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Asian Session: Japanese jobless data inline with expectations

Tue, Jun 30 2009, 10:30 GMT
by Peter Rosentreich

ACM - Advanced Currency Markets

Market Brief

The Bank of China Gov. Zhou Xiaochuan said yesterday that the economy accelerated in the second quarter and that he expected the government’s 8% growth forecast was going to be met. Further data showed that during the month of June electricity consumption jumped by 3.8% from a year before. Reports from a large bank in the region stated that manufacturing activity had accrued in the month of June – this comes as a welcomed sign of a steady recovery in the region. China is largely believed to lead the region and the world out of this crisis – the Chinese economy expanded 6.1% in the first quarter, it’s weakest in a decade – but leaps and bounds better than any other large economy.

Japan’s jobless rate rose a new 5-1/2 year high in May while availability for jobs fell aswell. This said household spending and consumption rose, analysts believe we should see a modest improvement in the Japanese economy as soon as this quarter – however, sluggish domestic demand and poor production levels continue to plague Japan’s rebound attempts.

USDJPY continues to trade it’s 95.00 – 96.60 range with a modest tendancy for the downside. EURUSD tries for new highs, breaking away from it’s previous weekly high of 1.4140 – now capped at June 11th high of 1.4180.

Currency Tech

AUDUSD
R 3: 0.8375
R 2: 0.8263
R 1: 0.8150
CURRENT: 0.8136
S 1: 0.8079
S 2: 0.7985
S 3: 0.7930

EURJPY
R 3: 139.20
R 2: 138.33
R 1: 135.35
CURRENT: 134.78
S 1: 133.38
S 2: 133.00
S 3: 131.41

USDSGD
R 3: 1.4800
R 2: 1.4748
R 1: 1.4649
CURRENT: 1.4466
S 1: 1.4454
S 2: 1.4385
S 3: 1.4334

• S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot

Published on  Tue, Jun 30 2009, 12:19 GMT