| 11 Mar 2010 |
02:02 |
USD/JPY - 90.39.. Dlr jumped in European morning trading y'day as rumour of huge European name bot the pair in large amount, price later rallied to 90.83 in NY. As usual, Japanese exporters & big corp. (for yen repatriation) sold the dlr in Tokyo morning, the pair is under pressure. Current unwinding of yen carry trades after release of China's CPI & PPI for Feb y/y which came out higher than forecast has pushed dlr lower, as the 16-month high CPI has stoked market's fear of further rate tightening by PBOC. Bids are reported fm 90.20-00 with a mixture of stops & more buying interest below 90.00 n offers are plentiful at 90.60-80 area. |
 | |
| 10 Mar 2010 |
16:50 |
Usd/jpy - 90.63 ... U.S. wholesale inventory dropped by 0.2% whilst wholesale sales rose by 1.3%. The greenback extended intra-day rise to 90.83 on active cross selling in jpy on increasing bets the Bank of Japan will apply further monetary policy easing measures. Eur/jpy, aud/jpy n gbp/jpy rallied fm 121.88 to 124.01, fm 82.18 to 83.32 n fm 133.93 to 135.89 respectively. Bids are located at 90.45/50, 90.25/30 n further out at 90.00/10. On the upside, some offers are tipped at 90.80/85 with mixture of offers n stops are located at 91.00. |
| |
| 10 Mar 2010 |
14:45 |
Gbp/usd - 1.4945 ... Despite early selloff to 1.4873 in European session due to the weak U.K. industrial n manufacturing production data, the British pound rebounded to 1.4968 on short-covering. Bids are now noted at 1.4920/25 n 1.4900/10 with some stops seen below 1.4900, however, more buying interest by st spec. is located at 1.4875/80 n 1.4855/60. On the upside, offers are tipped at 1.4965/70 n 1.4980/90. |
| |
| 10 Mar 2010 |
12:09 |
Eur/usd - 1.3621 ... A Greece report, submitted to the European Union on plans to tame its budget deficit, showed the implementation of the EU-endorsed stability n growth plan to cut the budget deficit to 2.8% of GDP by 2012 was ahead of schedule with no slippage on the spending side. European Commission spokesman Altafaj reiterated the EC was in talks with eurozone countries on a mechanism to help Greece tackle its financial problems n stood ready to help immediately. Despite early brief drop to 1.3544 in European morning, the single currency found good buying interest by sovereign names there n price subsequently rebounded to 1.3626 on short-squeezing together with active cross buying in euro. Bids are now noted at 1.3595/00 n 1.3575/80. On the upside, offers by European names are tipped at 1.3630/40 n 1.3660/70. |
| |
| 10 Mar 2010 |
11:47 |
Usd/jpy - 90.40 ... The greenback rose to 90.48 on improved risk appetites (eur/jpy, aud/jpy n gbp/jpy strengthened fm 121.88 to 123.16, 82.18 to 82.92 n fm 133.93 to 135.21 respectively) due to stabilised global stocks markets. FTSE n DAX rose briefly in the European morning session. Bids by Japanese retail investors n importers are located at 90.20/25 n 90.00 with some stops seen below 89.80 n 89.50. On the upside, offers fm Japanese exporters are tipped at 90.60/65 n 90.80/90. |
| |
| 10 Mar 2010 |
09:56 |
Gbp/usd - 1.4900 ... The British pound dropped after the release of an unexpected fall in British U.K. industrial n manufacturing production data which came in at -0.4% m/m, -1.5% y/y n -0.9% m/m, 0.2% y/y respectively. Offers are tipped at 1.4930/40 n 1.4955/60 with some stops seen abv 1.4960. On the downside, bids by st spec. are located at 1.4885/90 n 1.4855/60 with stops building up below 1.4850. |
| |
| 10 Mar 2010 |
09:00 |
Gbp/usd - 1.4930 ... Despite early brief drop to 1.4885 in European morning, the British pound rebounded on short-covering together with the comments fm U.K. Prime Minister Brown who said 'nearly there' in repairing much of the global financial system n budget in 2 weeks' time will set out more detail on deficit reduction. However, renewed selling interest is tipped at 1.4935/40 n further out at 1.4960/70. On the downside, bids are located at 1.4885/90 n 1.4855/60 with stops seen below 1.4850. |
| |
| 10 Mar 2010 |
07:35 |
Eur/usd - 1.3572 ... German January trade surplus came in at 8.7 bln euros, smaller than economists' forecast of 16.0 bln n the reading of 16.6 bln in December. German February CPI was higher-than-expected at 0.4% m/m n 0.6% y/y against the expectation of 0.2% m/m n 0.4% y/y respectively. The single currency dropped to 1.3563 after the weak trade data. Offers are now noted at 1.3585/90, 1.3600/05 n further out at 1.3610/15. On the downside, some bids are located at 1.3540/45 with stops building up below 1.3530. |
| |
| 10 Mar 2010 |
06:43 |
GBP/USD - 1.4965.. Cable has been the main mover in Asia n no prize for guessing which way sterling is headed. The spectre of possible downgrade in U.K. sovereign & banking ratings due to fiscal woes n possibility of a hung parliament continue to haunt the pair as bears are looking for every opportunity to hammer the pound. Offers have been lowered to 1.4970-90 n a mixture of bids & stops have been reported below y'day's 1.4936 low. U.K. industrial & manufacturing production data are out at 09:30GMT. |
| |
| 10 Mar 2010 |
06:39 |
EUR/USD - 1.3597.. Euro has traded narrowly as cable is the only ccy pair which has moved the most in Asia so far. Intra-day weakness in sterling is likely to drag euro lower (though firmness in eur/gbp has countered this move). Offers at 1.3610-30 n bids fm 1.3560-30 area.
Some German inflation & trade data are due out at 07:00GMT. |
| |
| 10 Mar 2010 |
06:35 |
USD/JPY - 90.07.. Very quiet trading in Asia, range so far is 89.85-90.11 with 2-way flows noted. Offers at 90.10-20 with bids fm 89.80-60 n a mixture of stops & offers abv 90.30. Yen remains weakish on crosses, suggesting buying dlr on dips is preferred. |
| |
| 10 Mar 2010 |
03:27 |
Breaking news - China trade data beat forecast, Feb exports y/y came out at 45.7% vs estimation of 39.7% while imports y/y was 44.7% compared to forecast of 38.7%. Trade balance in Feb decreased to 7.61B surplus fm previous reading of 14.17B. Dlr/yen has shown muted reaction to this economic release. |
| |
| 10 Mar 2010 |
02:05 |
GBP/USD - 1.4969 - Despite extending y'day's rebound fm 1.4936 low to 1.5017, sterling bears lurked out just ahead of Asian opening n knocked price down to 1.4965. The bearish comments by Fitch Ratings on the credibility of the Government's budget plans n warned that U.K. may risk a loss of investor confidence and possibly downgrade of its AAA rating have lured back sellers who were burnt earlier this week by the nasty short-squeeze to 1.5197. Offers have been lowered to 1.4980-00 n some profit-taking bids are seen just abv y'day's low. |
| |
| 10 Mar 2010 |
01:49 |
EUR/USD - 1.3596.. Trading has been rather subdued in Asian morning despite y'day's rebound fm 1.3537 to 1.3617 as st spec squared intra-day shorts after failure to take out stops placed below Friday's low at 1.3530. Price action today may well be a repeat of y'day where intra-day weakness in cable slowly drags euro lower. Fairly good buying interest below the market fm 1.3560-30 region n some offers are reported at 1.3610-30 area. Range-trading is the way to go today. |
| |
| 10 Mar 2010 |
01:37 |
USD/JPY - 89.97.. Although dlr got hammered in Tokyo trading y'day due to intra-day cross-buying of yen n fell to 89.63 in Europe, buying interest emerged in NY due to rebound in European currencies. The forthcoming release of trade data in China (05:00GMT) is forecasted to show a rise of 38.3% in export in Feb y/y, the 3rd monthly increase and the biggest gain since February 2007. This is likley to spur another wave of cross-selling in yen esp vs commodity ccy but good 2-way flows have been reported. Offers remain at 90.05-20 with bids fm 89.80-60, suggesting further range-trading is on the cards but tendency is to buy dlr on dips as y'day's rebound signals pullback fm 90.69 is possibly over. |
| |
Top 
