Japanese Preview

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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 Pre=
view February 17, 7:00 PM: EUR/$..0.8726 $/JPY..132.66 GBP/$..1.4315 $/CHF=
..1.6975 Japanese Forex Trading Preview by Darko Pavlovic At 12:00:00 AM=
Japan Dec Leading Indicator revised (exp n/a, prev n/a) In quiet trading=
ahead of US public holiday, USD/JPY hovering around 132.70 yen, waiting fo=
r US President Bush and Japanese PM Koizumi' meeting on Monday. Markets hop=
e that Japanese government will present to American counterparts a concrete=
proposal how to deal with bad loans issue and deflation, but many believe =
that the plan will be a disappointment. Traders expect that PM Koizumi will=
emphasize that yen should be left to markets and Bush is likely to defend =
strong dollar policy. The yen was hurt after Japanese Financial Services Mi=
nister Yanagisawa said that the government is not going to save banking sys=
tem loaded with trillions of bad loans, which further sparked pessimism abo=
ut the future economic outlook. But Economic Minister Takenaka said the gov=
ernment should disclose the results from inspection of bank's bad loans pri=
or to March 31 ( the end of fiscal year in Japan). Takenaka added that it i=
s possible that the government will inject public funds into banks by March=
31 to help them refill their capital. As of September 30, bad loans totale=
d 37.4 bln yen. On Friday, Japanese bankruptcies ballooned to a record leve=
l of 19.3% but the yen benefited by downward pressure on the dollar, as wel=
l as yen repatriation ahead of the fiscal year book closings on March 31. U=
SD/JPY support is seen at the 132-yen level, backed by 131.70 and 131.20. U=
pside capped at 133.0, 133.35/40 and 133.70. EUR/USD is trading around 87.=
30 as the sentiment towards the single currency turned negative on apprehen=
sion that Eurozone inflation in January is likely to be revised higher afte=
r data from Portugal, Greece and Germany showed that consumer prices rose r=
espectively to 3.5%, 4.4%, and 2.3% y/y in January. The rise in inflation d=
iminishes the European Central Bank's inclination to lower rates in the nea=
r-term, even though growth in the Eurozone continues to be sluggish. Finall=
y, the euro may be supported ahead of the US holiday weekend on short cover=
ing. Resistance is seen at 87.50, followed by 88.20 and the 200-day moving =
average at 88.50. Key support holds at 86.80, 86.45/50-- the 61.8% retracem=
ent of the most recent climb starting on Feb. 1, and 85.50. Looking forwar=
d to this week, key US indicators consist of housing starts and permits, CP=
I, jobless claims, international trade, index of leading indicators, Philad=
elphia Fed survey and the Federal budget. Eurozone highlights include indus=
trial production, Germany's ZEW economic sentiment survey, Italy's ISAE con=
sumer confidence survey, Spanish GDP, German PPI, German import prices, Ger=
man CPI, Italian industrial orders, Euroarea balance of payments, Euroarea =
foreign trade, French GDP, Italian CPI and Spanish CPI. =09[IMAGE] Audio=
Mkt. Analysis JPY, EUR rebound vs USD Articles & Ideas GBP: Old Lad=
y Faces Old Problem Euro Rally Running Out of Steam Articles & Idea=
s Forex Glossary Economic Indicators Forex Guides Link Library [=
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