Economic Events: (GMT)

00:30     AUD       RBA Monetary Policy Statement

The Reserve Bank of Australia's (RBA) quarterly monetary policy statement provides valuable insight into the bank's perspective on economic conditions and inflation                                                                                             

 13:30    USD       Trade Balance                                                   -48.4B                   -47.8B

The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.                           

 14:55    USD       Michigan Consumer Sentiment Index     74.3                       75.0

The University of Michigan Consumer Sentiment Index rates the relative level of current and future economic conditions. There are two versions of this data released two weeks apart, preliminary and revised. The preliminary data tends to have a greater impact. The reading is compiled from a survey of around 500 consumers.

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.                          

 17:30    USD       Fed Chairman Bernanke Speaks

Federal Reserve Chairman Ben Bernanke (February 2006 - January 2014) is to speak. As head of the Fed, which controls short term interest rates, he has more influence over the U.S. dollar's value than any other person. Traders closely watch his speeches as they are often used to drop hints regarding future monetary policy.

His comments may determine a short-term positive or negative trend.                                                                                                

19:00     USD       Federal Budget Balance                                                -65.2B                   -86.0B  

The Federal Budget Balance measures the difference in value between the federal government's income and expenditure during the reported month. A positive number indicates a budget surplus, a negative number indicates a deficit. 

A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD.           

USD/JPY
USD/JPY Fundamental Analysis February 10, 2012, Forecast

USD/JPY Fundamental Analysis February 10, 2012, Forecast

Analysis and Recommendation: ( close of Asian session )

USD/JPY was trading is at 77.19 up from this opening this morning. The Greekback is moving upwards on news from Greece. A meeting of Greek Prime Minister Lucas Papademos and top party leaders ended early Thursday without an agreement on austerity measures needed to receive the nation's next tranche of aid, according to reports. While most of the provisions were agreed by the ruling and opposition leaders, details over adjustment to pensions remained as a sole sticking point.

Also reports out today that China's inflation rate is growing more then expected, put some worries in Asian currencies.

Late in the day on Thursday, Japan is to release government data on core machinery orders, a key gauge of production. At this writing the data has not yet been published

Wednesday's economic reports ( actual )

GBP

BRC Shop Price Index (YoY) 

1.40%

 

1.70% 

JPY

Economy Watchers Current Index 

44.1

47.5 

47.0 

CHF

Unemployment Rate 

3.1%

3.1% 

3.1% 

EUR

German Trade Balance 

13.9B

14.1B 

14.9B 

EUR

French Government Budget Balance 

-90.8B

-90.8B 

-97.2B 

Scheduled Sovereign Bond Sales

Feb 10  11:00  Belgium  OLO auction

USD/JPY Pivot Points (Time Frame: 1 Day)
 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
76.3707
76.5468
76.8887
77.0648
77.4067
77.5828
77.9247

Fibonacci
76.5468
76.7447
76.8670
77.0648
77.2627
77.3850
77.5828

Camarilla
77.0880
77.1355
77.1830
77.0648
77.2780
77.3255
77.3730

Woodie's
-
76.5883
76.9715
77.1063
77.4895
77.6243
-

DeMark's
-
-
77.4947
77.1089
76.9767
-
-