Market News

Despite continuing investor concerns over the heavily debt burdened nation of Greece, the single currency Euro inched up in Asian trading today, hovering close to a 9-month trough versus the U.S. Dollar. Once again, a meeting of finance ministers from the Euro-zone failed to produce a definitive plan to help those countries within the Zone which are fiscally troubled, including not only Greece, but Spain and Portugal.

The single currency Euro moved closer to a 9-month trough versus the U.S. Dollar in Asian trading today, as investor doubt grew as to whether or not European Union policymakers would help the heavily debt burdened nation of Greece.

Investor expectations were dashed when the European Union failed to provide concrete details of their rescue package for the heavily debt burdened nation of Greece.

With investor expectations that leaders of the European Union will lay out their proposal for a Greek bailout package when they meet later in the day in Brussels, the single currency Euro rose versus the Japanese Yen and the U.S. Dollar in Asian trading.

The U.S. Dollar slid versus the single currency Euro in Asian trading today, though it held close to the 8½ month peak struck last week. Until investors’ concerns are allayed about the fiscal well being of certain Euro-zone countries, the Euro will continue to be under heavy pressure.

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All of the major stock markets closed lower on Friday; the only variable was how big the losses were. In Europe over the course of last week, the FTSE fell by 2.5%, closing at 5060.9; the CAC dropped by almost 5% closing at 3563.8; the Dax shed 3.1%, ending the week at 5434.3.

The big event to report from the Asian Session is that the SNB intervened in the EUR/CHF at 1.4620 level creating a ripple effect in the USD/CHF and EUR/USD.

The single currency Euro surged in Asian trading today, following the central bank of Switzerland’s selling off of Swiss Francs. As reported at 4:07 p.m. (JST) in Tokyo, the Euro was holding steady at 1.4730 Francs, a .6% rise on the day.

A report from Bloomberg says that the US government will officially recognize that job losses from April 2008 to March 2009 increased by 825,000 above previous reports. Since this is data is not relevant to Friday's NFP, I think traders will more then likely brush this off and focus more on the NFP report.

The U.S. Dollar steadied against multiple currencies in Asian trading today after it made brief gains precipitated by the respective falls of the New Zealand and Australian Dollars on worse than expected economic data.

Continuing investor worries over the fiscal deficits in European nations, especially in Greece and Portugal, pushed the single currency Euro lower against the British Pound Sterling. As reported at 1:19 pm (JST) in Tokyo, the Euro was trading at 87.25 Pence down from yesterday’s late New York trade of 87.42 Pence.

The JPY rose off earlier lows against the majors and the AUD slid on Tuesday after Australia's central bank put the country's interest rates on hold, surprising investors who had been preparing for a rise in rates.

To the surprise of the market, the RBA decided to pause rates stating that the global economy rather then the local conditions is what prompted them to hold off. The RBA more than likely fears that a slow down in China will have a ripple effect on their economy and just waiting to see what happens. Australian business confidence index did fall sharply by 11 points to 8.

Investors were caught flat-footed by the Reserve Bank of Australia when the central bank made no move to increase a key interest rate, which had long been predicted by analysts and investors alike. As a result, the Australian Dollar slipped more than 1% versus the U.S. Dollar and Japanese Yen, within minutes of the announcement by the RBA that the 3.75% interest rate would be held