July 23, 2013 The US dollar is mixed against it’s G7 counterparts this morning thanks in part to some headlines out of China and a much stronger than expected Canadian Retail sales data for the month of May. Chinese Premier Li Keqiang commented overnight that 7% is effectively the ‘bottom line’ for GDP growth. The comments would be considered very bold if not for the circumspect nature of some of the economy data out of China. However, when China promises 7% they normally deliver. Canadian Retail Sales data for May was much better than expected; however, the gains were on the back of prices and not increases in volume. The MoM printed at 1.9% against market expectations of 0.4% while the Less Autos component turned in a robust 1.2%. Market Headlines TURKEY'S CENTRAL BANK LEAVES BENCHMARK REPO RATE AT 4.50% TURKEY'S CENTRAL BANK RAISES OVERNIGHT LENDING RATE TO 7.25% MARKET HIGHLIGHTS INDEXLASTCHANGE% CHG ASIA/PACIFC Nikkei , % Hang Seng 21, % S&P ASX 200 5, % Kospi 1, % Shanghai Comp 2, % EUROPE Euro Stoxx 2, % FTSE 100 6, % CAC 40 3, % DAX 8, % IBEX 35 8, % AMERICAS Dow Jones 15, % S&P 500 1, % NASDAQ 3, % Mex. Bolsa IPC 40, % Bovespa 49, % *as 9.35am EST (prior close for markets not open)

CONTACT US COMMODITIESLASTCHANGE% CHG Precious Metals Platinum $1, % Gold $1, % Silver $ % ENERGY Crude Oil $ % Heating Oil $ % Gasoline $ % Natural Gas $ % Industrials Copper $ % Aluminum $1, Nickel $ % Agriculture Corn $ % Sugar $ % Wheat $ % Cotton $ % *as of 9:29am EST  The pace of EUR/USD rally has slowed over the last 5-7 trading sessions with the pair failing to make a higher high today so far. The level has provided modest topside resistance while support at should limit sizable retracements in the short term. RSI at 57.7 and MACD offer some indications that the rally could extend to the level.

CONTACT US SOVEREIGN DEBT2-YEAR10-YEAR2’s/10’s ASIA/PACIFC Japanese Government Bonds 0.126%0.773%65bps Australian Government Bonds 2.429%3.656%123bps New Zealand Government Bonds %-- South Korea Government Bonds 2.810%3.380%57bps Singapore Government Bonds 0.178%2.397%222bps EUROPE Germany Government Bonds 0.137%1.555%142bps France Government Bonds 0.372%2.216%184bps Italy Government Bonds 1.553%4.327%277bps Spain Government Bonds 1.892%4.635%274bps Portugal Government Bonds 4.300%6.328%203bps AMERICA US Government Bonds 0.312%2.513%220bps Canada Government Bonds 1.114%2.394%128bps Mexico Government Bonds 4.180%5.730%155bps Brazil Government Bonds 9.856%N/A-- Venezuela Government Bonds N/A11.599%-- *as of am 9:25am EST

or Date/Time Market EventFORECASTACTUALPRIOR 07/23/ :45 FR-Business Survey Overall Demand Jul /23/ :45 FR-Own-Company Production Outlook Jul210 07/23/ :45 FR-Production Outlook Indicator Jul /23/ :45 FR-Business Confidence Jul /23/ :00 SA-Leading Indicator May /23/ :30 UK-BBA Loans for House Purchase Jun /23/ :00 BZ-FGV Consumer Confidence Jul /23/ :30 CA-Retail Sales MoM May0.40%1.90%0.10% 07/23/ :30 CA-Retail Sales Less Autos MoM May0.40%1.20%-0.30% 07/23/ :00 US-House Price Index MoM May0.80%0.70% 07/23/ :30 BZ-Current Account Balance Jun-$4975M---$6420M 07/23/ :30 BZ-Foreign Investment Jun$5500M--$3880M 07/23/ :00 MX-International Reserves Weekly-- $166750M 07/23/ :00 US-Richmond Fed Manufact. Index Jul /23/ :00 EC-Euro-Zone Consumer Confidence Jul A /23/ :45 NZ-Trade Balance Jun105M--71M 07/23/ :45 NZ-Exports Jun4.01B--4.08B 07/23/ :45 NZ-Imports Jun3.90B--4.01B 07/23/ :50 JN-Trade Balance Jun-¥155.7B---¥993.9B