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Asian Session - All Quiet
June 20, 2008 11:26 AM CEST
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G10 Advancers and Decliners vs USD |
| | CHF | 0.30 |  | | | AUD | 0.28 | | | | SEK | 0.23 | | | | EUR | 0.20 | | | | DKK | 0.19 | | | | NOK | 0.15 | | | | NZD | 0.12 | | | | JPY | 0.07 | |  | GBP | -0.04 | | | CAD | -0.16 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 13,942.08 | - 1.33 | | Hang Seng Index | 23,090.20 | + 1.28 | | Shanghai Index | 2,822.92 | + 2.69 | | FTSE futures | 5,710.00 | - 0.72 | | DAX futures | 6,748.00 | + 0.26 | | SMI Futures | 7,160.00 | - 0.72 | | DJIA futures | 12,019.00 | - 0.20 |
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World Markets |
Current Level |
% Change |
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| Gold | 899.88 | + 0.15 | | Silver | 17.42 | + 0.37 | | VIX | 21.58 | - 2.96 | | Crude wti | 132.05 | + 0.09 | | USD Index | 73.34 | - 0.19 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| Producer Price Index (May) | 0.8%(+5.7% | +1.1%(+5.2 | GE / 7.00 | | Retail Sales (apr) m/m | 0.6% | 0.1% | CA / 13.30 | | Retail Sales less Autos (apr) m/m | 0.6% | 0.0% | CA / 13.30 | | Overnight Rate Announcement | 7.50% | 7.50% | MX /15.00 |
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Currency Tech |
AUDUSD
R 3: 0.9648
R 2: 0.9527
R 1: 0.9520
CURRENT: 0.9518
S 1: 0.9448
S 2: 0.9405
S 3: 0.9305
EURJPY
R 3: 170.00
R 2: 169.10
R 1: 168.05
CURRENT: 167.55
S 1: 166.78
S 2: 165.53
S 3: 164.97
USDMXN
R 3: 10.4700
R 2: 10.4690
R 1: 10.3880
CURRENT: 10.3102
S 1: 10.2760
S 2: 10.2500
S 3: 10.2000
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Market Brief |
Usd was stable in Asian Session as a lack of data provided no real direction. EurUsd was able to break out of its tight 1.5490 – 1.5520 range rising to 1.5536 as Asia wrapped up trading. UsdJpy traded in a tight yet, choppy 107.85-108.05 range. GbpUsd pulled back slightly after a strong two day run falling to 1.9701. However going into Europe the Gbp has picked up a bullish tone and looks to break channel resistant. With a light economic calendar today, Usd trading pattern will be highly susceptible to volatile oil prices. Oil fell roughly 4.8% to 131.25bll in reaction to China announcing that it will raise domestic fuel prices by 8%, and the Saudi statement to raise output. However despite the decline in energy prices US yields actually rose by 5bp.
US equity markets closed with gains on Thursday, despite being a limited day in terms of newsflow. Nine of the ten sectors closed higher, led by Consumer Discretionary (+1.2%) and Info Tech (+1.2%), while Energy(-2.1%) was the only sector in the red. Much of the sector action could be explained by China's decision to hike domestic petrol and gas prices, removing subsidies, which drove crude prices lower, on expectations of lower demand. Asian markets are lower this morning, with the Nikkei down 1.2%, the Hang Seng is up 1.3% and the MSCI A-P is down 0.2%. With China raising fuel prices, crude producers and energy companies were lower across the region, although Chinese refiners (Sinopec and PetroChina) were higher, as they can charge more for their products, while Chinese airlines were lower.
Today is to be very quiet in terms of expected news headlines, although it is quadruple witching day with stock index futures, stock futures, stock index options and stock options all expiring, which can always provide the unexpected.
Yesterday, the SNB held rates, with the 3m-Libor mid point 2.75%. Markets were on the fence to whether the Central Bank would opt to challenge building inflationary pressures or would a slowing q1 0.3% GDP q/q keep the bank on hold. While the market got their answer on rates, the accompanying statement had a neutral tone which weighed heavily on the Chf.
ECB’s Trichet will speak today while the topic of the speech is unknown any mention of monetary policy will most likely reiterate the ECB hawkish stance.
17.45gmt - ECB’s Trichet Speaks
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