Daily Forex Snapshots

Asian Session - NZD Trade Balance Widens

May 26, 2008 9:54 AM CEST

G10 Advancers and Decliners vs USD

	NOK	0.09
	CAD	-0.02
	SEK	-0.06
	DKK	-0.09
	GBP	-0.10
	EUR	-0.13
	CHF	-0.15
	AUD	-0.19
	NZD	-0.20
	JPY	-0.24

Global Indexes

Current Level

% Change

Nikkei 225 Index	13,690.19	- 2.29
Hang Seng Index	24,123.78	- 2.38
Shanghai Index	3,364.54	- 3.12
DAX futures	6,967.00	- 0.02
CAC futures	4,920.50	+ 0.34
SMI Futures	7,430.00	- 0.60

World Markets

Current Level

% Change

Gold	926.33	+ 0.13
Silver	18.23	+ 0.22
VIX	19.55	+ 8.31
Crude wti	132.75	+ 0.42
USD Index	71.89	- 0.01

Todays Calender

Estimates

Country / GMT

No Releases

Currency Tech

AUDUSD
R 3: 0.9826
R 2: 0.9723
R 1: 0.9655
CURRENT: 0.9589
S 1: 0.9546
S 2: 0.9511
S 3: 0.9392

EURJPY
R 3: 164.98
R 2: 164.51
R 1: 163.88
CURRENT: 162.99
S 1: 162.26
S 2: 161.60
S 3: 161.27

USDSGD
R 3: 1.3774
R 2: 1.3732
R 1: 1.3669
CURRENT: 1.3598
S 1: 1.3566
S 2: 1.3554
S 3: 1.3470

Market Brief

Usd was steady in Asian session as a holiday weekend in the UK & USA kept volumes subdued. EurUsd gapped at the open dropping to 1.5733 before rallying back to 1.5792 on light trading. UsdJpy was able to stabilize around the 103.30 levels after Friday’s rapid decent. Given the holiday and lack of real economic releases in markets which are open we expect volatility to be low throughout the day.

Asian equities traded lower following wall street lower close on Friday, with Shanghai leading the pack once again down -3.12%. European stock futures are pointing to a lower open. Crude prices are stable around wti 132.80 level, up 0.4% on rumors of supply disruption. The VIX continued to creep higher as market uncertainty regarding energy price, global demand and inflation weighed on traders' sentiment.

In New Zealand, April trade balance unexpectedly widened to -334.4m vs. -150.0m exp. Imports, jumped due primarily to energy related purchases such as an oil platform and production vessel. However these purchases were one time and the trade gap looks to tighten next month. The Nzd was little moved by the figure despite recent negative bias.

The IMM fx positioning report showed that speculators are increasing their Usd short bets to $16bn from $10bn while increasing their Aud long positions as higher inflation increases the probability that the RBA will notch up rates in 2008.

18.00gmt - ECB's Constancio speaks

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