|
|
Enron Mail |
[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 29, 7:00 PM: EUR/$..0.9048 $/JPY..121.89 GBP/$..1.4547 $/CHF..= 1.6271 Japanese Forex Trading Preview by Darko Pavlovic At 12:00:00 AM Ja= pan Sept Housing Starts y/y (exp n/f, prev 1.1%) The yen rose to a one wee= k high vs. the dollar of 121.90 on a sell-off in US stocks and pessimism ab= out America's economic recovery. The Dow sank by 2.8% or 275 points to 9269= and NASDAQ dove 3.9% or 69 points to 1699, as stocks were weighed by Boein= g Co. that lost a $200 billion US government contract for fighter planes, f= ears that Argentina will default on its debt, and on alarm about this week'= s forthcoming economic reports. Japanese economy was undermined after Septe= mber unemployment rate rose to a record 5.3%, the biggest increase since Ma= rch 1967 due to a weak manufacturing and retail sector. From a year earlier= spending fell 1.3% the sixth consecutive drop from a year earlier and the = propensity to consume ratio dropped 70.3% last month, the lowest level sinc= e November 2000. Economic conditions since September 11 has become severe i= n Japan. The BOJ decided to maintain interest rates near zero and keep a mi= nimum of 6 trillion yen of reserves, while it also revised downwards its gr= owth outlook to a range between -1.6% and -0.6% and its price outlook to a = range between -1.3% and -0.9% for the current and next fiscal years because= the economy is in a "severe" adjustment phase. The BoJ is likely to come u= nder pressure to produce policy that will further ease deflationary pressur= es and provide a lift to the economy. The BoJ noted that Japan might not re= cover from present slump until 2003. Finance Minister Shiokawa suggested to= the government to formulate a set of criteria which companies have little = prospect for recovery and need restructuring. Economy Minister Takenaka sai= d that he expects Japanese economy to contract about 1% in the fiscal year = through March, which was in line with private think tanks forecast but wors= e than what government expect. Support is viewed at 121.50, 121.30 and 120.= 90. Upside capped at 122.50, 122.80 and 123.10. The euro rallied two-third= cents to reach a new 1-week high of 90.50 against the dollar, boosted by c= oncern about the US economy and remarks from Bundesbank President Welteke t= hat the ECB could cut rates if inflation slowed. In a speech Welteke assert= ed that "if, in the Governing Council of the ECB, we see the possibility of= reducing interest rates further without compromising price stability, we w= ill do so. Analysts are hopeful the European Central Bank will lower intere= st rates by at least 25-bp at their monetary policy meeting on November 8 t= o stimulate flagging European economic growth. Resistance is seen at, 90.85= and 91.15. Support holds at 89.50, 89.20 and 88.90. The pound soared two-= third cents to a 2-week high of 1.4550 against the dollar, uplifted by last= week's better-than-expected GDP for Q3 to 0.6% q/q, as well as by speculat= ion of M?flows. News that U.S. financial firm Babcock & Brown may bid for B= ritain's Railtrack and a weekend newspaper report that German media giant B= ertelsmann was looking at Britain's Carlton Communications added to sterlin= g's attractiveness. Resistance is eyed at 1.4575, 1.4590 and 1.4625. Suppor= t stands at 1.4430, 1.440 and 1.4340.. This week's economic highlights fro= m the Eurozone comprise France's INSEE industry survey, PPI, CPI, French un= employment, and Euroarea PMI. In a recent Reuters poll, economists forecast= Eurozone PMI will fall to 44.5 in October from 45.9 in September, marking = the seventh straight month the index has remained below 50 and thereby indi= cating a contraction in manufacturing. A significant deterioration in the p= urchasing managers index will reinforce pressure on the European Central Ba= nk to cut interest rates to promote growth in the weakening economies. = =09[IMAGE] Audio Mkt. Analysis Dollar Marred Ahead of Key Data Articl= es & Ideas Speculative Flows Point to Further Euro Losses ECB KEEPS RATE= S UNCHANGED AT 3.75% Articles & Ideas Forex Glossary Economic Indic= ators 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
|