Daily Forex Snapshots

Asian Session: Milk Prices Gives NZD a Boost

August 05, 2009 11:59 AM CEST

G10 Advancers and Decliners vs USD

	JPY	0.43
	NZD	0.37
	NOK	-0.01
	SEK	-0.12
	GBP	-0.23
	DKK	-0.31
	EUR	-0.31
	CHF	-0.39
	AUD	-0.44
	CAD	-0.79

Global Indexes

Current Level

% Change

Nikkei 225 Index	10,252.53	- 1.18
Hang Seng Index	20,501.19	- 1.42
Shanghai Index	3,428.50	- 1.23
FTSE 100 Index	4,668.56	- 0.06
DAX Index	5,414.74	- 0.04
SMI Index	5,936.65	- 0.05
DJIA futures	9,249.00	- 0.04

World Markets

Current Level

% Change

Gold	964.47	- 0.25
Silver	14.67	+ 0.25
VIX	24.89	- 2.62
Crude wti	71.11	- 0.43
USD Index	77.75	- 0.01

Todays Calender

Estimates

Country / GMT

Final Services PMI, index Jul	45.6	45.6 P	EUR / 07.58
Final Composite PMI, index Jul	46.8	46.8 P	EUR / 07.58
Services PMI, index Jul	51.8	51.6	GBP / 08.30
Manufacturing output, % m/m (y/y) Jun	-0.1,-12.1	-0.5,-12.7	GBP / 08.30
Industrial production, % m/m (y/y) Jun	0.0, -11.4	0.3, -11.1	GBP / 08.30
Retail sales, % m/m (y/y) Jun	0.3, -2.3	-0.4, -3.3	EUR / 09.00
ADP payrolls (chg, k) Jul	-350	-473	USD / 12.15
Factory orders, % m/m (y/y) Jun	0.5, -24.1	1.0, -22.9	USD / 14.00
ISM non-mfg composite, index Jul	48.0	47.0	USD / 14.00
Employment % q/q Q2	-0.8	-1.1	NZD / 22.45
unemployment rate % Q2	5.6	5	NZD / 22.45

Currency Tech

AUDUSD
R 2: 0.8695
R 1: 0.8520
CURRENT: 0.8404
S 1: 0.8340
S 2: 0.8238

EURJPY
R 2: 139.25
R 1: 138.29
CURRENT: 136.62
S 1: 134.30
S 2: 132.75

USDCAD
R 2: 1.1012
R 1: 1.0935
CURRENT: 1.0763
S 1: 1.0547
S 2: 1.0445

USDMXN
R 2: 13.415
R 1: 13.305
CURRENT: 13.1522
S 1: 13.059
S 2: 12.987

Market Brief

Risky assets held on to recent gains, as equity markets closed almost flat and today is much the same. We believe traders are in a "hold pattern" ahead of tomorrow’s ECB and BoE meetings and Friday's US NFP. Fonterra's, New Zealand's largest dairy cooperative and exporter, said improved demand (online auction) boosted powder milk prices 26%, which helped boost NZDUSD and sink AUDNZD. Today, the important news to note would be house prices in the UK, where positive data would boost the already faltering housing markets and give some hope to the economy. The most important news in the US will be the ADP employment report, which is expected to show a lesser job loss reading, which could give some hope to recovery measures being taken ahead of the Non-farm payroll data due on Friday, along with the unemployment rate expectations.

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