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Japanese Yen Uninspired by Eco Watchers Survey Release Traders’ response to the Eco Watchers Survey was muted as a slight shortfall of expectations leads to no major portfolio changes THE TAKEAWAY: Eco Watchers Survey Slightly Below Expectations > Traders Unfazed by Small Deviation from Forecast > USDJPY Trades Sideways Data released by the Japanese Economic and Social Research Institute showed that business confidence rose in the month of February among workers in cyclical market sectors. The Eco Watchers Survey current index rose to 45.9 from 44.1, falling slightly short of analysts’ expectations of 46. The outlook index rose to 50.1 from 47.1. Traders had already priced in their expectations regarding the figures, so the data’s release led to no major portfolio rebalancing. The slight shortfall of the current index did not faze the markets. The USDJPY maintained its trendless trading. Mar 08, 2012 05:18 OctaFX.Com News Updates

Euro rises vs dollar ahead of Greek bond swap Euro turns higher against the dollar as traders wait for results from Greek bond swap deal NEW YORK (AP) -- The euro turned higher against the dollar as more investors agreed to participate in Greece's debt restructuring deal. Greece needs to complete the bond swap to get its second package of bailout funds and avoid default. Investors who agree to participate will have to trade their Greek government bonds for new ones with lower value and lower returns. Private investors who own nearly half of Greece's debt have already committed to the swap. The rest have until Thursday to do so. Traders are still cautious that not enough bondholders will participate, which is keeping the euro from rising higher against the dollar. The euro rose to $1.3148 in midday trading Wednesday from $1.3110 Tuesday. In other trading, the British pound rose to $1.5741 from $1.5711. The dollar fell to 0.9168 Swiss franc from 0.9190 Swiss franc and to 99.96 Canadian cents from 1.0021 Canadian dollar. Mar 07, 2012 17:30

Euro rises but vulnerable to Greece uncertainty LONDON (Reuters) - The euro recovered from a three-week low against the dollar on Wednesday but was vulnerable to further losses on uncertainty about whether Greece would win sufficient support for a debt restructuring. A clutch of Greek pension funds and some foreign investors are holding back on a bond swap deal which would enable Greece to meet a debt repayment on March 20, sparking concerns about a chaotic default if participation is low. Given the uncertainty, gains in the single currency were expected to be limited. Analysts and traders said the market was pricing in an assumption that the debt deal would be agreed, leaving scope for disappointment. Greek private creditors have until late Thursday to say whether they will take part. Further hints of hesitance could see the euro retest Tuesday's three-week low at $1.3103. "There's a negative skew for the euro because most of the good news is priced in terms of getting an agreement on private sector involvement," said Carl Hammer, chief currency strategist at SEB in Stockholm. "If it is passed the bounce in the euro would be short-lived." SEB sees the euro at $1.30 by the end of March, though this assumes the debt restructuring goes through. The euro was up 0.2 percent at $1.3136, with traders citing Middle East and corporate buying as well as talk of reported Asian sovereign bids around $1.3100. Reported offers below $1.3175 may cap its rise, however. Greece aims to persuade 90 percent of creditors to take part in the bond swap. With two-thirds acceptance or more, however, it may be able to trigger collective action clauses to force bondholders to accept losses. "The Greek PSI (bond swap) deal might well go through ... But beyond that the outlook for the euro is still weak," said Melinda Burgess, currency strategist at RBS. She said the psychological $1.30 level was likely to provide strong support and could slow the euro's decline. Once below there, however, it could move lower "fairly rapidly." RBS forecasts the euro to fall to $1.26 by the end of this month. Others said the euro had short-term chart support around $1.31, including the cloud top on daily Ichimoku charts at $1.3097 and the 76.4 percent retracement of its rally in mid- to late February at $1.3095. GROWTH WORRIES Apart from Greece, Chinese inflation and U.S. jobs data on Friday and a European Central Bank policy meeting on Thursday would set the tone for markets, traders said. China this week cut its growth target to its lowest level in eight years and Brazil announced a disappointing economic performance for 2011, raising doubts that emerging market powerhouses can offset weak growth in the advanced economies. The higher-yielding and growth-linked Australian dollar was up 0.1 percent at $1.0565, having earlier hit a six-week low of $1.0508 after disappointing Australian economic growth data. It was also vulnerable as Greece concerns prompted investors to cut exposure to risky assets. The Aussie has shed some 3 U.S. cents since hitting a seven-month high of $1.0857 last week. More losses could see it fall towards $1.0350, analysts said. The U.S. dollar was down 0.1 percent at 80.75 yen as investors unwound recent bearish positions placed on the Japanese currency. It held above support at 80.50 yen, the 23.6 percent retracement of its February rally. The euro pulled further away from a recent high of 109.95 yen to trade up 0.1 percent at 106.12 yen. Mar 07, 2012 11:50

Risk currencies on defensive on fresh Greece doubts TOKYO (Reuters) - Risk currencies were on the defensive while the Japanese yen held firm on Wednesday as doubts over whether Greece can pull together a bond swap deal with creditors prompted players to cut exposure to risky assets. Among the biggest casualties, the Australian dollar slid to a near six-week low against the U.S. dollar, while the country's growth in October-December also turned out to be lower than expected. A clutch of Greek pension funds and some foreign investors are holding back on the bond swap deal, raising fears that Greece may not secure a deal with private creditors to cut its mountainous debt by the Thursday deadline. A low participation in the bond swap plan, a key part of a bailout program to help Greece manage its wrecked finances and meet a debt repayment on March 20, could lead to the disorderly default policymakers have been toiling to avoid. "I think we are at a watershed now. If the Greek debt swap goes well and the U.S. job data points to continued recovery, then the market could return to the risk-on mood," said a trader at a Japanese bank. "But if Greece could not get the deal, then that would be a game changer," he added. The euro plumbed a three-week low at $1.3103 on EBS late on Tuesday, but has managed to stay above solid supports around $1.31, including the cloud top of daily Ichimoku charts at $1.3097 and the 76.4 percent retracement of its rally in mid to late February at $1.3095. It bounced back in Asia to around $1.3142, up 0.2 percent from late U.S. levels as the disappointing Australian data prompted unwinding of short positions against the Aussie, a popular trade this year. The euro rose 0.2 percent to A$1.2460. It hit a record low around $1.2124 last month as investors sold the euro for the Aussie on the view that a high-yielding Aussie will benefit from a massive fund injection from the European Central Bank. The Aussie fell to a six-week low against the U.S. dollar after disappointing Australian GDP data, shedding some 3 U.S. cents from a seven-month high set just last week. The Aussie touched a low of $1.0508, briefly breaking below a major support of $1.0525, before paring losses to fetch $1.0550. A clean break of $1.0525 could pave the way for a move to the $1.0370-00 major pivot, traders said. GROWTH WORRIES Apart from Greece, there are other risk events ahead, not least closely watched Chinese inflation and U.S. jobs data on Friday. China cut its growth target to the lowest level in eight years and Brazil announced a disappointing economic performance for 2011, raising doubts on the rosy scenario that emerging market powerhouses will offset weak growth in the advanced economies. Nervous investors unwound some of the recent bearish positions placed on the Japanese currency, helping the yen firm across the board. The dollar fell as low as 80.56 yen, well down from a nine-month peak of 81.87 set earlier this month, although it handily held above a key support from 23.6 percent of its February rally at 80.50. "Since the yen had been sold sharply recently, there is room for more adjustment. But I do think there's pretty strong dollar demand at around 80 yen," said Sumino Kamei, senior currency analyst at the Bank of Tokyo-Mitsubishi UFJ. Traders said a break above 81.60 is now needed to reset the upwards momentum for dollar/yen and put 82.20 back in focus. The euro also pulled further away from a recent high of 109.95 yen to stand at 106.25 yen. Renewed pressure on the single currency saw the dollar rise 0.7 percent against a basket of major currencies on Tuesday to its highest since Feb 16. The dollar index <.DXY> stood at 79.68 in Asia, not far from Tuesday's high of 79.867, and it now eyes a test of a very thin cloud on daily Ichimoku charts, a break above which could be considered as a major bull sign. On Wednesday, the bottom of the cloud comes at 79.854 and the top at 79.867, which means the index needs to rise above Tuesday's high to break above the cloud. Mar 07, 2012 03:23 OctaFX.Com - News Updates

Dear members we provides the latest market-based economy reviews. Please track our Analytical comments and research news and you’ll be informed about Forex veracities. We are anticipating that our indepth reviews must lift the standards of your trading. Analytical support is one of our massive advantages. Octafx has a large internal analytical section, gathering top level professionals in market research. Our analysts provides round-the-clock analytical support covering over 120 total market news, comments, opinions, predictions and much more. Our seasoned analysts also provides comments for several business broadcasting companies and TV shows.

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