USD/JPY
The dollar fell to its lowest in more than two months against the yen, as the dollar slid broadly.
However, in Asia markets, the dollar was flat against the yen,
The yen has been strengthening across the board in the past weeks, hitting a year high against the
euro, as the yen benefits from general risk aversion.
The potential for fund repatriation by Japanese corporates and investors before their end-March book
closing may also boost the yen and the drive the dollar lower against the Japanese currency in the near
term.
Furthermore, before the Friday's payroll, investors also await US ADP employment report due
tonight, which is forecast 20,000 jobs were lost in February vs a loss of 22,000 January.
Forecast:
Markets are awaiting announcement from Greece later. It seems positive but the support for euro could be limited as Greece still faced some debt issues. Expected range: 88.20-89.20USD/IDR
The dollar was opened lower at 9270 from yesterday's close 9300, in line with the weakening of the dollar against major currencies. Yet, there was no follow trough selling, and it rose back to 9295. Some were focusing on the bailout inquiry, but it should remain tentative until the bailout inquiry is resolved. Moreover, the central bank is expected to keep rates unchanged at 6.50% tomorrow, as the price pressures are likely to remain manageable due to a strong rupiah which helps to reduce imported inflation. Therefore, there will be no market impact seen if the rates are kept on hold.
Closing market on Mar 3, 2010 Jakarta market at 04:30 pm. on Mar 3, 2010
Nikkei : 10253.14 (+31.30) USD/JPY : 88.65/88.75
JGB : 1.330 (0.00) EUR/ USD : 1.3645/1.3655
JSI : 2567.089(-9.502) USD/IDR : 9277
Closing market on Mar 2, 2010 EUR/JPY : 121.10/121.30
DJI : 10405.98 (+2.19) BTMU JIBOR 1 mo. : 7.25%
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