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The ringgit opened higher against the U.S. dollar Monday on strong buying of the local unit amid a weaker greenback, a dealer said.

At 9.00 am, the ringgit was traded at 3.1860/1890 against the U.S. dollar, up from 3.1920/1940 at last Friday’s closing.

The dealer attributed the ringgit’s uptrend against the greenback this morning to market players’ reaction to the bearish U.S. employment data released last Friday.

The latest U.S. employment data reported the biggest monthly drop in jobs in five years, raising concern that the world’s largest economy might already be in the early stage of recession.

“The ringgit is likely to move within a tight range of between 3.18 and 3.20 against the greenback this week as there is no major events expected to stimulate the local currency,” added the dealer.

Against other major currencies, the ringgit was traded mixed.

It depreciated against the Singapore dollar at 2.3052/3084 from 2.3045/3090 last Friday’s closing and it weakened against the Japanese yen at 3.1183/1216 from 3.1155/1187 previously.

Compared with the pound sterling, the ringgit appreciated at 6.3414/3490 from 6.3827/3896 and it also strengthened against the euro at 5.0004/0061 from 5.0137/0178 previously.

– BERNAMA

The dollar rallied against the yen on Monday, making up for losses suffered after a weak U.S. employment report, as traders focused on fund allocations by Japanese investors at the start of a new financial year. Read more

April 07, 2008

GMT 04:58

EUR/GBP

Todays support: - 0.7852, 0.7840 and 0.7830 (main). Break would bring 0.7820, where a correction may be. Then 0.7806. If a strong impulse, wed see 0.7798. Continuation will bring 0.7786.

Todays resistance: - 0.7898(main), where correction may be. Break would bring 0.7909. Then 0.7918. If a strong impulse, we would see 0.7932. Continuation will bring 0.7948.

AUD/USD

Todays support: - 0.9177 and 0.9158 (main). Break will give 0.9142, where a delay is possible. Then 0.9135, where a correction could be. If a strong impulse, we would see 0.9120, where a correction can be. Continuation will give 0.9112.

Todays resistance: - 0.9217 and 0.9226 (main). Break would give 0.9237 where a correction may be. Then 0.9248. If a strong impulse, we would see 0.9260. Continuation will give 0.9273.

DOW JONES INDEX

Todays support: - 12 573.28, 12 551.13, 12 526.88 и 12 504.37(main), where a delay and correction may happen. Break of the latter will give 12 476.25, where correction also can be. Then 12 454.45. Be there a strong impulse, we would see 12 431.30. Continuation will bring 12 414.37 and 12 403.12.

Todays resistance: - 12 692.78, 12 729.36 и 12 757.50(main), where a a delay and correction may happen.Break would bring 12 782.11, where a correction may happen.Then 12 801.10, where a delay and correction could also be. Be there a strong impulse, wed see 12 830.63. Continuation would bring 12 859.45 and 12 870.00.

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The Philippines’ gross international reserves, or GIR, reached a record $36.5 billion in March, rising mainly due to accumulation of dollars by the central bank and income from investments abroad, the central bank said. Read more

The U.S. dollar was trading firmer against major currencies in Asian afternoon trade on Friday as investors braced themselves ahead of the release of U.S. jobs data for March later tonight.

At 12:20 p.m. (0415 GMT), the U.S. dollar was trading at 102.62 yen, up from 102.32 yen in Sydney this morning. The euro was at $1.5653, down from $1.5662 in Sydney. Read more

The dollar fell on Friday after a report showed the U.S. economy shed jobs for a third straight month, confirming fears that the country may already be in a recession.

Both the euro and yen posted gains on the greenback after the government said U.S. employers cut 80,000 jobs in March, more than expected and the biggest monthly fall in five years. Read more

Image credit to The Westin

Japanese and eurozone finance ministers called for G7 finance leaders meeting next week to seek a curb on excessive exchange-rate movements, amid growing concern over the economic effects of a sliding dollar. Read more

The US dollar was trading mixed against major currencies on Wednesday morning in Sydney,
following overnight losses after the release of soggy economic data.

The US Conference Board said its consumer confidence index fell to 64.5 in March from 76.4 in February — the lowest reading since March 2003 and well below the 73.5 reading the market had expected.

Meanwhile, the Standard & Poor’s (NYSE:MHP) /Case-Shiller home price index indicated that US home prices fell 11.4 percent in January, the steepest drop since data was first collected in 1987.

At 10.15 am (2315 GMT) the dollar was at 100.13 yen from 100.52 in late trading in New York while the euro was at 1.5611 dollars from 1.5651 dollars.

Overnight, the dollar weakened against the euro after European Central Bank vice-president Lucas Papademos said euro zone inflation developments are ‘unsatisfactory’, adding that the ECB governing council is committed to ensuring that the objective of price stability is achieved in the medium term.

John Noonan at Thomson IFR said Papademos’ statements were not helpful to the dollar which had made some gains on Monday on better US economic data.

Noonan said in a fairly quiet session the dollar bounced to a high of 100.67 yen in Europe before dropping to 99.64 as softer data was released in the US.

He said high-yielding currencies such as the Australian dollar also slipped on risk-aversion selling after the weak US data but improved as Wall Street recovered from its lows for the session.

The Australian dollar dipped to 91.05 US cents but then recovered to trade in a range of 91.70
to 91.75 cents.

Noonan said the mostly positive sentiment on equity markets overnight despite the poor US
economic data should extend into the Asian session.

‘Overall, it looks like an Asian session of range trading, with a US dollar negative bias,’ he said.

Sydney 10.10 am (2310 GMT)
US dollar
yen 100.13
sfr 1.0082
Euro
usd 1.5611
stg 0.7796
yen 156.24
sfr 1.5752
Sterling
usd 2.0029
yen 200.38
sfr 2.0210
Australian dollar
usd 0.9163
stg 0.4575
yen 91.655
New Zealand dollar
0.8052
bruce.hextall@thomson.com
Copyright Thomson Financial News Limited 2008. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

Source: CNN Money

Forex - Japanese Currency Slightly Higher In Asian Trading [USD/JPY]

3/26/2008 12:52:41 AM Wednesday in Asia, the Japanese yen traded slightly higher against its major counterparts.

According to data released today by the Finance Ministry, Japan’s February trade surplus increased 0.9% over one year earlier. The increase was the first in four months, but came in below economists’ forecasts. The February surplus increased to 970 billion yen (US$9.69 billion), compared to analysts’ estimates of a 16.8% increase to 1.123 trillion yen.

Additionally, Japan’s corporate service price index increased 0.3% in February. The index reading for February was 94.1 percent compared to 93.8 percent for January. Read more

The Canadian dollar finished Tuesday’s session on a little changed footing versus the US currency. Activity in the currency was consolidative in nature. Early support for the Canadian unit was linked to supportive economic data but ongoing worries about the health of the US economy worked against the currency making any significant strengthening move, market watchers said.

The Canadian currency closed out the North American session at 98.23 US cents or C$1.0180 on Tuesday. This compares with Monday’s closing North American mark of 98.22 US cents or C$1.0181. Read more