Thursday September 2, 2004 - 19:04:23 GMT
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ALL EYES TO TOMORROW'S NON FARM PAYROLL
Currency markets were put on hold today even with the release of Factory Orders that rose 1.3 % while shipments increasing .6 %. The Dollar kept a bid tone with Dollar/JPY trading down to 109.15/25 before grinding back to session highs of 109.50/60. The Euro on the other hand soften after not being able to crack above 1.2200 after putting in a high of 1.2220 yesterday on the “prank” in Washington. Euro traded of 1.2145/50 after Factory Orders came in slightly better than expected. Traders were unable to get stops that were reported to be below 1.2140. Most of the major pairs traded sideways ahead of the Non Farm Payroll number that will be released tomorrow at 8:30 EST. With many expecting a median of 150k for this number the market will be on the edge of its chair as the release will certainly give the Dollar a direction with summer closing out. Its worth noting that Yen and Yen crosses were sold after world oil prices spiked after Russian oil giant Yukos had their assets frozen and there were reports of further sabotage to Iraq’s northern oil pipelines.
TECHNICALLY SPEAKING Dollar/Jpy has chopped between 108.75 and 110.50 for the past week and it looks to remain here for Asia and London before tomorrow’s release of NFP. The Relative Strength index is a neutral 51.22. There is trend line support seen at 109.20 in the near term and resistance at 109.65. The 200 hr moving average also comes in at 109.67 on a 60 minute chart.
GAIN AN EDGE We look to play the range, we sell at 109.65/70 and look to buy at 109.20/25 and then revolve.
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