Forex - report tomorrow (Westpac)

morning report Thursday, February 2nd, 2012

Market wrap
Risk sentiment improves, supports all major asset classes. Improved economic data certainly contributed to the consensus-beating Chinese manufacturing PMI, and then also a stronger UK PMI and US ISM manufacturing survey from. In Euroland declared EU President Rompuy the eurozone debt crisis a turning point reached, citing the current resolution in peripheral bond yields. Chancellor Merkel is supposedly about issues, China to the Fund contribute saving temporary EFSF and the IMF since the EFSF and permanent ESM Fund would chatter run together for a while. Rumors of an impending deal between Greece and its bondholders in circulation brought. The S & P500 1.4%, is currently bouncing off the lower bound of a channel upward trend last night. Raw materials are slightly higher total copper up 1.5% in response to the global data releases. Financing the pressure subsided, us 3mth LIBOR below 0 5bp 0.537%. U.S. 10 yr Treasury bond yields are higher at 1.84%, to the previously broken support level stop 5bp. The euro-zone debt collecting, the Portuguese 10 yr yield 118bp, Italy 277bp.

The US dollar index is 0.6% lower, stand yesterday technically optimistic key reversal with a bear market. EUR set up similar to a technical bullish pattern, rose probed by 1.3026 on 1.3219. USD/JPY lower 76.03, before it the danger sound on 76.35 undone. AUD vice-versa early London from 1.0570 and later to 1,0740 - three months high broke. NZD increased from 0.8213 on 0.8357, a weaker dairy Fonterra auction ignored by the markets. AUD/NZD lower dribble from 1.2890 1.22850.

Economic wrap
US ISM factory increases from 53.1 to 54.1 in January. This is the highest since mid 2011 but stay seen during the first half of 2010, as later the economy turned out close to around 60 way down on the somewhat misleading readings on was come to a halt. The last increase in detail including a 2.8 pt reflects increase in orders, a 3.2 pt production and a 0 5pt in employment covered in the, although they all remained well above 50. Related news rose out in the NAPM Milwaukee from 57.8 at 58.4 in January.

U.S. ADP private payroll and increased payrolls Jan 170 k, and there was a downward revision of the 33 k, Dec's still impressive (and recording) 292 k rise. ADP and the official BLS data not always well the result Jan track, but consistent with our forecast would certainly be a 150 k total wages and payrolls to win and a downward revision to Dec wages and payrolls.

U.S. construction spending up to a 1.9% and 1.5% in December, reflecting a 0.7% increase in the residential spending gain in the area of non-residential buildings.

Euro zone CPI at 2.7% yr read flash Jan stable. The work of Jan PMI for Euroland separately corrected to 48.7 on 48.8.

UK PMI factory to 49,7 to 52.1 in Jan, could read the highest since April, suggesting that the downturn in the economy of the United Kingdom short-lived or be at least flat. Other data contain a 0.6% yr rise in real estate prices, the nationwide poll Jan.

Market Outlook
AUD/USD and NZD/USD Outlook next 24 hours: it is the Australian licences and trade balance, be seen today. AUD retains positive momentum and its break 1.0690 goals 1.0755 1.0765 further, should greatly about what 1.0800. NZD over his ascending channel, broke but it is overbought and momentum fades, what suggesting that a reversal is in danger. Next resistance is at 0.8380.

Westpac Banking Corporation ABN 33 007 457 141 in Australia (NZ Department) recorded. Information current as of 2 February 2012. All customers please note that this information without taking into account the objectives, financial situation and needs was prepared. For this reason, before you act on this information, their appropriateness, you should having regard to your objectives, financial situation and needs. Australian customers receive the Westpac

Financial services lead by phone contact 9284 8372, visit www.westpac.com.au or a Westpac branch visit. The information may contain material provided directly by third parties, and while this material with permission is published, Westpac assumes no liability for the accuracy or completeness of such materials. Unless contrary to law wants to Westpac through this communication concerning the responsibility for the information. The information is subject to change

Notice and Westpac is not obligated to update the information or to correct any inaccuracy that may become apparent at a later date. Westpac Banking Corporation is registered in England as a branch (branch number BR000106) and authorised and regulated by the financial services authority. Westpac Europe Limited is registered in England (number 05660023), a company is authorized and regulated by the financial services authority. © 2010 Westpac Banking Corporation. Performance in the past is not a reliable indicator of future performance. The forecasts are given in this document forward-looking character. While taken every effort to ensure that the assumptions on which the predictions are based, are appropriate, can the predictions of wrong assumptions or by known and unknown risks and uncertainties be affected. The ultimate results may differ significantly from these forecasts.

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