Currency Tech

R 2: 1.3500
R 1: 1.3425
CURRENT: 1.3380
S 1: 1.3323
S 2: 1.3125

R 2: 0.9785
R 1: 0.9660
CURRENT: 0.9640
S 1: 0.9605
S 2: 0.9530

R 2: 1.5911
R 1: 1.5885
CURRENT: 1.5855
S 1: 1.5820
S 2: 1.5735

R 2: 1.0020
R 1: 1.0000
CURRENT: 0.9975
S 1. 0.9804
S 2: 0.9753

Market Brief

Asian stocks retreated for the first time in three days with the MSCI Asia Pacific Index dropping 0.1% from a two and half year high as US jobless claims rose and US stocks lost value yesterday. The Nikkei lost 0.9%, Shanghai Composite dropped 1.5% and the Hang Seng gained 0.1%. Jobless claims rose by 35,000 to 445,000 while on the other hand trade deficit narrowed and unemployment data overshadowed any earnings optimism as labor market continues to struggle and come in way of US economic recovery growth.

With inflation levels continuing to rise and property prices sky rocketing, it is possible that China announces interest rate and bank reserve ratio hikes during the weekend to further try to control rising price levels.The EURUSD weakened for the first time in five days to 1.3322 after highs of 1.3365 on speculations that the EU debt crisis still needs time to settle down and as US jobs report was disappointing.

The IMF said that the EU has yet to help investors have faith in the confidence for the region after auctions this week eased some concerns about funding costs. ECB President Trichet in his press conference yesterday said that inflation concerns still persist and current rates are appropriate and EU officials may expand their asset purchases to help contain the crisis.

Today's report could see retail sales rising in the US for the sixth month while inflation report expected to be unchanged, EU releases inflation report, trade balance, UK releases producer prices, rounded up by industrial production and University of Michigan consumer confidence figures.