Forex Snapshot: Asian Session: Chinese manufacturing data encourages while Japanese jobless data inline with expectations
Jun 30, 2009 Make Money Online
The Bank of China Gov. Zhou Xiaochuan said yesterday that the economy accelerated in the second quarter and that he expected the government’s 8% growth forecast was going to be met. Further data showed that during the month of June electricity consumption jumped by 3.8% from a year before. Reports from a large bank in the region stated that manufacturing activity had accrued in the month of June – this comes as a welcomed sign of a steady recovery in the region. China is largely believed to lead the region and the world out of this crisis – the Chinese economy expanded 6.1% in the first quarter, it’s weakest in a decade – but leaps and bounds better than any other large economy.
Japan’s jobless rate rose a new 5-1/2 year high in May while availability for jobs fell aswell. This said household spending and consumption rose, analysts believe we should see a modest improvement in the Japanese economy as soon as this quarter – however, sluggish domestic demand and poor production levels continue to plague Japan’s rebound attempts.
USDJPY continues to trade it’s 95.00 – 96.60 range with a modest tendancy for the downside. EURUSD tries for new highs, breaking away from it’s previous weekly high of 1.4140 – now capped at June 11th high of 1.4180.
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Tags: Bank of China Gov, domestic, Economy, EUR, Forex, household, JPY, Trading, USD
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