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01.02.2011 13:22

European session:

The dollar fell for a second day against the euro as Asian stocks advanced on speculation the worldwide economic recovery is building momentum, reducing demand for safer assets.
MSCI Asia Pacific Index of shares rose 0.3% and the Nikkei 225 Stock Average advanced 0.4%.
The number of people out of work in Germany fell 10,000 in January, after rising 3,000 in December, a separate survey showed before the data today.
“Worldwide growth is looking strong,” said Adam Carr, a senior economist in Sydney at ICAP Australia Ltd., a unit of the world’s largest interdealer broker. “This is likely to support risk appetite and weigh on the dollar and the yen while boosting the euro.”
The pound gained after the National Institute for Economic and Social Research predicted the U.K.’s benchmark rate would rise to 1.25% by year-end, compared with an October forecast of 0.75%. The institute increased its 2011 inflation forecast to 3.8% from 2.8%.
Australia’s dollar climbed after the central bank said there are signs of rising private investment in the nation.


EUR/USD: hold its ground above $1.3700, and extended recovery to $1.3770. Stops through $1.3770/80, which if triggered expose next resistance at $1.3785/90 ($1.3786 Nov 22 high). Through here and the $1.3800 barrier becomes exposed.
GBP/USD: broke through earlier highs at $1.6080 as rate reacted to the release of stronger than forecast UK mfg PMI data. Cable extended recent recovery to the offers seen to $1.6140. A break to open a move toward $1.6150/55.
USD/JPY: eased to Y81.45.



Economists predict a U.S. report today will show manufacturing grew for an 18th month. The Institute for Supply Management’s factory index was 58 in January from an eight-month high of 58.5 in December. Readings above 50 signal growth.

01.02.2011 12:41

Orders desk:

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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