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US Morning Notes

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USD & JPY lower tracking a rebound in risk appetite

Wed, Nov 4 2009, 13:52 GMT
by Michael J. Malpede

Easy Forex

FX Highlights

• The USD and JPY start Wednesday's session lower pressured by improving risk appetite as global equity markets rally and the price of gold and crude trade higher, the World Bank upgrades China's growth forecast, GBP supported by report of rising consumer confidence and services PMI, UK services PMI at its best level in two years, EU PPI weakens for the ninth straight month, Fitch cuts Ireland's rating limiting EUR gains, commodity currencies mixed as gold trades at new record high and Australia's retail sales decline

• Focus turns to today’s release of US ADP employment, non-manufacturing ISM and FOMC policy decision

• Japan's Finance Minister Fujii shows Japan will issue more bonds this year to cover the tax shortfall, Japan's October monetary base expands 4.4%, BOJ Governor Shirakawa says that interest rates will remain low, JPY lower

• Australia’s September retail sales fall 0.2%, building approvals rose 2.7%, PSI rises 5.5 points to 54.8, AUD higher

• UK October nationwide consumer confidence rises to its highest level since April 2008 at 72, BRC October shop price index unchanged, October services PMI rises to 56.9 from 55.3, GBP higher

• ECB’s Weber says liquidity measures will expire on their own, EU September PPI falls 0.4%, October services PMI rises to 53 from 51.1, EUR higher

• Challenger October job cuts were 51% lower than last year

• White House officials warn against withdrawal of stimulus too quickly

• Chrysler October autos sales -32.3%, Ford October auto sales rose 2.6%, Toyota sales fell 3.5%, Nissian sales rose 5.6%, GM sales rose 4%, Kia sales rose 45.3%, Auto sales for October 10.46mln

• J & J plans to cut 8,200k jobs and will save more than a $1bln

• US equity markets set to open higher, European equities 1.5% higher, Nikkei closed 41 points higher

Upcoming Events

• US – Wednesday, October ADP employment will be released expected at -190k compared to -263k last month along with October non manufacturing expected at 51.5 compared to 50.9 last month and the FOMC policy decision

• CAN – Wednesday , no major Canadian economic data is due for release todaya

• Download Full US Morning Notes

Published on  Wed, Nov 4 2009, 13:57 GMT