USD Firms in early Asian Trading by Korman TamThe greenback edged higher at the start of the Asian session, rallying sharply against the Aussie initially and pushing the sterling beneath the key 1.40-level. With US equity bourses still mired near its lowest levels in 12-years, risk aversion will continue to benefit the dollar – which has pushed the euro beneath the 1.25-handle.US economic reports slated for release later today include the February ADP private sector payrolls, which are seen posting a loss of 615k jobs, deteriorating further from the loss of 522k jobs in January and non-manufacturing ISM. Consensus estimates for February non-manufacturing ISM call for a decline to 41.0 from 42.9, remaining mired beneath the key 50-level for its 5th consecutive month.Traders will closely scrutinize Friday’s key labor report given the weakness in the US jobs market. The unemployment rate in February is expected to spike to 7.9%, a level not seen since 1984 and up sharply from 7.6% from January. The non-farm payrolls figure is estimated to reveal a loss of 600k jobs – its worse level since 1974.
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1:46 AM AceTrader: Market Moving News6 Mar 2009 08:52 GMT
Eur/gbp...0.8930... The pair surged in European morning session on the back of active buying fm Eastern European names. Bids are now seen fm 0.8920 down to 0.8890 n 0.8860/70 with stops located at 0.8850/55 n 0.8820/30. On the upside, some offers are noted at 0.8945/50 n 0.8965/70 with stops (sizeable) only emerging abv 0.9000/10.
6 Mar 2009 07:00 GMT
Usd/maj. - The greenback fell broadly against major currencies on position adjustments as investors continue to close long-dollar positions ahead of the release of U.S. non-farm payrolls data on talks that the number will show more job losses (may be 1 million) than the expectation of 648,000 drop.
6 Mar 2009 06:34 GMT
Gbp/usd - 1.4207 ... The British pound rose in tandem with euro n order book is relatively thin ahead of the release of U.S. employment data. At the moment, some bids are noted at 1.4155/60, 1.4110/20 with stops seen below 1.4100 whilst on the upside, fair size offers are located at 1.4230, 1.4270/80 with stops reported at further out abv 1.4300...
6 Mar 2009 06:14 GMT
Eur/usd - 1.2603 ... The single currency strengthened against U.S. dollar on short-covering together with rumours that sizeable defensive bids are lined up fm 1.2535 down to 1.2485 to protect option barrier at 1.2450. On the upside, some offers are reported at 1.2650 n 1.2670 as investors are focusing on the release of U.S. non-farm payrolls data later today.
6 Mar 2009 05:55 GMT
Usd/jpy - 98.22 ... The greenback rebounded briefly fm y'day's low of 97.72 to 98.51 on fixing demand together with short-covering in jpy crosses. Eur/jpy maintained a firm undertone after early rise to 123.77 in Asian morning on rumours that a major U.S. inv. bank bought the pair actively. Bids by good Japanese names are noted at 98.00, 97.55/60 with some stops seen below 97.50 n more buying interest is noted at 97.00/10. On the upside, some offers are reported at 98.70 n 98.85/90.
6 Mar 2009 02:12 GMT
Gbp/usd - 1.4153 ... The Bank of England lowered interest rate by 50 basis points to 0.50% as widely expected y'day n announced that they would start to buy assets up to 75 billion pounds. The British pound tumbled fm 1.4234 to 1.4037 after the announcement b4 rebounding to 1.4176 in Asian morning on short-covering. Some bids are noted at 1.4100/10 n 1.4050/60 with stops seen below 1.4000. On the upside, offers are reported at 1.4175/80, 1.4200 n further out at 1.4230.
6 Mar 2009 02:03 GMT
Eur/usd - 1.2548 ... The single currency bounced briefly to 1.2574 on rumors that a major US inv. bank bought eur/jpy (rose fm y'day's 122.70 low to 123.77) aggressively in Asian morning, however, selling interest fm various accounts below 1.2580 limited euro's upside somewhat. The trading book is relatively thin in Asia after this week's choppy movements n ahead of the important U.S. non-farm payroll data later today. Some offers are noted at 1.2580 n 1.2610/20 while some bids fm Asian names are located at 1.2520 n 1.2500/05 with sizeable stops building up below 1.2450.
6 Mar 2009 01:47 GMT
Usd/jpy - 98.32 ... The greenback rose briefly to 99.69 y'day b4 running into heavy offers there to protect major option barrier at 100.00 n price subsequently tumbled to 97.72 on the renewed selling in global stock markets, however, fixing demand in Tokyo lifted the pair to 98.49/51. Offers by Japanese exporters are reported at 98.55/60, 98.80/90 n further out at 99.20/30. On the downside, bids by Asian names are noted at 97.75/80 with some stops seen below 97.50.
5 Mar 2009 19:44 GMT
Eur/usd - 1.2548...Euro's sideway trading inside near term range of 1.2522-1.2584 is likely to continue with traders citing relatively thin volume following the volatile trading earlier (caused by Trichet's bearish comments, the fall in U.S. equities to multi-year lows n a disruption in the EBS system). Bids are tipped at 1.2500/10 n further out at 1.2450/60 with stops placed below latter lvl. Offers are noted at 1.2600 n also 1.2620/30...
5 Mar 2009 19:36 GMT
Usd/jpy - 98.38...Dlr has stabilised after finding buying interest around 98.00 n trading activity is expected to wind down as NY session approaches its close. Stops are tipped below 98.00 n also below 98.50/60. Offers are likely to emerge at 98.90/00. U.S. Treasury Sec Geithner says in his testimony that the government will provide capital to banks in order to to prevent a reduction in lending. In other news, the Japanese Government announced that it wud extend its ban on short selling in stocks because the financial markets remain volatile...
5 Mar 2009 17:13 GMT
Gbp/usd - 1.4121...Cable has rebounded after the intra-day selloff to 1.4037 with traders citing a broad-based weakness in the dlr n also short-covering in sterling after the BOE's rate cut matched market expectations. Stops remain at 1.4030 n further out at 1.4000 while on the upside, a mixture of offers n stops at 1.4150 is in focus with more stops likely to emerge around 1.4180...
5 Mar 2009 17:05 GMT
Eur/usd - 1.2562...Despite the intra-day selloff to 1.2482 following ECB chief Trichet's bearish comments, euro has rebounded fm there with sovereign names reported to be among the buyers. Fresh bids are tipped at 1.2500 n also 1.2450/60 with stops likely to emerge below latter lvl. On the upside, offers are noted at 1.2590/00 with stops lined up at 1.2625/30 as previously mentioned...
5 Mar 2009 16:52 GMT
Usd/jpy - 98.29...Dlr fell to around 98.00 (stops at 98.70 n 98.50 were triggeed) on active cross buying in yen as U.S. equity markets weakened again with the Dow n S&P 500 hitting multi-year lows, however, buying interest fm various accounts (incl. investors) at 98.00 has emerged n more buying interest is tipped at 97.50/60. On the upside, offers are seen at 99.00 n 99.50/60...
5 Mar 2009 15:58 GMT
Eur/jpy - 123.40... The pair remained under pressure in U.S. morning session as traders buy Japanese yen on risk aversion (DJI is currently trading down 158 points at 6,713 n is poised to re-test this yr's low at 6,705). At the moment, heavy selling interest fm various accounts is seen fm 123.50 up to 124.00 with stops only emerging abv 124.50/60 n further out at 125.00 while bids (for profit taking purposes) are noted at 123.00/10, 122.70/80 n 122.40/50.
5 Mar 2009 14:28 GMT
Dlr/majors - Reuters reported that the EBS forex trading system was down in some financial centres according to traders, which have led to some of the volatile movements in currencies with wide spreads being shown on the board. Market focus is on ECB President Trichet's press conference n his bearish comments on eurozone growth have continued to pressure eur/usd n eur/jpy...
5 Mar 2009 13:49 GMT
Eur/usd - 1.2515 ... The single currency extended intra-day decline on dovish comments fm ECB President Trichet after cutting interest rates to a record low of 1.5 percent (fm 2.0 percent) as expected, he said inflation had cooled n eurozone growth is likely to remain weak in 2009. A mixture of bids n stops at 1.2500 is now in focus n more option-defensive buying interest is likely to emerge around 1.2460-70 with stops placed below 1.2450 barrier. On the upside, offers fm various names (including macro funds) are lined up fm 1.2540 up to 1.2580 with stops starting to build abv latter lvl but sizeable stops only emerge abv 1.2625/30...
5 Mar 2009 12:21 GMT
Gbp/usd - 1.4060 ... Sterling dropped after triggering stops below 1.4120 n 1.4100 n although cable recovered after the anticipated 50 b.p. rate cut by Bank of England to record low of 0.5 percent, the pair has fallen again as BOE announced gbp 75 bln asset buying programme of medium term n long term gilts in order to boost money supply. At the moment, stops below 1.4030 n 1.4000 are in focus, however, mixture of bids n stops remains at 1.3980-90 with more sizeable stops located below 1.3950. On the upside, offers are lined up fm 1.4080 up to 1.4120 with stops starting to build abv 1.4150 n 1.4180...
5 Mar 2009 10:05 GMT
Usd/jpy - 99.44 ... The option barrier at 99.50 was finally triggered in European morning n although stops abv there were tripped, the greenback met offers fm exporters around 99.70/75 n has retreated fm 99.69. At the moment, more option-defensive offers (related to huge 100.00 barrier) are reported at 99.90-00 with more stops placed abv 100.05/10. On the downside, bids fm various parties remain at 99.20-30 with stops starting to build below 99.10, 98.90 n more at 98.65/70...
5 Mar 2009 09:08 GMT
Gbp/usd - 1.4208 ... The British pound surged in London morning on active buying by Middle East names n stops abv 1.4205/10 were triggered, however, cable has retreated fm 1.4234 as traders booked profit ahead of BOE rate decision. The release of slightly weaker-than-expected U.K. Halifax house price data (-2.3% vs forecast of -2.0%) may put some pressure on sterling but impact is ltd so far. At the moment, offers fm German names are reported fm 1.4230 up to 1.4270 with mixture of offers n stops located further out at 1.4300. On the downside, bids are tipped fm 1.4180 down to 1.4160 with stops starting to build below 1.4150...
5 Mar 2009 08:32 GMT
Eur/gbp...0.8864... The pair continued to move lower in European morning session n stops below 0.8870 were triggered. Heavy selling interest fm U.K. clearer is seen fm 0.8880 up to 0.8910 with more offers noted at 0.8930/35 n 0.8950. On the downside, stops at 0.8840/45 are now in focus n bids fm various parties are reported at 0.8815/20 n 0.8800.\Source: www.forexnews.com/FI/default.asp?type=acetrader&loc=marketmovingnews
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