Daily Forex Snapshots

Asian Session - Steady Open

March 24, 2008 9:48 AM CET

G10 Advancers and Decliners vs USD

	AUD	0.27
	NZD	-0.10
	GBP	-0.17
	NOK	-0.37
	EUR	-0.43
	DKK	-0.45
	SEK	-0.48
	JPY	-0.51
	CAD	-0.53
	CHF	-0.89

Global Indexes

Current Level

% Change

DJIA futures	12,366.00	+ 0.30
S&P future	1,329.90	+ 0.39
Nasdaq futures	1,755.50	+ 0.31

World Markets

Current Level

% Change

Gold	917.60	- 0.20
Silver	17.19	+ 0.34
VIX	26.62	- 10.79
Crude wti	100.85	- 0.97
USD Index	73.03	+ 0.44

Todays Calender

Estimates

Country / GMT

Existing Home Sales (Feb)	4.85m	4.89m	US / 14.00
Existing Home Sales (Feb) m/m	-0.8%	-0.4%	US / 14.00

Currency Tech

AUDUSD
R 3: 0.9499
R 2: 0.9473
R 1: 0.9449
CURRENT: 0.9034
S 1: 0.9167
S 2: 0.9128
S 3: 0.9122

GBPJPY
R 3: 208.00
R 2: 205.15
R 1: 201.81
CURRENT: 197.85
S 1: 195.87
S 2: 193.47
S 3: 192.60

USDSGD
R 3: 1.3983
R 2: 1.3926
R 1: 1.3878
CURRENT: 1.3912
S 1: 1.3741
S 2: 1.3696
S 3: 1.3500

Market Brief

Usd was slightly stronger in Asian session as Asian stock & European markets remained closed keeping traders at home. EurUsd traded down to 1.5340 and UsdJpy peaked at 100.02. An interesting article Saturday had the Fed and BoE in discussions regarding the feasibility of buying mortgaged back securities. While the story has been flatly denied by the central banks market are still speculating. The recent change in the fate of the Usd has been accredited to two factors. The rapid decline in commodity prices and speculation that the feds action will eventually revive growth. In addition the FOMC statement carried renewed emphasis on inflation and signaled a growing reluctance to continue aggressively easing rates also which help stabilizing the fall Usd. We still believe the market is overly optimistic and expect near term data to point to a deeper US recession and further rate cuts putting pressure on the Usd.

On Friday Acting BoJ Governor Shirakawa commented the handling of the recent global financial market turmoil was his top priority. He also mentioned that he had no predetermined monetary policy. The markets are currently pricing in a 15bp cut over the next 12 months. there could be more rate cuts if officials agree on a coordinated response at the G7 gathering, April 12-13.

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