Forex Trading Todays

Todays forex market would be more volatile.
At 17:00 (GMT +6) German Industrial Productions m/m forcast 0.2% Previous -0.5%
19:30 Unemployment Rate Forecast 5.1% Previous 5.0%
19:30 Nonfarm Employment Change Forecast -57 K Previous -20 K
19:30 Average Hourly Earnings m/m Forecast 0.2 % Previous 0.1%
19:45 Fed Governor Kroszner Speaks
02:00 Am Comsumer Credits m/m Forecast 7.3B previous 15.3B.
In European opening market, Euro has up to 1.5618 as JPY extends weakness vs USD, EUR on increased expectations of rate hikes from Fed, ECB; USD/JPY up at 106.04, EUR/JPY at 1.5606. EUR/USD slightly higher at 1.5615 on back of hawkish remarks from ECB's Trichet yesterday; many players pull to sidelines ahead of U.S. payrolls data later. Asian stock markets broadly higher; Nikkei +1.0%, HSI +1.0%, KLCI +1.5% helped by Wall Street strength. JGBs down sharply after Trichet comments; 10-year JGB yield +6.5 bps at 1.79%; futures closed down 0.88 at 134.35. Aussie construction sector activity falls sharply in May, due to higher rates, market uncertainty; AIG-HIA PCI down 5.7 points to 36.9 in May from April; fastest pace of decline since September 2005. Central bank intervention in USD/PHP suspected, say traders, USD sold after pair hits fresh 8-month high of 44.20. Nymex July crude up 71 cents at $128.50/bbl.

Any decline of US data could push Euro up. EUR/USD bought by Europe investors and may rise as far as 1.5650 after Trichet comments overnight which lent weight to expectations ECB may yet hike rates, says trader at major Tokyo bank; "economic conditions in the eurozone are still better than those in the U.S." so "even if speculation of a rate hike by the Fed later this year grows, players could keep buying the euro." Still may be a bit of caution before U.S. jobs data; Support at 1.5570 with pair now at 1.5604 on EBS. EUR/JPY likely in 165.20-166.20 band; last at 165.57.


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