Daily Forex Snapshots

US Session: Quiet Before the Storm with 2009 on the Horizon

December 26, 2008 6:58 PM CET

G10 Advancers and Decliners vs USD

	Chf	0.95
	Eur	0.38
	Nzd	0.32
	Dkk	0.32
	Aud	-0.22
	Gbp	-0.24
	Jpy	-0.30
	Cad	-0.44
	Sek	-0.71
	Nok	-1.92

Global Indexes

Current Level

% Change

DJIA futures	8,445.00	+ 0.26
Nasdaq futures	1,183.00	+ 0.25
S&P future	865.80	+ 0.09
FTSE futures	4,192.00	- 0.93
CAC futures	3,122.00	- 0.26
DAX futures	0.00	0.00
SMI Futures	0.00	0.00

World Markets

Current Level

% Change

Crude wti	36.94	+ 4.50
Gold	850.72	+ 0.44
Silver	10.39	+ 0.58
USD Index	80.89	- 0.41
VIX	43.97	- 1.85

Todays Calender

Estimates

Country / GMT

No Major Events Scheduled

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

Market Brief

The FX markets are fairly quiet which is typical following a major holiday and year-end. The EurUsd is 54pips higher at high 1.40 price area, while the UsdJpy gained 30 pips to the 90.67 level. The GbpUsd slid roughly 40pips to low range of 1.47. Equity markets are mostly unchanged with the Dow marginally higher and the SPX slightly lower. Bond yields are tighter across the board with the 2yr and 10yr still below historical averages. Commodities were mostly inactive, oil is at $37bbl and gold at $851oz.

Austrian Central bank Governor spoke stating ECB rate cuts may still be a possibility, due to the likelihood the financial downturn may be more serious than expected. The inconsistency in central bank commentary within the eurozone, leaves the Euro somewhat exposed to further price correction if monetary policy action is inconsistent with market expectations. Many of the European and Asian currencies are subject to similar risks, as the US and UK have been very aggressive in slashing rates to combat the crisis.

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