Daily Archives: February 3, 2012
USD/JPY Technical Analysis
(76,19) The USD/YEN is still under heavy pressure suggesting a possible 76 undershooting, especially while below 76,35 on an hourly closing. The indicators of the daily chart are well negative while those of the s/t ones are still showing a mixed to negative picture supporting further consolidation/ weakness.
GOLD Analysis
Spot gold continued to march higher yesterday despite some falls in oil prices and a marginally weaker EUR/USD. The metal posted fresh year’s highs of $1761.20 after earlier lows of $1741 and closed out the day at $1759.50, up around $15 from the open in Asia.
CRUDE OIL Analysis
Nymex crude prices slipped back again yesterday in contrast to the ICE Brent contract which posted gains on the day. Firmer equity markets and lower jobless claims failed to buoy the WTI contract as traders focused on the large storage increase at the Cushing Oklahoma hub following the EIA data release on Wednesday.
AUD/USD Analysis
Opened at $1.0712 after trading $1.0680-1.0747 in Europe and NY yesterday. Model fund sales in EUR/USD softer equities and a weaker Chinese non-manufacturing PMI led the pair lower in Asia from early highs of $1.0715 through some weak stops at $1.0680 to $1.0672.
USD/JPY Analysis
Another non-event for the USD in Asia after spending yesterday strangled into a Y76.03-24 range. Usual comments from Japan’s Finance Minister Azumi to take firm steps to combat any speculative moves in the JPY were ignored, as traders wait patiently for this afternoon’s US non-farm payroll data and a decision on the Greek/PSI debt deal.
UBS Morning Adviser Asia
Payrolls Ahead Risk managed to end Thursday on a firmer note despite some wobbles out of Europe throughout the day. The closely watched Spanish auction failed to excite markets. Although the Spanish Treasury secured their target allocation and the bid-to-cover ratios looked high, our Fixed Income team noted that the cutoff prices were very low.