Daily Forex Snapshots

Asian Session: Markets are Patiently Waiting for NFP figures

April 04, 2008 11:48 AM CEST

G10 Advancers and Decliners vs USD

	NOK	0.36
	EUR	0.33
	DKK	0.34
	GBP	0.33
	SEK	0.27
	CAD	0.23
	AUD	0.22
	CHF	0.22
	NZD	-0.1
	JPY	-0.2

Global Indexes

Current Level

% Change

Nikkei 225 Index	13,293.22	- 0.72
FTSE 100 Index	5,913.70	+ 0.38
DAX Index	6,752.05	+ 0.15
CAC 40 Index	4,900.17	+ 0.25
SMI Index	7,545.02	+ 0.38
DJIA futures	12,635.00	- 0.01
Nasdaq futures	1,868.25	+ 0.05

World Markets

Current Level

% Change

Gold	906.10	+ 0.35
Silver	17.43	+ 0.40
VIX	23.21	- 0.93
Crude wti	104.73	+ 0.86
USD Index	72.08	- 0.19

Todays Calender

Estimates

Country / GMT

Manufacturing Orders (Feb)	-0.9%(+6.6	-1.5%(+9.5	GE / 11.00
Unemployment Rate (mar)	5.8%	5.8%	CA / 12.00
Change in Non-Farm Payrolls (Mar)	-50,000	-63,000	US / 13.30
Unemployment Rate (Mar)	5.0%	4.8%	US / 13.30
Average Hourly Earnings (Mar)	0.3%	0.3%	US / 13.30
Average Weekly Hours (Mar)	33.7	33.7	US / 13.30
Ivey Purchasing Managers Index (mar)	62.5	62.0	CA / 15.00

Currency Tech

AUDUSD
R 3: 0.9290
R 2: 0.9254
R 1: 0.9158
CURRENT: 0.9172
S 1: 0.9024
S 2: 0.8979
S 3: 0.8953

EURJPY
R 3: 162.28
R 2: 161.41
R 1: 160.75
CURRENT: 160.81
S 1: 158.55
S 2: 156.34
S 3: 155.90

USDSGD
R 3: 1.4136
R 2: 1.4046
R 1: 1.3940
CURRENT: 1.3830
S 1: 1.3741
S 2: 1.3696
S 3:1.3500

Market Brief

Asian markets were uneasy yesterday as they await the figure on US job creation due out later this afternoon. The markets were a little jittery nonetheless in the wake of the unexpected rise in unemployment benefit claims that were posted. Equity markets and currency markets were morose. The effect of the preliminary news from the US that will no doubt affect the direction of the interest rates did not afflict the Asian markets as could have been expected. Some of this was du to that fact that Hong Kong was closed for public holiday. The Yen declined notwithstanding. Investors are still upset by the gloomy predictions that have been coming out of the Japan over the whole week. The Japanese business confidence is down as fear grows of a slowdown in US demand. The news yesterday and the markets expectations for the months to come have not come to rescue the yen, which fell yesterday to Y102.69 per dollar. The Banks of Japan also had to recognize that there was a slowdown in the business investment which in all circumstances remains a key driver of economic growth. Along with a rise in Consumer prices the BoJ has clearly a major challenge for the remaining of the year. To make matters more difficult Goldman Sachs has decided to downgrade the Japanese car manufacturing industry. The Investment bank fears that the car industry in Japan will suffer the most from the expected decline in US demand. Markets in Asia are now awaiting the figures to come out of the US to perhaps define a new out look or affirm the inevitable. Will the economic crisis currently being battled in the US find new grounds in Asia ? Inflation risks are mounting. The mounting food and fuel prices could start worrying various government of the region. There are some analysts who are worried about the lack of flexible exchange rates in the region that could be a breeding ground for a potential crisis to start. However there are signs that investment in the region in the last ten years have build strong macroeconomic foundations. Moreover, it appears that the banks in the Asia have had little exposure to the subprime crisis, precisely the spark that ignited the current US crisis. Australia, where many feared a subprime crisis on the measure of the US, has crackdown on mortgage markets by making the necessary investment (over A$400 m) to withdraw the toxic many collateral debt obligation.

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