ForexLive Asian market open: Quiet markets as holiday season ends

September for the FX market is normally a volatile time when traders in the major financial centres return from the summer holidays and start trading in earnest again. It looks like September hasn’t quite begun yet and we have to wait until the upcoming long weekend in the US is over before the real action begins.

Ranges were tight overnight and we can expect something similar in Asia, although it is risk-off Friday so that’s usually good for a flurry or two.

Good luck today and TGIF.

ForexLive US wrap-up: Is it Friday yet?

• ECB keeps rates unchanged; extends extraordinary liquidity operations into early January; 3-month refis to be done at variable, not fixed rates
• ECB staff raises GDP and inflation forecasts, Trichet sees no double dip
• US jobless claims fall 1,000 to 472,000
• US nonfarm productivity falls 1.8% in Q2
• US pending home sales rise 5.2% in August
• Chain store sales rise 3.2% on August: ICSC
• Reuters poll: 55% of economists polled see BOC rate hike next week
• US factory orders rise 0.1% in July, June revised higher to -0.6%
• S&P 500 average 0.9% to 1090
• US 10-year note yields rise 5 bp to 3.63%

A mostly range-bound session with EUR/USD stalling ahead of 1.2850. Stops reside just above 1.2860, traders report. Dips were limited to 1.2805 with European corporate buying seen on dips.

JPY pairs were quiet save for AUD/JPY which was a strong performer. AUD/USD closes at trend highs 0f 1.9120 ahead of payrolls.

Sorry for abbreviated wrap-up but we have a hurricane on the way and I need to do some prep work…

EUR/JPY trying to edge up as stocks extend gains late

Many have trimmed positions in anticipation of tomorrow’s employment report but there are still a few intrepid jobbers around and they are marking up EUR/JPY a bit as US equities rally into the close. We’re up about 0.8% with a bit less than 15 minutes of trading to go.

Resistance on the hourly chart comes in around 108.20 near-term.

Those compasionate Aussies

Tenderly caring for a dying whale…

I wonder if Sean lite the fuse?

And now a word from our sponsor…

Thanks to all of you who have opened and account with FXDD in support of our work here at ForexLive. If you have not yet done so, please consider opening one by clicking here.

This one goes out to the East Coast

It’s gonna be a busy 24 hours preparing for the first big hurricane in nearly 20 years.

Here’s a tune to get you in the mood…

Come one come all

Enter your guess in our non-farm payrolls contest. If you win, you will receive a very rare commodity, a ForexLive tee-shirt.

ECB’s Nowotny: No danger of double-dip

Austria’s central bank head Ewald Nowotny is parroting Trichet from this morning’s meeting saying he sees no risk of a double-dip recession in Europe.

Never say never, Ewald!

Citi analysts like EUR/CHF

Citibank analysts (not the tech guys) say like EUR/CHF, noting the slide is overextended and that hedge funds have too large a short position. Yield spreads between Germany and the likes of Greece and Spain have narrowed a bit of late, lessening the safe-haven play. The like a small position, about 5% of a portfolio, they say…

EUR/USD sinking in range; Buyers were here earlier…

Not a lot of buzz in the market this afternoon so it is tough to get much of a read on things at the moment.

EUR?USD has eased back into the 1.2805/10 area, a level where a European corporate was a significant buyer earlier in the session. Expect a few small stops just below 1.2800 if it turns out there are not on the bid this time around. Better support remains in the 1.2775/80 region. Stops are seen around 1.2770 if that level gives way.