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US Session: Light Volume in the Financial Markets Ahead of Holiday as Traders Prepare for New Year
December 24, 2008 6:16 PM CET
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G10 Advancers and Decliners vs USD |
| | Nzd | 1.17 |  | | | Chf | 0.94 | | | | Cad | 0.44 | | | | Aud | 0.30 | | | | Jpy | 0.29 | | | | Dkk | 0.21 | | | | Eur | 0.20 | |  | Sek | -0.31 | | | Gbp | -0.42 | | | Nok | -0.71 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA futures | 8,425.00 | + 0.44 | | Nasdaq futures | 864.50 | + 0.69 | | S&P future | 1,184.50 | + 0.00 | | FTSE futures | 4,192.00 | - 0.93 | | CAC futures | 3,122.00 | - 0.26 | | DAX futures | 4,666.00 | + 0.00 | | SMI Futures | 5,337.00 | + 0.00 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 37.42 | - 4.00 | | Gold | 845.05 | + 0.58 | | Silver | 10.37 | + 1.17 | | USD Index | 81.28 | + 0.04 | | VIX | 44.37 | - 1.44 |
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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: 0.6820
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: 126.30
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: 1.4442
S 1: 1.4274
S 2: 1.4182
S 3: 1.4084
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Market Brief |
The dollar experienced limited price movement due to light volume, and this trend will be likely to persist through the New Year. The EurUsd rose 70pips to the high range of 1.39, while the UsdJpy slid 50pips to the mid 90 level. The GbpUsd moved 25pips higher, holding ground in the 1.47 price area.
Equity markets picked up light gains with the Dow up .50% and the SPX also positive higher by .48%. Commodities fell with oil off 4% at $37bbl, and gold mostly flat on thin trading activity. Bond yields are mixed with the 2yr tighter by 3bps, while the 10yr and 30yr unchanged but at extremely low levels.
ECB President Trichet stated that the central bank will “do what is necessary” to meet inflation expectations. He added that his thought on foreign exchange “remain reserved”, but did acknowledge the changes in sovereign yields throughout the Eurozone will remain serious concern in 2009. The pace by which changes in monetary policy will occur, are likely to be at a much slower rate than anticipated providing short‐term support to the euro. In the UK, GDP contracted more than expected at ‐0.6% vs. the estimate of ‐0.5%. The current account deficit improved to ‐7.7B vs. the projected figure of ‐11.9B. The light anecdote of positive economic data was overshadowed by a substantially lower BBA loan approval number. The housing sector has a long way to go, being that BBA loans approved dropped to 17.7k from 21.6k, thus deepening the severity of the credit crisis in the UK. On January 2nd the BoE is scheduled to announce a credit conditions survey, in which they should target what areas are most detrimental to stabilizing financial institutions and generating private sector liquidity. The Sterling will most likely depreciate through Q2 2009, some time will be needed for the aggressive govt. stimulus to take effect.
Risk Disclaimer:
Although every investment involves some degree of risk, the risk of loss in trading off‐exchange forex contracts can be substantial. Therefore if you are considering trading in this market, you should be aware of the risks associated with this product so you can make an informed decision prior to investing. The material presented here is not to be construed as trading advice or strategy. ACMUSA makes a strong effort to use reliable, expansive information, but we make no representation that it is accurate or complete. In addition, we have no obligation to notify you when opinions or data in this material change.
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Asian Session: Toyota shares tumble, markets wind down for Christmas.
December 24, 2008 10:18 AM CET
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G10 Advancers and Decliners vs USD |
| | NZD | 1.154 | | | | JPY | 0.398 | | | | CHF | 0.357 | | | | AUD | 0.301 | | | | GBP | 0.282 | | | | DKK | 0.156 | | | | NOK | 0.133 | | | | EUR | 0.103 | | | CAD | -0.061 | | | SEK | -0.246 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 8517.1 | - 2.37 | | Hang Seng Index | 14184.14 | - 0.26 | | Shanghai Index | 1863.8 | - 1.76 | | FTSE 100 Index | 4239.24 | - 0.39 | | DAX Index | 4629.38 | - 0.21 | | DJIA futures | 8419.49 | - 1.18 | | Nasdaq futures | 1521.54 | - 0.71 |
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World Markets |
Current Level |
% Change |
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| Gold | 839.64 | - 0.06 | | Silver | 10.36 | + 1.07 | | VIX | 45.02 | + 1.03 | | Crude wti | 39.04 | + 0.15 | | USD Index | 81.205 | - 0.04 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| CAD - GDP | -0.3% | 0.1% | CAD / 13:30 | | US Durable Goods | -3.0% | -6.2% | USD / 13:30 | | US Personal Income | 0.0% | 0.3% | USD / 13:30 |
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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: 126.30
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: 1.4442
S 1: 1.4274
S 2: 1.4182
S 3: 1.4084
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Market Brief |
Back from a one day holiday Toyota Shares dropped 3.8% after markets had time to digest their announcement on Monday that they were forecasting an operating loss for the first time in its history. The Nikkei 225 fell 2.3% on Wednesday as thin volumes exacerbated moves. Data is sparse on this Christmas Eve – 2008 will go down in the history books.
Japan’s cabinet approved a record 88.5 Trillion Yen ($980.6 Bn) budget on Wednesday for the year from April – in a bid to boost confidence and fight recession. The EURUSD remained broadly unchanged – trading a range of 1.3913 – 1.3980 and the USDJPY in a range of 90.26 – 90.99.
While the world awaits 2009 hesitantly, continuing worries on global housing markets has markets jittering. Despite the U.S GDP remaining unrevised yesterday – Home sales fell more than expected and are at 8.6% and new home sales declined by 2.9%.
ACM’s trading and analysis team would like to wish you all a very Merry Christmas!
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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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