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Asian Session − Japanese Yen rises against majors as Asian economies miss oil−fall benefit
Thu, Sep 4 2008, 10:15 GMT
by Peter Rosentreich
ACM - Advanced Currency Markets
Market Brief
EURUSD traded to a low of 1.4386 - on weak retail sales - and high of 1.4512 yesterday. Asian session saw the pair playing the range. Commodities continued to consolidate. Gold tested a previous support of $790 before backtracking to $808. Crude stayed below $110 levels, giving a breath of fresh air to many global currencies. Dollar suffered from a weak challenger job cuts figure.
Yen rose against dollar to 108.12 yesterday and continued it's bullish advance into the Asian trading session. Japanese economic woes and abysmal data sees yen strong against high yielding currencies (NZD and AUD) pushed on by un-winding of carry trades. South Asian currencies missed the benefits of the lowering in commodities as recession fears continue.
ECB and BoE rate decisions today to dictate the dollar's price action and guide markets as all watch ECB's hawkish tone - recent talk about threat to inflation and that vigilance is still needed in this regard has all eyes riveted on Trichet’s comments. BoE is in a very tricky position as economy slows and unemployment rises. Although a rate cut would boost business and public sectors BoE will probably hold back at least another month before acting.
| Global indexes | Current level | % Change |
| Nikkei 225 Index | 12557 | -1.04 |
| Hang Seng Index | 20467 | -0.57 |
| Shanghai Index | 2274 | -0.08 |
| DAX futures | 6547 | -0.14 |
| CAC futures | 4470 | 0.15 |
| DJIA futures | 11523 | -0.12 |
| Nasdaq futures | 1841 | -0.97 |
| World markets | Current level | % Change |
| Gold | 804.65 | 0.42 |
| Silver | 12.885 | -0.19 |
| VIX | 21.43 | -2.55 |
| Crude wti | 109.3 | -0.05 |
| USD Index | 78.002 | -0.11 |
| Todays calender | Estimates | Previous | Country / GMT |
| Bank of England Rate Decision | 5.00% | 5.00% | GBP / 11:00 |
| European Central Bank Rate Decision | 4.25% | 4.25% | EUR / 11:45 |
| US Initial Jobless Claims | 420K | 425K | US / 12:30 |
| US ISM non-manufacturing composite | 49.5 | 49.5 | US / 14:00 |
Currency Tech
AUDUSD
0.8694
0.8586
0.8535
CURRENT: 0.8351
0.8234
0.8173
0.8108
EURJPY
161.13
159.73
158.46
CURRENT: 156.91
156.25
156.03
155.16
USDSGD
1.4643
1.4542
1.4445
CURRENT: 1.4296
1.4308
1.4265
1.4116
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Published on Thu, Sep 4 2008, 10:28 GMT
Archive
- Asian Session - Equity Selling Continues
Published On Tue, Dec 2 2008, 10:13 GMT - Asian Session - Markets Position for an Uncertain Week
Published On Mon, Dec 1 2008, 10:04 GMT - Japanese Industrial production fell by 3.1% m/m
Published On Fri, Nov 28 2008, 10:08 GMT - Asian Session - China's Aggressive Rate Cut Supports Asian Stock Markets
Published On Thu, Nov 27 2008, 10:14 GMT - Asian Session - Short Term Optimism Wanes - Back to Safe Haven Buying
Published On Wed, Nov 26 2008, 09:37 GMT
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