Daily Forex Snapshots

Asian Session: Japanese Core CPI Falls

July 31, 2009 11:24 AM CEST

G10 Advancers and Decliners vs USD

	SEK	0.92
	NOK	0.61
	NZD	0.53
	GBP	0.41
	DKK	0.27
	EUR	0.23
	JPY	0.14
	CAD	0.12
	AUD	0.10
	CHF	0.04

Global Indexes

Current Level

% Change

Nikkei 225 Index	10,356.83	+ 1.88
Hang Seng Index	20,549.86	+ 1.56
Shanghai Index	3,412.06	+ 2.72
FTSE 100 Index	4,633.34	+ 0.03
DAX Index	5,364.76	+ 0.07
SMI Index	5,937.78	+ 0.08
DJIA futures	9,134.00	+ 0.48

World Markets

Current Level

% Change

Gold	937.21	+ 0.30
Silver	13.61	+ 0.92
VIX	25.40	- 0.82
Crude wti	67.06	+ 0.17
USD Index	79.04	- 0.32

Todays Calender

Estimates

Country / GMT

"Flash" HICP, % y/y Jul	-0.4	-0.1	EUR / 09.00
Unemployment rate, % Jun	9.7	9.5	EUR / 09.00
KoF leading indicator Jul	-1.45	-1.65	CHF / 09.30
GDP, % q/q saar (y/y) Q2-A	-1.5, -3.5	-5.5,-2.5	USD / 12.30
GDP price index, % q/q saar (y/y) Q2-A	1.0 (2.1)	2.8 (2.1)	USD / 12.30
Employment cost index, % q/q (y/y) Q2	0.3 (1.8)	0.3 (2.1)	USD / 12.30
GDP, % m/m May	-0.3%	-0.1%	CAD / 12.30
Chicago purchasing managers index Jul	42.0	39.9	USD / 13.45

Currency Tech

AUDUSD
R 2: 0.8520
R 1: 0.8378
CURRENT: 0.8279
S 1: 0.8090
S 2: 0.7927

EURJPY
R 2: 136.86
R 1: 136.10
CURRENT: 134.90
S 1: 132.10
S 2: 131.60

USDCAD
R 2: 1.1225
R 1: 1.1012
CURRENT: 1.0808
S 1: 1.0750
S 2: 1.0545

USDMXN
R 2: 13.645
R 1: 13.416
CURRENT: 13.225
S 1: 13.135
S 2: 13.060

Market Brief

Risk appetite remained firm in the Asian session, following the US equity markets higher: However, European indexes have turned red and, with them, the USD has begun to retake lost ground. In Japan, core CPI fell by -1.7%, the largest annual decline ever recorded, while unemployment increased to 5.4%. The soft labour market is clearly taking its toll on consumer confidence, as household spending figures only increased 0.2% y/y. We still expect Japan to be one of the last economies to recover and we'll be looking to sell JPY (especially against commodity currencies). For today, the US & Canada will release GDP estimates, which are expected to show a slight increase. Barring any unforeseen dip in growth estimates, we expect risk appetite to remain steady and any decline in equity markets to be controlled.

ACM Advanced Currency Markets SA (hereinafter referred as ACM) is a professional financial intermediary, directly regulated by the Swiss Federal Department of Finance, Anti Money Laundering Control Authority. As forex specialist, ACM provides only currency trading via highly professional forex trading software. All customers are aware that this information or any part thereof has been prepared without taking account of your objectives, financial situation and/or needs. This information is not intended as personalized investment advice and does not constitute a recommendation. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. The analysis is based on the information which ACM finds reliable and accurate, but ACM does not assume any responsibility for any material nor for the transactions made on the basis of the information or the estimates of the analysis. ACM cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct, indirect and/or consequential loss arising from any use of this information, document or its content. All opinions and estimates constitute ACM analysis as of the data and are subject to change without notice. ACM does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions. Past performance is not a reliable indicator of future performance.