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Asian Session: NFP's disappoint as ECB stays put on rates – low volumes today for 4th July holiday

Fri, Jul 3 2009, 09:58 GMT
by Peter Rosentreich

ACM - Advanced Currency Markets


Market Brief

NFP’s disappoint by showing a -467K decline in payrolls, 100K more than the consensus. This underlines the vast layoffs from the GM and Chrysler debacle and the continuing difficulty to revive the economy. The EURUSD dropped from it’s high 1.41’s as low as 1.3930 before rebounding. While the pair broke it’s range momentarily only a healthy breakout below the 1.3900 support will prove sufficient for a substantial move.

The ECB kept rates at 1.00% followed by an uninspiring press conference by Trichet. No comments on whether the rates would fall further but it was clear that no hikes would come before 2010.

Volumes will inevitably be low today as the U.S is off for a pre-4th July holiday. We expect currencies to stay in tight ranges but large funds, sovereign or private entering the markets could provide large moves.

Snap Shot

Global Indexes Current Level % Change
Nikkei 225 Index9816-0.61
Hang Seng Index182030.14
Shanghai Index30880.92
FTSE 100 Index42360.06
DAX Index4718-0.28
DJIA futures82510.12
Nasdaq futures14450

World Markets Current Level % Change
Gold9331.88+ 0.23
Silver13.415+ 0.15
VIX27.95+ 6.60
Crude wti66.41- 0.48
USD Index80.307+ 0.20

Todays Calender Estimates Previous Country / GMT
-


Currency Tech

AUDUSD
R 3: 0.8375
R 2: 0.8263
R 1: 0.8150
CURRENT: 0.7990
S 1: 0.7985
S 2: 0.7930
S 3: 0.7900

EURJPY
R 3: 139.20
R 2: 138.33
R 1: 136.46
CURRENT: 134.25
S 1: 134.00
S 2: 133.61
S 3: 131.41

USDSGD
 R 3: 1.4800
R 2: 1.4748
R 1: 1.4649
CURRENT: 1.4515
S 1: 1.4454
S 2: 1.4385
S 3: 1.4334

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

Published on  Fri, Jul 3 2009, 10:08 GMT


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This report has been prepared by AC Markets and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by AC Markets personnel at any given time. ACM is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.

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