- All 22 economists surveyed by Bloomberg expect the RBA to stay on hold tomorrow
- AUD boosted by talk of major M&A activity in sugar and coal industries
- China state economist: still on track for 9.5% growth
- Trichet rules out double-dip recession
- Australian job ads +2.7% MoM
- Australian TD-MI inflation gauge +0.3% MoM, +3.6% YoY
- Latest COT data from CFTC
- Equity markets quiet ahead of US holiday, gold steady
Only the AUD has seen any movement of note today. Firstly it fell as stop-losses were triggered below 73.50 in the AUD/JPY and below .8400 in AUD/USD before subsequently recovering on the talk of M&A activity and positive growth projections out of China. It ends the session basically unchanged from its NY closing levels. Ranges: AUD/USD .8378/.8447, AUD/JPY 73.42/74.31.
USD/JPY has been mainly used as a tool for some cross trading. The lack of orders near-by or any direction from the Nikkei has encouraged traders to have a quiet day ahead of the US holiday tonight. Ranges: 87.66/88.00, EUR/JPY 109.95/110.31
The EUR/USD has been gradually sliding towards trailing stop-loss sell orders below 1.2480/90 but has lacked the momentum to get there. We head into the European session only 10 pips below the NY closing level. Range 1.2523/63
Cable has been equally quiet with no market moving events happening over the weekend. Ranges: cable 1.5166/99, EUR/GBP .8255/68.
USD/CHF 1.0635/63, EUR/CHF 1.3350/67
Markets: Nikkei +0.5%, HK -0.3%, Shanghai -1.6%, Seoul flat. Gold +0.5% $1215/oz, oil +0.5% $72.50/bbl.
