ZuluTrade Blog

EUR/USD trade in a very narrow range due to Easter holidays

Market View | Friday, April 6, 2012 3:40 AM GMT

Good morning ,

- The EUR/USD trade in a very narrow range due to Easter holidays. At presentthe euro is trading at 1.3065  afteryesterdays  falling as low as 1.3035.

-Ahead of today’s US job report release, Japan’s Nikkei dropped for thefourth day in a row and registered the worst weekly performance in eightmonths. The revived Eurozone’s debt crisis and no hopes of further USstimulus are marking the week. 

-Japan’s Nikkei Stock Average dropped by -0.81% and China’s Shanghai Compositefell by -0.38%, while South Korea’s Kospi was able to stay little above flat,by 0.01%. The Australian market was closed for the day.

-The European markets are closed for the Holy Friday due to Easter . US NFP are to be released at 12:30 GMT.

-Comments from Spain's Finance Minister again renewed some concerns overthe health of the EU debt crisis, even with the Spanish auction several daysearlier, yields continue to be a concern. Fin Min De Guindos : Govt bond spreads at current levels cannot bemaintained for a long time . Spanish and Italian bond yieldscontinued to rise on Thursday, as the broader European equity market declined.Yields on 10-year Spanish government bonds added 5 basis to 5.71%, the highestlevel since December last year .

-US Initial jobless fell 6,000 to 357,000 during the week ended March31. The latest reading of initial jobless claims is not too distant from the25-year median of 345,345.  Continuingclaims have dropped during six out of the last eight weeks .

-The Bank of England, as widely expected, left its key lending rateunchanged and made no alterations to its 325 billion pound ($516.8) program ofasset purchases. The central bank’s key lending rate has stood at a record low0.5% since March 2009.

-Japan Econ Min Furukawa: New BoJ members should be decided soon; Meetingbetween PM and BoJ Gov covered areas of close cooperation . Japan Mar officialreserve assets  $1.29T vs  $1.30T prior  (4-month low)

- Major financial names in Chinacontinued to be weaker as China officials continue to talk about reforms to thesystem.

-ANZ economist sees China Q1 GDP at 8.6% and Q2 at 9.0% and expects a cutto the RRR in May or June.

-After the US close Egan-Jones cuts US sovereign rating one notch to AAfrom AA+. Currencies were quiet A$ and NZ$ firming up despite their marketsbeing closed, $1.0316 and $0.8177 respectively.


Have a  good day !

Comments are closed

Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. Because the risk factor is high in the foreign exchange market trading, only genuine "risk" funds should be used in such trading. If you do not have the extra capital that you can afford to lose, you should not trade in the foreign exchange market. Forex Brokers and ZuluTrade are compensated for their services through the spread between the bid/ask prices or there may be a cost to initiate a trade through the bid/ask spread. Signing up is totally free, and there is NO contract and NO monthly fees, ever.

This blog is for informational purposes only. This blog is not intended for distribution channels and may not be reproduced or distributed without the permission of Zulu Trade ltd or any of its affiliated entities (“ZuluTrade”). All opinions, news, prices or other information contained in this blog are provided as general market commentary and this report does not contain and it is in not to be considered in any circumstance as market analysis, offer or solicitation to buy or sell any financial instruments, personalized or general recommendation for any investment decision or investment strategy by ZuluTrade, in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The information contained in this blog should not be construed as financial or investment advice on any subject matter. The financial instruments referred to herein may not be suitable for all investors and any investments on such financial instruments requires the assessment by each investor and its counsels of the investor’s investment characteristics, including the investment risks which the latter is willing to assume. This blog has been based on information which has been made public, obtained from sources believed to be reliable, but it has not been verified by ZuluTrade. No representation or warranty (expressed or implied) is made as to the accuracy, completeness, correctness, timeliness or fairness of the information or opinions herein, all of which are subject to change without notice. No responsibility of liability whatsoever of howsoever arising is accepted in relation to the contents hereof by ZuluTrade or any of its directors, officers, employees. Further, no representation is being made that any results will be achieved, and past performance is not indicative of future performance.