Japan’s Average Cash Earnings falls unexpectedly

Investing.com - Japan’s average cash earnings fell unexpectedly in the last quarter, official data showed on Thursday.

In a report, Japanese Ministry of Health, Labour and Welfare said that Japan’s Average Cash Earnings fell to a seasonally adjusted 0.4%, from 0.6% in the preceding quarter whose figure was revised up from 0.1%.

Analysts had expected Japan’s Average Cash Earnings to rise to 0.8% in the last quarter.

AUD/USD higher after more Australian data points

Investing.com - The Australian dollar traded higher against its U.S. rival during Tuesday’s Asian session following the release of two more economic data points from down under. 

In Asian trading Tuesday, AUD/USD rose 0.26% to 0.9002. he pair is likely to find support at 0.8846, the low from August 5 and resistance at 0.8977, Thursday’s high. 

Earlier Tuesday, the Australian Bureau of Statistics said that Australian retail sales rose 0.1% last month after remaining flat in July. Analysts expected an August increase of 0.4%. 

In a separate report, the Bureau of Statistics said that Australia’s current account balance fell to a deficit of AUD9.4 billion at the end of the second quarter from a deficit of AUD8.7 billion. The first-quarter figure was revised down from AUD8.5 billion. Analysts expected a second-quarter deficit of AUD8.7 billion. 

Monday, the Australian Bureau of Statistics said that Australian building approvals rose 10.8% last week following a 6.3% drop in the previous week. The prior week’s figure was revised up from a drop of 6.9%. Analysts expected an increase of 4%. 

In another report, the Australian Bureau of Statistics said that Australian gross operating profits fell 0.8% in the second quarter after rising 3.5% in the first quarter. Analysts expected a second-quarter decline of 0.7%. 

The Reserve Bank of Australia also meets today with most traders expecting the central bank to leave rates steady after RBA lowered its benchmark interest rate to a record low 2.5% last month. 

Elsewhere, AUD/JPY climbed 0.53% to 89.63 while AUD/NZD inched up 0.03% to 1.1505.

AUD/USD: possible resumption higher

The pair has fallen and then rebounded off of the 0.8990 lows. The bounce is quite strong and has led to run up to 0.9013 so far. The reversal higher has been quite sudden and rapid – at least in the short-term. We have just reached resistance from the monthly pivot and the 4-hourly candlestick has formed a shooting star indicating possible exhaustion. Given the short-term down-trend remains dominant it may resume. Nevertheless the break above the down-sloping trend-line in the middle of August was a very bullish sign and introduces some doubt, and this latest spurt higher may the start of a resumption of the neglected up-trend with an eventual target in the 0.94s. Either is possible. A re-break above the 0.9013 highs would be required for confirmation of a continuation up to the next resistance level at 0.9115. On the other hand a decisive break below the 0.8990 lows could signal a continuation lower, with the S1 monthly pivot at 0.8755 providing a down-side target. 

Dollar remains mixed vs. rivals as Syria concerns subside

nvesting.com - The U.S. dollar remains mixed against the other major currencies in thin trade on Monday, as markets continued to focus on events in the Middle-East although fears of an imminent military strike against Syria eased ahead of a U.S. Congressional debate. 

During U.S. morning trade, the dollar was higher against the euro, withEUR/USD slipping 0.23% to 1.3188. 

On Sunday, U.S. President Barack Obama launched a political offensive to persuade Congress to approve a military strike against Syria, but faced a struggle to win over lawmakers from both parties. 

Congress will only debate a Syria strike when it returns from its summer recess on September 9, delaying any possible response to a chemical gas attackthat is believed to have killed hundreds of civilians last month. 

In the euro zone, Markit research group said its final manufacturing PMI rose to 51.4 in August, from a reading of 51.3 the previous month, hitting the highest level since July 2011. Analysts had expected the index to remain unchanged last month. 

Markit said Spain's manufacturing PMI rose to 51.1 in August, from a reading of 49.8 the previous month, hitting its highest level since April 2011. Analysts had expected the index to rise to 50.8 last month. 

The greenback was lower against the pound, with GBP/USD rising 0.36% to 1.5561. 

Sterling strengthened against the dollar after Market said the U.K.'s manufacturing PMI rose to a 30-month high of 57.2 in August from an upwardly revised reading of 54.8 in July.

Analysts had expected the manufacturing PMI to ease up to 55.0 last month. 

Elsewhere, the greenback was higher against the yen and the Swiss franc, with USD/JPY jumping 1.21% to trade at 99.31, and with USD/CHFgaining 0.44% to 0.9341. 

In Switzerland, data showed that the SVME PMI fell to 54.6 in July, from a reading of 57.4 the previous month, confounfing expectations for a downtick to 55.9. 

The greenback was mixed to lower against its Canadian, Australian and New Zealand counterparts, with USD/CAD inching up 0.09% to 1.0542,AUD/USD rallying 0.94% to 0.8988 and NZD/USD jumping 1.16% to 0.7816. 

In a report, the Australian Bureau of Statistics said that building approvals increased by 10.8% in July, exceeding expectations for a 4% rise. The previous month's figure was revised up to a 6.3% decline from a previously estimated 6.9% fall. 

However, a separate report showed that company operating profits in Australia fell 0.8% in the second quarter, confounding expectations for a 0.7% rise. Company operating profits for the three months to March were revised up to a 3.5% increase from a previously estimated 3% rise.

Separately, the growth-related currencies found support after a report showed that China’s final HSBC Purchasing Managers Index inched up to a four-month high of 50.1 in August, unchanged from a preliminary reading and up from 47.7 in July. 

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.22% to 82.30. 

Trading volumes were expected to remain light on Monday, with U.S. markets closed for the Labor Day holiday.

EUR/USD edges lower, markets eye ECB statement

Investing.com - The euro edged lower against the U.S. dollar on Monday, despite upbeat economic reports out of the euro zone, as markets wee jittery ahead of the European Central Bank's upcoming policy statement on Thursday. 

EUR/USD hit 1.3192 during U.S. morning trade, the session low; the pair subsequently consolidated at 1.3203, slipping 0.11%. 

The pair was likely to find support at 1.3144, the low of July 22 and resistance at 1.3255, the high of August 30. 

Markit research group said its final manufacturing purchasing managers' index for the euro zone rose to 51.4 in August, from a reading of 51.3 the previous month, hitting the highest level since July 2011. Analysts had expected the index to remain unchanged last month. 

Markit said Spain's manufacturing PMI rose to 51.1 in August, from a reading of 49.8 the previous month, hitting its highest level since April 2011. Analysts had expected the index to rise to 50.8 last month. 

Italy's manufacturing PMI rose to 51.3 in July, from 50.4, beating expectations for a rise to 51.0 and hitting the highest level since June 2011. 

Market sentiment also found support after a report showed that China’s final HSBC PMI inched up to a four-month high of 50.1 in August, unchanged from a preliminary reading and up from 47.7 in July. 

In the U.S., President Barack Obama launched a political offensive on Sunday to persuade Congress to approve a military strike against Syria, but faced a struggle to win over lawmakers from both parties. 

Congress will only debate a Syria strike when it returns from its summer recess on September 9, delaying any possible response to a chemical gas attackthat is believed to have killed hundreds of civilians last month. 

The euro was lower against the pound with EUR/GBP declining 0.57%, to hit 0.8477. 

Sterling found support after Markit said the U.K.'s manufacturing PMI rose to a 30-month high of 57.2 in August from an upwardly revised reading of 54.8 in July. Analysts had expected the manufacturing PMI to ease up to 55.0 last month. 

Trading volumes were expected to remain light on Monday, with U.S. markets closed for the Labor Day holiday.

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