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Italy Dissents in G7 Meeting, Euro Collapses
October 10, 2008 11:02 PM CEST
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G10 Advancers and Decliners vs USD |
 | jpy | -0.16 | | | Chf | -0.66 | | | Gbp | -0.96 | | | Sek | -1.98 | | | Eur | -2.09 | | | Dkk | -2.20 | | | Nzd | -2.35 | | | Nok | -3.03 | | | Cad | -4.04 | | | Aud | -6.97 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA Index | 8,161.83 | - 4.87 | | NASDAQ 100 Index | 855.44 | - 5.99 | | S&P 500 Index | 1,566.30 | - 4.79 | | FTSE futures | 3,860.00 | - 11.14 | | CAC futures | 3,129.00 | - 9.13 | | DAX futures | 4,498.00 | - 7.74 | | SMI Futures | 5,394.00 | - 8.56 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 77.79 | - 10.16 | | Gold | 840.90 | - 7.92 | | Silver | 9.69 | - 19.95 | | USD Index | 82.97 | + 2.22 | | VIX | 76.69 | + 19.98 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| No Major Events Scheduled | | | |
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Currency Tech |
AUDUSD
R 3: 0.7738
R 2: 0.7355
R 1: 0.7148
CURRENT: 0.6612
S 1: 0.6536
S 2: 0.6450
S 3: 0.6342
EURJPY
R 3: 146.85
R 2: 144.97
R 1: 141.07
CURRENT: 134.14
S 1: 132.83
S 2: 134.17
S 3: 133.53
USDSGD
R 3: 1.5086
R 2: 1.4980
R 1: 1.4859
CURRENT: 1.4812
S 1: 1.4489
S 2: 1.4458
S 3: 1.4374
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Market Brief |
The Usd rallied across most of the G10 as Europe scrambles to devise a uniform solution to the financial crisis. The EurUsd traded below the 1.34 level for the first time since October 2007, while the UsdJpy rose 84 pips following the general trend in the carry trade. The GbpUsd declined 62 pips to the 1.70 level putting the sterling at levels haven’t seen since 2003. Equity markets experienced another volatile trading session with prices up and down several hundred pts, and finally closing negative on the Dow down 128pts. Bond deleveraged as Traders suspect that govt. debt inventory will rise on the heels of this bailout plan. The 2yr treasury rate increased 10bps to 1.6%, while the 10yr followed suit wider by 9bps putting the return at 3.8% before inflation. Commodities decreased with oil down 6.6% to $80bbl, and gold down 7.07% to 848. Oil has moved very much in tandem with the equity indexes, and speculators are forced to scale back risk by reducing long position in certain sectors.
The UK has placed a bit of pressure on the ECB to further intervene in current economic situation in Europe. The ECB has expressed a very steadfast view regarding their role in providing assistance to banks and members of the financial sector. ECB member Juncker cautioned markets “Not to anticipate too much ahead of today’s G7 consultations.” Italy Giulio Tremonti told reporters before the talks that they won’t sign the G7 agreement in its current form, they consider it “too weak.” The Euro plunged following this news, and is likely to continue this downward trend until the EU takes a unified position. The EurUsd is likely to trade through the $1.30 level before year-end, and it is probable the sterling will fall to 1.65 by the end of Q4.
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Asian Session - Following Wall Street, Asian Equities Collapses
October 10, 2008 9:38 AM CEST
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G10 Advancers and Decliners vs USD |
| | JPY | 1.94 |  | | | CHF | 1,21 | | | EUR | -0.33 | | | DKK | -0.35 | | | NOK | -0.76 | | | SEK | -1.12 | | | CAD | -1.50 | | | GBP | -1.68 | | | NZD | -4.00 | | | AUD | -6.13 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 8,276.43 | - 9.62 | | Hang Seng Index | 14,686.26 | - 7.88 | | Shanghai Index | 2,000.57 | - 3.56 | | FTSE futures | 4,343.50 | - 0.96 | | DAX futures | 4,545.00 | - 6.77 | | SMI Futures | 5,899.00 | - 3.50 | | DJIA futures | 8,314.00 | - 3.30 |
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World Markets |
Current Level |
% Change |
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| Gold | 922.89 | + 1.05 | | Silver | 12.22 | + 0.90 | | VIX | 63.92 | + 11.02 | | Crude wti | 82.57 | - 4.65 | | USD Index | 81.62 | + 0.56 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| International Trade Balance (Aug) | -$59.0bn | -$62.2bn | 1 | | Import Price Index (Sep) | -2.8%(+12. | -3.7%(+16. | 1 | | Press Conference following G7 Meeting | -- | -- | G7 / 00.00 |
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Currency Tech |
AUDUSD
R 3: 0.7738
R 2: 0.7355
R 1: 0.7148
CURRENT: 0.6612
S 1: 0.6536
S 2: 0.6450
S 3: 0.6342
EURJPY
R 3: 146.85
R 2: 144.97
R 1: 141.07
CURRENT: 134.14
S 1: 132.83
S 2: 134.17
S 3: 133.53
USDSGD
R 3: 1.5086
R 2: 1.4980
R 1: 1.4859
CURRENT: 1.4812
S 1: 1.4489
S 2: 1.4458
S 3: 1.4374
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Market Brief |
The Usd was stronger against all the G10 currencies except the Jpy & Chf in Asian Session, as equity markets take another dive. The EurUsd fell from 1.3695 to 1.3501, while the UsdJpy slid from 100.84 to 98.80. The Gbp felt the brunt of investorʼs fears, as the cable collapsed from 1.7257 to 1.6796. Yesterdayʼs massive losses on Wall Street, carried over into the Asian session, with the Nikkei -9..62% & Hang Seng -7.03%. European stock futures are pointing to a negative opening.. As pressure intensifies and efforts by policy makers fail to stem the tide, the G7 today meeting could be critical. There were hints that the US government is now pondering guaranteeing bank debt and considering temporarily backing up all U.S. banking deposits, a move similar to that seen in Europe & UK. Commodity prices were softer with crude prices falling -4.92% and gold up slightly to $916.53oz
With no major events or data releases scheduled today, markets will be again keeping one eye on the equity markets and the other on the news wires. We expect the continuation of recent FX trends, with risk aversion favoring the Usd & the Jpy.
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