Daily Forex Snapshots

European Session - Crude Eases But Braces for Gustav

September 01, 2008 1:21 PM CEST

G10 Advancers and Decliners vs USD

	JPY	1.01
	CHF	0.71
	CAD	0.15
	DKK	0.14
	EUR	0.12
	SEK	-0.08
	NOK	-0.10
	NZD	-0.13
	AUD	-0.26
	GBP	-0.66

Global Indexes

Current Level

% Change

Nikkei 225 Index	12,834.18	- 1.82
Hang Seng Index	20,906.31	- 1.67
Shanghai Index	2,325.13	- 3.01
FTSE 100 Index	5,587.50	- 0.87
DAX Index	6,380.58	- 0.65
SMI Index	7,204.99	- 0.46
CAC 40 Index	4,460.78	- 0.48

World Markets

Current Level

% Change

Gold	830.921	- 0.02
Silver	13.70	+ 0.68
VIX	20.65	+ 6.27
Crude wti	114.55	- 0.78
USD Index	77.30	- 0.10

Todays Calender

Estimates

Country / GMT

US Holiday	--	--	--
No Additional Releases	--	--	--

Currency Tech

AUDUSD
R 3: 0.8846
R 2: 0.8814
R 1: 0.8693
CURRENT: 0.8547
S 1: 0.8513
S 2: 0.8505
S 3: 0.8276

USDSGD
R 3: 1.4401
R 2: 1.4333
R 1: 1.4276
CURRENT: 1.4245
S 1: 1.4078
S 2: 1.4016
S 3: 1.3977

Market Brief

The Usd traded slightly higher in European Session on very light volume. Eurusd dropped sharply in Asian trading falling from 1.4722 to 1.4640 while UsdJpy slipped from 108.57 to 107.57. Crude prices has continued to slide as the risk that Hurricane Gustav would disrupted oil & gas supplies have subsided. WTI crude dropped sharply from $117.19bbl to $114.34bbl. However with Gustav expected to hit land shortly anything can happen and markets are clearly on edge. Asian stock markets traded lower and European equity indexes are not fairing much better. US markets are closed for Holiday.

Over the weekend Chancellor stated that the UK economy faced the worst downturn for 60 years, further weighing on the in the UK and GBP. In addition, this week will see the BoE MPC rate decision and a number of critical data releases. We expect that BoE to hold rates steady and expect the next move will be down.

In Europe, another fall in German retail sales adds to the evidence that regional economy activity is clearly deteriorating. However, the engine of EuroZone growth continues to perform better than Spain & Italy, where the industrial surveys indicate sharp drop in production.

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