. Nine of the 10 industry groups increased on the gauge, which is headed for its longest winning streak in six weeks.

â—¾European stocks closed little
changed at a 10-week high as a rally in mining companies offset
slower-than-forecast economic growth in Japan.

â—¾The Stoxx Europe 600 Index increased less than 0.1 percent to 306.08 at the close of trading, having earlier risen as much as 0.2 percent ad declined 0.6 percent. The benchmark gauge added 0.6 percent last week as better-than-forecast economic data in Europe and China outweighed concern that the Federal Reserve will reduce the pace of its bond-purchase program. The measure has rallied 9.4 percent .

◾U.S stocks fell, giving the Standard & Poor’s 500 Index to its fifth drop in
six sessions, as data showed a slowdown in Japan’s economic growth and
investors awaited tomorrow’s report on America’s retail sales.

â—¾The S&P 500 fell 0.1 percent to 1,689.47 at 4 p.m. in New York, extending its loss from a record high to 1.2 percent. The Dow Jones Industrial Average declined 5.83 points, or less than 0.1 percent, to 15,419.68. About 5 billion shares changed hands on U.S. exchanges, 20 percent below the three-month average.

[acfx]

Daily Market Outlook 08/16/2013

Important Financial Indicators of the day

CAD - 15:30 (GMT) - Manufacturing Sales m/m - Forecast 0.5% - Previous 0.7%
USD - 15:30 (GMT) - Building Permits - Forecast 0.95M - Previous 0.92M
USD - 16:55 (GMT) - Prelim UoM Consumer Sentiment - Forecast 85.6 - Previous 85.1

Currencies

â—¾EUR/USD The dollar headed for its biggest weekly advance in a month against the yen before U.S. reports that economists said will show housing starts and consumer confidence improved.

â—¾The dollar was little changed at 97.35 yen at 8:36 a.m. in
London, having risen 1.2 percent this week, the most since the
period ended July 19. The U.S. currency was also little changed
at $1.3348 per euro. The yen traded at 129.92 per euro from
129.97 yesterday.

â—¾GBP/USD The pound headed for a second
weekly gain versus the dollar and the euro after data added
to signs the U.K. economy is strengthening.

â—¾The pound slid 0.1 percent to $1.5626 at 7:39 a.m. London
time after appreciating to $1.5652 yesterday, the highest since
June 19. It has gained 0.8 percent this week. The U.K. currency
was little changed at 85.35 pence per euro after reaching 85.05
pence yesterday, the strongest since July 3. It has appreciated
0.8 percent since Aug. 9.

◾USD/CAD Canada’s dollar gained the most this week as speculation the Federal Reserve will begin slowing stimulus as soon as September weighed on demand for assets denominated in the U.S. currency.

◾The loonie, as Canada’s currency is nicknamed for the image
of the aquatic bird on the C$1 coin, appreciated 0.4 percent,
the most on a closing basis since Aug. 9, to C$1.0306 per U.S.
dollar at 5 p.m. in Toronto. It declined earlier to C$1.0364
after touching C$1.0370 yesterday, the weakest since Aug. 8. One
loonie buys 97.03 U.S. cents

Commodities

â—¾Oil West Texas Intermediate crude traded
near the highest price in two weeks as an escalating conflict in
Egypt fanned concern that oil shipments through the country may
be disrupted.

◾WTI for September delivery was at $107.39 a barrel in electronic trading on the New York Mercantile Exchange, up 6 cents at 3 p.m. Singapore time. The volume of all futures traded was 26 percent below the 100-day average. The contract ended yesterday’s session at $107.33, the highest close since Aug. 1. Prices have advanced 1.3 percent this week.

â—¾Brent for October settlement increased 3 cents to $109.63 a
barrel on the London-based ICE Futures Europe exchange. The
September contract expired yesterday after climbing 91 cents to
$111.11, the highest since March 7. The front-month European
benchmark crude was at a premium of $2.54 to WTI futures. The
spread widened for a fourth day yesterday to $3.78.

â—¾Gold traded near a two-month high,
set for the best week in five, on signs of increased physical
demand and as sales from exchange-traded products slowed. Silver
was set for the best week since October 2011.

â—¾Spot gold rose as much as 0.5 percent to $1,372.97 an ounce,
the highest since June 19, and traded at $1,364.55 at 2:05 p.m.
in Singapore. Silver was little changed at $23.01 an ounce after
yesterday rising more than 20 percent from a 34-month low on
June 27 to meet the common definition of a bull market.

Equities

â—¾Asian stocks fell as investors shied away from riskier assets after an unexpected drop in U.S. jobless claims fueled speculation the Federal Reserve will cut stimulus next month. Chinese shares reversed the biggest intraday surge since March 2009.

â—¾The MSCI Asia Pacific Index slid 0.5 percent to 134.23 as of 2:20 p.m. in Hong Kong, with all 10 industry groups on the gauge retreating. More than two shares dropped for each that rose. The measure is on course for a 0.2 percent gain this week.

â—¾European stocks were little changed,
after the Stoxx Europe 600 Index dropped the most in more than
five weeks yesterday, as investors awaited reports on the U.S.
housing market. U.S. futures rose, while Asian shares fell.

◾The Stoxx 600 slipped 0.2 percent to 304.85 at 8:38 a.m. in London, extending its decline this week to 0.3 percent. Standard & Poor’s 500 Index futures added 0.3 percent, while the MSCI Asia Pacific Index retreated 0.2 percent.

◾U.S stocks fell the most since June as forecasts from Cisco Systems Inc. and Wal-Mart Stores Inc. disappointed while improving economic data pushed bond yields higher amid concern the Federal Reserve will reduce stimulus. ◾The Standard & Poor’s 500 Index slipped 1.4 percent, the most since June 20, to 1,661.32 at 4 p.m. in New York. The Dow Jones Industrial Average dropped 225.47 points, or 1.5 percent, to 15,112.19, the lowest level since July 3. About 6.6 billion shares exchanged hands on U.S. exchanges today, 4.5 percent above the three-month average. Treasury yields rose to the highest levels in two years.

[acfx]

Daily Market Outlook from ACFX 08/19/2013

Currencies

â—¾EUR/USD The euro was 0.4 percent from a one-week high against its U.S. peer before German data this week
that analysts predict may show the currency bloc’s largest
economy is gaining momentum

â—¾The euro bought $1.3324 as of 1:28 p.m. in Tokyo from $1.3329 at the end of last week, when it touched $1.3380, the strongest level since Aug. 9. The currency was little changed at 130.01 yen. The dollar added 0.1 percent to 97.58 yen, after earlier strengthening as much as 0.3 percent.

◾AUD/USD Australia’s dollar rose to a three-week high on speculation minutes tomorrow of the Reserve Bank’s meeting this month will signal the central bank is in no hurry to cut interest rates.

â—¾The Australian currency gained 0.3 percent to 92.15 U.S.
cents as of 2:30 p.m. in Sydney from Aug. 16, after touching
92.33, the highest since July 29. New Zealand’s dollar gained
0.2 percent to 81.20 U.S. cents, after touching 81.29, the
strongest since June 14.

Commodities

â—¾Oil West Texas Intermediate oil swung between gains and losses near a two-week high. Goldman Sachs Group Inc. raised its price forecasts for Brent, citing supply disruptions in Libya and Iraq.

â—¾WTI for September delivery, which expires tomorrow, climbed 9 cents to $107.55 a barrel in electronic trading on the New York Mercantile Exchange at 12:20 p.m. Singapore time. The volume of all futures traded was about 3 percent above the 100-day average. The contract ended the session at $107.46 on Aug. 16, the highest close since Aug. 1. The more active October future was up 7 cents at $107.36.

â—¾Brent for October settlement increased 8 cents to $110.48 a
barrel on the London-based ICE Futures Europe exchange. It was
at a premium of $3.12 to WTI. The spread narrowed for the first
time in a week on Aug. 16 to $3.11.

â—¾Gold rose to a two-month high after
holdings in the largest exchange-traded product posted the first
weekly expansion this year. Silver headed for the longest rally
since March 2008.

â—¾Spot gold gained as much as 0.6 percent to $1,384.55 an ounce, the highest since June 18, and traded at $1,382.45 at 10:05 a.m. in Singapore. Silver added 1.6 percent to $23.6225 an ounce, the highest since May 14, after entering a bull market last week

Equities

â—¾Asian stocks fell for a third day as a retreat in emerging markets dragged the
regional benchmark gauge to its lowest level in a week. Japan’s
Topix index swung from losses to gains amid low trading volumes.

◾The MSCI Asia Pacific excluding Japan Index fell 0.5 percent to 444.56 as of 12:30 p.m. in Hong Kong. Seven of the 10 industry groups on the gauge dropped. The measure has lagged an increase in U.S. stocks this year as growth slows in China and speculation that the Federal Reserve will curb U.S. bond buying spurred investors to sell assets perceived as riskier across Asia and emerging markets. The Federal Open Market Committee’s July meeting minutes are scheduled to be released on Aug. 21.

â—¾European stocks advanced for a third straight week as data showing the euro area emerged from the longest recession on record outweighed speculation the Federal Reserve will trim monetary stimulus.

â—¾The benchmark Stoxx Europe 600 Index increased 0.1 percent to 306.36 this past week, extending its 2013 advance to 9.5 percent. The Euro Stoxx 50 Index added 1 percent for a sixth week of gains. Gross domestic product in the 17-nation euro area expanded 0.3 percent in the second quarter after a six straight periods of contraction

â—¾U.S stocks Investors are favoring U.S. stocks over emerging markets by the most
ever as fund flows and volatility measures show institutions are
increasingly seeking the relative safety of American equities.

â—¾The S&P 500 slid 2.1 percent to 1,655.83 last week, paring its gain
this year to 16 percent, as data on rising retail sales, subdued
inflation and a drop in jobless claims fueled speculation the Fed will
cut monetary stimulus, known as quantitative easing. The central bank
will probably reduce the $85 billion in monthly bond purchases next
month

[acfx]

Daily Market Outlook from ACFX 08/21/2013

Important Financial Indicators of the day

USD - 17:00 (GMT) - Existing Home Sales - Forecast 5.15M - Previous 5.08M
USD - 21:00 (GMT) - FOMC Meeting Minutes

Currencies

â—¾EUR/USD The dollar rose versus its Asia-Pacific counterparts as investors await the release today of
minutes from the Federal Reserve’s last meeting for signals on
when it may curtail monetary stimulus.

â—¾The euro bought $1.3422 from $1.3417 yesterday, when it
reached $1.3452, the highest since Feb. 14. It was little
changed at 130.52 yen.

â—¾GBP/USD The British pound is reversing its
best monthly gain in a year against the Swiss franc as trading
patterns suggest its rise was too much, too soon.

â—¾The pound has climbed 2.8 percent in August versus a basket of 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes, the biggest monthly gain since September 2011, as unemployment requests dropped more in July than economists forecast. Sterling bears view the data strength as temporary with the Bank of England remaining prepared to loosen monetary policy.

◾USD/CAD The Canadian dollar fell to the lowest in almost two weeks as oil, the nation’s biggest export, slid amid bets the Federal Reserve will slow monetary stimulus that has fueled demand for riskier assets as soon as next month. ◾The loonie, as Canada’s currency is nicknamed for the image of the aquatic bird on the C$1 coin, depreciated for a third day, losing 0.5 percent to C$1.0392 per U.S. dollar at 5 p.m. in Toronto. It touched C$1.0401, the weakest level since Aug. 8. One Canadian dollar buys 96.23 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate crude swung
between gains and losses after declining the most in two months
yesterday amid speculation the Federal Reserve will taper
economic stimulus. Industry data showed U.S. supplies fell.

â—¾WTI for October delivery was at $104.90 a barrel, down 21
cents, in electronic trading on the New York Mercantile Exchange
at 12:35 p.m. Singapore time. The volume of all futures traded
was about 29 percent below the 100-day average. The September
contract expired at $104.96 yesterday after losing 2 percent,
the most since June 20.

â—¾Brent for October settlement slid 35 cents to $109.80 a
barrel on the London-based ICE Futures Europe exchange. The
European benchmark crude was at a premium of $4.90 to WTI. The
spread was $5.04 yesterday, the widest since June 28.

â—¾Gold fluctuated between gains and
losses before the U.S. Federal Reserve releases minutes from its
last meeting, which may provide clues on whether the pace of
stimulus will be slowed amid signs of increased bullion demand.

â—¾Spot gold gained and fell at least 0.3 percent, and was up
45 cents at $1,371.62 an ounce at 11:30 a.m. in Singapore.
Prices rose to a two-month high of $1,384.55 on Aug. 19. Assets
in the biggest exchange-traded product expanded for the fourth
time this month, while the volume for Shanghai’s benchmark spot
contract climbed to the highest in more than two weeks.

Equities

◾Asian stocks index fell for a fifth day to trade at the lowest level in six weeks before the release of minutes of the Federal Reserve’s July meeting.

â—¾The MSCI Asia Pacific Index dropped 0.7 percent to 130.68
as of 12:20 p.m. in Hong Kong, with all 10 industry groups on
the gauge falling. The measure fell 3.3 percent in the past four
days to the lowest closing level since July 9.

â—¾European stocks fell for a second day, following Asian shares lower, amid speculation the Federal Reserve will curb its bond-buying program as soon as next month. â—¾The Stoxx Europe 600 Index lost 0.8 percent to 302.25 at the close of trading, its lowest level since July 31. The equity benchmark has fallen 2.7 percent from its peak this year on May 22 as Fed Chairman Ben S. Bernanke said the U.S. central bank could pare stimulus measures if the economy improves in line with its forecasts.

◾U.S stocks rose, with the Standard & Poor’s 500 snapping a four-day losing
streak, as retailers’ results surpassed estimates and investors awaited
signals on stimulus measures from the Federal Reserve.

â—¾The S&P 500 rose 0.4 percent to 1,652.35 at 4 p.m. in New York. The
Dow Jones Industrial Average fell 7.75 points, or less than 0.1 percent,
to 15,002.99, erasing earlier gains of as much as 0.4 percent. Almost
5.3 billion shares changed hands on U.S. exchanges today, 16 percent
below the three-month average, as more than three stocks rose for each
that fell.

[acfx]

Daily Market Outlook from ACFX 08/22/2013

Important Financial Indicators of the day

EUR - 10:00 (GMT) - French Flash Manufacturing PMI - Forecast 50.4 - Previous 49.7
EUR - 10:30 (GMT) - German Flash Manufacturing PMI - Forecast -51.1 - Previous 50.7
USD - 15:30 (GMT) - Core Retail Sales m/m - Forecast 0.1% - Previous 1.2%
USD - 15:30 (GMT) - Unemployment Claims - Forecast329K - Previous 320K

Currencies

â—¾EUR/USD The dollar advanced versus most of
its major counterparts before housing and employment data that
may signal continued recovery in the U.S., boosting the case for
a reduction in central bank stimulus.

◾The dollar added 0.5 percent to 98.17 yen as of 1:31 p.m. in Tokyo. It gained 0.1 percent to $1.3340 per euro after climbing 0.5 percent yesterday. Europe’s shared currency bought 130.96 yen, 0.4 percent stronger than the close in New York

◾AUD/USD Australia’s dollar rallied against
all 16 major peers after a private report showed China’s
manufacturing expanded for the first time in four months,
boosting trade prospects.

◾Australia’s currency gained 0.3 percent to 89.93 U.S. cents
at 3:23 p.m. in Sydney after falling 2.4 percent in the previous
three sessions. The Aussie added 0.4 percent to NZ$1.1473 after
touching NZ$1.1483, the highest since Aug. 5. New Zealand’s
dollar was little changed at 78.43 U.S. cents.

â—¾USD/CAD The Canadian dollar dropped to a
six-week low after after Federal Reserve meeting minutes showed
officials in broad agreement to start tapering bond purchases
later this year.

◾The loonie, as Canada’s currency is nicknamed for the image
of the aquatic bird on the C$1 coin, depreciated 0.8 percent to
C$1.0474 per U.S. dollar at 5 p.m. in Toronto after touching
C$1.0483, the weakest level since July 10. One Canadian dollar
buys 95.48 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate crude traded
near the lowest level in almost two weeks as signs that the U.S.
will taper economic stimulus this year raised speculation oil
demand may falter in the world’s biggest consumer.

â—¾WTI for October delivery was at $103.60 a barrel, down 25 cents, in electronic trading on the New York Mercantile Exchange at 9:54 a.m. Sydney time. The volume of all futures traded was about 67 percent below the 100-day average. The contract slid $1.26 to $103.85 yesterday, the lowest close since Aug. 8.

â—¾Brent for October settlement fell 34 cents, or 0.3 percent,
to $109.81 a barrel on the London-based ICE Futures Europe
exchange yesterday. The European benchmark crude ended the
session at a premium of $5.96 to WTI futures, the widest gap
since June 26.

◾Gold pared losses as investors weighed the minutes of the U.S. Federal Reserve’s last meeting, which reinforced expectations that stimulus will be tapered, against an unexpected increase in China’s manufacturing.

â—¾Spot gold fell as much as 0.8 percent to $1,355.30 an ounce,
before trading 0.2 percent lower at $1,364.49 at 10:40 a.m. in
Singapore. Prices fell 0.3 percent yesterday after the minutes
of the July meeting showed policy makers were comfortable with a
plan to start reducing bond buying later this year if the
economy improves, with a few saying tapering may be needed soon.

Equities

â—¾Asian stocks fell, with the regional
gauge close to wiping out all this year’s gains, as it heads for
its longest losing streak since November, after Federal Reserve
minutes showed officials support stimulus cuts this year.

◾The MSCI Asia Pacific Index dropped 0.9 percent to 129.45 as of 2:20 p.m. in Tokyo, less than 0.1 percent away from wiping out this year’s gains. About two stocks declined for each that rose as all 10 industry groups fell on the measure.

◾European stocks posted their longest losing streak in eight weeks amid speculation that the minutes of the Federal Reserve’s July meeting will give further details of when the central bank will slow its monthly bond purchases.

◾The Stoxx Europe 600 Index slipped 0.5 percent to 300.61 at the close of trading, extending its lowest level since July 31. The gauge has fallen 3.2 percent from this year’s high on May 22 as speculation mounted that the Fed will start to slow the pace of its quantitative-easing program next month.

◾U.S stocks fell, giving the Dow Jones Industrial Average its longest slump in 13 months, as minutes of the Federal Reserve’s July meeting showed officials support stimulus cuts this year if the economy improves.

◾The Standard & Poor’s 500 Index (SPX) lost 0.6 percent to 1,642.80 at 4 p.m. in New York, the lowest since July 8. The Dow dropped 105.44 points, or 0.7 percent, to 14,897.55. The measure retreated for a sixth day, the longest losing streak since July 2012. About 5.6 billion shares changed hands on U.S. exchanges today, 11 percent below the three-month average.

[acfx]

Daily Market Outlook from ACFX 08/23/2013

Important Financial Indicators of the day

Forecast

Previous

EUR - 10:00 (GMT) - French Flash Manufacturing PMI - Forecast 50.4 - Previous 49.7
EUR - 10:30 (GMT) - German Flash Manufacturing PMI - Forecast 51.1 - Previous 50.7
USD - 15:30 (GMT) - Core Retail Sales m/m - Forecast 0.1% - Previous 1.2%
USD - 15:30 (GMT) - Unemployment Claims - Forecast 329K - Previous 320K

Currencies

â—¾EUR/USD The dollar advanced versus most of
its major counterparts before housing and employment data that
may signal continued recovery in the U.S., boosting the case for
a reduction in central bank stimulus.

â—¾The dollar added 0.5 percent to 98.17 yen as of 1:31 p.m. in Tokyo.
It gained 0.1 percent to $1.3340 per euro after climbing 0.5 percent yesterday.
Europe’s shared currency bought 130.96 yen, 0.4 percent stronger than the close in New York

◾AUD/USD Australia’s dollar rallied against
all 16 major peers after a private report showed China’s
manufacturing expanded for the first time in four months,
boosting trade prospects.

◾Australia’s currency gained 0.3 percent to 89.93 U.S. cents
at 3:23 p.m. in Sydney after falling 2.4 percent in the previous
three sessions. The Aussie added 0.4 percent to NZ$1.1473 after
touching NZ$1.1483, the highest since Aug. 5. New Zealand’s
dollar was little changed at 78.43 U.S. cents.

â—¾USD/CAD The Canadian dollar dropped to a
six-week low after after Federal Reserve meeting minutes showed
officials in broad agreement to start tapering bond purchases
later this year.

◾The loonie, as Canada’s currency is nicknamed for the image
of the aquatic bird on the C$1 coin, depreciated 0.8 percent to
C$1.0474 per U.S. dollar at 5 p.m. in Toronto after touching
C$1.0483, the weakest level since July 10. One Canadian dollar
buys 95.48 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate crude traded
near the lowest level in almost two weeks as signs that the U.S.
will taper economic stimulus this year raised speculation oil
demand may falter in the world’s biggest consumer.

â—¾WTI for October delivery was at $103.60 a barrel, down 25 cents,
in electronic trading on the New York Mercantile Exchange at 9:54 a.m. Sydney time.
The volume of all futures traded was about 67 percent below the 100-day average.
The contract slid $1.26 to $103.85 yesterday, the lowest close since Aug. 8.

â—¾Brent for October settlement fell 34 cents, or 0.3 percent,
to $109.81 a barrel on the London-based ICE Futures Europe
exchange yesterday. The European benchmark crude ended the
session at a premium of $5.96 to WTI futures, the widest gap
since June 26.

◾Gold pared losses as investors weighed the minutes of the U.S. Federal Reserve’s last meeting,
which reinforced expectations that stimulus will be tapered,
against an unexpected increase in China’s manufacturing.

â—¾Spot gold fell as much as 0.8 percent to $1,355.30 an ounce,
before trading 0.2 percent lower at $1,364.49 at 10:40 a.m.
in Singapore. Prices fell 0.3 percent yesterday after the minutes
of the July meeting showed policy makers were comfortable with a
plan to start reducing bond buying later this year if the
economy improves, with a few saying tapering may be needed soon.

Equities

â—¾Asian stocks fell, with the regional
gauge close to wiping out all this year’s gains, as it heads for
its longest losing streak since November, after Federal Reserve
minutes showed officials support stimulus cuts this year.

â—¾The MSCI Asia Pacific Index dropped 0.9 percent to 129.45 as of 2:20 p.m. in Tokyo,
less than 0.1 percent away from wiping out this year’s gains.
About two stocks declined for each that rose as all 10 industry groups fell on the measure.

â—¾European stocks posted their longest losing streak in eight weeks amid speculation
that the minutes of the Federal Reserve’s July meeting will give further details of when
the central bank will slow its monthly bond purchases.

â—¾The Stoxx Europe 600 Index slipped 0.5 percent to 300.61 at the close of trading,
extending its lowest level since July 31. The gauge has fallen 3.2 percent from
this year’s high on May 22 as speculation mounted that the Fed will start to slow
the pace of its quantitative-easing program next month.

â—¾U.S stocks fell, giving the Dow Jones Industrial Average its longest slump in 13 months,
as minutes of the Federal Reserve’s July meeting showed officials support stimulus cuts
this year if the economy improves.

◾The Standard & Poor’s 500 Index (SPX) lost 0.6 percent to 1,642.80 at 4 p.m. in New York,
the lowest since July 8. The Dow dropped 105.44 points, or 0.7 percent, to 14,897.55.
The measure retreated for a sixth day, the longest losing streak since July 2012.
About 5.6 billion shares changed hands on U.S. exchanges today, 11 percent below the three-month average.

[acfx]

Daily Market Outlook from ACFX 08/26/2013

Important Financial Indicators of the day

USD - 15:30 (GMT) - Core Durable Good Orders m/m - Forecast 0.6% - Previous -0.1%

Currencies

â—¾EUR/USD The dollar maintained a weekly
decline against the euro as investors speculated over whether
the U.S. economy is strong enough to support a reduction in
Federal Reserve stimulus next month.

â—¾The dollar was little changed at $1.3381 per euro as of
2:04 p.m. in Tokyo from Aug. 23, when it completed a 0.4 percent
weekly loss. It traded at 98.60 yen from 98.72 at the end of
last week. The euro was at 131.94 yen, after reaching 132.43 on
Aug. 23, the most since July 25.

â—¾AUD/USD Australian government bonds rose along with the currency,
as investors weigh the U.S. central bank’s timing for tapering stimulus
that has supported higher-yielding assets globally.

◾Australia’s 10-year government bond yield dropped four
basis points, or 0.04 percentage point, to 4.01 percent as of
2:13 p.m. in Sydney. The rate on sovereign debt due in two years
fell one basis point to 2.51 percent. The nation’s currency
added 0.1 percent to 90.40 U.S. cents after gaining 0.7 percent
in the two days ended Aug. 23.

◾USD/CAD Canada’s dollar lost the most in more than two months as wholesale
and retail sales fell and consumer-price gains stayed below the central bank’s
inflation target for a 15th month, fueling concern the economy is slowing.

◾Canada’s currency depreciated 1.5 percent to C$1.0496 per
U.S. dollar this week in Toronto, the biggest drop since the
five days ended June 21. It touched C$1.0568 yesterday, the
weakest since July 9. One Canadian dollar buys 95.27 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate crude rose for a third day as speculation the Federal Reserve
will maintain economic stimulus boosted the demand outlook in the world’s
biggest oil user. Brent’s premium to WTI narrowed.

â—¾WTI for October delivery climbed as much as 95 cents to $107.37 a barrel in
electronic trading on the New York Mercantile Exchange and was at $107.02
at 1:57 p.m. Sydney time. The contract climbed 1.3 percent to $106.42 on Aug. 23,
the biggest gain since Aug. 9.

â—¾Brent for October settlement advanced 26 cents to $111.30 a
barrel on the London-based ICE Futures Europe exchange. The
European benchmark crude was at a premium of $4.27 to WTI, down
from $4.62 on Aug. 23.

â—¾Gold swung between gains and losses after climbing to the highest level since
June as investors weighed the outlook for stimulus in the U.S., with a
slump in new-home sales boosting the case for sustained debt-buying.

â—¾Bullion for immediate delivery rose as much as 0.7 percent to $1,407.18 an ounce,
the highest since June 7, before trading 0.2 percent lower at $1,395.64 at 11:23 a.m. in Singapore.
Gold for December delivery rose as much as 0.8 percent to $1,407
an ounce on the Comex, also the highest since June 7.

Equities
â—¾Asian stocks rose for a second day after a slump in U.S. home sales eased speculation the Federal Reserve will reduce economic stimulus next month. â—¾The MSCI Asia Pacific Index advanced 0.3 percent to 131.80
as of 1:42 p.m. in Tokyo, with all of the 10 industry groups on
the gauge rising.

[acfx]

Daily Market Outlook from ACFX 08/27/2013

Important Financial Indicators of the day

USD - 15:30 (GMT) - Core Durable Good Orders m/m - Forecast 0.6% - Previous -0.1%

Currencies

â—¾EUR/USD The dollar maintained a weekly
decline against the euro as investors speculated over whether
the U.S. economy is strong enough to support a reduction in
Federal Reserve stimulus next month.

â—¾The dollar was little changed at $1.3381 per euro as of
2:04 p.m. in Tokyo from Aug. 23, when it completed a 0.4 percent
weekly loss. It traded at 98.60 yen from 98.72 at the end of
last week. The euro was at 131.94 yen, after reaching 132.43 on
Aug. 23, the most since July 25.

â—¾AUD/USD Australian government bonds rose along with the currency, as investors
weigh the U.S. central bank’s timing for tapering stimulus that
has supported higher-yielding assets globally.

◾Australia’s 10-year government bond yield dropped four
basis points, or 0.04 percentage point, to 4.01 percent as of
2:13 p.m. in Sydney. The rate on sovereign debt due in two years
fell one basis point to 2.51 percent. The nation’s currency
added 0.1 percent to 90.40 U.S. cents after gaining 0.7 percent
in the two days ended Aug. 23.

◾USD/CAD Canada’s dollar lost the most in more than two months as wholesale
and retail sales fell and consumer-price gains stayed below the central bank’s inflation
target for a 15th month, fueling concern the economy is slowing.

◾Canada’s currency depreciated 1.5 percent to C$1.0496 per
U.S. dollar this week in Toronto, the biggest drop since the
five days ended June 21. It touched C$1.0568 yesterday, the
weakest since July 9. One Canadian dollar buys 95.27 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate crude rose for a third day as speculation the Federal Reserve
will maintain economic stimulus boosted the demand outlook in the world’s
biggest oil user. Brent’s premium to WTI narrowed.

â—¾WTI for October delivery climbed as much as 95 cents to $107.37 a barrel in
electronic trading on the New York Mercantile Exchange and was at $107.02
at 1:57 p.m. Sydney time. The contract climbed 1.3 percent to $106.42 on Aug. 23,
the biggest gain since Aug. 9.

â—¾Brent for October settlement advanced 26 cents to $111.30 a
barrel on the London-based ICE Futures Europe exchange. The
European benchmark crude was at a premium of $4.27 to WTI, down
from $4.62 on Aug. 23.

â—¾Gold swung between gains and losses after climbing to the highest level since
June as investors weighed the outlook for stimulus in the U.S., with a
slump in new-home sales boosting the case for sustained debt-buying.

â—¾Bullion for immediate delivery rose as much as 0.7 percent to $1,407.18 an ounce,
the highest since June 7, before trading 0.2 percent lower at $1,395.64 at 11:23 a.m.
in Singapore. Gold for December delivery rose as much as 0.8 percent to $1,407 an ounce
on the Comex, also the highest since June 7.

Equities

â—¾Asian stocks rose for a second day after a slump in U.S. home sales eased speculation
the Federal Reserve will reduce economic stimulus next month.

â—¾The MSCI Asia Pacific Index advanced 0.3 percent to 131.80
as of 1:42 p.m. in Tokyo, with all of the 10 industry groups on
the gauge rising.

[acfx]

Daily Market Outlook from ACFX 08/28/2013

Important Financial Indicators of the day

GBP - 14:45 (GMT) - BOE Gov Carney Speaks
USD - 17:00 (GMT) - Pending Home Sales m/m - Forecast 0.2% - Previous -0.4%

Currencies

â—¾USD/JPY The yen held its biggest gains in 2
1/2 months against the dollar and euro as traders sought haven
investments amid escalating tension in Syria.

â—¾The yen was little changed at 97.06 per dollar at 1:55 p.m.
in Tokyo from yesterday when it rallied 1.5 percent, the most
since June 11. It touched 96.82, the strongest since Aug. 12.
Japan’s currency gained 0.1 percent to 129.83 per euro after
rising 1.3 percent yesterday, the most since June 14.

◾USD/CAD Canada’s dollar advanced from almost a seven-week low after crude oil,
the nation’s biggest export, climbed to the highest level since July on
speculation tension in Syria will disrupt Middle East supplies.

â—¾The loonie, nicknamed for the image of the aquatic bird on the C$1 coin,
appreciated 0.3 percent to C$1.0474 per U.S. dollar at 5 p.m. in Toronto
after touching 1.0472, the strongest since Aug. 22. It lost as much as
0.4 percent earlier to C$1.0540 after touching C$1.0568 on Aug. 23,
the weakest since July 9. One Canadian dollar buys 95.48 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate crude surged to the highest price since May 2011
on concern that conflict in Syria may spread and threaten oil supplies from the Middle East.

â—¾WTI for October delivery rose as much as $3.11 to $112.12 a
barrel in electronic trading on the New York Mercantile
Exchange, the highest intraday price since May 3, 2011. It was
at $112.03 at 2:47 p.m. Sydney time. The volume of all futures
traded was about 340 percent above the 100-day average. The
contract increased $3.09 to $109.01 yesterday, the highest close
since Feb. 24 last year. Prices are up 22 percent in 2013.

â—¾Brent for October settlement advanced as much as $2.87, or
2.5 percent, to $117.23 a barrel on the London-based ICE Futures
Europe exchange after settling yesterday at the highest since
Feb. 25. The European benchmark crude was at a premium of $5.07
to WTI from $5.35 yesterday.

â—¾Gold traded near the highest level since May after a four-day rally
as speculation that the U.S. may lead military strikes against Syria within days
spurred investors’ demand for a haven. Silver and platinum advanced.

â—¾Bullion for immediate delivery rose as much as 0.3 percent to $1,419.55
an ounce and was at $1,417.17 at 11:38 a.m. in Singapore. Prices climbed
to $1,423.95 yesterday, the highest since May 15. Gold for December delivery
declined 0.2 percent to $1,417 an ounce on the Comex after rising 2 percent yesterday.

Equities

â—¾Asian stocks slumped, with the
regional benchmark index heading for the lowest close in two
months, on concern the U.S. will take military action against
Syria for using chemical weapons.

â—¾The MSCI Asia Pacific Index dropped 1.9 percent to 128.72
as of 12:51 p.m. in Tokyo, heading for the lowest close since
June 27 as more than eight shares fell for each that rose. The
gauge is on course for its eighth decline in 10 days as the
prospect of the Federal Reserve paring stimulus as soon as next
month spurs investors to shun riskier assets.

â—¾European stocks slid the most in nine weeks after U.S. Secretary
of State John Kerry said the Obama administration will hold Syria accountable
for using chemical weapons against its own people.

â—¾The Stoxx 600 slid 1.8 percent to 299.01 at the close in London. The equity
benchmark has still rallied 8.5 percent from this year’s low on June 24 as
the European Central Bank said that interest rates will remain low for an extended period.

[acfx]

Daily Market Outlook from ACFX 08/29/2013

Important Financial Indicators of the day

USD - 15:30 (GMT) - Prelim GDP q/q - Forecast 2.2% - Previous1.7%
USD - 15:30 (GMT) - Unemployment Claims - Forecast 330K - Previous336K

Currencies

â—¾EUR/USD The dollar remained higher against the euro following its biggest
gain in a week before U.S. data that may show the economy grew faster than
initially estimated, adding to the case for the Federal Reserve to slow stimulus.

â—¾The U.S. currency was little changed at $1.3325 per euro as of 2:06 p.m. in Tokyo
after strengthening 0.4 percent yesterday, the most since Aug. 21. The yen was little
changed at 97.66 per dollar and 130.14 per euro.

â—¾USD/INR The rupee slumped 3.9 percent to 68.8450 per dollar in Mumbai yesterday,
the biggest drop since 1993, according to prices from local banks
compiled by Bloomberg. In an effort to stem the currency’s decline by
reducing spot demand, the central bank said yesterday it will sell
dollars to the nation’s biggest state-run crude oil importers through a
swap facility.

◾India needs to immediately use its foreign exchange reserves to arrest the rupee’s record
plunge as the weakening currency has the potential to send the economy into a “nosedive,”
billionaire Adi India needs to immediately use its foreign exchange reserves to arrest
the rupee’s record plunge as the weakening currency has the potential to send
the economy into a “nosedive,” billionaire Adi Godrej said. rej said.

◾Godrej’s remarks come after Prime Minister Manmohan Singh’s government on Aug. 26
won approval from the lower house of parliament for a landmark bill that expands
the world’s biggest food program. The plan involves spending about 1.25 trillion rupees
($18 billion) in subsidies each year, potentially worsening a fiscal gap.

â—¾GBP/USD The pound strengthened from the lowest level in three weeks against the euro
as Bank of England Governor Mark Carney failed to convince investors that the central bank
will keep interest rates at an all-time low.

â—¾The pound strengthened 0.4 percent to 85.81 pence per euro at 4:24 p.m. London time,
after depreciating 0.4 percent to 86.52 pence, the weakest level since Aug. 7.
Sterling fell 0.1 percent to $1.5527 after dropping to $1.5429, the lowest since Aug. 14.

â—¾USD/CAD The Canadian currency weakened as speculation America and its allies will take
military action against Syria boosted the U.S. dollar’s appeal as a haven.

â—¾The loonie, nicknamed for the image of the aquatic bird on
the C$1 coin, depreciated as much as 0.4 percent, the most
compared with closing prices since Aug. 22, to C$1.0511 per U.S.
dollar before trading at C$1.0487 at 5 p.m. in Toronto, down 0.1
percent. One Canadian dollar buys 95.36 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate oil fell
from the highest settlement in more than two years, dropping for
the first time in three days. U.S. crude stockpiles increased by
2.99 million barrels last week, a government report showed.

â—¾WTI for October delivery fell as much as 99 cents to $109.11 a barrel in electronic
trading on the New York Mercantile Exchange and was at $109.46 at 11:37 a.m. Singapore time.
The volume of all futures traded was about 20 percent below the 100-day average.
The contract climbed 1 percent to $110.10 yesterday, the highest close since May 3, 2011.

â—¾Brent for October settlement slid as much as 91 cents, or
0.8 percent, to $115.70 a barrel on the London-based ICE Futures
Europe exchange after closing yesterday at the highest since
Feb. 19. The European benchmark crude was at a premium of $6.35
to WTI futures, down from $6.51 yesterday.

â—¾Gold retreated from a three-month high spurred by tensions over Syria as
U.S. economic data may reinforce the case for the Federal Reserve to slow stimulus
and a technical indicator showed that prices were set to decline.

â—¾Bullion for immediate delivery lost as much as 0.7 percent to $1,407.95 an ounce
was at $1,409.08 at 12:25 p.m. in Singapore, dropping for the first time in six days.
Prices rallied to $1,433.83 yesterday, the highest level since May 14, on concern
that the U.S. and its allies will launch a military strike against Syria
in retaliation for its alleged use of chemical weapons.

Equities

◾Asian stocks Asia’s benchmark stock index rose from a two-month low as energy
shares increased after concern military action against Syria will disrupt global
oil supplies fueled gains in crude prices this week.

â—¾The MSCI Asia Pacific Index rose 0.7 percent to 130.04 as of 2:23 p.m. in Tokyo,
with eight of the 10 industry groups gaining on the gauge, which yesterday
fell to the lowest close since June 27. The measure lost 2.4 percent this month through yesterday,
wiping out all its 2013 increases. Investors also are awaiting a report on U.S. economic growth
that may give signs on when the Federal Reserve will start paring stimulus.

â—¾European stocks dropped to the lowest level in six weeks as concern grew that the U.S.
will take military action against Syria.

â—¾The Stoxx Europe 600 Index lost 0.4 percent to 297.89 at the close of trading,
its lowest level since July 17. The gauge fell as much as 1.1 percent in intraday trading.
It has still advanced 8.1 percent since this year’s low on June 24 as the European
Central Bank pledged to keep interest rates low.

◾U.S stocks rose, with the Standard & Poor’s 500 Index rebounding from an eight-week low,
as energy shares rallied and investors watched developments on Syria.

â—¾The S&P 500 rose 0.3 percent to 1,634.96 at 4 p.m. in New York. The index closed just
short of its average level for the past 100 days of 1,638.27, after slipping below it yesterday
for the first time since June. The Dow Jones Industrial Average advanced
48.38 points, or 0.3 percent, to 14,824.51

[acfx]

Daily Market Outlook from ACFX 08/30/2013

Important Financial Indicators of the day

CAD - 15:30 (GMT) - GDP m/m - Forecast -0.4% - Previous 0.2%

Currencies

â—¾EUR/USD The dollar reached the highest in four weeks against a basket of its
peers before data forecast to show U.S. consumer spending rose for a third month,
building the case for the Federal Reserve to reduce stimulus next month.

â—¾The U.S. currency slipped 0.2 percent to 98.14 yen from
yesterday, when it advanced 0.7 percent, the most since Aug. 22.
The greenback slid 0.1 percent to $1.3248 per euro, following a
0.7 percent advance yesterday. The yen rose 0.2 percent to
130.01 per euro.

â—¾GBP/USD The pound strengthened the most in
three weeks versus the euro as optimism Britain’s economic
growth is gathering pace boosted demand for the nation’s assets.

â—¾The pound strengthened 0.7 percent to 85.36 pence per euro at 4:29 p.m. London time,
the biggest gain since Aug. 7. It advanced 0.3 percent yesterday after sliding to 86.52 pence,
the weakest level since Aug. 7. The U.K. currency declined 0.2 percent to $1.5494.

◾USD/CAD Canada’s dollar fell to its lowest this week before a report tomorrow that may show
the nation’s economy shrank in June the most since 2009, while a gain in U.S. growth boosted
the case for that country to slow stimulus.

◾The loonie, as Canada’s currency is nicknamed for the image
of the aquatic bird on the C$1 coin, depreciated 0.4 percent to
C$1.0532 per U.S. dollar at 5 p.m. in Toronto. It touched
C$1.0541, the weakest level since Aug. 23, and has lost 2.4
percent in August. One loonie buys 94.95 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate crude fell for a second day after U.K. lawmakers rejected
a motion for military action against Syria, reducing the prospect of an imminent
strike and easing concern that unrest will disrupt Middle East oil supplies.

â—¾WTI for October delivery dropped as much as $2.05 to $106.75 a barrel in electronic trading
on the New York Mercantile Exchange and was at $107.64 at 2:40 p.m. Sydney time. The contract
lost 1.2 percent to $108.80 yesterday, declining from the highest close since May 2011.
Prices are up 2.5 percent in August, poised for a third monthly gain.

â—¾Brent for October settlement decreased as much as $1.53, or
1.3 percent, to $113.63 a barrel on the London-based ICE Futures
Europe exchange. The European benchmark crude was at a premium
of $6.69 to WTI, from $6.36 yesterday.

â—¾Gold swung between gains and losses as better-than-expected U.S. data backed the case for
the Federal Reserve to cut stimulus, while the U.S. may proceed with a strike against Syria
even after U.K. lawmakers rejected action

â—¾Bullion for immediate delivery gained and lost as least 0.3 percent, before trading 0.1 percent
t higher at $1,409.74 an ounce at 11:56 a.m. in Singapore. Prices are heading for a second
monthly advance in the best run since September. Gold for December delivery dropped 0.3
percent to $1,409.40 an ounce on the Comex, paring a fourth weekly gain.

Equities

â—¾Asian stocks swung between gains and
losses, with energy producers leading declines as the price of
oil fell after the U.K parliament voted against military strikes
on Syria. Japanese utilities rose.

â—¾The MSCI Asia Pacific Index rose less than 0.1 percent to
129.85 as of 1:13 p.m. in Tokyo, having swung between gains of
as much as 0.5 percent and losses of 0.1 percent. The gauge is
down 1.2 percent this week, a second week of losses, while it
has dropped 1.8 percent this month.

â—¾U.S stocks rose, sending the
Standard & Poor’s 500 Index higher for a second day, as data
showed the economy expanded at a faster pace in the second
quarter and concerns over Syria eased.

â—¾The S&P 500 rose 0.2 percent to 1,638.17 at 4 p.m. in New
York, paring an earlier advance of as much as 0.7 percent. The
Dow Jones Industrial Average gained 16.44 points, or 0.1
percent, to 14,840.95.

[acfx]

Daily Market Outlook from ACFX 09/02/2013

Important Financial Indicators of the day

GBP - 11:30 (GMT) - Manufacturing PMI - Forecast 55.2 - Previous 54.6

Currencies

â—¾USD/JPY The yen fell against all of its major peers after speculators added to bearish
bets on the currency and on signs Japan’s prime minister is making progress on policies
that have helped weaken the currency.

â—¾The yen lost 0.5 percent to 98.64 per dollar as of 1:11 p.m. in Tokyo from the end
of last week, when it capped a 0.6 percent weekly gain. Japan’s currency weakened 0.4 percent
to 130.30 per euro from Aug. 30, when it reached 129.31, the strongest since Aug. 20.

â—¾AUD/USD The Australian and New Zealand dollars rallied from losses last week after Chinese
government data showed manufacturing reached a 16-month high, bolstering the outlook for
exports from both South Pacific nations.

◾Australia’s dollar rose 0.8 percent to 89.68 U.S. cents as of 2:40 p.m. in Sydney after touching
88.93 on Aug. 30, matching the least since Aug. 5. It gained 1.2 percent to 88.44 yen

â—¾USD/CAD The Canadian currency fell for a third week as the possibility of a U.S. military strike
against Syria damped appetite for riskier assets and burnished the haven appeal of the U.S. dollar.

◾The loonie, as Canada’s dollar is nicknamed for the image of the aquatic bird on the C$1 coin,
lost 0.4 percent this week and dropped 2.5 percent this month.

Commodities

◾Oil West Texas Intermediate crude fell for a third day after President Barack Obama said he’ll seek
authorization from Congress before ordering military action against Syria, easing concern that
an imminent strike would disrupt Middle East oil exports.

â—¾WTI for October delivery slid as much as $3.44 to $104.21 a barrel in electronic trading on the New York
Mercantile Exchange and was at $106.11 at 2 p.m. Sydney time. The volume of all futures traded was
almost double the 100-day average. The contract rose 1.2 percent last week and 2.5 percent in August,
a third monthly gain.

â—¾Brent for October settlement decreased as much as $1.81, or 1.6 percent, to $112.20 a barrel on
the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium
of $6.89 to WTI futures, from $6.36 on Aug. 30.

â—¾Gold fell as prospects for an attack against Syria receded, and on bets the U.S. Federal Reserve will
start to pare stimulus as the economy improves. Silver halted a three-day drop as manufacturing in China
sustained an expansion.

â—¾Spot gold lost as much as 1.6 percent to $1,373.38 an ounce, falling for a third day to the lowest level
since Aug. 23. It traded at $1,389.79 at 9:54 a.m. in Singapore. Prices have retreated since reaching
a three-month high of $1,433.83 on Aug. 28 as improving data supported the case for the Fed to start
reducing the $85 billion in monthly asset purchases this month.

Equities
◾Asian stocks gained for a third day after a gauge of China’s manufacturing rose to a 16-month high,
boosting investor confidence in the global economic recovery.

â—¾The MSCI Asia Pacific Index advanced 0.8 percent to 131.25 as of 11:44 a.m. in Hong Kong. Almost
two shares climbed for each that declined. The measure fell 1.6 percent in August, the third drop I
n four months. The gauge rose 0.6 percent this year through Aug. 30, lagging a 15 percent surge
in the Standard & Poor’s 500 Index as investors sold assets across the region on expectations
the Federal Reserve will taper U.S. economic stimulus this month.

[acfx]

Daily Market Outlook from ACFX 09/03/2013

Important Financial Indicators of the day

GBP - 11:30 (GMT) - Construction PMI - Forecast 58.4 - Previous 57.0
USD - 17:00 (GMT) - ISM Manufacturing PMI - Forecast 54.2 - Previous 55.4

Currencies

â—¾USD/JPY The yen touched a one-month low as signs of economic
improvement across the globe damped demand for refuge assets while data
from Japan signaled progress in the central bank’s easing efforts.

â—¾The yen slid 0.1 percent to 99.45 per dollar as of 6:08 a.m. in London after
touching 99.70, the weakest since Aug. 2. It bought 131.16 per euro from
131.04 yesterday, when it dropped 1 percent. The dollar fetched $1.3193
per euro from $1.3192.

â—¾AUD/USD The yen slid 0.1 percent to 99.45 per dollar as of 6:08 a.m.
in London after touching 99.70, the weakest since Aug. 2. It bought 131.16
per euro Foreign ownership of Australian government securities rose last quarter
from a three-year low, even as the nation’s currency plunged by the most in almost
five years. rom 131.04 yesterday, when it dropped 1 percent.
The dollar fetched $1.3193 per euro from $1.3192.

â—¾The Australian dollar plunged 12 percent in the three
months through June, the most since the third quarter of 2008,
while the country’s government debt lost 0.1 percent, according
to Bank of America Merrill Lynch index data. U.S. Treasuries
declined 2.2 percent in the period.

Commodities

â—¾Oil Brent crude swung between gains and losses after rising for the first
time in three days as U.S. lawmakers urged backing for military action against Syria,
fanning concern that possible strikes may disrupt Middle East oil exports.

â—¾Brent for October settlement was at $114.18 a barrel on the
ICE Futures Europe exchange, down 15 cents, at 12:25 p.m.
Singapore time. The contract gained 32 cents to $114.33
yesterday. The European benchmark crude was at a premium of
$7.59 to New York-traded West Texas Intermediate futures.

â—¾Gold traded little changed after
dropping for three days to a one-week low as investors assessed
prospects for reduced stimulus in the U.S. as the world’s
largest economy recovers.

â—¾Spot gold traded at $1,392.78 an ounce at 9:31 a.m. in Singapore after
touching $1,373.38 yesterday, the lowest since Aug. 23. Prices fell from a three-month
high of $1,433.83 on Aug. 28 on signs that a U.S. strike against Syria will be delayed
and as improving economic data fueled speculation that the Federal Reserve will trim
its $85 billion in monthly bond purchases.

Equities

â—¾Asian stocks rose for a fourth day,
with the regional benchmark gauge climbing the most in a month,
as Japanese shares were boosted by the yen weakening against the
dollar and amid optimism the global economy is recovering.

â—¾The MSCI Asia Pacific Index gained 1.4 percent to 132.79 as
of 12:46 p.m. in Hong Kong, on course for the highest closing
level since Aug. 2, as all 10 industry groups on the gauge
advanced. More than three shares rose for each that fell.
Futures on the Standard & Poor’s 500 Index rose 1 percent from
Aug. 30, with U.S. markets due to reopen after a holiday

â—¾European stocks dvanced the most in
eight weeks as a gauge of Chinese manufacturing activity
exceeded economists’ estimates. U.S. index futures also rose.

â—¾The Stoxx Europe 600 Index added 1.9 percent to 302.94 at the close of trading,
its biggest gain since July 4. The equity benchmark fell 2.4 percent last week
to its lowest level since July 17 amid concern that the U.S. and its allies will take
military action against Syria. Standard & Poor’s 500 Index futures climbed 1 percent today.
U.S. markets are closed for the Labor Day holiday.

[acfx]

Daily Market Outlook from ACFX 09/04/2013

Important Financial Indicators of the day

GBP - 09:30 (GMT) - Services PMI - Forecast 59.3 - Previous 60.2
CAD - 13:30 (GMT) - Trade Balance - Forecast -0.3B - Previous -0.5B
USD - 13:30 (GMT) - Trade Balance - Forecast -38.7B - Previous -34.2B
CAD - 15:00 (GMT) - BOC Rate Statement
CAD - 15:00 (GMT) - Overnight Rate - Forecast 1.00% - Previous1.00%

Currencies

â—¾EUR/USD The dollar traded 0.2 percent from a six-week high against the euro
amid signs the U.S. economic recovery is gaining traction, adding to the case for
the Federal Reserve to scale back stimulus this month.

â—¾The U.S. currency was little changed at $1.3165 per euro as
of 1:44 p.m. in Tokyo after touching $1.3139 yesterday, the
strongest since July 22. The dollar bought 99.69 yen from 99.57
yesterday, when it reached 99.86, the highest since Aug. 2.

â—¾GBP/USD The pound rose for a fifth day versus the euro as a report showed
a gauge of U.K. construction based on a survey of purchasing managers increased
for a fourth month in August, reaching the highest in almost six years.

â—¾The pound appreciated 0.2 percent to 84.72 pence per euro
at 4:10 p.m. London time after reaching 84.46 pence, the
strongest level since May 21. Sterling was little changed at
$1.5533.

◾USD/CAD Canada’s dollar rose versus most major peers on bets demand for oil
will be buoyed by heightened tensions in the Middle East as U.S. President Barack Obama
seeks support in Congress for a military strike on Syria

â—¾The loonie, as the Canadian dollar is nicknamed for the
image of a waterfowl on the C$1 coin, gained 0.1 percent to
C$1.0535 per U.S. dollar at 5 p.m. in Toronto, after dropping
0.4 percent last week, its third straight weekly decline. One
loonie buys 94.92 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate fluctuated as President Barack Obama
won support from two opposition lawmakers for a military strike on Syria,
bolstering concern Middle East oil supply may be disrupted if the conflict widens. est in almost six years.

â—¾WTI for October delivery was at $108.31 a barrel in electronic trading on the New York
Mercantile Exchange, down 23 cents, at 2:50 p.m. Sydney time. The contract climbed
89 cents from the Aug. 30 close to settle at $108.54 yesterday. Floor trading was closed
Sept. 2 for the Labor Day holiday. The volume of all futures traded was 52 percent below
the 100-day average.

â—¾Brent for October settlement was up 13 cents at $115.81 a
barrel on the London-based ICE Futures Europe exchange. The
European benchmark crude was at a premium of $7.51 to WTI, from
$7.14 yesterday.

â—¾Gold traded little changed above
$1,400 an ounce after rising the most in a week, as investors
weighed the prospects for reduced stimulus in the U.S. against
the threat of a military attack against Syria.

â—¾Spot gold traded at $1,412.97 an ounce at 11:49 a.m. in
Singapore from $1,412.42 yesterday, when prices climbed 1.5
percent, the most since Aug. 23. Gold capped the first back-to-back
monthly gain in a year in August as turmoil in the Middle East fanned haven demand.

Equities

â—¾Asian stocks outside Japan fell,
with the regional index snapping a four-day advance, as the
threat of a military strike against Syria left oil trading near
a two-year high, curbing the outlook for global economic growth.

â—¾The MSCI Asia Pacific Excluding Japan Index lost 0.2
percent to 441.17 as of 1:01 p.m. in Hong Kong as four shares
fell for every three that rose. Futures on the Standard & Poor’s
500 Index rose 0.2 percent.

â—¾European stocks declined as U.S. Speaker of the House John Boehner
said he supports the president’s call for action against Syria, offsetting
better-than-forecast manufacturing data.

â—¾The Stoxx Europe 600 Index fell 0.4 percent to 301.78 at
the close. Stock markets were rattled earlier, with the gauge
losing as much as 0.7 percent, by what Israel said was a joint
flight test with the U.S. of its Arrow missile-interception
system over the Mediterranean Sea. The measure lost 2.4 percent
last week on concern the U.S. and its allies would take military
action against Syria for chemical-weapons attacks that the Obama
administration said killed more than 1,400 people.

â—¾U.S stocks rose, following the worst month since May 2012 for the Standard &
Poor’s 500 Index, as better-than-forecast economic data overshadowed
concern over possible military action against Syria.

â—¾The S&P 500 climbed 0.4 percent to 1,639.77 at 4 p.m. in New York, paring an earlier
advance of as much as 1.1 percent. The Dow Jones Industrial Average added 23.65 points,
or 0.2 percent, to 14,833.96. About 6.6 billion shares changed hands, the highest level since
Aug. 1. U.S. exchanges were closed yesterday for the Labor Day holiday.

[acfx]

Daily Market Outlook from ACFX 09/05/2013

Important Financial Indicators of the day

GBP - 11:00 (GMT) - Asset Purchase Facility - Forecast 375B - Previous 375B
GBP - 11:00 (GMT) - Official Bank Rate - Forecast 0.50% - Previous 0.50%
EUR - 11:45 (GMT) - Minimum Bid Rate - Forecast 0.50% - Previous 0.50%
USD - 12:15 (GMT) - ADP Non Farm Employment Change - Forecast 175K - Previous 200K
EUR - 12:30 (GMT) - ECB Press Conference
USD - 12:30 (GMT) - Unemployment Claims - Forecast 332K - Previous 331K

Currencies

◾EUR/USD The dollar weakened against its higher-yielding counterparts after a report showed China’s services industry expanded last month, adding to signs the global economy is recovering.

◾The U.S. currency dropped 0.3 percent to $1.3207 per euro after climbing yesterday to the highest level since July 22. The greenback gained 0.2 percent to 99.74 yen. Japan’s currency lost 0.5 percent to 131.73 per euro.

â—¾GBP/USD The pound traded near the strongest level in more than three months against the euro before the Bank
of England and European Central Bank set policies today.

â—¾Sterling fetched 84.46 pence per euro at 2:06 p.m. in Tokyo from 84.52 yesterday, when it reached 84.27, the highest since May 16. The pound has gained 2 percent since Aug. 27.

◾USD/CAD Sterling fetched 84.46 pence per euro at 2:06 p.m. in Tokyo from 84.52 yesterday, when it reached 84.27, the highest since May 16. The The Canadian dollar strengthened for a second day as optimism about faster global economic growth fueled demand for riskier assets and Canada’s central bank kept its main interest rate unchanged. ound has gained 2 percent since Aug. 27.

â—¾The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, rose 0.3 percent to
C$1.0493 per U.S. dollar at 5 p.m. in Toronto. It gained 0.6 percent earlier, the biggest intraday move since Aug. 8. One
loonie buys 95.30 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate crude traded near the lowest price in more than a week as the U.S. weighed limited military strikes on Syria, easing concern the conflict will spread and disrupt Middle East oil supplies.

â—¾WTI for October delivery was at $107.55 a barrel in electronic trading on the New York Mercantile Exchange, up 32 cents, at 3:15 p.m. Sydney time. The contract dropped 1.2 percent to $107.23 yesterday, the biggest decline since Aug. 20 and the lowest settlement since Aug. 26. The volume of all futures traded was about 61 percent below the 100-day average.

â—¾Brent for October settlement was 25 cents higher at $115.16 a barrel on the London-based ICE Futures Europe exchange. The
European benchmark crude was at a premium of $7.62 to WTI futures, from $7.68 yesterday.

â—¾Gold advanced after the biggest drop in a month as the Senate Foreign Relations Committee voted to authorize President Barack Obama to conduct a limited U.S. military operation against Syria, boosting haven demand.

â—¾Bullion for immediate delivery gained as much as 0.3 percent to $1,395.07 an ounce, and was at $1,393.24 at 11:42 a.m. in Singapore. Prices retreated 1.5 percent yesterday, the most since Aug. 6. Gold for December delivery rose 0.2 percent to $1,393 an ounce on the Comex in New York.

Equities

◾Asian stocks rose for a sixth day, the longest streak of gains in nine months, after the Federal Reserve and Bank of Japan said they saw moderate recoveries in two of the world’s three biggest economies.

â—¾The MSCI Asia Pacific Index gained 0.4 percent to 133.59 as of 11:47 a.m. in Hong Kong as about two shares rose for each
that fell. The measure is on course for its longest rising streak since December. Japan’s Topix and Standard & Poor’s 500
Index futures were little changed.

◾U.S stocks rose, led by automakers and technology companies, as a Senate panel voted to authorize military action in Syria and the Federal Reserve said the economy maintained a “modest to moderate” pace of growth.

◾The Standard & Poor’s 500 Index rose 0.8 percent to 1,653.08 at 4 p.m. in New York. The Dow Jones Industrial Average added 96.91 points, or 0.7 percent, to 14,930.87. About 6.1 billion shares changed hands on U.S. exchanges, in line with the three-month average.

[acfx]

Daily Market Outlook from ACFX 09/06/2013

Important Financial Indicators of the day

GBP - 08:30 (GMT) - Manufacturing Production m/m - Forecast 0.3% - Previous 1.9%
CAD - 12:30 (GMT) - Employment Change - Forecast 21.2K - Previous -39.4K
CAD - 12:30 (GMT) - Unemployment Rate - Forecast 7.2% - Previous 7.2%
USD - 12:30 (GMT) - Non Farm Employment Change - Forecast 178K - Previous 162K
USD - 12:30 (GMT) - Unemployment Rate - Forecast 7.4% - Previous 7.4%
CAD - 14:00 (GMT) - Ivey PMI - Forecast 52.6 - Previous 48.4

Currencies

â—¾EUR/USD The dollar was set for a second
weekly advance against the euro as 10-year Treasury yields
reached 3 percent for the first time since 2011 before data
forecast to show U.S. employers added jobs at a faster pace.

â—¾The dollar was little changed at $1.3131 per euro at 6:50 a.m. in London,
having risen 0.7 percent this week. Europe’s 17-nation currency dropped
0.3 percent to 130.96 yen, paring a weekly gain to 0.9 percent.
The yen strengthened 0.4 percent to 99.75 per dollar and was down 1.6 percent on the week.

â—¾AUD/USD Australian bonds fell, pushing the
benchmark 10-year yield to its highest in 17 months, before a
U.S. Labor Department report that may show jobs growth
accelerated last month in the world’s largest economy.

◾Australia’s 10-year bond yield rose as much as eight basis points to 4.151 percent,
the most since April 2012, and was as 4.15 at 10:05 a.m. in Sydney.
It has climbed 25 basis points since Aug. 30, set for the largest increase in three weeks.
The three-year rate touched 2.986 percent, the highest since June 24. A basis point is 0.01 percentage point.

â—¾GBP/USD he pound was little changed versus
the dollar and euro before a report economists said will show a
gauge of U.K. manufacturing activity increased at a slower pace
in July.

â—¾The pound traded at 84.13 pence per euro at 7:30 a.m.
London time after reaching 84.08 pence yesterday, the strongest
level since May 6. It has appreciated 1.4 percent this week
against the common currency. Sterling was at $1.5601, having
gained 0.6 percent since Aug. 30.

â—¾USD/CAD The Canadian dollar rose against the
majority of its 16 most-traded peers before data tomorrow
forecast to show the nation snapped two months of jobs losses in
a sign the economy may be emerging from a mid-year slowdown.

â—¾The loonie, as the Canadian dollar is known for the image
of the aquatic bird on the C$1 coin, fell 0.1 percent to
C$1.0505 per U.S. dollar at 5 p.m. in Toronto. One loonie buys
95.19 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate oil swung between gains as losses as U.S. crude
inventories shrank and President Barack Obama searched for diplomatic backing
for a military strike on Syria while at the G-20 summit in Russia.

â—¾WTI for October delivery was at $108.30 a barrel in
electronic trading on the New York Mercantile Exchange, down 7
cents at 2:45 p.m. Singapore time. The contract yesterday
climbed 1.1 percent to $108.37, the biggest gain since Aug. 27.
The volume of all futures traded was about 54 percent below the
100-day average. Prices are up 0.6 percent this week

â—¾Brent for October settlement slid 9 cents to $115.17 a
barrel on the London-based ICE Futures Europe exchange. The
European benchmark crude was at a premium of $6.82 to WTI
futures, from $6.89 yesterday.

â—¾Gold West Texas Intermediate oil swung between gains as losses as U.S. crude
inventories shrank and President Barack Obama searched for diplomatic backing
for a military strike on Syria while at the G-20 summit headed for the first
back-to-back weekly decline since July before data that may show
employers in the U.S. added jobs at a faster pace last month,
boosting the case for the Federal Reserve to rein in stimulus. Russia.

â—¾Gold has lost 18 percent this year amid expectations the Federal Reserve
will pare asset purchases as early as this month. The Federal Open Market Committee
is scheduled to meet Sept. 17-18. Data today may show that nonfarm payrolls
expanded 180,000 in August, compared with an increase of 162,000 in July.

Equities

â—¾Asian stocks dropped, snapping a
six-day advance and paring the regional benchmark index’s
biggest weekly gain since July, as investors await the monthly
American jobs report.

â—¾The MSCI Asia Pacific Index fell 0.2 percent to 133.02 as of 2:05 p.m. in Hong Kong,
on course to rise 2.2 percent this week for the biggest advance since the week through July 12.
U.S. payrolls figures today may add to signs of an improving jobs market ahead of
the Federal Reserve’s Sept. 17-18 meeting, when it will gauge whether
the world’s biggest economy can withstand a reduction in unprecedented stimulus.

â—¾European stocks were little changed,
with the Stoxx Europe 600 Index heading for a weekly gain, as
investors awaited a report on U.S. payrolls to gauge the outlook
for Federal Reserve stimulus. U.S. futures and Asian shares were
also little changed.

â—¾The Stoxx 600 gained 0.2 percent to 305.02 at 8:09 a.m. in
London. The benchmark gauge has gained 2.6 percent so far this
week, snapping two weeks of losses, as the European Central Bank
affirmed its accommodative monetary policy and as Chinese
manufacturing in August surpassed estimates. Standard & Poor’s
500 Index futures added 0.1 percent, while the MSCI Asia Pacific
Index dropped less than 0.1 percent.

â—¾U.S stocks rose, with benchmark indexes staging the longest rally since July, as
investors weighed data on the labor market and American services
industry before tomorrow’s monthly jobs report.

◾The Standard & Poor’s 500 Index (SPX) rose 0.1 percent to 1,655.08 at 4 p.m. in New York.
The Dow Jones Industrial Average added 6.61 points, or less than 0.1 percent, to 14,937.48.
About 5.3 billion shares changes hands on U.S. exchanges, 12 percent below the three-month average.

[acfx]

Daily Market Outlook from ACFX 09/10/2013

Currencies

â—¾EUR/USD The dollar traded at almost its
lowest level this month as the U.S. weighs a plan to confiscate
Syrian chemical weapons that may diffuse a potential military
strike, reducing demand for haven assets.

â—¾The yen dropped 0.7 percent to 132.85 per euro after sliding to the weakest
since May 22. Japan’s currency fell 0.7 percent to 100.27 per dollar after
depreciating to the least since July 25. The euro was little changed at $1.3248.

â—¾AUD/USD The Aussie may climb toward 93.07 U.S. cents if it can
breach key resistance levels after rallying twice last month
from about 89 cents, forming a so-called double-bottom base,
according to Junichi Ishikawa, a Tokyo-based analyst at IG
Markets Securities Ltd. The currency traded at 92.57 U.S. cents
as of 4:50 p.m. in Sydney.

◾The Aussie, the world’s fifth-most-traded currency, reached
a three-year low of 88.48 cents on Aug. 5. Its 8.1 percent drop
in 2013 is the second-biggest decline among 10 developed-market
currencies tracked by Bloomberg Correlation-Weighted Indexes,
trailing only the yen’s 10 percent plunge.

â—¾USD/CAD The Canadian dollar remained higher
as housing starts were 180,291 at a seasonally adjusted annual
pace in August, at almost the 2013 monthly average in another
sign the economy is strengthening.

â—¾The loonie, as the Canadian dollar is known for the image of the aquatic
bird on the C$1 coin, rose 0.3 percent to C$1.0335 per U.S. dollar at 8:38 a.m.
in Toronto, the highest level since Aug. 19. One loonie buys 96.76 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate dropped a second day after reports that Syria
agreed to a Russian plan to surrender its chemical weapons, easing concern
of a U.S. attack that may escalate the conflict and cut Middle Eastern exports.

â—¾WTI for October delivery slid as much as $2.24 to $107.28 a barrel in electronic
trading on the New York Mercantile Exchange, the lowest since Sept. 5, and was
at $107.38 as of 1:43 p.m. London time. The volume of all futures traded was
about 40 percent above the 100-day average

â—¾Brent for October settlement decreased as much as $1.91, or
1.7 percent, to $111.81 a barrel on the London-based ICE Futures
Europe exchange. That’s the lowest since Aug. 27. The European
benchmark was at a premium of $4.53 to WTI. The spread was $4.20
yesterday, the narrowest since Aug. 19.

◾Gold fell in New York as Russia’s bid to get Syria to put its chemical weapons
under international control cut demand for a protection of wealth. Silver dropped
and palladium traded near a two-month low.

â—¾Bullion futures reached a three-month high of $1,434 an
ounce on Aug. 28 amid concern the U.S. will attack Syria for its
alleged use of chemical weapons against civilians. Syria
accepted Russia’s proposal on its weapons, Syrian Foreign
Minister Walid al-Muallem said today during a trip to Moscow.

Equities

â—¾Asian stocks rose, extending the
longest rally in the benchmark index this year, as China’s
industrial production and retail sales beat estimates, adding to
signs the world’s second-largest economy is rebounding.

â—¾The MSCI Asia Pacific Index advanced 1.2 percent to 137.2
as of 7:28 p.m. in Tokyo, capping a ninth day of gains and the
highest close since July 23. The gauge last week posted its
biggest weekly advance since April on signs the global economy
is recovering. Reports today showed factory output in China
accelerated by 10.4 percent in August from a year earlier, while
retail sales increased 13.4 percent, exceeding economist
estimates

â—¾European stocks rose to a three-month high as Chinese economic data
beat estimates and the U.S. offered to defer an attack on Syria if it complied with a
Russian proposal to give up chemical weapons. U.S. index futures
and Asian shares also climbed.

â—¾The Stoxx Europe 600 Index added 1.1 percent to 309.33 at 12:02 p.m. in London,
for its highest level since May 28. The gauge closed little changed yesterday after a report
showed Chinese exports rose more than expected and investors awaited a U.S. decision
this week on possible air strikes against Syria. Standard & Poor’s 500 Index futures
gained 0.5 percent, while the MSCI Asia Pacific Index climbed 1.2 percent.

◾U.S stocks climbed, extending the longest winning streak for the Standard & Poor’s 500
Index since July, as data showed China’s economy is improving amid signs of easing tensions over Syria.

â—¾The S&P 500 advanced 0.5 percent to 1,679.91 at 9:48 a.m. in New
York. The index has gained for six straight days, the most since July
15. The Dow rose 76.55 points, or 0.5 percent, to 15,139.67 today.
Trading in S&P 500 stocks was 45 percent higher than the 30-day
average at this time of day.

[acfx]

Daily Market Outlook from ACFX 09/12/2013

Important Financial Indicators of the day

GBP - 10:00 (GMT) - Inflation Report Hearings
EUR - 12:40 (GMT) - ECB President Draghi Speaks
USD - 13:30 (GMT) - Unemployment Claims - Forecast 332K - Previous 323K

Currencies

â—¾EUR/USD The dollar remained lower against most of its major peers as traders speculated whether the U.S. economy is strong enough for Federal Reserve policy makers to consider a reduction in stimulus when they meet next week. The greenback traded near the lowest this month against the euro before a report forecast to show U.S. jobless claims rose.

â—¾The dollar was little changed at $1.3315 per euro as of 1:27 p.m. in Tokyo from yesterday, when it touched $1.3325, the weakest since Aug. 29.

â—¾GBP/USD The pound strengthened to a seven-month high against the dollar after a government report showed unemployment unexpectedly declined, adding to signs the U.K. economy is gaining momentum.

â—¾The pound advanced 0.5 percent to $1.5811 at 4:42 p.m. London time after rising to $1.5827, the highest since Feb. 8.

◾AUD/USD Australia’s dollar slid versus all its major counterparts after data showed the nation’s payrolls unexpectedly fell and unemployment climbed to a four-year high.

◾The Australia’s currency lost 0.8 percent to 92.52 U.S. cents as of 3:22 p.m. in Sydney, after earlier reaching 93.54 cents, the strongest since June 19.

Commodities

â—¾Oil West Texas Intermediate crude swung between gains and losses after Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, said the global oil market is well-supplied.

â—¾WTI for October delivery was at $107.59 a barrel in electronic trading on the New York Mercantile Exchange, up 3 cents, at 1:36 p.m. Singapore time. The contract climbed 17 cents to $107.56 yesterday. The volume of all futures traded was about 54 percent less than the 100-day average.

â—¾Gold retreated to a three-week low on speculation that the U.S. Federal Reserve will commit to reducing stimulus next week. Silver fell, while platinum declined to the lowest in a month.

â—¾Gold for immediate delivery dropped as much as 0.8 percent to $1,354.51 an ounce, the lowest level since Aug. 20, and traded at $1,358.42 at 2:07 p.m. in Singapore. Bullion for December delivery lost as much as 0.7 percent to $1,353.80 an ounce on the Comex in New York, also the lowest since Aug. 2

Equities

◾Asian stocks. Asia’s benchmark stock index swung between gains and losses after Japanese machinery orders accelerated less than expected and as investors await the outcome of the Federal Reserve’s meeting next week.

â—¾The MSCI Asia Pacific Index fell less than 0.1 percent to 137.55 as of 3:30 p.m. in Tokyo, trading near a three-month high. About five shares rose for every four that fell on the measure, which swung between gains of 0.1 percent and losses of 0.2 percent. The index climbed 6.6 percent in the past 10 days.

◾European stocks rose, sending the benchmark index to a five-year high, after investors said the region’s economy was improving. The Australian dollar fell for the first time in a week and the nation’s bonds rallied after unemployment increased. The yen strengthened and metals dropped.

◾The Stoxx The Stoxx Europe 600 Index advanced 0.1 percent by 8:24 a.m. in London, while Standard & Poor’s 500 Index contracts lost 0.1 percent.

◾U.S stocks rose, sending the Standard & Poor’s 500 Index to a one-month high, as diminishing concern over a military strike against Syria offset Apple Inc.’s biggest decline since April.

â—¾The S&P 500 rose 0.3 percent to 1,689.13 at 4 p.m. in New York, the seventh straight winning session and the highest level since Aug. 13.

[acfx]

Daily Market Outlook from ACFX 09/13/2013

Important Financial Indicators of the day

USD - 13:30 (GMT) - Core Retail Sales m/m - Forecast 0.3% - Previous 0.5%
USD - 13:30 (GMT) - PPI m/m - Forecast 0.2% - Previous 0.0%
USD - 13:30 (GMT) - Retail Sales m/m - Forecast 0.5% - Previous 0.2%
USD - 14:55 (GMT) - Prelim UoM Consumer Sentiment - Forecast 82.6 - Previous 82.1

Currencies

â—¾EUR/USD The dollar advanced against most of its major peers before a government report forecast to show U.S. retail sales accelerated.

â—¾The dollar rose 0.3 percent to 99.81 yen at 7:15 a.m. in London, set for a 0.7 percent weekly gain. It advanced 0.2 percent to $1.3267 per euro from $1.3299 yesterday, paring to 0.7 percent its decline since Sept. 6. The greenback yesterday touched $1.3325, matching the weakest since Aug. 29.

â—¾GBP/USD The pound was set for a second weekly advance versus the dollar before a construction output report analysts said will add to signs the U.K. economy is gaining momentum.

â—¾The pound was little changed at $1.5789 as of 7:32 a.m. London time after rising to $1.5840 yesterday, the highest since Feb. 8. It has gained 1 percent this week.

◾USD/JPY The Bank of Japan’s unprecedented bond-buying program designed to reach an inflation target of 2 percent in two years, combined with the Federal Reserve’s forecast trimming of monthly bond purchases, is putting pressure on the yen.

◾The Japan’s currency slid 0.1 percent to 99.66 per dollar as of 1:41 p.m. in Tokyo. That compares with an average of 99.71 in the past decade.

Commodities

â—¾Oil West Texas Intermediate oil swung between gains and losses as the U.S. and Russia began talks on a plan for Syria to surrender its chemical weapons to avert a strike that has fanned concern of exports being disrupted.

â—¾Brent for October settlement, which expires today, gained $1.13, or 1 percent, to $112.63 a barrel on the London-based ICE Futures Europe exchange yesterday. The more active November future increased $1.34 to $111.53. The front-month European benchmark crude ended the session at a premium of $4.03 to WTI.

â—¾Gold slumped to a five week low, heading for its biggest weekly loss in more than two months, on speculation the U.S. Federal Reserve will taper asset purchases and as Goldman Sachs Group Inc. predicted further declines.

â—¾Bullion for immediate delivery fell as much as 1 percent to $1,308.18 an ounce, the lowest since Aug. 9, and was at $1,311.98 by 2:06 p.m. in Singapore. Prices earlier climbed 0.7 percent. The metal fell 3.2 percent yesterday and is down 5.7 percent this week, the most since the period to June 21.

Equities

◾Asian stocks sank, with the regional benchmark index headed for the biggest drop since September 2011, as Japanese shares plummeted after China’s manufacturing output unexpectedly contracted and the yen strengthened.

â—¾The MSCI Asia Pacific Index declined 3.7 percent to 138.16 as of 3:57 p.m. in Tokyo, with about 12 shares falling for each that rose. The measure surged 11 percent this year through yesterday as Japanese shares rallied as the Bank of Japan stepped up stimulus efforts and the U.S. economy improved. Fed Chairman Ben S. Bernanke said yesterday a premature withdrawal of quantitative easing would put the U.S. economic recovery at risk.

◾European stocks dropped as concern grew the Federal Reserve will scale back its stimulus measures if the U.S. economy improves and as data showed Chinese manufacturing is shrinking. U.S. index futures and Asian shares also fell as Japan’s Topix Index tumbled the most in two years.

â—¾The Stoxx 600 Index dropped 1.6 percent to 305.52 at 8:05 a.m. in London. The benchmark gauge rose 0.2 percent yesterday, extending its highest level since June 2008, after Fed Chairman Ben S. Bernanke said in a testimony to a Joint Committee of Congress in Washington that reducing stimulus measures too soon would endanger economic recovery.

â—¾U.S stocks stocks fell, with benchmark indexes retreating from record highs, as concern grew that the Federal Reserve will scale back its stimulus efforts if the labor market continues to improve.

â—¾The S&P (SPX) 500 fell 0.8 percent to 1,655.35 at 4 p.m. in New York, after rallying as much as 1.1 percent earlier. The Dow Jones Industrial Average lost 80.41 points, or 0.5 percent, to 15,307.17. About 8.3 billion shares changed hands today, 32 percent above the three-month average.

[acfx]

Daily Market Outlook from ACFX 09/17/2013

Important Financial Indicators of the day

GBP - 08:30 (GMT) - CPI y/y - Forecast 2.7% - Previous 2.8%
EUR - 09:00 (GMT) - German ZEW Economic Sentiment - Forecast 45.3 - Previous 42.0
CAD - 12:30 (GMT) - Manufacturing Sales m/m - Forecast 0.6% - Previous -0.5%
USD - 12:30 (GMT) - Core CPI m/m - Forecast 0.2% - Previous 0.2%

Currencies

â—¾EUR/USD The dollar traded 0.4 percent from its lowest level in almost three weeks against the euro as investors await a decision on U.S. monetary policy from Federal Reserve officials beginning a two-day meeting today.
The dollar fetched $1.3330 per euro as of 1:27 p.m. in Tokyo, little changed from yesterday, when it touched $1.3386, the weakest since Aug. 28. The greenback added 0.2 percent to 99.25 yen. The euro rose 0.2 percent to 132.34 yen.

◾GBP/USD The pound rose to an eight-month high versus the dollar as Lawrence Summers withdrew from the race to lead the Federal Reserve, ending bets he would undo the central bank’s policies aimed at holding down borrowing costs.

â—¾The pound climbed 0.4 percent to $1.5935 at 4:16 p.m. London time after rising to $1.5963, the highest since Jan. 18. Sterling was little changed at 83.83 pence per euro after appreciating to 83.57 pence on Sept. 13, also the strongest level since Jan. 18.

â—¾USD/CAD The Canadian dollar increased to its strongest level in a month amid speculation the U.S. Federal
Reserve won’t put an early end to its expansionary monetary policy, boosting riskier assets.

◾Canada’s currency appreciated 0.3 percent to C$1.0324 per U.S. dollar at 5 p.m. in New York after earlier touching C$1.0283, the strongest level since Aug. 12. One Canadian dollar purchases 96.88 U.S. cents.

Commodities

◾Oil West Texas Intermediate crude slid for a third day on speculation that the threat of an imminent U.S.-led military strike against Syria is receding and as Libya’s oil production recovers.

â—¾WTI for October delivery declined as much as 87 cents to $105.72 a barrel in electronic trading on the New York Mercantile Exchange and was at $105.86 at 11:32 a.m. Singapore time. The contract dropped 1.5 percent to $106.59 yesterday, the close lowest since Aug. 26. The volume of all futures traded was about 3 percent less than the 100-day average.

â—¾Brent for November settlement slid as much as 62 cents, or 0.6 percent, to $109.45 a barrel on the London-based ICE Futures
Europe exchange. The European benchmark crude was at a premium of $4.14 to WTI for the same month. The spread narrowed for the first time in four days yesterday to $3.88.

â—¾Gold swung between gains and losses as investors weighed the outlook for U.S. stimulus with the Federal Reserve to commence its policy meeting today.

â—¾Bullion for immediate delivery advanced 0.1 percent to $1,314.46 an ounce at 10:39 a.m. in Singapore after losing and gaining at least 0.3 percent. Prices fell to $1,303.43 yesterday, the lowest since Aug. 8. Gold for December delivery declined 0.3 percent to $1,314.10 an ounce on the Comex.

Equities

â—¾Asian stocks fell, with the benchmark regional index declining from a four-month high, as the Federal Reserve begins a two-day policy meeting at which it is forecast to reduce the pace of its U.S. bond buying.

â—¾The MSCI Asia Pacific Index slipped 0.3 percent to 138.32 as of 11:38 a.m. in Hong Kong as nine of the 10 industry groups
on the gauge declined. The Federal Open Market Committee meets today and tomorrow to consider whether to taper its $85 billion-a-month in bond buying.

◾U.S stocks rose, sending the Standard & Poor’s 500 Index to a five-week high and within 1 percent of a record, after Lawrence Summers withdrew his bid to be Federal Reserve chairman and tensions over dealing with Syria’s chemical weapons eased.

◾The Standard & Poor’s 500 Index added 0.6 percent to 1,697.60 at 4 p.m. in New York, after earlier rising as much as 1 percent. The Dow Jones Industrial Average advanced 118.72 points, or 0.8 percent, to 15,494.78. About 5.7 billion shares changed hands on U.S. exchanges, 4.5 percent below the three-month average.

[acfx]

Daily Market Outlook from ACFX 09/23/2013

Important Financial Indicators of the day

EUR - 07:00 (GMT) - French Flash Manufacturing PMI - Forecast 49.3 - Previous 48.9
EUR - 07:30 (GMT) - German Flash Manufacturing PMI - Forecast 52.3 - Previous 51.8
USD - 13:00 (GMT) - ECB President Draghi Speaks

Currencies

◾EUR/USD The euro was 0.3 percent from a seven-month high against the dollar after Angela Merkel won an overwhelming endorsement from German voters, putting her on course for the biggest election tally since Helmut Kohl’s post-reunification victory of 1990.

â—¾The 17-nation currency traded at $1.3526 at 12 p.m. in Singapore from $1.3524 at the end of last week, near the seven-month high of $1.3569 reached Sept. 19. It slipped 0.2 percent to 134.07 yen. The euro has strengthened 2.5 percent this year
against the greenback and 17 percent versus the yen.

◾AUD/USD Australia’s currency climbed against 15 of its 16 major counterparts after data on China’s manufacturing surpassed economist estimates, boosting prospects for the South Pacific nation’s commodity exports.

â—¾The Aussie advanced 0.3 percent to 94.22 U.S. cents as of 12:30 p.m. in Sydney after falling 1.3 percent in the prior two sessions. The New Zealand dollar was little changed at 83.65 U.S. cents after losing 0.1 percent on Sept. 20.

â—¾GBP/USD The pound strengthened for a third week against the dollar after the Federal Reserve unexpectedly refrained from slowing debt purchases that have devalued the U.S. currency

â—¾The pound advanced 0.9 percent this week to $1.6022 as of 5:02 p.m. London time yesterday after climbing to $1.6163 on
Sept. 18, the highest level since Jan. 11. The U.K. currency dropped 0.8 percent to 84.40 pence per euro.

Commodities

â—¾Oil West Texas Intermediate crude fluctuated as signs Chinese manufacturing expanded the most
since March countered easing concern that conflict in Syria will spread and disrupt oil supplies.

â—¾WTI for November delivery fell as much as 33 cents to $104.42 a barrel in electronic trading on the New York
Mercantile Exchange and was at $104.72 a barrel at 11:17 a.m. Singapore time. The October contract, which expired Sept. 20,
closed at $104.67 a barrel, the lowest settlement since Aug. 21. The volume of all futures traded was about 43 percent below the
100-day average.

â—¾Brent for November settlement lost 8 cents, or 0.1 percent, to $109.14 a barrel on the London-based ICE Futures Europe
exchange. The contract closed 46 cents higher at $109.22 a barrel on Sept. 20. The European benchmark was at a premium of
$4.40 to WTI, down from $4.47 at the end of last week.

◾Gold will extend losses into next year as the U.S. economy improves, according to Citigroup Inc., which said the Federal Reserve’s surprise decision to maintain stimulus for now hasn’t changed the fundamental outlook.

â—¾Bullion may drop below $1,250 an ounce before the end of the year as economic data strengthens and investors expect the Fed to start reducing its asset purchases, analysts Ed Morse and Heath Jansen said in a report today. Bullion will average $1,250 next year, down from $1,405 in 2013, the analysts wrote

Equities

â—¾Asian stocks were little changed, with a regional benchmark index trading near a four-month high,
after a Chinese manufacturing index jumped more than forecast.

◾The MSCI Asia Pacific excluding Japan Index climbed less than 0.1 percent to 469.44 as of 1:15 p.m. in Hong Kong. The gauge reached a four-month high on Sept. 19 after the Federal Reserve maintained its bond-buying program. Japan’s market is closed today for a holiday.

â—¾European stocks climbed for a third straight week after the Federal Reserve unexpectedly refrained from reducing its monthly bond purchases and Lawrence H. Summers withdrew from consideration as chairman of the central bank.

â—¾The Stoxx Europe 600 Index advanced 0.9 percent to 314.2 this past week. The equity gauge has surged 5.7 percent in September, putting it on course for the biggest monthly gain in almost two years. The measure has climbed 12 percent in 2013 as
the euro area emerged from recession and central banks pledged to keep borrowing costs low to support the global economy.

[acfx]

Daily Market Outlook from ACFX 09/24/2013

Important Financial Indicators of the day

CAD - 12:30 (GMT) - Core Retail Sales m/m - Forecast 0.6% - Previous -0.8%
USD - 14:00 (GMT) - CB Consumer Confidence - Forecast 79.9 - Previous 81.5

Currencies

â—¾EUR/USD The dollar remained lower after a two-day slide versus the yen as the U.S. government moves closer
to a shutdown with lawmakers wrangling over the debt limit.

â—¾The dollar slipped 0.1 percent to 98.76 yen as of 12:07 p.m. in Tokyo, after falling 0.6 percent in the previous two
days. It fetched $1.3495 per euro after rising 0.2 percent to $1.3493 yesterday, the biggest gain since Sept. 5.

◾AUD/NZD Australia’s dollar traded 0.6 percent from an almost five-year low versus its New Zealand counterpart on bets interest rates at the nations’ central banks will diverge.

â—¾The Australian dollar was little changed at NZ$1.1272 as of 9:46 a.m. in Sydney from yesterday, after touching NZ$1.12 on
Aug. 1, the weakest since October 2008. It traded at 94.22 U.S. cents, after gaining 0.4 percent yesterday to 94.31. New Zealand’s dollar slid 0.2 percent to 83.59 U.S. cents.

â—¾USD/CAD The Canadian dollar gained for the first time in three days before a report tomorrow forecast to
show retail sales rebounded in July from the worst monthly decline this year.

â—¾The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, gained 0.2 percent to C$1.0284 per U.S. dollar at 5 p.m. in Toronto. It reached C$1.0182 per U.S. dollar Sept. 19, the highest since June. One loonie buys 97.24 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate crude traded near the lowest price in more than six weeks amid speculation a United Nations resolution this week will reduce the likelihood of a U.S.-led military strike against Syria.

â—¾WTI for November delivery was at $103.46 a barrel in electronic trading on the New York Mercantile Exchange, down 13 cents, at 12:15 p.m. Singapore time. The contract dropped $1.08 to $103.59 yesterday, capping a three-day losing streak. The volume of all futures traded was about 74 percent less than the 100-day average. Prices have gained 7.2 percent this quarter, the most in a year, and are up 13 percent so far in 2013.

â—¾Brent for November settlement slid 8 cents to $108.08 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $4.62 to WTI. The spread widened for a second day to $4.57 yesterday.

◾Gold snapped a two-day decline on speculation that demand may strengthen before China’s Golden
Week holiday as lower prices lure buyers. Silver, platinum and palladium increased.

â—¾Gold for immediate delivery rose as much as 0.4 percent to $1,328.63 an ounce and traded at $1,326.61 at 9:18 a.m. in
Singapore. Bullion fell for a fourth week last week, the longest losing streak since April, even after the U.S. Federal Reserve refrained from slowing its $85 billion-a-month of bond buying that helped the metal cap a 12-year bull run in 2012.

Equities

â—¾Asian stocks fell from a four-month high amid a political showdown in Washington over the U.S. budget and as investors examined speeches from Federal Reserve officials for clues on monetary policy.

◾The MSCI Asia Pacific Index fell 0.9 percent to 140.08 as of 11:44 a.m. in Hong Kong, with all 10 industry groups on the gauge declining. The measure climbed 8.5 percent in September through yesterday, on course for the best month since May 2009, after the Fed maintained the pace of its stimulus program and data showed China’s economic growth is stabilizing. The yen traded at 98.73 per dollar, strengthening from the most recent close in equity markets in Tokyo last week.

â—¾European stocks fell for a second day, the first back-to-back losses this month, as investors weighed the German election result and monetary-policy statements from Federal Reserve officials William C. Dudley and Dennis Lockhart.

â—¾The Stoxx Europe 600 Index retreated 0.5 percent to 312.62 at the close of trading. The gauge has still surged 9.7 percent this quarter, on course for the biggest gain in four years. The measure advanced for a third week last week, extending its rally this year to 12 percent, after the Fed unexpectedly refrained from reducing its monthly asset purchases

◾U.S stocks fell, with the Standard & Poor’s 500 Index having the longest retreat in a month, as financial shares slumped and investors watched speeches from Federal Reserve officials for clues on monetary policies.

◾The S&P 500 (SPX) retreated 0.5 percent to 1,701.84 at 4 p.m. in New York. The benchmark gauge has lost 1.4 percent over three days, giving back all its gains from the Fed’s unexpected move last week to maintain stimulus levels. The Dow Jones Industrial Average slipped 49.71 points, or 0.3 percent, to 15,401.38. About 5.8 billion shares changed hands on U.S. exchanges, in line with the three-month average. [/b]

[acfx]

Daily Market Outlook from ACFX 09/25/2013

Important Financial Indicators of the day

CAD - 12:30 (GMT) - Core Retail Sales m/m - Forecast 0.6% - Previous -0.8%
USD - 14:00 (GMT) - CB Consumer Confidence - Forecast 79.9 - Previous 81.5

Currencies

â—¾EUR/USD The dollar remained lower after a two-day slide versus the yen as the U.S. government moves closer
to a shutdown with lawmakers wrangling over the debt limit.

â—¾The dollar slipped 0.1 percent to 98.76 yen as of 12:07 p.m. in Tokyo, after falling 0.6 percent in the previous two days. It fetched $1.3495 per euro after rising 0.2 percent to $1.3493 yesterday, the biggest gain since Sept. 5.

◾AUD/NZD Australia’s dollar traded 0.6 percent from an almost five-year low versus its New Zealand counterpart on bets interest rates at the nations’ central banks will diverge.

â—¾The Australian dollar was little changed at NZ$1.1272 as of 9:46 a.m. in Sydney from yesterday, after touching NZ$1.12 on
Aug. 1, the weakest since October 2008. It traded at 94.22 U.S. cents, after gaining 0.4 percent yesterday to 94.31. New Zealand’s dollar slid 0.2 percent to 83.59 U.S. cents.

â—¾USD/CAD The Canadian dollar gained for the first time in three days before a report tomorrow forecast to
show retail sales rebounded in July from the worst monthly decline this year.

â—¾The loonie, as the Canadian dollar is known for the image of the aquatic bird on the C$1 coin, gained 0.2 percent to C$1.0284 per U.S. dollar at 5 p.m. in Toronto. It reached C$1.0182 per U.S. dollar Sept. 19, the highest since June. One loonie buys 97.24 U.S. cents.

Commodities

â—¾Oil West Texas Intermediate crude traded near the lowest price in more than six weeks amid speculation a United Nations resolution this week will reduce the likelihood of a U.S.-led military strike against Syria. â—¾WTI for November delivery was at $103.46 a barrel in electronic trading on the New York Mercantile Exchange, down 13 cents, at 12:15 p.m. Singapore time. The contract dropped $1.08 to $103.59 yesterday, capping a three-day losing streak. The volume of all futures traded was about 74 percent less than the 100-day average. Prices have gained 7.2 percent this quarter, the most in a year, and are up 13 percent so far in 2013.

â—¾Brent for November settlement slid 8 cents to $108.08 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $4.62 to WTI. The spread widened for a second day to $4.57 yesterday.

◾Gold snapped a two-day decline on speculation that demand may strengthen before China’s Golden Week holiday as lower prices lure buyers. Silver, platinum and palladium increased

â—¾Gold for immediate delivery rose as much as 0.4 percent to $1,328.63 an ounce and traded at $1,326.61 at 9:18 a.m. in Singapore. Bullion fell for a fourth week last week, the longest losing streak since April, even after the U.S. Federal Reserve
refrained from slowing its $85 billion-a-month of bond buying that helped the metal cap a 12-year bull run in 2012.

Equities

â—¾Asian stocks fell from a four-month high amid a political showdown in Washington over the U.S. budget and as investors examined speeches from Federal Reserve officials for clues on monetary policy.

◾The MSCI Asia Pacific Index fell 0.9 percent to 140.08 as of 11:44 a.m. in Hong Kong, with all 10 industry groups on the gauge declining. The measure climbed 8.5 percent in September through yesterday, on course for the best month since May 2009, after the Fed maintained the pace of its stimulus program and data showed China’s economic growth is stabilizing. The yen traded at 98.73 per dollar, strengthening from the most recent close in equity markets in Tokyo last week.

â—¾European stocks fell for a second day, the first back-to-back losses this month, as investors weighed the German election result and monetary-policy statements from Federal Reserve officials William C. Dudley and Dennis Lockhart.

â—¾The Stoxx Europe 600 Index retreated 0.5 percent to 312.62 at the close of trading. The gauge has still surged 9.7 percent this quarter, on course for the biggest gain in four years. The measure advanced for a third week last week, extending its rally this year to 12 percent, after the Fed unexpectedly refrained from reducing its monthly asset purchases

◾U.S stocks fell, with the Standard & Poor’s 500 Index having the longest retreat in a month, as financial shares slumped and investors watched speeches from Federal Reserve officials for clues on monetary policies.

◾The S&P 500 (SPX) retreated 0.5 percent to 1,701.84 at 4 p.m. in New York. The benchmark gauge has lost 1.4 percent over three days, giving back all its gains from the Fed’s unexpected move last week to maintain stimulus levels. The Dow Jones Industrial Average slipped 49.71 points, or 0.3 percent, to 15,401.38. About 5.8 billion shares changed hands on U.S. exchanges, in line with the three-month average.