The Nikkei Raised Positive Starting
Japan’s Nikkei Stock Index at the beginning of the opening of trading on Thursday (10/03) opened rebound, when it was observed rose 198.05 points or 1.19 percent at 16840.25. Strengthening the Nikkei index triggered a weaker yen pushed exporters while investors awaited a policy meeting by the European Central Bank.
In early trading today observed Japanese yen weakened against the US dollar. Pair dollar / yen was trading up 0.23 percent at 113.61. A weaker yen is usually positive for exporters because it increases their overseas profits when converted into local currency.
Data released this morning the Japanese economic indicators posted positive results.
Foreign Investment Bond March 5 recorded the results of 1527.9 billion yen, up from 932.4 billion yen the previous results.
Stock Investment by Foreigners March 5 posted results -135.5 billion yen increase from the previous sharp decline -1015.8 billion yen.
PPI MoM in February recorded the results of -0.2%, up from -0.3% analysts’ estimates.
PPI YoY in February together with analyst estimates at -3.4%.
In early trading Japanese stocks, stocks that bracing is shares of Nippon Paper Industries Co Ltd which rose 6.29%, shares of Suzuki Motor Corp. rose 5.60%, shares of Sony Corp gained 3.86%, shares of FUJIFILM Holdings Corp rose 3 , 77%, Yamaha Corp shares rose 3.59%.
As for the Nikkei index futures tracked up 200 points or 1.20% at 16.830, up compared to the previous closing at 16.630.
Technically,
Resistance: 16710 16780 16 910 High / Low: 16710/16570
Support: 16600 16510 16 460 Running Price: 16640
Comment: For intraday trade today suggest Buy at level 16550 stop and reversal if break below 16500 level targets at the level of 16810 and a target of reversal at the level of 16 410.
EUR / USD Sloping Await ECB Meeting Results
The euro was under pressure in the opening of the Asian trading session on Thursday (10/03) today ahead of a meeting of the European Central Bank (ECB), the result will be announced tonight. EUR / USD declined by 0.1 percent in number 1.0986, and slipped around 0.2 percent against the yen to 124.39 figure.
Officials at the central bank is expected to take further steps towards easing they have run so far. For information, the central banks of the world are being hit by loose monetary policy trends. In addition to the ECB and the BoJ, this morning the Central Bank of New Zealand (RBNZ) decided to cut interest rates by 10 basis points to 2:25 percent.
The ECB is expected to cut interest rates on the deposit again by 10 basis points to minus 12:40 percent and will announce additional asset purchases, eleven-twelve to what was done by the Bank of Japan (BoJ) to push the inflation rate, according to a poll conducted by Reuters which was published on Monday.
“The results (Reuters survey) is probably not the consensus view, but in general the market put on the projection that the ECB will make policy that cliche, I myself also think that the ECB is already prepared for disappointment,” said Jennifer Vail, head of Research Fixed-Income in Bank Wealth Management in Portland, Oregon, USA, quoted by Reuters.
Euro Could Bouncing up after the ECB announcement. Despite the tight financial conditions last month opened the potential for a more drastic easing, a number of economic reports has shown signals rise, further Vail. So because of that, he expects further cuts in interest rates in negative territory and the increase was in the number of purchases under quantitative easing program. Vail adds that portion of responses to be given by the ECB, is directly dependent on the pressure in the market, so the Euro might jump up so the results of the ECB policy meeting issued.
Technically,
Resistance: 1.1020 1.1060 1.1100 High / Low: 1.0998 / 1.0978
Support: 1.0940 1.0900 1.0860 Running Price: 1.0981
Comment: For intraday trade today suggest level Sell 1.1030 1.1066 stop loss at the level of the target at the level of 1.0932.
Gold And Silver Prices Depressed
Trading commodity futures exchange on Thursday (10/3), the price of gold and silver was observed to fall when growth in Chinese consumer inflation rose in February.
Ongoing trade in the Asian session, gold futures contract in April tracked down 0:47% at $ 1.251.60 per troy ounce on the Comex division of the US. Meanwhile, silver futures contract for April tracked down 0:58% to $ 15,295 per troy uonce.
Futures tracked metal prices experienced a decline this morning after the release of the inflation report in the territory of China. Based on the official report released by the National Bureau of Statistics said that the growth of China’s consumer inflation rose by 1.6% in February after rising 0.5% in the previous month
Meanwhile, an official report released by the Bank of Japan said that Japan’s wholesale inflation declined by 0.2% in February after falling 0.9% in January. The slowdown in inflation could potentially threaten Japan’s economic recovery.
Technically,
Resistance: 1253.10 1255.60 1257.40 High / Low: 1255.00 / 1251.10
Support: 1248.70 1244.00 1242.40 Running Price: 1251.50
Comment: For intraday trade today suggest Buy at level 1245.50 1243.00 stop loss at the level of the target at the level of 1255.50.
