Daily Forex Snapshots

Asian Session - Usd Strength Fades...for Now

September 12, 2008 10:33 AM CEST

G10 Advancers and Decliners vs USD

	AUD	1.41
	NOK	1.19
	SEK	1.17
	NZD	1.17
	EUR	0.98
	DKK	0.96
	GBP	0.92
	CAD	0.86
	CHF	0.39
	JPY	-0.74

Global Indexes

Current Level

% Change

Nikkei 225 Index	12,214.76	+ 0.92
Hang Seng Index	19,407.52	+ 0.09
Shanghai Index	2,079.67	+ 0.03
FTSE 100 Index	5,375.50	+ 1.07
CAC 40 Index	4,303.22	+ 1.27
SMI Index	7,149.89	+ 1.11
DJIA futures	11,448.00	- 0.06

World Markets

Current Level

% Change

Gold	752.31	+ 0.78
Silver	10.76	+ 1.89
VIX	24.39	- 0.53
Crude wti	101.90	+ 1.02
USD Index	79.67	- 0.59

Todays Calender

Estimates

Country / GMT

Employment (Q2)	--	0.3%(+1.6%	EZ / 9.00
Industrial Production (Jul)	-0.2%(-1.0	-0.2%(-0.8	EZ / 9.00
Producer Price Index (Aug)	-0.5(10.2%	1.2%(9.8%	US / 12.30
Core Producer Price Index (Aug)	0.2%(+3.7	0.7%(+3.5	US / 12.30
Retail Sales (Aug)	+0.2%	-0.1%	US / 12.30
Core Retail Sales (Aug)	-0.2%	0.4%	US / 12.30
Univ. of Michigan Cons. Conf. Index (Sep Prov.)	64.0	63.0	US / 14.00
Business Inventories (Jul)	+0.5%	+0.7%	US / 14.00

Currency Tech

AUDUSD
R 3: 0.8353
R 2: 0.8178
R 1: 0.8131
CURRENT: 0.8037
S 1: 0.7893
S 2: 0.7675
S 3: 0.7616

NZDUSD
R 3: 1.4616
R 2: 1.4542
R 1: 1.4478
CURRENT: 0.6570
S 1: 1.4323
S 2: 1.4142
S 3: 1.4116

EURJPY
R 3: 153.54
R 2: 152.51
R 1: 150.78
CURRENT: 151.37
S 1: 149.59
S 2: 147.54
S 3: 146.21

Market Brief

The Usd slipped broadly in Asian session, as the greenback was a bit oversold for the markets liking. The EurUsd traded higher from 1.3914 to 1.4091, while the UsdJpy climbed from 106.43 to 107.71. In line with the Usd weakness, the fragile cable gained for the first time in two days, trading up to 1.7681.The reversal aided carry trades, as the AudJpy rose nearly two figures from 84.80 to 87.07. Crude oil and gold are slightly higher at $102.14bll & $752.90oz, respectively. The Asian equity indexes are currently up and European markets are following, with the CAC 40 leading the pack up 1.29%. A good sign that participants are not all panicking after yesterdayʼs stress in the financial sector (S&P was able to rally despite the negative new up 1.3%). The markets have been aided by rumors of a potential rescue for Lehman Bro., which help firm sentiment.

The New Zealand Retail Sales fell further than expected to -0.8% vs. 0.2% exp. The Nzd was able to shrug off the negative news, as carry enjoyed a resurgence on the back of lower vols. and potential rescue of the large US investment bank. In addition, the trend in retail sales is flat rather than collapsing, which the market viewed as slightly upbeat.

In the European session Euro-zone industrial production is expected to have dropped for the fourth time in five months in July, increasing the probability that GDP would contract for a 2nd consecutive quarter in Q3. In addition, employment growth should confirm that labor conditions are deteriorating. But with participants focused on larger issues, we donʼt expect the negative figures to have a huge impact on the fx markets.

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