Eur/usd - 1.3952 ... European Central Bank Governing Council member Axel Weber said there was no need at present for the central bank to bypass the banking channel n buy up corporate bonds and indicated there was no credit crunch in Germany at the moment. Although the single currency weakened fm 1.4051 to as low as 1.3928, downside was limited somewhat as bids by European n sovereign names remain at 1.3910/20 with some stops seen below 1.3900 but more buying interest is located at 1.3880/85. On the upside, offers are reported at 1.4000/05 n 1.4040/50.
Usd/jpy - 94.88 ... The greenback weakened on renewed cross buying in jpy on risk aversion due the selloff in U.S. equities (Dow Jones index fell by 102 points to 8322). Offers are noted at 95.10/15 n 95.40/45 with stops are tipped at 95.50. On the downside bids are reported at 94.65/70 with stops are located below 94.50.
Eur/usd - 1.3957 ... Although the single currency retreated fm 1.4051 on cross trading, buying interest by European n sovereign names is reported at 1.3940/50 n further out at 1.3905/10 with stops only emerging below 1.3870/75. Trading volume is relatively thin due to current lack of directional movements as investors are focusing on the weekend's G8 summit. On the upside, some offers are tipped at 1.4000/10 n 1.4040/50 with some stops seen abv the latter level.
Gbp/usd - 1.6174 ... The British pound rebounded briefly to 1.6260 on initial firmness in European equities, however, cable found renewed selling interest there n fell again in U.S. morning as both European n U.S. equities turned into negative territories. Offers are now noted at 1.6200/10, 1.6230 n 1.6250/60 with stops building up abv 1.6300. On the downside, bids are reported at 1.6145/50 with stops seen below 1.6090/00.
Eur/usd - 1.3979 ... Despite euro's brief drop to 1.3903, subsequent rebound on short-covering in part due to the bounce in crude oil price n the firmness in global stock markets (European equities rose by more than 1% n Dow Jones futures strengthened by 19 points) lifted the single currency. The release of much stronger-than-expected German industrial production (rose by 4.4% versus the forecast of 0.5%) gave an extra boost to the euro. Bids by European n sovereign names are noted at 1.3940 n 1.3910 with stops seen below 1.3900. On the upside, offers are located at 1.3990/95 with some stops seen abv 1.4000.
Usd/jpy - 94.88 ... The greenback weakened on renewed cross buying in jpy on risk aversion due the selloff in U.S. equities (Dow Jones index fell by 102 points to 8322). Offers are noted at 95.10/15 n 95.40/45 with stops are tipped at 95.50. On the downside bids are reported at 94.65/70 with stops are located below 94.50.
Eur/usd - 1.3957 ... Although the single currency retreated fm 1.4051 on cross trading, buying interest by European n sovereign names is reported at 1.3940/50 n further out at 1.3905/10 with stops only emerging below 1.3870/75. Trading volume is relatively thin due to current lack of directional movements as investors are focusing on the weekend's G8 summit. On the upside, some offers are tipped at 1.4000/10 n 1.4040/50 with some stops seen abv the latter level.
Gbp/usd - 1.6174 ... The British pound rebounded briefly to 1.6260 on initial firmness in European equities, however, cable found renewed selling interest there n fell again in U.S. morning as both European n U.S. equities turned into negative territories. Offers are now noted at 1.6200/10, 1.6230 n 1.6250/60 with stops building up abv 1.6300. On the downside, bids are reported at 1.6145/50 with stops seen below 1.6090/00.
Eur/usd - 1.3979 ... Despite euro's brief drop to 1.3903, subsequent rebound on short-covering in part due to the bounce in crude oil price n the firmness in global stock markets (European equities rose by more than 1% n Dow Jones futures strengthened by 19 points) lifted the single currency. The release of much stronger-than-expected German industrial production (rose by 4.4% versus the forecast of 0.5%) gave an extra boost to the euro. Bids by European n sovereign names are noted at 1.3940 n 1.3910 with stops seen below 1.3900. On the upside, offers are located at 1.3990/95 with some stops seen abv 1.4000.
Gbp/usd - 1.6172 ... Despite cable's brief drop to 1.6149 after the release of much weaker-than-expected U.K. industrial n manufacturing production data, short-covering lifted the pair n bids are now noted at 1.6150, 1.6120 n 1.6100 with stops building up below 1.6090. On the upside, offers are reported at 1.6240 n 1.6290/95 with stops placed abv 1.6300...
Usd/jpy - 95.34...Dlr has been relatively quiet in Asia with traders citing a lack of fresh news n also thin volume ahead of the G-8 meeting which commences tomorrow. Offers remain at 95.50 with stops placed abv there n also abv 95.70 (more selling interest fm exporters is tipped at 96.00). Bids are lined up at 95.00 n also further out at 94.50 (sizeable). The Nikkei-225 has fallen back into negative territory following a brief foray abv the 9700 lvl (the index is currently down 27 points at 9653)...
Aud/usd - 0.7968...Aussie dipped briefly to 0.7947/50 after RBA left interest rates unchanged at 3.00% as anticipated. The central bank's accompanying statement said the outlook for inflation allows scope for further easing n that economic conditions in Australia are not as weak as expected a few months ago. Bids are reported at 0.7850/60 while a mixture of offers n stops is lined up at 0.8000/10...
Gbp/usd - 1.6257...Cable rebounded strongly fm y'day's low at 1.6095 with some traders citing option-defensive buying around 1.6100 (sizeable stops are building up below the 1.6000 lvl) n although sterling has retreated fm Australian morning high at 1.6298, bids are noted at 1.6230/40 n also 1.6200 (fair-size). On the upside, offers are likely to emerge at 1.6300 with larger orders (some are fm European names) tipped at 1.6340/50...
Eur/usd - 1.3954...Although euro fell to a 2-week low y'day at 1.3876 on risk aversion (latest comments fm European officials have centred on the risks to the global economic recovery), the single currency rebounded in N.Y. with investors encouraged by stronger-than-expected ISM (non-manufacturing) data. Bids are seen nearby at 1.3940/50 n buying interest is also tipped at 1.3900. Stops are building up abv 1.4000 with offers reported at 1.4050/60...
Usd/jpy - 95.30...Dlr retreated fm 95.42 to 95.11 in Australia b4 rebounding on buying fm Japanese investors n further consolidation abv y'day's low at 94.66 is likely in Asia. Bids fm importers are lined up at 95.00/10 n also further out at 94.50 while on the upside, offers at 95.50 are in focus with stops placed abv 95.70. More selling interest (fm exporters) are reported in the region of 96.00-96.20. Nikkei-225 n Dow futures are currently trading in negative territory.
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