| 29 Jul 2010 |
10:26 |
Usd/jpy - 87.10... Advisor of PBOC Zhou Qiren said the yuan can rise or fall under managed float but only in small steps. He added that the more flexible exchange rate regime will allow the PBOC to make more use of various monetary policy tools over the rest 2010. Dlr extends its intra-day fall to as low as 87.03. Bids are seen at 86.80/85 while offers are reported at 87.45/50. |
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| 29 Jul 2010 |
09:08 |
Eur/usd - 1.3066.. Euro zone economic sentiment improved, buoyed by strg figures fm Germany, pointing to continued economic recovery in Q3. Economic Confidence rose to 101.3, better than the estimate of 99.1. The single currency rose abv res of 1.3047 to as high as 1.3078. |
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| 29 Jul 2010 |
08:04 |
Eur/usd - 1.3066.. European shares are trading with a firm undertone in early session as FTSE, CAC n DAX all rising more than 0.3% on solid company earnings, including AstraZeneca n Capgemini. US equities futures also move higher, with S&P n DJI futures up more than 0.2% respectively. |
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| 29 Jul 2010 |
07:36 |
Eur/usd - 1.3028.. German Bund futures open higher, lifted by concern over the US economy after weak data on Wednesday, with euro zone sentiment survey due at 09:00GMT expected to lifted up risk-aversion if it failed to meet expectation. Euro has eased after intra-day rise to 1.3047. |
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| 29 Jul 2010 |
05:46 |
EUR/USD - 1.3013.. Euro edges higher on short-covering in eur/yen (cross fell marginally below y'day's 113.22 to 113.18) after initial minor selling to 1.2977 in Asian morning, still well abv Tue's reaction low of 1.2952. 2-way flows have been seen but main focus remains on the much-touted option defense below the 1.3055 barrier plus rumour of 'huge' pile of euros to be unloaded by SNB (the central bank bot tons of eur/chf to weaken the swiss francs when it tumbled to a record low on Jul 01), as mentioned y'day, 1.3050 will be a tough nut to crack. On the downside, demand will increase with scale down buying interest seen fm 1.2970-50 n pretty large stops below there, therefore, range trading continues to dominate in Europe. |
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| 29 Jul 2010 |
04:55 |
GBP/USD - 1.5618.. Breaking news fm Reuters reporting comments fm UK Chancellor George Osborne who is with UK PM n other ministers on a trade visit to India, he says 'no tacit agreement between Govt. n BoE's King on keeping rates low; always believe greatest stimulatory effect on economy comes fm monetary policy; BoE's King made very clear he's vigilant on inflation'. Cable has ratcheted higher after y'day's strg retreat in NY fm a 5-mth high of 1.5638 to 1.5572 but renewed buying earlier in Asia at 1.5584 has lifted price n the pound is trading with a firm undertone. |
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| 29 Jul 2010 |
04:42 |
USD/JPY - 87.20.. Dlr remains under pressure in Tokyo morning on selling by Japanese exporters (month-end sales esp in eur/yen) n the lack of rebound after breaking y'day's low at 87.25 suggests nr term selling isn't finished but as trading volume is not huge, expect bids reported earlier in the 87.10-86.80 region to absorb current offers. In other news, Liu Yingjie, head of policy research under the State Council said in his comments published today that 'regulations to curb speculative buying in the China property market will remain in place as an important macroeconomic tool.' |
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| 29 Jul 2010 |
02:56 |
GBP/USD - 1.5596.. Sterling trades narrowly in tandem with euro in Asian morning as y'day's retreat fm a 5-month high of 1.5638 to 1.5572 has deterred traders fm pushing cable higher.Despite y'day's cross-inspired rise in NY after choppy trading in European morning in reaction to testimonies by BoE Governor King n other key members of the MPC before the Treasury Select Committee, intra-day buying dried up as offers at 1.5630-50 area checked intra-day gain. Expect range-trading to continue until European opening but buy-on-dips mentality shud prevail n bids are touted fm 1.5570-50 with stops building up below y'day's low at 1.5545. |
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| 29 Jul 2010 |
02:11 |
EUR/USD - 1.2988.. Euro is going nowhere, so trading eur/yen is a better bet instead of getting whipped by the see-saw moves seen y'day, as one Asian name was said to be a buyer on dips whilst another Asian name was reported as aggressive seller below 1.3050 to defend the previously mentioned option barrier at that lvl.Initial bids are seen at 1.2970-50 with fairly large stops building up below there. Perhaps today's upcoming release of a slew of eco. data wud push euro outside Tue's 1.2952-1.3047 range with German unemployment rate, EU consumer n economic sentiment, EU business climate, then followed later by U.S. jobless claims n Fed's Fisher speech on U.S. economy.
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| 29 Jul 2010 |
01:47 |
USD/JPY - 87.27.. In total stark contrast to y'day's biddish tone, the greenback remains on the defensive as weakness in U.S. equities due to a surprise drop in U.S. durable goods order n subsequent 'downbeat' Fed's Beige Book has prompted risk aversion activities in Asia. Intra-day weakness in the Nikkei has attracted st specs to sell dlr n buy yen vs other currencies.Offers have been lowered to 87.50-60 but bids by Japanese importers on dips are reported fm 87.10-86.80 with some stops below there. Expect range-trading with nr term soft bias but don't expect y'day's sharp decline to be repeated. Some food for thought, y'day's comments by BoJ policy board member Hidetoshi Kamezaki who said to a group pf business leaders that the central bank will not guide its policy with specific foreign exchange levels in mind implies the central bank will not intervene even when dlr declines further but major Japanese corps have based their earnings estimates for the full year ending in March on the assumption that the dlr will trade at 90 yen n the euro at 125 yen n in the event dlr drops below Nov 09' low at 84.82, they may be forced to hedge their earnings to avoid further erosion, this may inadvertently push the yen even higher vs usd n euro. |
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| 28 Jul 2010 |
19:26 |
Usd/jpy - 87.33 .. Despite the recovery fm 87.43, offers rested at 87.75/80 capped dollar's upside n price then fell again in NY afternoon after the release of U.S. Fed's Beige Book. DJI is currently down by 35 points at 10502. |
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| 28 Jul 2010 |
17:59 |
Usd/major - US Fed's Beige Book pointed out that US economic activity continued to increase but not robustly and some U.S. districts reported slowing economy. It also stated that retail sales were still rising for necessities but costly items moved slowly. |
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| 28 Jul 2010 |
16:00 |
Eur/usd - 1.2998.. Some analysts are reconsidering expectation for Friday's advanced estimate of Q2 GDP in light of today's data showing an unexpected dip in durable good orders in June. Current estimate for GDP is 2.7% q/q. The single currency has traded in the narrow range of 1.2974-1.3029 in NY. |
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| 28 Jul 2010 |
15:05 |
Gbp/usd - 1.5617.. US crude oil inventories rose sharply last week as imports surged. Gasoline inventories rose by 91k barrels in the week to July 23. Distillate inventories rose by 938k compared to estimate of 1.8M barrel. Cable has risen abv European high of 1.5627 to 1.5638 b4 stabilizing. |
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| 28 Jul 2010 |
12:21 |
Usd/jpy - 87.61.. New orders for durable goods fell for a straight month in June, recording their largest decline since August. US durable goods orders dropped by 1.0%, much worse than the estimate of 1.0% increase. Dlr fell briefly fm 87.75/80 to 87.46 after the news on risk aversion. Bids are seen at 87.45/50 n further out at 87.25/30. On the upside, offers are reported at 87.85/90 n around 88.12. |
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