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MARKET UPDATE 07.09.2012

2012-09-07 03:19 GMT

Market positioning for a stronger NFP reading - Westpac

Market positioning for US Aug non-farm payrolls is likely to be for a stronger reading than economists’ consensus of 130K, given the better ADP survey and also the non-manufacturing ISM, says Sean Callow, currency strategist at Westpac. The bank forecast is gloomier, "looking for 80K after the surprisingly firm 163K in July. The market range is 70-185K."

London session ahead will be focused on key data coming from the US at 12:30 GMT in the form of NFP. But earlier will come a bunch of other minor EUR related data, starting with German current account and trade balance at 06:00 GMT (all times GMT), followed by French trade balance 45 minutes later, Spanish industrial production at 07:00, the Netherlands industrial production half hour later, Greece final 2Q GDP at 09:00, and German industrial production and Portugal final 2Q GDP both at 10:00.

Read More

2012-09-07 08:30 GMT

United Kingdom. Manufacturing Production (YoY) (Jul)

2012-09-07 12:00 GMT

United States. Nonfarm Payrolls (Aug)

2012-09-07 12:30 GMT

Canada. Net Change in Employment (Aug)

2012-09-07 14:00 GMT

United Kingdom. NIESR GDP Estimate (3M) (Aug)

2012-09-07 04:40 GMT

EUR/USD ahead of US NFP above 1.26 around 5 year volatility lows

2012-09-07 04:32 GMT

GBP/USD upside favored – V.Bednarik

2012-09-07 03:35 GMT

AUD/USD at day highs; stops at 1.03 tripped

2012-09-07 03:19 GMT

Fitch warns Japan rating in danger to be downgraded

AUDUSD
1.03173 / 177
NZDUSD
0.80282 / 294
USDCHF
0.95376 / 385
USDCAD
0.98187 / 197
GBPJPY
125.752 / 766
EURCHF
1.20533 / 548
GOLD
1692.49 / .77
SILVER
32.16 / .19
EURUSD 1.26371 / 1.26376
DAILY WEEKLY MONTHLY

1.2741

1.2697

1.2654

1.2610

1.2566

1.2524

SUMMARY

Up

TREND

Up
trend

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

United States Nonfarm Payrolls at 12:00 GMT in focus today as major marked driver. Economist’s consensus is 130K. Hourly, instrument looks overbought and we expect some gradual easing below the next support level at 1.2610 (S1) later on today. Our suggested targets are 1.2566 (S2) and 1.2524 (S3). While next resistances is seen at 1.2654 (R1), clearance here is required for instrument strengthening towards to our next targets at 1.2697 (R2) and 1.2741 (R3) later on today.

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GBPUSD 1.59330 / 1.59340
DAILY WEEKLY MONTHLY

1.6003

1.5975

1.5943

1.5917

1.5889

1.5860

SUMMARY

Up

TREND

Up
trend

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

GBPUSD bounced on the Mario Draghi’s commentary yesterday. Next portion of macroeconomic data release from UK is expected today at 08:30 GMT - Manufacturing Production. Our main scenario remains unchanged, GBPUSD at the moment deviate from its up-trend on the short term timeframe. Next resistance is maintained at 1.5943 (R1), break here might open space for a move to test targets at 1.5975 (R2) and 1.6003 (R3) in potential. However on the medium term, market is overbought and correction is possible from current levels. Decrease below the support at 1.5917 (S1) might expose next targets at 1.5889 (S2) and 1.5860 (S3).

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USDJPY 78.927 / 78.930
DAILY WEEKLY MONTHLY

79.42

79.22

79.03

78.77

78.58

78.38

SUMMARY

Up

TREND

Upward
penetration

MA10

Bullish

MA20

Bullish

STOCHASTIC

Neutral

 

MARKET ANALYSIS - Intraday Analysis

The USD rose yesterday versus the JPY, turning hourly sentiment to the positive territory and exposed our final target at 78.92. Next resistance ahead at is placed at yesterday high- 79.03 (R1), brake here is required to open way for further appreciation towards to 79.22 (R2) and 79.42 (R3). On the downturn, price decline below the next support levels at 78.77 (S1) might trigger bearish pressure and enable next target at 78.58 (S2). A break below it would suggest last target for today at 78.38 (S3).

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