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Mid-Day Report: NFP +0k in Aug, Dollar MixedDollar is mixed in early US session after non-farm payroll report showed zero job growth in August. Markets expected 90k growth and that's clearly a disappointment. The 17k growth in the private sector was offset by government cuts of -17k. Prior month's figure was also revised down from 117k to 85k. Unemployment rate was unchanged at 9.1%, inline with consensus. Commodity currents are clearly lower after the re lased but there is so far no follow through selling. Dollar is also weak against yen and swissy. Nevertheless, Euro seems even weaker than the greenback on Greece concern. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 76.57; (P) 76.90; (R1) 77.24; More. USD/JPY dips sharply in early US session but is still holding above 76.41 minor support. Intraday bias remains neutral. Below 76.41 will indicate that recovery from 75.94 has finished and turn bias back to the downside for this support first. On the upside, above 77.68 will turn bias to the upside and bring stronger rebound. But even in that case, we'll stay bearish as long as 80.23 and expect and eventual downside breakout. |
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Trade Idea Update: USD/JPY – Hold long entered at 76.55Current retreat after the release of weaker-than-expected U.S. NFP data has dampened our near term bullishness and indicated support at 76.42 needs to hold for prospect of another rebound later. A sustained break of resistance at 77.25 would suggest the retreat from 77.70 has possibly ended and bring further gain towards 77.70. Looking ahead, once this resistance is penetrated, this would confirm the rise from 75.94 record low for a stronger retracement of recent downtrend to resistance at 77.86 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: The greenback slipped on initial reaction to the release of much weaker-than-expected U.S. non-farm payrolls data (0 vs forecast of 90K), however, indicated good size bids at 76.50 limited dollar's downside so far, some traders await reaction in Dow (with triple digits decline in Dow future). Stops are still noted at 76.40 with decent demand at 76.30, more stops are placed at 76.20 and 75.90. On the upside, offers from exporters remain at 76.90-77.00 with sizeable stops locating at 77.30, more selling interest is likely to emerge in the region of 77.50-77.70 with next batch of stops at 77.80 and also above 78.00. Comments from new MOF AZUMI also seen pressuring EUR/JPY as he expressed concerns over European debt crisis, his remarks on yen's strength is pretty much the same as formed MOF Noda which had little impact on USD/JPY. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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