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[IMAGE] Forums Discuss these points in the Forums: Forexnews Forum T= echnicals Live Charts Analysis available from: Cornelius Luca J.P. Chorek= Technical Research Ltd. Charts & News featuring Standard & Poor's = Interest Rates US: Japan: Eurozone: UK: Switzerland: 1.75% 0.15% 3.= 25% 4.0% 1.25-2.25% [IMAGE] =09 [IMAGE] Japanese Forex Trading = Preview January 16, 7:00 PM: EUR/$..0.8844 $/JPY..132.19 GBP/$..1.4374 $/CH= F..1.6576 Japanese Forex Trading Preview by Darko Pavlovic At 6:50 Japan = Nov undadjusted currenct account surplus (exp n/f , prev n/a) At1 2:30:00 A= M Japan Dec Tokyo dpt store sales (exp n/f, prev 1% ) At 12:00:00 AM Japan= Dec Cabinet Office econ. Watchers survey (exp 29 prev 29.6) USD/JPY ros= e by three-fourth yen to a session high of 132.08 and Japanese currency wea= kened by more than three-fourth yen to a session low of 116.59 against the = euro, after Finance Minister Shiokawa said overnight that Japan was not del= iberately driving the yen down. The Bank of Japan expected decision to leav= e monetary policy unchanged had little impact on the yen. The BoJ raised cu= rrent account deposit target at 10-15 trln yen. Therefore, the buying forei= gn assets may not be a viable policy option if the market continues to push= JPY lower. The yen was also hurt after director general in the MoF Mizoguc= hi said the currency's fourth month slide is a result of poor Japanese econ= omic outlook. Economic Minister Takenaka said that Japan's exports, is show= ing signs of bottoming and is starting to bounce back, although the overall= economy continues to deteriorate. Minister's report announced that the eco= nomy is in its second straight month of contraction, with consumer spending= and corporate capital investment remaining low. Takenaka was hopeful that = the US growth would help recovery of Japan: "I think the recovery of the U.= S. economy will be faster than expected," the minister said. LDP Sec-Genera= l Yamasaki said that weak state of Japanese stock market reflect pessimisti= c outlook investors have about the economy. Yamasaki added that the governm= ent and the ruling coalition needed to have a clear outlook for the economy= , saying that currently, the economy is in a "deflationary recession." Japa= n November current account surplus rose 19.4% fro a year earlier to 1.125 t= rln yen. The trade surplus shrank 16.9% to 640.1 bln yen. Resistance is ey= ed at 132.70 and 133.20. Support holds at 131.0, 130.80 and 130.50. The eu= ro rebound to 88.45 after falling to a to a 2-1/2 week low of 88.04 cents d= ue to alleged sell-off by Spanish banks in order to cover their exposure to= the Argentinean financial crisis. The single currency rose lifted by the E= UR/JPY rise and after EU's Solbes remark that he believes the euro will br= ing better economic growth. Resistance at 88.50, 89.50 and 90.0. Support is= viewed at 88.0, 87.50 and 87.0. The release of yesterday's strong US reta= il sales figures sparked hope that the US economy is on the road to recover= y. The dollar held fairly steady against the majors following the release o= f industrial production data that came in slightly below but within expecta= tions. US Industrial production eased to -0.1% in December from the previou= s -0.3% for the fifth consecutive monthly decline. The Capacity Utilization= rate slipped to 74.4% vs. the previous 74.5% to its lowest rate since Apri= l 1983. Similarly, US manufacturing output rose to -0.1% in December from t= he previous -0.2%, while its corresponding capacity utilization rate edged = down to 72.8% from 72.9%. US stocks tumbled on negative earnings announceme= nts by JP Morgan Chase and Intel Corp, which revealed that it would slash c= apital spending in 2002. The Dow plunged to its lowest level since late Nov= ember 2001 by 2% or 211 points to 9712. NASDAQ fell by 2.8% or 56 points to= 1944. Tomorrow's US jobless claims are expected to rise to 426k from last= week's 395k due to underfiled claims in California because of a new law. T= he rise may be offset slightly by the re-opening of auto factories after a = winter close and decreased layoffs in the retail sector. Also due for relea= se in the next US session is housing starts, which are forecasted to declin= e slightly to 1.6 million from the previous 1.645 mln though holding fairly= strong. Housing permits are estimated to edge up to 1.6 million in Decembe= r from the previous 1.595 mln. The US Treasury Department announced Wednes= day a plan to meet with the representatives of the National Association of = Manufacturers to discuss the effect of strong dollar policy. Last week NAM = Vice President Vargo requested a meeting with the US Treasury Undersecretar= y for Int. Affairs Taylor to complain that the strong dollar policy is hurt= ing the exports and slowing down the recovery of the US economy. Vargo thin= ks that the dollar is currently overvalued. In the recent months the dollar= has strengthened against major currencies despite the US economic slowdow= n. =09[IMAGE] Audio Mkt. Analysis USD Steadies Despite Equities Sell-= off Articles & Ideas EUR/USD: Technical Analysis Greenspan Widens= Door for One More, But... Articles & Ideas Forex Glossary Economic= Indicators Forex Guides Link Library [IMAGE] =09 =09=09[IMAGE][IMAGE] [IMAGE][IMAGE]=09 =09=09 This e-mail is never sent unsolicited. If you wish to unsubscribe fr= om this or any other Forexnews.com newsletters, please click here . Any op= inions expressed by representatives of Forexnews.com or its affiliates as t= o the commentary, market information, and future direction of prices of spe= cific currencies reflect the views of the individual analyst, and do not ne= cessarily represent the views of Forexnews.com or its affiliates in any way= . In no event shall Forexnews.com or its affiliates have any liability for = any losses incurred in connection with any decision made, action or inactio= n taken by any party in reliance upon the information provided in this mate= rial; or in any delays, inaccuracies, errors in, or omissions of informatio= n. =09
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