Daily Forex Snapshots

Asian Session - EuroZone CPI Up Next

July 31, 2008 10:09 AM CEST

G10 Advancers and Decliners vs USD

	JPY	0.14
	AUD	0.10
	SEK	0.08
	CHF	0.04
	NOK	0.04
	DKK	0.04
	EUR	0.03
	GBP	0.02
	CAD	-0.12
	NZD	-0.18

Global Indexes

Current Level

% Change

Nikkei 225 Index	13,301.33	- 0.49
Hang Seng Index	22,806.63	+ 0.51
Shanghai Index	2,782.30	- 1.91
FTSE futures	5,428.50	+ 2.10
DAX futures	6,460.12	+ 0.95
SMI Futures	7,108.91	+ 1.65
DJIA futures	11,549.00	- 0.26

World Markets

Current Level

% Change

Gold	911.15	+ 0.55
Silver	17.51	+ 0.14
VIX	21.21	- 3.72
Crude wti	126.67	- 0.07
USD Index	73.25	- 0.10

Todays Calender

Estimates

Country / GMT

CPI (Jul Prov.)	4.1%	4.0%	EZ / 9.00
Unemployment Rate (Jun)	7.2%	7.2%	EZ / 9.00
GDP (Q2 1st Est.) q/q ann.	2.3%	1.0%	US / 12.30
Employment Cost Index (Q2) q/q	0.7%	0.7%	US / 12.30
Initial Jobless Claims (Jul 26th)	393K	406K	US / 12.30
Chicago PMI (Jul)	49.0	49.6	US / 13.45

Currency Tech

AUDUSD
R 3: 0.9637
R 2: 0.9590
R 1: 0.9528
CURRENT: 0.9438
S 1: 0.9404
S 2: 0.9328
S 3: 0.9276

EURJPY
R 3: 171.81
R 2: 171.07
R 1: 169.97
CURRENT: 168.27
S 1: 167.50
S 2: 166.01
S 3: 165.33

USDSGD
R 3: 1.3850
R 2: 1.3827
R 1: 1.3717
CURRENT: 1.3685
S 1: 1.3606
S 2: 1.3567
S 3: 1.3501

Market Brief

The Usd traded sideways in Asian session, after the stronger ADP figures and rally on Wall Street pushed the greenback higher. The EurUsd traded in a 1.5525 to 1.5602 range, while the UsdJpy traded between 107.80 and 108.34. US stocks gained, as ADP pointed to a 9k gain vs. -60k, giving hope that Fridayʼs NFP will prove stronger then the -75k expected. The S&P gained 1.7% and 2 year Ts dropped by 2.6%. Crude rallied to $126.88brl, but with global demand slowing we expected upside to be limited.

Yesterday's decision by the Turkish Constitutional Court not to close the AKP was clearly seen as positive for markets, with Try and equities gaining on the report (with a positive gap at the open today). While the verdict has not ended all domestic concerns, it will go a long way to ease investors concerns.

The Japanese Industrial production fell by -2.0% m/m vs. -1.7% exp. The government has already cut forecasts for industrial output, as surveys point to further weakness ahead.

The European Session will be focused on Eurozone's July flash CPI. The market is expecting a new record high of 4.1% and there is little evidence to suggest otherwise. This figure, combined with the sharp drop in key Economic Sentiment Indicator, will mean at some point soon the ECB will have to make a tough choice. Inflation or Growth.

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