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Asian Session − Yen surges as Asian stocks continue to dwindle on growth concerns
Fri, Sep 5 2008, 08:35 GMT
by Peter Rosentreich
ACM - Advanced Currency Markets
Market Brief
The EURUSD dropped away yesterday in end of day trading as U.S Stocks ended their trading day 3% lower. The Euro Dollar pair subsequently traded range bound from 1.4297 to 1.4253 after initially dropping to 1.4214 on first move - a 1 year low. ECB's downgrading of the Euro zone’s growth prospects increased downside risks and sentiment weakening the currency further. This offset the weak US jobless claims and sluggish same-store retail sales. Oil continues to be weaker despite EIA inventory showing definite demand resilience.
Asian markets continue to feel the full grunt of the global economic crisis. Nikkei dropped another 2.75% as the Japanese economy sees it's industries suffer from weak public sentiment the state of the global economy. The Yen rose against the dollar at the NY close, USDJPY pair dropping to 105.72 before retracing to 107.30 levels before settling and trading a range from 106.5 to 107.3 in Asian trading session.
The Hangseng fell below 20'000 level for first time in 1 year as the Korean economy fails to buck the current bearish trend in Asian markets.
Today the focus is very much on the US Nonfarm payrolls at 12:30 GMT, the market expects a -71K (47% lower in one month) decline to hit home the severity of the global economy. Continued dollar strength to be driven by weak outlook on growth outside the US - namely European equities underperforming in comparison to their U.S counterparts - and lower oil prices.
| Global indexes | Current level | % Change |
| Nikkei 225 Index | 12212 | -2.75 |
| Hang Seng Index | 19752 | -3.12 |
| Shanghai Index | 2211 | -2.89 |
| FTSE futures | 5399 | -2.61 |
| DAX futures | 6302 | -0.82 |
| DJIA futures | 11164 | -0.27 |
| Nasdaq futures | 1782 | -3.2 |
| World markets | Current level | % Change |
| Gold | 796.7 | 0.03 |
| Silver | 12.76 | -0.43 |
| VIX | 24.03 | 12.13 |
| Crude wti | 107.71 | -0.17 |
| USD Index | 78.68 | 0.09 |
| Todays calender | Estimates | Previous | Country / GMT |
| Canadian Unemployment Rate | 6.20% | 6.10% | Canada / 11.00 |
| US Non farm payrolls | -71K | -51K | US / 12:30 |
| US Unemployment rate | 5.70% | 5.70% | US / 12:30 |
| US Average hourly earnings | 0.30% | 0.30% | US / 12:30 |
| Canadian Ivey Purchasing Managers Index | 62 | 65.5 | Canada / 14:00 |
Currency Tech
AUDUSD
0.8342
0.8458
0.8522
CURRENT: 0.8126
0.7982
0.8098
0.8162
EURJPY
156.32
159.29
160.82
CURRENT: 152.27
147.32
150.29
151.82
NZDUSD
0.6832
0.6939
0.6999
CURRENT: 0.6697
0.6498
0.6605
0.6665
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Published on Fri, Sep 5 2008, 11:29 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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