U.S. Dollar Trading (USD) was under pressure against European currencies as the Euro led most of the major pairs higher. Action was also seen on the USD/JPY as key resistance was broken at Y93. March ADP Employment report provided some surprise at -23k vs. +40k forecast. In US stocks, DJIA…
Strong NFP Rise Expected Friday
March - 31 - 2010
The US unemployment rate was unchanged at 9.7% and nonfarm payrolls (nfp) declined by 36k in February. The February nfp decline was less than expected despite bad February weather. Two major snowstorms hit the East Coast in February which forced some employers to temporary close. Analysts had expected the snowstorms…
USD/JPY Gains Ahead of Tankan Data
March - 31 - 2010
The dollar fell versus most major currencies on the last day of the first quarter. US economic data were softer than expected. ADP’s forecast of US private-sector payrolls showed an unexpected 23K decline for March, led by a slump in construction jobs. The Chicago PMI expanded for a sixth straight…
Yen Extends Drop, Dollar Fell on ADP
March - 31 - 2010
The yen extends drop after breaking technical resistance at 93 versus the dollar, and the pair reached as high as 93.61 in Wednesday trading session. As a low-yielding funding currency in carry trades, the yen is likely to fall further in the medium to long term when market risk appetite…
Which Is Right, Bunds Or EURJPY?
March - 31 - 2010
The day proved as chaotic as one might expect today, though most of the action was in the EUR-, GBP- and especially JPY crosses. The JPY went from weakness in Asia (new prominent high in USDJPY) to a sudden bout of strength on the ugly ADP number in the early…
EURJPY – Resumes Corrective Recovery
March - 31 - 2010
The cross has broken and closed above the 125.19/22 levels, its Mar 12’10/ Feb 22’10 highs triggering its corrective recovery initiated from its 2010 low at 119.63 to close Wednesday session at 126.46. Though now seen hesitating, as long as pullbacks are limited to the 125.19/22 level, its break out…
Usd/Jpy Bullish Waves
March - 31 - 2010
Usd/Jpy is still trading higher, and is showing an impulsive bullish structure from the 89.70 support zone. We can clearly count five blue sub-waves up from that region, which suggests that a near-term top is near, since the pair is already trading in a blue wave (v) that will accomplish…
Quarterly Markets Review Wall Street Gorged on Junk Wall Street continued to recover from the financial crisis in the first quarter as junk-bond issuance was brisk and a late rally in stocks helped rev up banks underwriting machines.