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MARKET UPDATE 04.09.2012

2012-09-04 04:30 GMT

RBA Interest Rate Decision remains at 3.5%

The Australian central bank believes that despite the overall global worsening conditions in recent months, monetary policy is appropriate given inflation levels consistent with the objectives set, as well as economic growth in line with expectations. Widely anticipated by economists surveyed by Bloomberg where 24 out of the 24 economists questioned expected the decision to remain unchanged, in the absence of dovish signs the pair is pushing higher.

Australia current account balance has come at -11,801M in 2Q vs -14,892M in 1Q. Expectations were for -12.2 bln approximately. The contribution from Aus net exports rose to 0.3%, below a 0.55% forecasted.

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2012-09-04 09:00 GMT

E. M. U. Producer Price Index (YoY) (Jul)

2012-09-04 12:58 GMT

United States. Markit Manufacturing PMI (Aug)

2012-09-04 14:00 GMT

United States. ISM Manufacturing PMI (Aug)

2012-09-04 23:30 GMT

Australia. AiG Performance of Services Index (Aug)

2012-09-04 02:29 GMT

EUR/USD to fresh session highs on USD weakness overall

2012-09-04 01:33 GMT

Japan Labor Cash Earnings (YoY) -1.2% in Jul

2012-09-04 01:17 GMT

Hard to see gold breaking 1700/oz before NFP - ANZ

2012-09-04 00:05 GMT

USD/JPY more range trading above 78.00

AUDUSD
1.02653 / 660
NZDUSD
0.79783 / 795
USDCHF
0.95212 / 220
USDCAD
0.98538 / 540
GBPJPY
124.503 / 514
EURCHF
1.20089 / 096
GOLD
1694.80 / .08
SILVER
32.19 / .22
EURUSD 1.26120 / 1.26127
DAILY WEEKLY MONTHLY

1.2717

1.2676

1.2637

1.2594

1.2557

1.2517

SUMMARY

Up

TREND

Up
trend

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

EURUSD failed to establish any significant movement as the pair has remained in sideways mode trading yesterday. At the moment pair is gaining 0.18% and next resistance level ahead is seen at 1.2637 (R1). Penetration above it might resume market strengthening towards to the next target at 1.2676 (R2). Remaining resistance level locates at 1.2717 (R3). On the flip side, support levels lie at 1.2594 (S1) ahead. Brake here is required to enable next targets at 1.2557 (S2) and 1.2517 (S3). Next important news from E. M. U. is Producer Price Index at 09:00 GMT.

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GBPUSD 1.58865 / 1.58876
DAILY WEEKLY MONTHLY

1.5948

1.5922

1.5896

1.5873

1.5848

1.5824

SUMMARY

Up

TREND

Up
trend

MA10

Bearish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

Technically, GBPUSD is under the bullish pressure on the medium term and we expect further appreciation later on today as main scenario. GBPUSD reached our suggested resistance level at 1.5896 (R1) and now is moving towards to our next target at 1.5922 (R2). Progress above it would suggest final target for today at 1.5948 (R3). On the other hand, retracement is possible and market decline below the next support level at 1.5873 (S1) would bring in focus lower targets at 1.5848 (S2) and 1.5824 (S3) in potential.

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USDJPY 78.368 / 78.373
DAILY WEEKLY MONTHLY

78.80

78.63

78.45

78.17

77.98

77.80

SUMMARY

Down

TREND

Sideway

MA10

Bullish

MA20

Bearish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

USDJPY continue its range trading and picture in general remain the same. In terms of technical levels, next resistance is seen at 78.45 (R1). If the pair manages to successfully climb above it, we could even see to retest of our next target at 78.63 (R2) later on. Our final resistance could be found at 78.80 (R3) price level. While next support is placed at 78.17 (S1), decline below it would put in focus next target at 77.98 (S2) and any further depreciation would then be limited to 77.80 (S3) intraday.

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