Today's Economic Calendar:

TIME (GMT)    EVENT  VALUE NAME   CONS.   01:30    AU:Labour Force Survey Employment 30000       Unemployment 4.8%   08:30    GB:Merchandise Trade Level Stg-7.6B   11:00    GB:BOE Announcement change 0bp       Level 0.5%   11:45    EMU:ECB Announcement Change 0bp       Level 1.25%   12:30    US:International Trade Trade Balance Level $-49B   12:30    CA:Merchandise Trade Level C$400B   12:30    US:Jobless Claims New Claims - Level 418K   13:45    US:Bloomberg Consumer Comfort Index Level 0   14:00    US:Wholesale Trade Inventories - M/M change 0%   14:30    US:EIA Natural Gas Report Weekly Change 0bcf   20:30    US:Fed Balance Sheet Reserve Bank credit - Weekly Change $0B       Total Assets - Weekly Change $0B   20:30    US:Money Supply M2 Weekly Change $0B   23:50    JP:CGPI (PPI) Year over Year 2.8%   23:50    JP:Tertiary Index Month over Month 1.5%   Full week Economic Calendar

ECB, RBNZ, BOE Rates – Soft US Data And Trichet Press Conference

News and Events: The much anticipated ECB meeting is finally just around the corner but the market has already turned decidingly bearish.  In FX, our barometer for risk sentiment, the AUDJPY, dropped out of its range heading towards its May lows at 84.32.  Today, we expect the ECB to announce vigilance and for the rate meeting to be an overall non-event. While imported commodity driven inflation could ease, ECB President Trichet has not backed away from his hawkish tone. Read Today's Key Issues and The Risk Today

Resistance and Support: EURUSD GBPUSD USDJPY USDCHF 1.4899 1.6746 81.78 0.8547 1.4750 1.6574 81.01 0.8453 1.4696 1.6498 80.40 0.8391 1.4613 1.6426 80.01 0.8401 1.4557 1.6325 79.57 0.8328 1.4485 1.6274 79.00 0.8300 1.4453 1.6240 76.40 0.8200 S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot