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Market Review 04.01.13

January 4th, 2013 Posted in Daily Forex News Bookmark and Share

The US dollar hit a fresh 2 ½ month high against the JPY during overnight trading, as speculations that the Bank of Japan will soon initiate aggressive monetary easing policies continued to weigh down on the Japanese currency.

Fears that US lawmakers will fail to reach a deal to raise the nation’s borrowing limit before the government runs out of money in the next two-months, led to risk aversion in the marketplace and caused the euro to extend its bearish trend against the USD.

Gold took fairly significant losses during early morning trading today, while crude oil prices have remained relatively steady at $92.20 a barrel since last night.

Main News for Today

US Non-Farm Employment Change- 13:30 GMT
• The employment figure, widely considered the most significant event on the forex calendar, is forecasted to come in at 150K, slightly higher than last month’s 146K
• A better than expected result may lead to risk taking in the marketplace, which would boost higher-yielding assets like the euro, crude oil and AUD

US Crude Oil Inventories- 16:00 GMT
• Forecasted to come in at -0.7M, which if true, would signal an increase in oil consumption in the US which may cause oil prices to turn bullish during afternoon trading

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