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Forex Weekly Reports- G10 FX: JPY, CHF - Where Next? September 3, 2010A relentless squeeze in JPY and Swiss Franc has driven both currencies to overbought levels last seen at the end of 2009. With key BoJ and SNB meetings scheduled over the next two weeks, this begs the question if profit taking and a trend reversal in JPY and Franc vs […]
- Weekly Focus: A Sense of Relief September 3, 2010Following a wall of discouraging data recently things turned more upbeat this week, as we received positive surprises from both the US and China coupled with a continued flow of solid eurozone data. There is little doubt that the US remains in a slowdown phase. However, the data published so […]
- The Week in Review September 3, 2010The US Non-farm employment data posted better than expected results and revisions to the markets delight. As a result, we saw improved risk appetite. Expectations were for an overall loss of over 100,000 jobs and an increase in the private sector by 42,000 jobs. The street was pleased to see […]
- Horrible ISM Non-Manufacturing - All Change? September 3, 2010The US ISM non-manufacturing report should be considered the premiere survey of US business conditions as it covers the US services industries, which represent some 70% of the US economy. Today's report for August was very negative, at a barely expansive 51.5 vs. 53.2 expected and 54.3 in July. Particularly […]
- U.S. Service Sector Expanded Slower than Expected in August September 3, 2010The ISM non-manufacturing index indicated that the sector grew for the eighth consecutive month, although the pace of expansion slowed more than was expected, as shown by the index dropping to 51.5 in August from 54.3 in July (a reading above 50 indicates the sector is generally expanding). Market expectations […]
- U.S. August Employment Better than Expected September 3, 2010Payroll employment in August fell 54,000 in the month, which was about one-half of the 103,000 decline expected going into the report. Greater than expected strength in labour markets was also reflected in declines in earlier months being revised lower to 54,000 and 175,000 in July and June, respectively, from […]
- US: Positive Employment Report September 3, 2010Total nonfarm payrolls declined by 54k in August, dragged down by a 114k decline in census employment. Excluding census, nonfarm payrolls increased by 60k and private employment gained 67k. On top of this, net revisions to June and July amount to +123k, although only about half of this (+66k) was […]
- Afternoon Forex Overview September 3, 2010The dollar gained sharply against the yen Friday after better-than-expected U.S. jobs figures soothed investor nerves that had been jangled by worries over the pace of the U.S. recovery. Currencies closely tied to the pace of global growth, such as the Australian and Canadian dollars, took advantage of the improved […]
- FX Briefing: More Growth September 3, 2010The forex market remained relatively calm this week. Whereas EUR-USD rose to over 1.28, the European single currency fell slightly against the Swedish krona, the Swiss franc and the yen, and also versus "commodity currencies" such as NOK, AUD, BRL and ZAR. The markets seem to be deviating somewhat from […]
- Weekly Market Commentary September 3, 2010Good news from Ireland, at last. Europe's biggest mozzarella cheese supplier Glanbia saw profits soar 51% Y/Y and upped earnings growth. Supplying fast food restaurants and pasta manufacturers, it said stubbornly high unemployment especially in the US was helping them. It suggests that people have traded down from outings to […]
- Nonfarm Positive Surprise: Shouldn't USD Rally? September 3, 2010Here is the market's apparent logic of late: we supposed to sell the USD because the economy in the US is looking so terrible and weak data means ever lower US yields and a Fed that will devalue the USD to save the economy. If the data in the US […]
- Finally, a Pleasant Surprise in U.S. Payrolls September 3, 2010We are nearing an end of the Census related volatility in the headline employment numbers. As of August there were 82K Census workers remaining to be shed. Nonetheless, weakness in government employment related to fiscal belt tightening by state and local governments will remain a downward influence on headline job […]
- Risk-on Payroll Number Sinks Bonds September 3, 2010The shortfall in the loss of U.S. jobs created a risk-on environment spurring immediate gains for equity index futures, while sinking the dollar and bonds. Yields surged as the 10-year U.S. note sank by three-quarters of a point. […]
- Waiting for Euro Sell Opportunity September 3, 2010The Euro found support below 1.28 against the dollar during Thursday and attempted to push firmer, but there was further option-related selling close to the 1.2850 level which curbed gains. The slightly more optimistic ECB tone helped underpin the Euro and there was a general improvement in risk appetite which provided support. […]
- London Session Recap September 3, 2010Currency markets are relatively quiet as traders are on the sidelines ahead of the key US employment report. The usual safe havens, the Swiss franc, Japanese yen and US dollar softened slightly as the rally in risk continued overnight. Asian stock markets extending gains and the Nikkei 225 advanced for […]
- Is the Euro Poised for a Boost from U.S. Employment Report? September 3, 2010The euro is pushing its luck with the dollar even ahead of the critical employment report due out later this morning. Having touched $1.2854 already this morning, the euro is teetering on a surge to perhaps $1.2925 if today's jobs report softens the perceived need to hold dollars on safety […]
- European Market Update September 3, 2010Overall the currencies were relatively quiet ahead of the key US payroll release. Comments from the Russian Central bank was prepared to invest in Canadian currency in a few weeks time went little noticed since Russia has been the most vocal of the BRIC nations on the desire to create/implement […]
- Services Sector Shows Mixed Signals From European Economies While Investors Await US Jobs Report September 3, 2010Europe ends this week with services sector's performance, where the sector witnessed improving conditions across the continent, except for Germany's that dropped beyond expectations but remained well above 50.0. […]
- It's Magic Whippy Day September 3, 2010It's that magical time again, the first Friday of the month, which we all know brings the euphoria that is NFP! Couple this with the fact that Monday is a US holiday (Labor day) and you might get an understanding of how this afternoon is going to play out. […]
- Sentiment Remains EUR/USD Supportive, But Markets Are In A Wait-And-See Mode Ahead Of The Payrolls September 3, 2010Yesterday, EUR/USD easily preserved its recent gains, but failed to take further advantage from additional (US) equity gains. Also the impact of the ECB press conference was limited. USD/JPY is still locked near the recent lows. Sterling had to concede some additional losses against the euro in the wake of […]
- G10 FX: JPY, CHF - Where Next? September 3, 2010