9-1 Economic Calendar
Chinese CLSA Manufacturing PMI
Chinas CLSA Manufacturing PMI came in at 55.1 a 16 month high, better than the prior reading of 52.8. The market caught a light bid on this release.
Aussie Current Account and Building Approvals
Australia’s Q2 Current Account Balance came in at -13347M; higher than its forecast of -10700M and prior release of -4614M. Building Approvals for July were better than expected, the details were as follows:
- Building Approvals (MoM) – Survey: 3.3% Actual: Prior: 9.3%
- Building Approvals (YoY) – Survey: -9.1% Actual: Prior: -14.3%
The Aussie moved slightly higher on better than expected Building Approval figures.
USD/JPY Moves Higher on China’s PMI
China’s August Manufacturing PMI came in at 54, beating the prior reading of 53.3. This slightly better expansionary reading was enough to move USD/JPY off the 93 figure, although the pair doesn’t seem inclined to appreciate. On an hourly chart we see the pair piercing the 38.2% retracement, a move through should lead toward resistance at the 50% area. However, a move off these levels could bring yesterday’s lows into play (yesterday’s politically driven trade on the Yen was due to the opposition party winning the election.)
Japans Economic Minister Hayashi on the Wire
The Japanese Economic Minister Hayashi had the following comments:,
- Japan may possibly slip into deflation and that accommodative policy may be necessary for a while.
- The Japanese government will eventually need to scale back its response to the crisis in the form of an exit strategy.
- It will be necessary for the Democratic party to carefully consider how it changes its extra budget.
- He hopes that the new government will carefully consider an exit strategy; extraordinary measures.
Australian AIG Manufacturing PMI
Australia’s AIG Performance of Manufacturing Index for the month of August came in at 51.7; higher than its prior release of 44.5. This is the highest reading in 17 months. The market showed little reaction to this data release as it awaits the open of the Nikkei and the Shanghai composite.
August 31 2009 Forex Evening Report
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Quiet market as August comes to a close. Some pairs test some intraday technicial levels
The afternoon bias is for a higher dollar this afternon. However, some key intraday technical levels are being tested.
The USDJPY could not make an extension below the 61.8% retracement level at the 92.58 price has moved back higher (low was 92.69) A move above the 93.00 level will likely lead to further gains to the upside for the pair, with a target of 93.21. If the price cannot break this level, the pair is likely to drift back lower.
EURUSD is moving down toward support at the 100 bar MA on the 5 minute chart at the 1.4317 level. Look for some support against the level. A break would confirm the downside with a break below the 200 bar moving average at the 1.4200 price level
The GBPUSD is down finding support against the 100 bar MA at the 1.6258 level. There seems to be some profit taking buyers against the level with stops likely on a break below.
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