| Market Analysis Forex - 09 12 2011 |
 EUR/USD was considerably weaker $1.3319 on concern Eurozone nations may have their credit ratings downgraded if European leaders fail to agree on a plan to curb the debt crisis. Gains in European stocks were limited after the Nov Bank of France business sentiment fell for an eighth month as it dropped -1 to a 2-year low of 95. The BoE/MPC maintained its benchmark interest rate at 0.50% and kept its asset purchase target at €275bn. The ECB cut interest rates by 25 bps, lowering the refi rate to 1.0%. The rate cut had been expected and was almost the 'bare' minimum the ECB could deliver in the current situation.A rally in USD/JPY to a 1-week high undercut Japanese exporters, while an unexpected decline in Japanese machinery orders for a second month signals that a slowing global economy is prompting companies to postpone investment. Oct Japan machine orders fell -6.9% m/m and rose +1.5% y/y, much weaker-than-expectations of +0.5% m/m and +9.4% y/y. AUD fell against most currencies after Nov Australian payrolls unexpectedly fell -6,300, weaker than expectations for a +10,000 gain, while the unemployment rate rose +0.1 to 5.3%. Australian employment data missed forecasts last night contracting by -6.3K versus expectations of 10.3K gain. The Unemployment rate increased to 5.3% from 5.2% of the previous month. The unexpected tumble in the number of people employed in full-time work justified the RBA's decision to cut the cash rate for a second month in a row this week. The Australian dollar tumbled after the report to test short term support level at 1.0231. |
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