AUDUSD: Offering fresh evidence of a softening labor market, the total number of job advertisements in Australian newspapers and on the internet fell 2.1% in seasonally adjusted terms in September compared to August to an average of 182,365 ads per week.
Official employment figures on Thursday are expected to show unemployment for September remained at 5.3% after steadily increasing in recent months.
The number of internet job advertisements fell 2.2% in September but remains 4.0% higher compared with a year earlier. Job advertisements in newspapers were unchanged on the month–the first time since February it hasn’t fallen–leaving them 12.8% lower compared with a year earlier.
We expect a range for today in AUDUSD rate of 0.9920 to 1.0020 (The pair move from low 0.9385 and almost reach it’s parity. We expect the pair to retreat at this level.
Short at 0.9980 ranges
Stop loss at 1.0040
Target at 0.9930 and 0.9850 AND 0.9810
EURUSD: To restore confidence, European governments must show they can bring down their public debt and deficits, quickly implement Greece’s rescue plan, improve governance within the euro zone, and create the financial instruments needed to reassure markets about lowering contagion risks in the region.
Also, German Chancellor Angela Merkel and French President Nicolas Sarkozy said on Sunday they will present a “comprehensive package” of measures to fight the euro-zone banking and sovereign-debt crisis by month’s end, lifting the euro and emerging-market currencies as investors hoped for a concrete solution to the region’s woes.
We expect a range for today in EURUSD rate of 1.3440 to 1.3690 (We expect the pair to head down from high 1.3690)
Short at 1.3690
Stop loss at 1.3750
Target at 1.3630, 1.3580 and 1.3440
USDJPY: Fitch Ratings-New York-10 October 2011: U.S. credit card ABS collateral performance improved yet again last month, though escalating talk of a double-dip recession is raising the question ‘For how much longer?’, according to the latest credit card index results from Fitch Ratings.
Credit card ABS performance has improved significantly over the past year. Losses have retreated from persistently high levels while excess spread has strengthened to twice the pre-recession average. ‘The current dynamics are prompting investors to question how much lower these metrics can go with the threat of a double dip recession looming in the background.
We expect a range for today in USDJPY rate of 76.40 to 77.20 (we continued to hold the trade)
Entry at 76.60
Stop loss at 76.10
Target at 76.90, 77.20 and 77.60
