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Asian Session: Markets shrug off China’s 5th rate cut since September, Japan closed.
December 23, 2008 10:24 AM CET
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G10 Advancers and Decliners vs USD |
| | NOK | 0.975 |  | | | GBP | 0.202 | | | | EUR | 0.162 | | | | DKK | 0.152 | |  | AUD | -0.029 | | | SEK | -0.084 | | | JPY | -0.161 | | | CHF | -0.172 | | | NZD | -0.339 | | | CAD | -0.367 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 8723.78 | 0.00 | | Hang Seng Index | 1422.79 | - 2.75 | | Shanghai Index | 1897.26 | - 4.55 | | FTSE futures | 4255 | + 0.47 | | DAX futures | 4654 | - 0.44 | | DJIA futures | 8522 | - 0.20 | | Nasdaq futures | 1195.25 | - 0.15 |
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World Markets |
Current Level |
% Change |
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| Gold | 845.73 | - 0.27 | | Silver | 10.82 | - 0.19 | | VIX | 44.56 | - 0.82 | | Crude wti | 39.31 | - 1.50 | | USD Index | 81.097 | + 0.01 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| GBP Gross Domestic Product | -0.5% | -0.5% | GBP / 09:30 | | GBP Current account | -11.9Bn | -11.0Bn | GBP / 09:30 | | USD Gross Domestic Product | -0.5% | -0.5% | USD / 13:30 | | USD Personal Consumption | -3.7% | -3.7% | USD / 13:30 | | USD Michigan Confidence | 58.8 | 59.1 | USD / 15:00 | | USD New Home Sales | -4.2% | -5.3% | USD / 15:00 |
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Currency Tech |
AUDUSD
R 2: 0.7231
R 1: 0.7145
R 1: 0.6990
CURRENT: 0.6820
S 1: 0.6895
S 2: 0.6818
S 3: 0.6741
EURJPY
R 3: 129.69
R 2: 127.94
R 1: 127.35
CURRENT: 125.90
S 1: 124.45
S 2: 122.89
S 3: 122.22
USDSGD
R 3: 1.4956
R 2: 1.4675
R 1: 1.4562
CURRENT: 1.4490
S 1: 1.4274
S 2: 1.4182
S 3: 1.4084
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Market Brief |
As Father Christmas approaches, the VIX volatility index falls signaling a slowdown in market activity for year end as market players reflect on a fiscally disastrous year. The pessimistic data out of U.S and EU businesses still a weight on sentiment as 2008 draws to a close. U.S and UK GDP figures are out today, final Q3 numbers expected to confirm the drastic decline in growth in the latter part of the year as the financial world’s meltdown hit its climax.
The EURUSD continued to strengthen and traded a range of 1.3935 – 1.4019, while the USDJPY barely moved (90.13 – 90.36) as Japan is closed for the Emperor’s Birthday holiday. Toyota motor announced that it expected its first-ever (in 68 years) operating loss of $1.7Bn for the year to end-March 2009. The companies’ Chairman Fuijo Cho cited a relentless sales slide and crippling rise in the Yen as key reasons. This news hit markets worldwide hard as the world’s number one automaker employs over 315’000 people worldwide.
The People’s bank of China expectedly cut rates by 0.27% yesterday – for the fifth time since September. This failed to spark impetus and Chinese stocks fell almost 3% this morning as sentiment remained low – the same can be said for the rest of Asia as China’s sheer size and pervasive nature acts as a bolster in the region.
GDP figures are a focus today, while markets will be keeping an eye on Crude’s decline – now trading consistently below $40/bbl. While the dollar has dropped somewhat in past weeks it seems this is probably down to abnormal liquidity conditions as opposed to a material shift in sentiment.
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US Session: FX Markets Quiet Ahead of the Christmas Holiday
December 23, 2008 12:34 AM CET
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G10 Advancers and Decliners vs USD |
| | Cad | 0.06 | | | | Jpy | 0.06 | | | | Nzd | 0.05 | | | | Chf | 0.03 | | | | Dkk | 0.00 | | | Gbp | -0.01 | | | Nok | -0.02 | | | Eur | -0.02 | | | Sek | -0.04 | | | Aud | -0.21 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA futures | 8,500.00 | - 0.46 | | S&P future | 868.20 | - 0.36 | | Nasdaq futures | 1,192.75 | - 0.36 | | FTSE futures | 4,235.00 | - 0.46 | | CAC futures | 3,152.00 | - 2.42 | | DAX futures | 4,674.50 | - 1.44 | | SMI Futures | 5,350.00 | - 1.29 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 39.91 | - 5.78 | | Gold | 847.10 | - 0.11 | | Silver | 10.84 | + 0.00 | | USD Index | 81.09 | - 0.25 | | VIX | 44.56 | - 0.82 |
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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 2: 0.7231
R 1: 0.7145
R 1: 0.6990
CURRENT: 0.6854
S 1: 0.6895
S 2: 0.6818
S 3: 0.6741
EURJPY
R 3: 129.69
R 2: 127.94
R 1: 127.35
CURRENT: 126.60
S 1: 124.45
S 2: 122.89
S 3: 122.22
USDSGD
R 3: 1.4956
R 2: 1.4675
R 1: 1.4562
CURRENT: 1.4458
S 1: 1.4274
S 2: 1.4182
S 3: 1.4084
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Market Brief |
The dollar was stronger against most of the G10 on light trading volume, which is typical prior to a major holiday. The EurUsd rose 30pips to the mid 1.39 level, while the UsdJpy picked up 10pips to the low 90 price area. The GbpUsd dropped 95pips to low range of 1.48, probably due in part mostly to heightened volatility. Bond yields gave up little ground in terms of prices, as treasury yields remain extremely tight. Eurobond yields dropped across the board, with the French and German 10yr down 7bps. Equity markets closed lower in the US, with the Dow down 59pts and the SPX off 16pts. Commodities displayed a decent amount of price activity, with oil back below $40bbl to $39bbl and gold up higher at $846oz.
There was no data out of the Eurozone or UK, the Belgian govt. announced their resignation on the back of the failed Fortis rescue plan. This news did very little to move the Euro, ECB President Trichet is scheduled to speak tomorrow. Traders will be watching UK GDP, which is expected to come in negative on a quarterly basis. A negative GDP figure will support additional easing by the BoE in Q1 2009, much of which is priced into the market.
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ACM Advanced Currency Markets SA (hereinafter referred as ACM) is a professional financial intermediary, directly regulated by the Swiss Federal Department of Finance, Anti Money Laundering Control Authority. As forex specialist, ACM provides only currency trading via highly professional forex trading software. All customers are aware that this information or any part thereof has been prepared without taking account of your objectives, financial situation and/or needs. This information is not intended as personalized investment advice and does not constitute a recommendation. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. The analysis is based on the information which ACM finds reliable and accurate, but ACM does not assume any responsibility for any material nor for the transactions made on the basis of the information or the estimates of the analysis. ACM cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct, indirect and/or consequential loss arising from any use of this information, document or its content. All opinions and estimates constitute ACM analysis as of the data and are subject to change without notice. ACM does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions. Past performance is not a reliable indicator of future performance.
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