Daily Forex Snapshots

Asian Session: NFP’s disappoint as ECB stays put on rates – low volumes today for 4th July holiday.

July 03, 2009 11:23 AM CEST

G10 Advancers and Decliners vs USD

	NZD	0.591
	AUD	0.494
	CAD	0.388
	JPY	0.103
	DKK	-0.091
	EUR	-0.098
	CHF	-0.178
	NOK	-0.270
	GBP	-0.272
	SEK	-0.699

Global Indexes

Current Level

% Change

Nikkei 225 Index	9816	- 0.61
Hang Seng Index	18203	+ 0.14
Shanghai Index	3088	+ 0.92
FTSE 100 Index	4236	+ 0.06
DAX Index	4718	- 0.28
DJIA futures	8251	+ 0.12
Nasdaq futures	1445	0.00

World Markets

Current Level

% Change

Gold	9331.88	+ 0.23
Silver	13.415	+ 0.15
VIX	27.95	+ 6.60
Crude wti	66.41	- 0.48
USD Index	80.307	+ 0.20

Todays Calender

Estimates

Country / GMT

Currency Tech

AUDUSD
R 3: 0.8375
R 2: 0.8263
R 1: 0.8150
CURRENT: 0.7990
S 1: 0.7985
S 2: 0.7930
S 3: 0.7900

EURJPY
R 3: 139.20
R 2: 138.33
R 1: 136.46
CURRENT: 134.25
S 1: 134.00
S 2: 133.61
S 3: 131.41

USDSGD
R 3: 1.4800
R 2: 1.4748
R 1: 1.4649
CURRENT: 1.4515
S 1: 1.4454
S 2: 1.4385
S 3: 1.4334

Market Brief

NFP’s disappoint by showing a -467K decline in payrolls, 100K more than the consensus. This underlines the vast layoffs from the GM and Chrysler debacle and the continuing difficulty to revive the economy. The EURUSD dropped from it’s high 1.41’s as low as 1.3930 before rebounding. While the pair broke it’s range momentarily only a healthy breakout below the 1.3900 support will prove sufficient for a substantial move.

The ECB kept rates at 1.00% followed by an uninspiring press conference by Trichet. No comments on whether the rates would fall further but it was clear that no hikes would come before 2010.

Volumes will inevitably be low today as the U.S is off for a pre-4th July holiday. We expect currencies to stay in tight ranges but large funds, sovereign or private entering the markets could provide large moves.

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