Daily Forex Snapshots

Asian Session - Usd Gains

April 07, 2008 9:34 AM CEST

G10 Advancers and Decliners vs USD

	CAD	0.27
	NZD	0.03
	NOK	-0.06
	SEK	-0.19
	DKK	-0.20
	EUR	-0.23
	AUD	-0.23
	GBP	-0.33
	CHF	-0.55
	JPY	-0.61

Global Indexes

Current Level

% Change

Nikkei 225 Index	13,450.23	+ 1.18
Hang Seng Index	24,629.44	+ 1.50
Shanghai Index	3,599.62	+ 4.45
FTSE futures	5,952.50	+ 0.72
DAX futures	6,879.50	+ 0.74
SMI Futures	7,490.00	+ 0.75
DJIA futures	12,663.00	+ 0.42

World Markets

Current Level

% Change

Gold	915.26	+ 0.16
Silver	17.84	+ 0.45
VIX	22.45	- 3.27
Crude wti	106.47	+ 0.22
USD Index	72.28	+ 0.36

Todays Calender

Estimates

Country / GMT

Industrial Production (Feb)	-0.4%(5.3%	1.8%(6.9%)	GE / 11.00
Building Permits (Feb) m/m	1.3%	-2.9%	CA / 13.30
Change in Consumer Credit (Feb)	$6.0bn	$6.9bn	US / 20.00

Currency Tech

AUDUSD
R 3: 0.9354
R 2: 0.9290
R 1: 0.9254
CURRENT: 0.9201
S 1: 0.9100
S 2: 0.9024
S 3: 0.8979

EURJPY
R 3: 162.28
R 2: 161.41
R 1: 161.10
CURRENT: 160.86
S 1: 159.48
S 2: 159.30
S 3: 158.55

USDSGD
R 3: 1.4136
R 2: 1.4046
R 1: 1.3940
CURRENT: 1.3828
S 1: 1.3741
S 2: 1.3696
S 3: 1.3500

Market Brief

Usd gained strength in Asian session shrugging recession indicating, payroll figures on Friday. Risk appetite appears to be firming as judged by carry trades. VIX and EM equities have continued to out perform G7. EurUsd started the session at 1.5740 but failed to break resistance and promptly sold off reaching 1.5651. AudJpy had strong momentum throughout the session peaking at 94.52.

There is growing evidence that much of the pessimism surrounding the US economy had already been priced in to Usd. Friday's payroll figure suggested only a mild recession, so far, while housing figures and ISM have shown signs of stabilisation. In addition interest rate differentials pace of erosion seems to have peaked. However, the most striking conjectural evidence was the ability of the Usd to quickly reverse after Fridays figures and continued to recover.

Over the weekend European Finance Ministers met to discuss their agenda for the G7 meeting in Washington next week. While nothing official has been released newswires have reported that the primary focus was coordinated action on easing credit markets and not Foreign exchange market. We still expected the market will be buzzing with speculation but doubt any FX intervention will be on the agenda since the US government must understand that a weaker currency will provide the economy with timely support.

Today we have a very light economic calendar which will keep trade subdued.

Today’s German industrial production data is likely to reveal some moderation although the decline will be relative since it will be declining from a very strong level. Recent figures have pointed to a sector that has been somewhat resilient to slower global demand and a strong euro.

9.30gmt - ECB’s Bini Smaghi holds press briefing

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