US ADP

Private sector employment increased by 118,000 jobs from October to November, according to the November ADP National Employment Report®, which is produced by Automatic Data Processing, Inc. (ADP®), a leading provider of human capital management solutions, in collaboration with Moody’s Jobs! Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. The October 2012 report, which reported job gains of 158,000, was revised down by 1,000 to 157,000 jobs.

ISM Services Gauge in U.S

The Institute for Supply Management’s index of U.S. non-manufacturing businesses, which covers about 90 percent of the economy, rose to 54.7 in November from the prior month’s 54.2, the Tempe, Arizona-based group said today.  ISM! Readings above 50 signal expansion, and estimates ranged from 51 to 54.7. The ISM services survey covers industries ranging from utilities and retailing to housing, health care and finance.

Daily Afternoon Report 04/12/2012 | Forex Trading Analysis

  The US dollar was broadly lower against the other major currencies as investor confidence was boosted by hopes that Greece’s plan to buy back debt will succeed. EURUSD found support after Greece launched a scheme to buy back its debt from private investors, as part of an agreement to unlock a new bailout package worth EUR44 billion. European Union finance ministers were holding talks in Brussels on Tuesday, to discuss banking supervision in the euro zone.

  The GBP remained supported after data showed that construction sector activity in the U.K. unexpectedly declined to a three month low in November.

  The yen strengthened after Monday’s weak U.S. manufacturing data and ongoing concerns over the U.S. fiscal cliff enhanced the safe haven appeal of the currency.

 Click Here! The Australian dollar turned higher earlier after the Reserve Bank of Australia cut its benchmark interest rate to 3% from 3.25% in a widely anticipated decision. RBA Governor Glenn Stevens said the Australian dollar remains “higher than might have been expected” given lower export prices and a weaker global outlook.

Technical Level

	EUR/USD	GBP/USD	USD/JPY	AUD/USD	USD/CAD	USD/CHF
R3:	1.3090	1.6137	82.33	1.0476	0.9971	0.9282
R2:	1.3075	1.6118	82.19	1.0466	0.9965	0.9275
R1:	1.3059	1.6100	82.12	1.0449	0.9957	0.9267
S1:	1.3045	1.6082	82.05	1.0432	0.9949	0.9252
S2:	1.3031	1.6064	81.91	1.0422	0.9942	0.9245
S3:	1.3015	1.6045	81.77	1.0395	0.9927	0.9238

Daily Morning Report 04/12/2012 | Forex Trading Analysis

The Australian Dollar rallied versus the U.S. Dollar as the Reserve Bank of Australia cut the benchmark lending rate by 25 basis points to 3.00 percent which was in-line with market expectations of a 90 percent probability that the RBA would cut the cost of capital today.

Forex Bulletproof 2.0 Patented Striker Technology! The global PMI release period was off to a good start, with outperformance in Asia and mostly floundering in Europe. US failed to hold its own, with its equivalent to the PMI, the ISM Manufacturing index, falling back into contraction, to its lowest official reading of the year. Just when US economic data was turning higher, it now appears to be backpedalling.

Greece offered to buy back as much as 10-billion Euros of bonds issued in a restructuring earlier this year, as an attempt to cut its debt load. The government said they will buy back bonds in a so called Dutch auction, and the government is willing to pay an average maximum purchase price of 34.1% for bonds maturing from 2023 to 2042. 

ECB and BoE are widely expected to maintain their current policy Forex Bulletproof 2.0 Patented Striker Technology! in December, we anticipate the Governing Council to strike a more dovish tone for monetary policy as the deepening recession in the euro-area threatens price stability. ECB President Mario Draghi may show a greater willingness to ease monetary policy further. BoE appears to be slowly moving away from its easing cycle as inflation stubbornly holds above the 2% target.