Friday, June 4, 2010
Friday, June 04, 2010 | 
Avtor
makemoneyonline |
:: Australian Dollar: The Aussie Dollar rallied in Asia yesterday extending its gains on the Greenback surprising investors with a trade surplus 134 million. The positive figure boosted market morale and the Aussies tested its 0.8500 US Dollar barrier on several occasions early offshore. However the Greenback’s safe haven appeal pulled investors back as US equities fell over fresh concerns surfaced China may curb its demand for base metals and Europe’s sovereign debt crisis may worsen. The Aussie dropped to an intra-day low of 0.8363 after US economic data failed to deliver. This morning the Aussie starts the day buying 0.8420 US dollars.
- We expect a range today in the AUD/USD rate of 0.8350 to 0.8500
:: Great Britain Pound: News that U.K. house prices climbed 0.5%, the highest in almost two years, fuelled optimism the economic recovery is solidifying after house values dropped by about 20 percent during the recession. The Sterling climbed to 1.4740 US on the back of the housing report early offshore but could not hold onto its gains amid concerns Europe’s sovereign debt crisis will worsen. Investors rushed to the Greenback after initial US reports revealed ADP Non-Farm employment figures did not meet expectations. The Pound opens today at 1.4626 against the USD while buying 1.7335 AUD and 2.1381 Kiwi.
- We expect a range today in the GBP/AUD rate of 1.7250 to 1.7420
:: New Zealand Dollar: The Kiwi benefitted from carry trade, flirting with 0.7000 US on several occasions, after Australian economic data improved demand for riskier assets during Asian trade. Optimism gave way as rumours intensified that the Greek debt crisis is spreading to several Eastern European countries, combined with the dangerous situation in the Korean Peninsula, dragged stocks, commodities, and riskier currencies down offshore. Investors intensified their retreat from the riskier Kiwi after lack lustre US data cast some doubt over the strength of the US recovery. The Kiwi buys 0.6830 US dollars at the start of today’s trade.
- We expect a range today in the NZD/USD rate of 0.6780 to 0.6880
:: Majors: Once again the Euro struggled to maintain upside momentum running into stiff resistance around 1.2320 in early offshore trade to open this morning on its lows at 1.2160 against the Greenback. The main catalyst for the renewed selling interest came on the back of extremely disappointing Euro-Zone Retail Sales figures with consumer spending declining by 1.2% against expectations for a relatively flat 0.1% rise. In U.S economic data released overnight several key indicators fell short of analyst forecasts with the closely watched ADP employment report indicating 55k jobs added in the non-farm and government industries, short of expectations for a rise closer to 70k. The result comes a day before the release of this evening’s employment report with the official Non-Farm Payroll data expected to show a massive increase of around 500k jobs growth for the month of May. It is however interesting to note that the majority of the gains are expected to be temporary due to the large number of workers employed to conduct the door to door census survey. USD/JPY continued to consolidate recent gains above the 92 handle having traded as high as 92.80 opening this morning at 92.60. With the G-20 meeting underway, along with key U.S and European data scheduled for release currency markets are expected to be volatile heading into the weekend with the Greenback expected to be the main benefactor.
:: Data Releases:
AUD: No Data Expected Today
NZD: No Data Expected Today
USD: May Employment Report & FedSpeak
GBP: Jun Halifax House Price Index & May New Car Registrations
EUR: Q1 GDP
JPY: No Data Expected Today
- We expect a range today in the AUD/USD rate of 0.8350 to 0.8500
:: Great Britain Pound: News that U.K. house prices climbed 0.5%, the highest in almost two years, fuelled optimism the economic recovery is solidifying after house values dropped by about 20 percent during the recession. The Sterling climbed to 1.4740 US on the back of the housing report early offshore but could not hold onto its gains amid concerns Europe’s sovereign debt crisis will worsen. Investors rushed to the Greenback after initial US reports revealed ADP Non-Farm employment figures did not meet expectations. The Pound opens today at 1.4626 against the USD while buying 1.7335 AUD and 2.1381 Kiwi.
- We expect a range today in the GBP/AUD rate of 1.7250 to 1.7420
:: New Zealand Dollar: The Kiwi benefitted from carry trade, flirting with 0.7000 US on several occasions, after Australian economic data improved demand for riskier assets during Asian trade. Optimism gave way as rumours intensified that the Greek debt crisis is spreading to several Eastern European countries, combined with the dangerous situation in the Korean Peninsula, dragged stocks, commodities, and riskier currencies down offshore. Investors intensified their retreat from the riskier Kiwi after lack lustre US data cast some doubt over the strength of the US recovery. The Kiwi buys 0.6830 US dollars at the start of today’s trade.
- We expect a range today in the NZD/USD rate of 0.6780 to 0.6880
:: Majors: Once again the Euro struggled to maintain upside momentum running into stiff resistance around 1.2320 in early offshore trade to open this morning on its lows at 1.2160 against the Greenback. The main catalyst for the renewed selling interest came on the back of extremely disappointing Euro-Zone Retail Sales figures with consumer spending declining by 1.2% against expectations for a relatively flat 0.1% rise. In U.S economic data released overnight several key indicators fell short of analyst forecasts with the closely watched ADP employment report indicating 55k jobs added in the non-farm and government industries, short of expectations for a rise closer to 70k. The result comes a day before the release of this evening’s employment report with the official Non-Farm Payroll data expected to show a massive increase of around 500k jobs growth for the month of May. It is however interesting to note that the majority of the gains are expected to be temporary due to the large number of workers employed to conduct the door to door census survey. USD/JPY continued to consolidate recent gains above the 92 handle having traded as high as 92.80 opening this morning at 92.60. With the G-20 meeting underway, along with key U.S and European data scheduled for release currency markets are expected to be volatile heading into the weekend with the Greenback expected to be the main benefactor.
:: Data Releases:
AUD: No Data Expected Today
NZD: No Data Expected Today
USD: May Employment Report & FedSpeak
GBP: Jun Halifax House Price Index & May New Car Registrations
EUR: Q1 GDP
JPY: No Data Expected Today
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