Economic Events: (GMT)

The economic calendar is very light for Friday, with the end the 1st falling on Thursday. These events will have no little or significant events in the market. There are also no events scheduled in the US.

 

00:00

 

NZD

 
 
 

ANZ Commodity Price Index (MoM) 

 

 
 
 

1.2% 

 

 

14:00

 

USD

 
 
 

Global Semiconductor Sales (MoM) 

 

 
 
 

-5.5% 

 

 

width=150Analysis and Recommendation: (close of Asian session)

USD/JPY was trading at 80.99 after capital spending came in well below forecast. Japanese fourth quarter capital spending rose 7.6 percent following a 9.8 percent decline the previous month, besting expectations of a 6.5 percent decline. The positive figure indicates a potential unexpected rebound in growth as corporations in Japan invest more in their businesses.

Analysts did not expect an increase in capital spending this month, and this reflects the series' biggest increase since March 2007. As traders balanced their portfolios in response to the unforeseen change in capital expenditures, the USDJPY fell, hitting 80.99.

The European Central Bank said it committed 529.5 billion euro in its much-anticipated and well-received second auction of three-year loans to the banking sector to app. 800 banks

Fed Chairman Bernanke's testimony pointed to improved data while citing persistent downside risks to the outlook. With comments by Bernanke lacking a dovish tone that some had expected, the U.S. dollar rose back above the 81-yen level, helping many major Japanese exporter stocks move higher.

China's manufacturing gained momentum; helped by strength in new orders, export demand and production, though inflation pressures remain a concern, according to a survey released on Thursday.

The state-affiliated China Federation of Logistics and Purchasing said its purchasing managers index, or PMI, rose 0.5 points to 51.0 from January's 50.5 and December's figure of 50.3 in a third straight month of steady improvement. While an HSBC report contradicted these numbers.

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February 29th and March 1, 2012 Economic Data forecast v. actual (bold March 1st)

AUD

 
 

HIA New Home Sales (MoM) 

-7.3%

 
 
 

-4.9%

 
 

AUD

 
 

Construction Work Done (QoQ) 

-4.6%

 

-0.6%

 

11.7%

 
 

AUD

 
 

Retail Sales (MoM) 

0.3%

 

0.3%

 

-0.1%

 
 

USD

 
 

GDP Price Index (QoQ) 

0.9%

 

0.4%

 

0.4%

 
 

USD

 
 

GDP (QoQ) 

3.0%

 

2.8%

 

2.8%

 
 

USD

 
 

Chicago PMI 

64.0

 

61.8

 

60.2

 
 

JPY

 
 

Capital Spending 

7.60%

 

-6.50%

 

-9.80%

 
 

 

AUD

Building Approvals (MoM) 

0.9%

 

2.1%

 

-1.0%

 
 

 

 AUD

Private New Capital Expenditure

-0.3%

 

3.9%

 

14.6%

 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Sovereign Bond Auction Schedule

 Mar 01  09:30  Spain  Bono auction

Mar 01  09:50  France  OAT auction

Mar 01  10.30  UK  Auctions 4.0% 2022 conventional Gilt

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

 

Name S3 S2 S1 Pivot R1 R2 R3

Classic
80.0280
80.3805
80.6860
81.0385
81.3440
81.6965
82.0020

Fibonacci
80.3805
80.6319
80.7871
81.0385
81.2899
81.4451
81.6965

Camarilla
80.8106
80.8709
80.9312
81.0385
81.0518
81.1121
81.1724

Woodie's
-
80.3688
80.6625
81.0268
81.3205
81.6847
-

DeMark's
-
-
81.5203
81.1266
80.8623
-
-