Wed, Jul 1 2009, 11:45 GMT
by Benny Menashe
| EUR/USD | USD/JPY | GBP/USD | USD/CHF | |
| 1.4195 | 98.6 | 1.6745 | 1.102 | |
| Resistance | 1.418 | 97.5 | 1.6665 | 1.0915 |
| 1.4155 | 97.1 | 1.649 | 1.089 | |
| 1.3995 | 96.15 | 1.6365 | 1.078 | |
| Support | 1.398 | 95.95 | 1.621 | 1.0665 |
| 1.3915 | 95.35 | 1.6185 | 1.0635 |
The JPY dipped earlier after the Bank of Japan’s quarterly Tankan survey showed sentiment among the largest manufacturers rose less than economists expected at -48 from an expected -58. “Japan’s economic situation is worse than expected,” said Masafumi Yamamoto, head of foreign-exchange strategy for Japan at Royal Bank of Scotland Group Plc in Tokyo. “Investors may try to err on the side of being cautious. That will lead to stock declines and prompt demand for the yen as a safe haven.” The dollar climbed against the yen on speculation a report today will show manufacturing in the U.S. shrank in June at slower pace. The Dollar Index, that tracks the greenback against the currencies of six major U.S. trading partners was little changed at 80.183. The USD/JPY is currently trading at 96.85 as of 8:56am, London time.
The Euro is slowly inching early today, supported by high European shares, but gains are limited as trader’s awaited data on European manufacturing due later today. A weak reading of U.S. consumer confidence on Tuesday held up risk appetite and helped keep the euro away from a high touched against the dollar yesterday. Investors await for an announcement by the European Central Bank on Thursday, as well as U.S. nonfarm payrolls which will be looked upon to gauge whether the decline in the U.S. jobs market is starting to stabilize. "It is becoming clear that risk appetite is starting to lack consistency and any catalyst could trigger a broad correction amid weak summer liquidity conditions," analysts at UBS said in a research note. "With the ECB and payrolls out tomorrow, the market is choosing to tread cautiously and we expect this to remain the dominant theme today." The EUR/USD is currently trading at $1.4075 as of 9:04am, London Time.
"It is becoming clear that risk appetite is starting to lack consistency and any catalyst could trigger a broad correction amid weak summer liquidity conditions," analysts at UBS said in a research note. "With the ECB and payrolls out tomorrow, the market is choosing to tread cautiously and we expect this to remain the dominant theme today." Investment Company Institute data released yesterday shows U.S. funds increased holdings of foreign assets to 24.5 percent last month from about 23 percent since Lehman Brothers Holdings Inc. collapsed in September, Mansoor Mohi-uddin, chief currency strategist at UBS in Zurich, wrote in a note today.
| Time | Event | Currency/Country | Period | Previous | Forecast | Significance | Actual |
| 23:50 | Monetary Base (Y-o-Y) | Japan | Yearly | 7.9 | 3 | ||
| 23:50 | Foreigners Buying Japan Stocks (Yen) | ¥/Japan | 81.2 | 2 | |||
| 23:50 | Foreigners Buying Japan Bonds (Yen) | ¥/Japan | -125.7 | 2 | |||
| 23:50 | Japan Buying Foreign Stocks (Yen) | ¥/Japan | 18.7 | 3 | |||
| 23:50 | Japan Buying Foreign Bonds (Yen) | ¥/Japan | 278 | 3 | |||
| 17:00 | Budget Balance | €/Italy | -7.6 | 2 | |||
| 16:00 | New Car Registrations (Y-o-Y) | Italy | Yearly | -8.6 | 3 | ||
| 14:35 | EIA Crude Oil Price | $/United States | 70.61 | 3 | |||
| 14:35 | EIA Crude Oil Inventory (Barrels) | United States | 353.9 | 2 | |||
| 14:00 | Construction Spending - Residential | United States | 0.61% | -1.30% | 2 | ||
| 14:00 | Pending Home Sales Index | United States | 6.7 | 2 | |||
| 14:00 | ISM Manufacturing Survey | United States | 42.8 | 44 | 2 | ||
| 14:00 | Construction Spending - Total | United States | 0.76 | -0.5 | 2 | ||
| 12:15 | ADP Employment Change | United States | -532 | 2 | |||
| 11:30 | SVME - Purchasing Manager Index | Switzerland | 39.8 | 41.2 | 2 | 41.8 | |
| 11:30 | Challenger Job Cuts (Y-o-Y) | United States | Yearly | 7.4 | 4 | ||
| 11:00 | MBA Mortgage Applications | United States | 6.6 | 2 | |||
| 9:30 | RBA Commodity Index (Y-o-Y) | Australia | Yearly | -23.3 | 3 | ||
| 8:30 | PMI Manufacturing | UK | 45.4 | 46 | 2 | 47 | |
| 8:30 | Index of Services (3M-o-3M) | UK | -1.2 | 3 | |||
| 8:00 | PMI Manufacturing | Eurozone | 40.7 | 42.4 | 2 | 42.6 | |
| 7:55 | PMI Manufacturing | Germany | 40.5 | 40.5 | 2 | 40.9 | |
| 7:50 | PMI Manufacturing | France | 45.5 | 45.5 | 2 | 45.9 | |
| 7:45 | PMI Manufacturing | Italy | 41.1 | 42.5 | 2 | 42.7 | |
| 7:30 | Retail Sales (M-o-M) | Denmark | Monthly | -0.6 | 2 | ||
| 7:30 | Retail Sales (Y-o-Y) | Denmark | Yearly | -6.8 | 3 | ||
| 7:30 | Capital Account Balance - BoP | €/Spain | 373 | 2 | |||
| 7:30 | Financial Account Balance - BoP | €/Spain | 7.14 | 4 | |||
| 5:30 | Building Approvals (M-o-M) | Australia | Monthly | 5.1 | 3 | ||
| 5:30 | Building Approvals (Y-o-Y) | Australia | Yearly | -16.1 | 3 | ||
| 5:30 | Retail Sales (M-o-M) | Australia | Monthly | 0.3 | 2 | ||
| 5:00 | Vehicle Sales (Y-o-Y) | Japan | Yearly | -19.4 | 2 | ||
| 1:30 | Retail Sales (M-o-M) | Australia | Monthly | 0.3 | 2 | ||
| 1:30 | Building Approvals (M-o-M) | Australia | Monthly | 5.1 | 3.3 | 3 | |
| 1:30 | Building Approvals (Y-o-Y) | Australia | Yearly | -16.1 | -6.9 | 3 | |
| 1:00 | DEWR Skilled Vacancies (M-o-M) | Japan | Monthly | -7 | 4 | ||
| 0:00 | Imports (Y-o-Y) | South Korea | Yearly | -40.30% | -33.50% | 3 | -32.30% |
| 0:00 | Exports (Y-o-Y) | South Korea | Yearly | -28.50% | -18.70% | 3 | -11.30% |
| 0:00 | Trade Balance | South Korea | 2 | $7.44 |
Published on Wed, Jul 1 2009, 11:54 GMT
Finotec
| Global financial trading center, 1 Grivas Digheni and Chrysanthou, 3035 Mylona P.O.B 58007, Limassol
http://www.finotec.com/ | support@finotec.com
Fundamental Currencies Comments - Currencies ahead of U.S. data by ecPulse.com
Tue, Nov 24 2009, 11:34 GMT
Market Session Recaps - London Session by FOREX.com
Tue, Nov 24 2009, 11:33 GMT
Daily FX Report - The AUD/JPY fell to 81.85 and the NZD/JPY fell to 64.80 by Varengold Wertpapierhandelsbank AG
Tue, Nov 24 2009, 11:04 GMT
European Market Update - German IFO survey hits 15 month highs by TradeTheNews.com
Tue, Nov 24 2009, 11:00 GMT
Daily Trading Forecast - USD Still Waltzes to the Same Tune by Swiss e Trade AG
Tue, Nov 24 2009, 10:58 GMT
yen, eurusd, highlighted, gbpusd, usdjpy
View AllForex: EUR/USD bounces up from 1.4880 low and reaches 1.4950 area
FXstreet.com | Tue, Nov 24 2009, 11:35 GMT
Forex: USD/JPY will bottom at 88.00 and appreciate to 100.00 in 2010 - Rabobank
FXstreet.com | Tue, Nov 24 2009, 11:20 GMT
UPDATE: Euro-Zone New Industrial Orders Rise For Sixth Month
Dow Jones | Tue, Nov 24 2009, 11:09 GMT
2nd UPDATE: German Data Point To Accelerating Growth
Dow Jones | Tue, Nov 24 2009, 11:08 GMT
UPDATE: Asian Shrs End Lower;Shanghai Stocks Tank 3.5%
Dow Jones | Tue, Nov 24 2009, 11:05 GMT
yen, eurusd, highlighted, gbpusd, usdjpy
View AllGET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program