The US Dollar stepped back from 2009 lows here in Asia as traders took profits from higher yielding currencies and the markets took a well deserved breather after huge moves in NY. After hitting a high just shy of 1.4600 in NY trading, the EUR/USD opened the Asian session close to 1.4560 and after an initial shedding of 15 pips, began its march to highs near 1.4580. The AUD/USD was able to reach highs near 0.8635, but as employment data was released showing that 27,100 jobs were shed, more than double the forecast, the pair slid to 0.8580 levels. The bright spot was that the unemployment rate came in at 5.8%, better than the projected 5.9%. The pair is currently moving near the 0.8600 figure. The Kiwi Dollar saw a good deal of action today as well as the RBNZ made its rate announcement, leaving rates unchanged at 2.50%.
After a violent initial move, NZD/USD began to move higher from its 0.6935 starting point, and eventually topped out over 0.6990 before losing almost 50 pips on the poor Aussie data. The pair eventually made back some ground to 0.6975. The yen had a calm day, with USD/JPY again range bound and ending the day net flat near 92.10. The Crosses pushed a bit higher on nice gains in Asian equities despite the Chinese markets being the sole group in the red.
Later in the London session, the Bank of England will release it rate decision which for all intents and purposes should be a non-event as the rate should remain unchanged at 0.5%
Upcoming Economic Data Releases (London Session) prior expected
| 9/10/2009 | 6:45 | FR | Industrial Production (MoM) | JUL | 0.30% | 0.40% |
| 9/10/2009 | 6:45 | FR | Non-Farm Payrolls (QoQ) | 2Q F | -0.50% | -0.50% |
| 9/10/2009 | 6:45 | FR | Industrial Production (YoY) | JUL | -12.80% | -13.00% |
| 9/10/2009 | 6:45 | FR | Manufacturing Production (MoM) | JUL | 0.40% | 0.50% |
| 9/10/2009 | 6:45 | FR | Manufacturing Production (YoY) | JUL | -14.40% | -14.40% |
| 9/10/2009 | 6:45 | FR | Trade Balance (Euros) | JUL | -4.0B | -4.0B |
| 9/10/2009 | 7:00 | EC | ECB's Mersch Presents Luxembourg Bank's Second Bulletin | 10-Sep | ||
| 9/10/2009 | 11:00 | UK | BOE ANNOUNCES RATES | 10-Sep | 0.50% | 0.50% |
| 9/10/2009 | 11:00 | UK | BOE Asset Purchase Target | SEP | 175B | 175B |
