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Tuesday September 5, 2006 - 09:34:57 GMT
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ACM - www.ac-markets.com
The greenback was weaker on the Yen in Asia
By Stéphane Marie - ACM Senior Trader
Yesterdays News and Events:
The Dollar eased against the Euro on Monday as a slightly better than expected U.S. jobs report did little to alter expectations that the Dollarâ€™s yield advantage could wane in the coming months. The Dollar also eased against the yen in early trade after a survey showed Japanese firms increased capital spending by 16.6 percent in the April-June quarter compared with a year earlier. While the Dollar rose initially on Friday in the wake of the jobs report, there was little change to market expectations that the Federal Reserve would hold interest rates steady at 5.25 percent at its policy meeting this month. The European Central Bank, meanwhile, is expected to raise interest rates in the coming months. While the Dollar looks vulnerable, it may gain some support against the Yen, which fell to record low against the Euro last week after soft Japanese data caused market expectations for a Bank of Japan rate rise this year to recede. A news conference by Bank of Japan on September 8 after a two day BOJ policy board meeting may change things a bit. The BOJ is widely expected to hold rates steady at 0.25 percent at this weekâ€™s meeting.
Todays Key Issues:
Euro PMI Services survey at 09.00 GMT (57.5 versus 57.9).
UK PMI Services Survey at 09.30 GMT (57.5 versus 57.9).
Euro Retail Sales MoM at 10.00 GMT (-0.3% versus 0.5%).
Euro Retail Sales YoY at 10.00 GMT (1.2% versus 1.5%).
The Risk Today:
USDJPY is now just ahead of the major technical support of 115.70 and there are rumors of China buying at 115.75. A break here targets 115.25. EURUSD slipped back from 1.2870 to 1.2835 with all the cross selling. We still hear of possible â€˜officialâ€™ interest to sell at 1.2880 and also of bids at 1.2830 confining the pair.
Resistance and Support:
|EURUSD ||GBPUSD ||USDJPY ||USDCHF |
|1.2950 K ||1.9195 S ||117.25 T ||1.2475 S |
|1.2920 S ||1.9160 T ||116.70 S ||1.2420 T |
|1.2880 M ||1.9100 M ||116.35 P ||1.2370 M |
|1.2825 ||1.9070 ||115.68 ||1.2330 |
|1.2785 S ||1.9030 M ||115.25 T ||1.2250 T |
|1.2740 K ||1.9000 S ||114.75 S ||1.2200 S |
|1.2725 M ||1.8890 K ||114.25 K ||1.2186 K |
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
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