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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: 2.5% 0.15% 3.7= 5% 4.5% 1.75-2.75% [IMAGE] =09 [IMAGE] Japanese Forex Trading Prev= iew October 25, 7:00 PM: EUR/$..0.8922 $/JPY..122.88 GBP/$..1.4247 $/CHF..= 1.6530 Japanese Forex Trading Preview by Darko Pavlovic At 7:50:00 PM Jap= an Sept Retail Sales (exp -2.5%, prev -3.4%) At 7:00:00 PM Japan Sept CPI m= /m (exp -0.6%, prev 0.4%) Japan Sept CPI y/y (exp -0.8%, prev -0.7%) The d= ollar ended slightly higher against the major currencies after being weight= ed by weak US data that put in the shade the market disappointment about th= e ECB decision not to cut rates. The first piece of data that undermined ma= rket's confidence in the dollar was the steepest plunge in durable goods or= ders in nine months to 8.5% m/m in September from the previous 0.5%. The ne= xt key indicator that put further downward pressure on the dollar was the g= reater-than-expected rise in US jobless claims to 504k from the previous re= vised 496k. The US 4-week average soared to its highest level since March 1= 991 to 505k in the week of Oct. 20 from the previous revised 493k. Finally = toppling the greenback was the 11.7% fall in US existing home sales to 4.89= mln from the previous 5.5 mln. The National Association of Realtors explai= ned that the largest decline in home sales since April 1995 was due primari= ly to the September 11 attacks. The ECB decision to hold rates steady at 3.= 75% disappointed markets as some expected a rate cut due to falling inflati= on in the Euro-zone. Bundesbank head Welteke explained today's decision tha= t the ECB doubted a marginal rate cut would have any significant economic i= mpact, and noted further that a panic reaction by the ECB would create unce= rtainty The single currency earlier shrugged off the rise in Italian consu= mer confidence to 124.3 in October from the previous 121.2. Nonetheless, th= e ISAE, who conducted the sentiment survey, said "unfavorable expectations = are emerging on the general economic situation, on unemployment and on inte= ntions to purchase durables". Initial support is viewed at the 89.0-cent fi= gure, followed by 88.60 and 88.20. Resistance is seen at 89.80, 90.10 and 9= 0.40. The pound shot up nearly a full cent to a 3-session high of 1.4327 a= gainst the dollar on gloomy US economic reports. Markets will tune in to to= morrow's release of Q3 GDP, which is forecasted to grow at 0.4% q/q and 2.0= % y/y, indicating that the UK economy is stronger than those of other natio= ns, and the confirmation of such will bolster the pound. Support stands at = 1.4230, 1.420 and 1.4160. Upside capped at 1.4330, 1.4350 and 1.4387. The = yen recovered against the dollar after falling to a 11-week low of 123.36 a= gainst, due to comments from Japan's Vice Minister for International Affair= s Kuroda who said that a yen appreciation would be completely inconsistent = with fundamentals, as well as doubts that the Japanese government could cap= its new government bond issuances below 30 trln yen by slashing spending i= n FY 2002 since revenues were declining. The BoJ Governor Hayami said that = central bank's policy board outlook and risk assessment of the economy and = prices, which are due next Tuesday, will include the fiscal 01 and 02 outlo= oks. The central bank started releasing six-month outlooks in October 2000.= Hayami also noted that Japan is not deflationary spiral but stressed that = in order to prevent a prolonged fall in prices the key is boosting private = demand and progress in structural reforms. Finance Minister Shiokawa said t= hat in order to keep new issuance of govt. bonds from rising above 30 trln = yen there has to be steeper cuts in fiscal 2002 budget. Although the approv= al rate for PM Koizumi is still holding around 80% the criticism from his o= wn LDP party and dissatisfaction about the proposed economic reforms is rai= sing. Some fraction leaders including ex PM Hashimoto are unhappy with govt= . proposed plan to curb bond issuance to 30 trln yen and the way how PM is = handling the campaign for structural reforms. Resistance is eyed at 122.90 = and 123.35 and 123.65. Support holds at 122.32, 122.0 and 121.60. The maj= or indicators due from the US this week include new home sales and the fina= l October University of Michigan Confidence Survey, which is forecasted to = wane further to 82.7 from the preliminary October reading of 83.4 because o= f anxieties about the US' economic woes and terrorism. =09[IMAGE] Audio = Mkt. Analysis USD Retraces Losses on Stock Market Rebound Articles & = Ideas Speculative Flows Point to Further Euro Losses ECB KEEPS RATES UNC= HANGED AT 3.75% 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 f= rom this or any other Forexnews.com newsletters, please click here . =09
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