Daily Forex Snapshots

Asian Session - Japanese Yen rises against majors as Asian economies miss oil-fall benefit

September 04, 2008 9:59 AM CEST

G10 Advancers and Decliners vs USD

	CAD	0.31
	JPY	0.25
	CHF	0.22
	GBP	0.19
	SEK	0.16
	DKK	0.1
	EUR	0.1
	AUD	-0.01
	NOK	-0.01
	NZD	-0.15

Global Indexes

Current Level

% Change

Nikkei 225 Index	12557	- 1.04
Hang Seng Index	20467	- 0.57
Shanghai Index	2274	- 0.08
DAX futures	6547	- 0.14
CAC futures	4470	+ 0.15
DJIA futures	11523	- 0.12
Nasdaq futures	1841	- 0.97

World Markets

Current Level

% Change

Gold	804.65	+ 0.42
Silver	12.885	- 0.19
VIX	21.43	- 2.55
Crude wti	109.3	- 0.05
USD Index	78.002	- 0.11

Todays Calender

Estimates

Country / GMT

Bank of England Rate Decision	5.00%	5.00%	GBP / 11:00
European Central Bank Rate Decision	4.25%	4.25%	EUR / 11:45
US Initial Jobless Claims	420K	425K	US / 12:30
US ISM non-manufacturing composite	49.5	49.5	US / 14:00

Currency Tech

AUDUSD
0.8694
0.8586
0.8535
CURRENT: 0.8351
0.8234
0.8173
0.8108

EURJPY
161.13
159.73
158.46
CURRENT: 156.91
156.25
156.03
155.16

USDSGD
1.4643
1.4542
1.4445
CURRENT: 1.4296
1.4308
1.4265
1.4116

Market Brief

EURUSD traded to a low of 1.4386 - on weak retail sales - and high of 1.4512 yesterday. Asian session saw the pair playing the range. Commodities continued to consolidate. Gold tested a previous support of $790 before backtracking to $808. Crude stayed below $110 levels, giving a breath of fresh air to many global currencies. Dollar suffered from a weak challenger job cuts figure.

Yen rose against dollar to 108.12 yesterday and continued it's bullish advance into the Asian trading session. Japanese economic woes and abysmal data sees yen strong against high yielding currencies (NZD and AUD) pushed on by un-winding of carry trades. South Asian currencies missed the benefits of the lowering in commodities as recession fears continue.

ECB and BoE rate decisions today to dictate the dollar's price action and guide markets as all watch ECB's hawkish tone - recent talk about threat to inflation and that vigilance is still needed in this regard has all eyes riveted on Trichet’s comments. BoE is in a very tricky position as economy slows and unemployment rises. Although a rate cut would boost business and public sectors BoE will probably hold back at least another month before acting.

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