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Daily Analysis
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Yen lower as Lehman given support
Wed, Sep 10 2008, 09:47 GMT
by Benny Menashe
| EUR/USD | USD/JPY | GBP/USD | USD/CHF | |
| 1.4545 | 109.05 | 1.7905 | 1.1885 | |
| Resistance | 1.443 | 108.45 | 1.778 | 1.1605 |
| 1.44 | 108.1 | 1.7725 | 1.146 | |
| 1.4095 | 106.65 | 1.7563 | 1.1215 | |
| Support | 1.4045 | 106.55 | 1.7505 | 1.113 |
| 1.4015 | 105.55 | 1.747 | 1.101 |
The Yen was down from a 13 month high against the euro on Wednesday on news that Korea Development Bank was seeking a controlling interest in Lehman Brothers. The Japanese currency was buoyed on Tuesday as Lehman’s share price plunged the most in one day and carry traders unwound their positions funded in yen. However, with the news that a South Korean state-run bank will look to buy a stake in Lehman, investors increased their holdings of higher-yielding assets funded in Yen. ``This report is a big relief for risk appetite,'' said the head of foreign exchange strategy for Japan at Royal Bank of Scotland in Tokyo. ``The net impact will be to send the yen lower.'' The EUR/JPY was trading at 152.10 at 8.13am GMT
Meanwhile in London, Sterling was near a 2 ½ year low against the dollar as report indicated that the UK was now experiencing negative growth for the first time in over 10 years. The National Institute for Economic and Social Research indicated that GDP fell 0.2% in the last three months and 0.1% in Q2. A faltering economy has increased speculation that the BOE will cut rates, pushing the pound lower. ``We're just at the beginning of this downturn'' and inflation ``certainly hasn't peaked,'' the Deputy Governor of the Bank of England commented. At the same time, ``we're very aware of the risk of perhaps overdoing it and causing an unnecessary slowdown in activity,'' he said. Cable was trading at 1.7667 as of 8.22am GMT.
Today's Economic Events
| Time | Event | Currency | Period | Previous | Forecast | Significance |
| 23:50 | Core Machinery Orders m/m | JPY | Jul | -2.60% | -4.10% | 2 |
| 21:00 | Interest Rate Statement | NZD | Jul | 8.00% | 7.75% | 4 |
| 14:35 | Crude Oil Inventories | USD | -1.9M | 2 | ||
| 12:30 | Labor Productivity q/q | CAD | Quarterly | -0.30% | 2 | |
| 8:30 | Trade Balance | GBP | Jul | -7.7B | -7.5B | 2 |
| 7:00 | ECB President Trichet Speaks | EUR | 3 | |||
| 6:45 | Industrial Production m/m | EUR | Jul | -0.40% | 0.10% | 2 |
| 6:45 | Trade Balance | EUR | Jul | -5.6B | -5.05B | 2 |
| 5:00 | Leading Indicators m/m | JPY | Jul | -1.7 | 0.6 | 2 |
Published on Wed, Sep 10 2008, 09:52 GMT
Archive
- The Dollar drops as investor view the FED's stimulus to continue well into 2010
Published On Fri, Nov 6 2009, 09:00 GMT - The Dollar falls as the FED keeps interest rates at an all time low
Published On Thu, Nov 5 2009, 07:15 GMT - The Dollar rises as banking concerns halt risk demand amongst investors
Published On Wed, Nov 4 2009, 11:26 GMT - The UK government may buy extra shares in RBS and Lloyds
Published On Mon, Nov 2 2009, 09:16 GMT - USD tumbles along with JPY as better than expected GDP figures
Published On Fri, Oct 30 2009, 11:18 GMT
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