Asian shares rose on March 9, 2010, while [FONT-SIZE=4][/FONT-SIZE][I][/I]ibfx encouraging Austrilian data reinforcing views while global key economy was steadily recovering, fuelling a move into riskier assets. The ringgit opened unchanged towards AUD this month after Monday's impressive gains in the local equities and currency markets.
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The USD/JPY finished higher despite increasing demand for lower yielding assets. Technical factors may have contributed most to Thursday's rise after strong buying came in following a test of a major Fibonacci retracement level at 88.24. In addition, the failure to accelerate to the ibfx downside after breaking a previous swing bottom at 88.55 may have scared weaker shorts out of the market. The strong close helped form a reversal bottom which could trigger a further move to 90.14 over the near term.
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Chinese forex gains during recent years were close to a pre-crisis level, according to Yi Gang from the State Administration of Foreign Exchange. Mr. Yi said that China has fully considered risk control in the allocation of ibfx investment in currencies and assets, and the country did not engage in short-term speculation or invest in high-risk products such as subprime mortgages.
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Gains in the euro were limited after Greek Prime Minister George Papandreou on March 9 warned that if the Greek crisis worsened it could lead to a new global financial meltdown. "Sarkozy giving a thumbs up to the euro and an EU backing for Greece gave us a better bid tone before we started the ibfx market this morning," said Dean Popplewell, chief currency strategist, at OANDA in Toronto.
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The Japanese Yen March 9 remains unchanged towards the USD dollar in a 19 pip range, while the crosses slipped back in forex trading . GBP/JPY and EUR/JPY were the biggest losers as the pairs tracked their majors lower. Overall the IBFX traded with a low of 90.13 and a high of 90.68 before closing the day around 90.25 in the New York session. Looking ahead, January Leading Indicators previously at 3.
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The U.S. dollar was lower on the yen slipping to 90.25 yen from 90.29 yen late on March 3 in Australia. Meanwhile, according to IBFX, the greenback rallied on the U.S. dollar to a two-week high of 90.68 yen on Monday, after a better-than-expected U.S. jobs report backed views that the U.S. Federal Reserve will lift rates faster than the Bank of Japan.
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After opening at 1.2963, the price of IBFX is heading to test higher levels at 1.161, thus moving away from intra-day low today at 1.2960. At the moment the pair seems to have stalled out as it approaches 1.161-1.165 resistance area.
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Swiss Retail Sales: Published on Monday at 8:15 GMT. Switzerland enjoys a strong and stable economy with confident consumers, while sales volume jumped by 4.7%, a very strong pace. This time, a rise of 1.6% is predicted. This will have a strong impact on the Swissy forex market as well as a collateral effect as the beginning of the week doesn’t contain too many figures.
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A trader for a Japanese forex house said the euro's gains could gather steam in the near-term if it breaks above $1.3680 and triggers stops above that level. Still, it may be premature to expect the trend for euro weakness to change, he said.
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The euro gained nearly half a cent to $1.3655. A Dow Jones Newswires report Tuesday that the Greek government is likely to outline a new austerity package of around EUR4 billion later, and boosted the euro as a result, forex dealers said. During Asian trading hours, the dollar fell to Y88.47 on EBS, the lowest since Y88.32 on Dec. 14. That compares with Y88.75 in New York late Tuesday.
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