Japanese Preview

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echnicals Live Charts Analysis available from: Cornelius Luca J.P. Chorek=
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Interest Rates US: Japan: Eurozone: UK: Switzerland: 2.0% 0.15% 3.2=
5% 4.0% 1.75-2.75% [IMAGE] =09 [IMAGE] Japanese Forex Trading Prev=
iew November 18, 7:00 PM: EUR/$..0.8842 $/JPY..122.88 GBP/$..1.4273 $/CHF.=
.1.6574 Japanese Forex Trading Preview by Darko Pavlovic No key data. T=
he dollar is near a three week high vs. the yen, trading around 122.85 and =
could break key resistance level of 123 on hopes about the war in Afghanist=
an and recovery of the US economy and further cases of deterioration in Jap=
anese economy. The yen was weighted by the news of five Japanese banks that=
filed for bankruptcy, as well as pessimism surrounding the structural refo=
rms. Even though the government approved a 3 trillion yen extra budget, man=
y detractors believe it is insufficient to redress the nation's economic wo=
es and may necessitate a second extra budget that would drive spending abov=
e the official caps. News of the acquisition of Lucent's fiber-optics divis=
ion by Japan's Furukawa Electric Co. for $2.3 billion is likely weighing on=
the yen as well, since the president of the firm announced Furukuawa would=
finance the purchase with $1.06 billion from cash reserves and take out a =
bank loan of $1 billion. Last week, the Bank of Japan decided in a unanimou=
s vote to keep monetary policy unchanged by leaving its liquidity target ab=
ove 6 trillion yen. Upside capped at 123.0, 123.30 and 123.65. Support stan=
ds at 122.50, 122.30 and 122.0. The euro is trading around $0.8840 maintai=
ning a firm tone vs. the greenback after Friday's data showed the largest d=
ecline in US industrial production since November 1990, and German Chancell=
or Schroeder survived parliamentary non-confidence vote. The dollar was sup=
ported from further falling vs. the euro on news that top Bin Laden deputy =
Mohammed Atef was killed in the US bombing campaign against the Taliban in =
Afghanistan. French Finance Minister Fabius stressed that Europe's economy =
is basically sound and they are attempting to promote growth. Fabius deplor=
ed the IMF world economy forecasts as being "too pessimistic" and denied th=
at it is "not true that there is recession everywhere". Traders anticipate =
next Wednesday's release of Germany's Ifo business climate index (an estima=
te of German growth, which accounts for about one-third of the Eurozone) to=
verify if it will recover slightly in November to 86 after plunging to 85 =
in October from 89.5. Markets also await Eurozone industrial production fig=
ures for September, which likely dropped since French and Italian outputs d=
eclined. Disappointing results will most likely spark renewed selling in th=
e euro. Resistance is viewed at 89.0, 89.30 and 89.50. Support is seen at t=
he 88.0-cent figure, backed by 87.70 and 87.40. This week the key US indic=
ators consist of housing starts and permits, international trade, the index=
of leading indicators, jobless claims and the University of Michigan Confi=
dence survey. From the Eurozone, economic highlights include Euroarea indus=
trial production, French current account balance, Italian CPI, German CPI, =
German Ifo business climate index, German GDP, German PPI, German import pr=
ices, French GDP, and Italy's ISAE business confidence survey. Japanese dat=
a due for release are the trade balance, the index of tertiary sector activ=
ity and the BoJ Corporate Service Survey. Economic data from the UK compris=
e the trade balance and the minutes from the Bank of England's Monetary Pol=
icy Committee Meeting on Nov.8-9. =09[IMAGE] Audio Mkt. Analysis Further=
Losses for GBP, EUR Steadies Articles & Ideas OPEC: The beginning o=
f a price war? Dollar Regains key Pre-Sept 11 levels Articles & Ide=
as Forex Glossary Economic Indicators Forex Guides Link Library =
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