Daily Forex Snapshots

Asian Session - Yen surges as Asian stocks continue to dwindle on growth concerns

September 05, 2008 9:49 AM CEST

G10 Advancers and Decliners vs USD

	JPY	0.55
	CHF	-0.36
	NOK	-0.47
	CAD	-0.476
	DKK	-0.52
	EUR	-0.53
	SEK	-0.79
	GBP	-0.79
	AUD	-1.52
	NZD	-1.7

Global Indexes

Current Level

% Change

Nikkei 225 Index	12212	- 2.75
Hang Seng Index	19752	- 3.12
Shanghai Index	2211	- 2.89
FTSE futures	5399	- 2.61
DAX futures	6302	- 0.82
DJIA futures	11164	- 0.27
Nasdaq futures	1782	- 3.20

World Markets

Current Level

% Change

Gold	796.7	+ 0.03
Silver	12.76	- 0.43
VIX	24.03	+ 12.13
Crude wti	107.71	- 0.17
USD Index	78.68	+ 0.09

Todays Calender

Estimates

Country / GMT

Canadian Unemployment Rate	6.2%	6.1%	Canada / 11.00
US Non farm payrolls	-71K	-51K	US / 12:30
US Unemployment rate	5.7%	5.7%	US / 12:30
US Average hourly earnings	0.3%	0.3%	US / 12:30
Canadian Ivey Purchasing Managers Index	62	65.5	Canada / 14:00

Currency Tech

AUDUSD
0.8342
0.8458
0.8522
CURRENT: 0.8126
0.7982
0.8098
0.8162

EURJPY
156.32
159.29
160.82
CURRENT: 152.27
147.32
150.29
151.82

NZDUSD
0.6832
0.6939
0.6999
CURRENT: 0.6697
0.6498
0.6605
0.6665

Market Brief

The EURUSD dropped away yesterday in end of day trading as U.S Stocks ended their trading day 3% lower. The Euro Dollar pair subsequently traded range bound from 1.4297 to 1.4253 after initially dropping to 1.4214 on first move - a 1 year low. ECB's downgrading of the Euro zone’s growth prospects increased downside risks and sentiment weakening the currency further. This offset the weak US jobless claims and sluggish same-store retail sales. Oil continues to be weaker despite EIA inventory showing definite demand resilience.

Asian markets continue to feel the full grunt of the global economic crisis. Nikkei dropped another 2.75% as the Japanese economy sees it's industries suffer from weak public sentiment the state of the global economy. The Yen rose against the dollar at the NY close, USDJPY pair dropping to 105.72 before retracing to 107.30 levels before settling and trading a range from 106.5 to 107.3 in Asian trading session.
The Hangseng fell below 20'000 level for first time in 1 year as the Korean economy fails to buck the current bearish trend in Asian markets.

Today the focus is very much on the US Nonfarm payrolls at 12:30 GMT, the market expects a -71K (47% lower in one month) decline to hit home the severity of the global economy. Continued dollar strength to be driven by weak outlook on growth outside the US - namely European equities underperforming in comparison to their U.S counterparts - and lower oil prices.

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