US Morning Notes – USD mixed, JPY trades lower as Japans PM resigns

by Forex Trading HQ on August 2, 2010

in North America Forex Report

FX Highlights

  • The USD is trading mixed with the JPY sharply lower in reaction to report that Japan’s Prime Minister Hatoyama has resigned, European currencies trade slightly higher supported by gains in cross trade to the JPY, GBP supported by report of rising UK mortgage approvals and stronger construction PMI ,CHF trades lower despite report of strong Swiss retail sales pressured by threat of SNB intervention, EUR supported by report of rising EU inflation, commodity currencies drift lower tracking weaker Asian and European equity markets with AUD pressured by report of below expectation Australian Q1 GDP, CAD edged higher with gains limited by a statement from BOC Governor Carney that further rate hikes may be delayed by the EU debt crisis
  • Focus turns to the release of US ADP employment and Pending home sales index
  • Japan’s May monetary base rose by 12.4%,JPY lower
  • Australia’s Q1 GDP rose by 0.5%, a 0.6% rise was expected, Australia’s Swan says Q1 GDP is tentative sign of self-sustaining recovery exports strong, AUD mixed
  • ECB’s Noyer says that the EUR will remain a strong stable currency and the current level is not exceptionally low, EU April PPI rose by 0.9%, a 0.6% rise was expected, EUR flat
  • UK April consumer credit falls to – 0.136bln from 0.137bln last month, April mortgage approvals rise to 49,871 from 49,008 last month, April mortgage lending rose to 0.490bln from 0.168bln last month, and May construction PMI rose to 58.5 from 58.2 last month, GBP higher
  • Swiss April retail sales rose by 1.3%,CHF lower
  • Challenging Gray says May job cuts were up 1.3% from April
  • US equity markets set to open higher ,European equities 1% lower, Nikkei closed 105 points lower

Upcoming Events

  • US- Wednesday, May ADP employment will be released expected at 60k compared to 32k last month along with April pending home sales index expected at 108.0 compared to 102.9 last month
  • CAN-Wednesday, no major Canadian economic data is due for release today

Comments on this entry are closed.

Previous post:

Next post: