- South Korea August unemployment rate at 3.1 % , possible rate cut tomorrow .
- Japan July Tertiary Industry Index fell 0.8% – MNI
- Japan August CGPI fell 1.8 % y/y -MNI
- Japan July Machine orders up 4.6% m/m and 1.7% y/y -MNI
- Australia September Consumer Confidence Index rose 1.6% to 98.2.
- Australia dwelling starts rose 4.6% , better than expected number .
- China’s Wen promises to boost Chinese growth .-ft .
- Morgan Stanley cuts China 2012 GDP forecast to 7.5 % from 8.0% .American Staff member of US consulate in Benghazi is killed . -rtrs
The dollar continued soft most of the session as the market and everyone else waits on the German Court decision . As Adam pointed out, the conditions attached to the approval are going to be the main sticking points . We are assuming further stimulus from the FED later in the week will keep the dollar under pressure . China and even South Korea may jump into the act sooner rather than later .
EUR/USD still in a fairly narrow range with a low of 1.2845 (good bids below) and a high of 1.2869. The German Court decision is due out in about 4 hours from now (08:00 GMT) .
USD/JPY doubled its usually trading range tonight with a high of 77.97 to a low of 77.74 . Good bids down at 77.40/50 and offers up at 78.00/10, locks in a fairly tight range again .
AUD/USD broke through very good offers at 1.0450 as the gloom and doom of the past week seemed to have disappeared. With Wen promising to boost China’s growth , a bounce in the price of iron ore , and not so terrible Aussie numbers , AUD/USD had a good run to the highs of 1.0480 . Good support now around 1.0430/40 with resistance up at 1.0500/20.
Have A Good Day .
