USD/JPY at 95.35 is effectively unchanged on the day. Orders noted both sides of the market. Buy orders seen down at 95.00/20, sell orders up at 95.80/00 ahead of well-touted 96.00 barrier option interest. Buy stops said to be gathering above 96.20 and then more barrier option interest tipped at 96.50. Probably some stops just below 95.00, but haven’t got confirmation of that.
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USD/JPY steady; buy, sell, stop orders noted
August 7 2009, 11:00am | Comments »
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Daily Forex Analysis - August 7
EURUSD remains in uptrend from 1.4007 and the price action from 1.4444 is treated as consolidation of uptrend. Near term support is now at 1.4250, ...
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August 7 2009, 10:41am | Comments »
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Cable trips stops. Hedge fund steps in and buys EUR/GBP
Cable has come under accelerated pressure, with stops below 40 tripped taking the pairing to a session low 1.6724. The pairing is trying to steady at writing, presently at 1.6735. Sources note the cable sell-off had it’s roots in EUR/GBP action. There a large hedge fund stepped in and bought good amounts of the cross. EUR/GBP is presently up at .8580 from an early .8560. Technical support now for cable at 1.6700/10. The fall-out from yesterdays surprise BOE QE move lingers, and crappy figures from RBS have hardly helped matters.
August 7 2009, 10:20am | Comments »
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Cable showing little change early; recovers from early dip
Cable at 1.6770 is exactly where it was when I parked my bum at my desk this morning. Inbetween then and now cable experienced a slight wobble which took it down to 1.6747 before steadying. RBS released their first half numbers, which were a disappointment. The bank made a loss of £1.04 bln after a loss of £827 mln a year earlier. The result was worse than expected, the median forecast having called for £1.1 bln net income. The bank set aside £7.52 bln to cover loans and impairments. Technical supports for cable today at 1.6745/50 and 1.6700/10, resistance up at 1.6805/15. Sources note sell orders lined up t 1.6850.
August 7 2009, 9:42am | Comments »
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WORLD FOREX: Dlr Falls Vs Yen On Weak Stocks; Jobs Data Key
By Takashi Mochizuki Of DOW JONES NEWSWIRES TOKYO (Dow Jones)--A weak tone in the Japanese share market fueled risk aversion and caused the dollar to fall ...
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August 7 2009, 9:40am | Comments »
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EUR/USD buy, sell, stop interest
EUR/USD sits at 1.4345. Sources note buy orders now down at 1.4330 with sell stops just below there. Then there are said to be more buy orders lying in wait down at 1.4300 through 1.4280. On the topside, sell orders noted up at 1.4380 up through 1.4400.
August 7 2009, 9:28am | Comments »
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German trade, current account data stronger than expected
German June trade surplus has come in at s.a 11.0 bln, better than median forecast of 10.6 bln. Exports up 7.0% m/m, imports +6.8% m/m. German June current account has come in at 13.3 bln, up from 4.2 bln in May and much stronger than median forecast of 8.0 bln.
August 7 2009, 9:12am | Comments »
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EUR/USD slips in early trade. Trichet: We are still in period of economic contraction
EUR/USD has slipped lower in early European trading, presently at 1.4345. Comments from ECB’s Trichet on the wires. He feels we’re still in a period of economic contraction. The freefall is over, but must remain cautious. ECB is doing a lot to support the financial system. There are still though obstacles to the credit on offer and banks should do their job, which is to lend.
August 7 2009, 8:59am | Comments »
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Swiss jobless as expected
Swiss seasonally adjusted jobless rate came in at 3.9%, unadjusted at 3.7%, both exactly in line with median forecasts.
August 7 2009, 8:54am | Comments »
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You know you want to do it!!!!!
That’s right; enter our non-farm payroll contest and give yourself the chance of winning one of our super duper forexlive t-shirts. Be the envy of the neighbourhood.
August 7 2009, 8:43am | Comments »
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Tomas Cedavicius , forex-trends.com
Forex Hound EURUSD is walking slowly on resistance line at 1.44130, a positive move can be expected today, for short term traders buying is an option. ...
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August 7 2009, 8:22am | Comments »
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Quiet Asian trade; market on hold ahead of US jobs data
Very little action in Asian trade, the market effectively on hold ahead of today’s US jobs report. EUR/USD at 1.4360 and GBP/USD at 1.6780 are pretty much where they were at the North American close Thursday. Cable and sterling continue to struggle somewhat in the wake of yesterday’s surprise QE move. The median call for US July NFP’s 320/330k (ok I know a median should be a single figure, but what the heck, let’s live dangerously. I note Goldmans are plumping for -250k and I have to admit I have a feeling in my water the numbers might provide a nice surprise. Time will tell. The unemployment rate is seen edging up to 9.6% from 9.5%. Ahead of the US jobs we have quite a few European data releases to keep us occupied. Most admittedly don’t look the sort of stuff to get the market in much of a tizzy. 05:45 GMT: Swiss unemployment July expected 3.7% seasonally adj 3.9% 06:00 GMT: German trade balance June expected 10.6 bln euros 06:00 GMT: German current account June expected 8.0 bln euros 06:45 GMT: French trade balance June expected -2.9 bln euros 08:00 GMT: Italian Q-2 GDP (prelim) expected -0.7% q/q, -6.1% y/y 08:30 GMT: UK PPI July input expected -0.8% m/m, -10.9% y/y, output flat m/m, -1.7% y/y 10:00 GMT: German industrial production June expected +0.5% m/m, -17.5% y/y
August 7 2009, 8:11am | Comments »
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Asian forex market wrap
RBA issues an upbeat assessment of the Australian economy. Their previous stance was considered a bit pessimistic by many so this was a readjustment more than a new direction. CCB to reduce new lending by 70% US Senate approves $2 billion ‘cash for clunkers’ extension Fannie Mae still losing money and getting handouts from US treasury President Obama offers upbeat assessment of US economic situation Regional stockmarkets are lower by over 1% on average
There has been a slight whiff of risk aversion in the air but mainly we have seen positional adjustments ahead of tonights NFP. Cable was the big loser overnight and Asia has consolidated towards the base of last nights move. Early Tokyo saw some GBP/JPY buying which pushed cable back above 1.68 but this was short lived. The failure of AUD/USD to break higher after a bullish RBA statement introduced the first wave of JPY cross selling. This saw cable test its overnight 1.6750 low and AUD/USD test .8370 but both levels held. There has been no sign of reported Sovereign bids in the AUD/USD. EUR/USD has been relatively quiet with few orders close to the market. Stop-loss levels to watch are; below 1.4300 in EUR/USD, below 79.25 in AUD/JPY, below .8340 in the AUD/USD and we suspect below 1.6740 in the cable but no confirmation there. Heavy option activity is expected in USD/JPY on the approach to 96.00 with reportedly very heavy stops, mainly from option books, above 96.20. Markets: Nikkei -1.25%, Kospi -0.6%, All Ords -1.2%, HK -1.6%, Shanghai -1.2%. Brent Oil steady $75/bbl, Gold $961/oz. Ranges: EUR/USD 1.4342/73; Cable 1.6747/1.6812; USD/JPY 95.22/55; EUR/JPY 136.58/137.29; AUD/USD .8366/.8423.
August 7 2009, 7:32am | Comments »
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FOREX-Dollar edges lower ahead of US jobs data
By Kaori Kaneko TOKYO, Aug 7 (Reuters) - The dollar edged lower against a basket of currencies in a subdued market on Friday with investors largely staying ...
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August 7 2009, 7:30am | Comments »
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Position adjustment the order to the day so far
Traders and corporates have been adjusting their positions ahead of tonights payroll number with the AUD and the GBP the main losers so far. This is no surprise as both of these have gained significantly in recent weeks. Dealers now report fresh offers at .8420 in the AUD/USD but the buying interest around .8370 is also thought to be solid. Most of the long stops are now placed below .8340 and I suspect that the cable stops are below 1.6740. I haven’t heard much on the EUR/USD so far today though dealers suspect that a break now below 1.4300/05 will lead to more widespread long liquidation.
August 7 2009, 6:03am | Comments »
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Support levels holding in all major pairings
Cable and AUD/USD have tested their support levels at 1.6750 and .8370 respectively and both have held well.
August 7 2009, 5:41am | Comments »
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AUD AIG Construction Index | Forex News and Commentary by FXDD
The Aussie AIG Construction Index came out at 39.5, worse than the previous release of 42.6. The AUD/USD pair has shown little reaction to the release.
Forex News and Commentary by FXDD - http://forex.fxdd.com/
August 7 2009, 5:41am | Comments »
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Cable re-testing overnight lows
Cable halted at 1.6750 last night which had been the previous high and we look set to test this level again. There’s a touch of risk-aversion in the air especially ahead of the payroll number tonight and GBP longs are heading for the exit. A clean break below here opens the way up for a fall back towards 1.6500.
August 7 2009, 5:04am | Comments »
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Chinese construction bank to reduce new lending
Not everyone is convinced that the worst is behind us. The Chinese construction bank is worried that too much of its new loans are not reaching the real economy- in other words people are speculating on property and shares again.
August 7 2009, 5:00am | Comments »
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AUD/JPY selling leading crosses lower
Not much to be read into this we believe, just some mild profit taking and position reduction out of Tokyo ahead of the payroll numbers tonight. AUD/JPY has fallen from 80.40 back below 80 and if it breaks below 79.25 it might lead to another round of long-culling but this level is probably safe given the current lack of momentum in the market.
August 7 2009, 4:53am | Comments »
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