Forex News | Currency News by Forexlive

Given the slew of Japanese Toshin Issuance today, some traders see a rebound in demand as we head into the London Fix tonight, with ZAR and BRL the highlighted currencies. USDJPY may also benefit and see demand rise. We have support here at 95.00 -20 area and more support back at the double low,  94.00 area.

After a good pullback towards 81c, the AUDUSD once again holding firm. Support from bids is seen at 8210-30 area with resistance sighted between 8340 – 8375. The AUDUSD is underpinned as data continues to support expectations that the next interest rate move is up. The RBA next meets on August 4th, with many analysts prdicting that even tho rates will be kept on hold, the RBA might drop its easing bias.

Good gains is Asian stockmarkets is also offering support to the AUDUSD with good demand seen in AUDJPY.

US official: The US government said vowed not to suspend its $1 Bln auto sales incentive even though confirmed sales and pending transactions neared the program’s limit of 250,000.

Consumer prices fell at a record pace in June, down 1.7% yr/yr, after sliding 1.1% in May. Its the biggest fall on record but was in line with forecasts.

Tokyo area July CPI fell 1.7% yr/yr, slightly more than the forecast of a fall of 1.6%. Tokyo area overall CPI was down 1.8% on the year in June.

Japan’s jobless rate rose to 5.4% in June , matching the high hit back in June 2003. Job availability also sank to a new record low, reinforcing views that it will take time for the job market to recover.

EURJPY has not retraced much after the Tokyo fix. Traders site demand from EURUSD and Japanese Fund buying. Stops triggered above 1.4100 in EURUSD earlier, has also helped EURJPY remain bid. Technically,  its sees support back at 134.17, the top of the Ichimoku cloud.

Japan’s Nikkei has hit ten month highs, up 1.4% at the moment, as exporter climb on a weaker yen. Smaller than expected losses from Sony also buoyed the Nikkei. A slew of generally solid results and some positive surprises such as Honda, are expected to keep the Nikkei supported for the next few days, analysts report.

USDJPY has come off to test the bids at the 95.20-25 area. We have heard that there is a lot to buy here, let see if it holds. Under 95.00 see stops, which if triggered will take us back to 94.70-80.

The 31st of the month is often a busy day at fixings around the world as corporates who missed their value-date trade try to get their business done before the month end. We are seeing some exporter selling of USD/JPY at the moment but bids around 95.25 are expected to halt any major sell-off.

I’ll hand over to Sammy to take you through the next few hours and hopefully find a few gilt-edged day trades.

The TD/Melbourne Institute Australian inflation gauge surged almost 1% in July. This backs up some of the worries which RBA Governor Stevens referred to in his speech earlier this week regarding inflation.

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