AUDUSD: Australia’s economy posted “solid” growth in the fourth quarter in spite of the uncertain international backdrop arising from uncertainties in Europe. The economy has strength because of the resources boom, the high level of capital spending underway and Australia’s proximity to the Asian growth region
Employment and Workplace Relations reported Wednesday that its leading indicator of employment fell in March for the second consecutive month, after rising for five consecutive months previously. It is too early to confirm that a slowing in employment growth to a rate below its long-term trend of 1.7% is in prospect.
We expect a range for today in AUDUSD rate of 1.0530 to 1.0630 (We set limit order at 1.0490, the pair drop low to 1.0508 before it head north)
We set limit BUY order for AUDUSD at 1.0520
Stop loss at 1.0480
Target at 1.0580 and 1.0660
EURUSD: The debt restructuring involves debt worth EUR206 billion in the hands of the private sector, although the current offer is extended to holders of EUR177 billion of bonds under Greek law. Greece needs to secure at least 90% of that for the bond exchange to proceed on a voluntary basis.
If less than 90% of holders participate, Greece has the option of invoking collective action clauses to force remaining holders to accept the deal. But for that to happen, at least half of the bond holders must participate in a related vote and at least two-thirds of them should vote in favor of the bond-swap terms.
We expect a range for today in EURUSD rate of 1.3050 TO 1.3190
WE AVOID TRADING THE PAIR TODAY
USDJPY: The productivity of U.S. workers in the fourth quarter improved slightly more than initially reported but labor costs grew much faster than the first reading as economic growth in the period hit its highest levels of the year.
Unit labor costs rose at a 2.8% annual rate in the fourth quarter, revised up from an originally reported increase of 1.2%. Economists had expected the revised data would match the first reading.
In the third quarter of 2011, productivity, the output per hour of all workers, grew 1.8% and costs were up 3.9%, according to the new data.
We expect a range for today in USDJPY rate of 80.50 and 81.50 (we shorted the pair at 81.55 and reached our target at 81.10)
We set limit Short order for USDJPY at 81.40
Stop loss at 81.80
Target at 80.80 and 80.30
