FX Update - USD/JPY
First Published Thursday, 9 July 2009 from Need to Know News
USD/JPY could have potential on the upside, with talk that Japanese names are beginning to front run flows ahead of next week's investment trust launches. There is reportedly over JPY500bln of launches next week and the take up is expected to be strong, with investors increasing their speculative activity of late. There is also some technical significance being flagged, with Tom De Mark followers indicating an "upside 13 count" and signals that a reversal is due.
Looking at the moving averages today's 100-day MA is at 96.58 and the 200-day MA is at 96.00, which is a bullish cross and also supports this view. Japanese order books are skewed to the topside interestingly, with bids building underneath 96.00 and offers relatively thin on the topside. Notably, JPY gains this week have been linked to the SMFG stock issue and this was an influence overnight. However, the payment date for this is June 22nd and today was the last spot trading, which may make it easier for JPY to resume easier levels.
- February Housing Starts fall 5.9% to 575k; Building Permits down 1.6% at 612k
February Housing Starts fell 5.9% to 575k -right on consensus - after an upward revision of 20k to 611k in the January data....continued
- JANUARY CANADIAN MANUFACTURING SALES UP 2.4%
Change in Inventories: 0.0% Change in Inventories ex-Petroleum: -0.1% Change in Sales (Shipments): 2.4% Inventory/Sales Ratio: 1.33 January Canadian manufacturing sales advanced 2.4% to C$44.6bln from a revised 1.9% rise (previously reported as a 1.6% increase), beating the consensus estimate of a 0.6% gain....continued
- CANADIAN Q4 LABOUR PRODUCTIVITY ADVANCES 1.4%
Labour Productivity Q/Q: 1.4%Hourly Compensation Quarterly: 1.3%Unit Labour Costs Quarterly: 0.0%Canadian Labour Productivity surged 1.4% after declining 0.2% in Q3, beating the consensus estimate of a 0.7% increase....continued
- Preview: February US Housing Starts & Building Permits
Preview: February US Housing Starts & Building Permits...continued
- Preview: Canadian Q4 Labour Productivity Seen To Climb 0.7%
Labour Productivity Q/Q: 0.7% Hourly Compensation Quarterly: 0.4% Unit Labour Costs Quarterly: 0.4% Q4 Labour Productivity for Canadian businesses is expected to increase 0.7%, after retreating 0.2% in the previous quarter....continued
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