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Asian Session - Fed, BoJ, ECB, SNB, BoE announce coordinated funding
September 18, 2008 11:24 AM CEST
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G10 Advancers and Decliners vs USD |
| | NZD | 2.79 |  | | | AUD | 2.51 | | | | NOK | 2.25 | | | | SEK | 2.13 | | | | DKK | 1.68 | | | | EUR | 1.67 | | | | GBP | 1.43 | | | | CHF | 1.34 | | | | CAD | 1.24 | |  | JPY | -0.32 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 11,489.30 | - 2.21 | | Hang Seng Index | 17,632.46 | - 0.02 | | Shanghai Index | 1,895.84 | - 1.72 | | FTSE 100 Index | 4,946.40 | + 0.69 | | CAC 40 Index | 3,993.61 | - 0.61 | | SMI Index | 6,672.48 | + 0.27 | | DJIA Index | 10,753.00 | + 0.88 |
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World Markets |
Current Level |
% Change |
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| Gold | 880.64 | + 1.94 | | Silver | 12.65 | + 5.72 | | VIX | 36.22 | + 19.32 | | Crude wti | 96.49 | - 0.69 | | USD Index | 78.16 | + 0.07 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| Retail Sales (Aug) | -0.5%,+1.6 | +0.8%,+2.1 | UK / 8.30 | | Swiss National Bank Interest Rate Announcement | 2.75% | 2.75% | SZ / 12.00 | | Initial Jobless Claims (Sep 13th) | 440K | 445K | US / 12.30 | | Philly Fed Index (Sep) | -10.0 | -12.7 | US / 14.00 | | Index of Leading Indicators (Aug) | -0.2% | -0.7% | US / 14.00 |
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Currency Tech |
AUDUSD
R 3: 0.8402
R 2: 0.8243
R 1: 0.8076
CURRENT: 0.8030
S 1: 0.7803
S 2: 0.7675
S 3: 0.7616
EURJPY
R 3: 157.01
R 2: 152.92
R 1: 151.57
CURRENT: 151.15
S 1: 149.01
S 2: 147.52
S 3: 147.07
USDSGD
R 3: 1.4542
R 2: 1.4478
R 1: 1.4394
CURRENT: 1.4327
S 1: 1.4234
S 2: 1.4142
S 3: 1.4116
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Market Brief |
Risk aversion was the primary drive in the Asian session, as global equity index continued to slide. Overall, the decline in US stock markets is now clearly viewed as negative for the Usd (a shift in sentiment), as the greenback has been on rapid descent. With AIG bailed out, Lloyds rumored to be buying HBOS and Barclays purchasing pieces of Lehman, this could be viewed as reassuring to the markets ….but participants are not buying it. Tensions remained elevated. The EurUsd gain a nearly 3 big figures from 1.4100 to 1.4374, while the AudUsd climbed from 0.7823 to 0.8020. Even the much maligned carry trades were able to gain on the back of Usd weakness, with GbpJpy rising from 188.50 to 192.00. Overall trading was choppy, sudden and volatile. Wall Street took another beating yesterday, with the S&P down -4.70% and regional Asian indexes are following, with Hang Seng down -2.94%. Commodities were mixed with crude weaker. However, Gold was ramped up from $780oz to $893oz, as investors rushed into the safe haven. VIX hovering around 36.20 is an indicative of the concerns and risk aversion surrounding the markets. We expect FX markets to be primarily focused on the newswires and equity markets.
Today the Bank of Canada, the BoE, the ECB, the FED, the BoJ, and the SNB announced coordinated measures help pressures in U.S. dollar short-term funding markets.The FOMC has opened a $180b expansion of short term reciprocal fx swap lines. The move illustrates the severity of stress in MM and officals desire to resuscitate the markets correct functioning.
We are expect the SNB to hold rates steady today as the financial turmoil creates a unique challenge in the eyes of the bank. When the current uncertainty ends we expect the SNB to begin easing to address the domestic slowdown.
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ACM Advanced Currency Markets SA (hereinafter referred as ACM) is a professional financial intermediary, directly regulated by the Swiss Federal Department of Finance, Anti Money Laundering Control Authority. As forex specialist, ACM provides only currency trading via highly professional forex trading software. All customers are aware that this information or any part thereof has been prepared without taking account of your objectives, financial situation and/or needs. This information is not intended as personalized investment advice and does not constitute a recommendation. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. The analysis is based on the information which ACM finds reliable and accurate, but ACM does not assume any responsibility for any material nor for the transactions made on the basis of the information or the estimates of the analysis. ACM cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct, indirect and/or consequential loss arising from any use of this information, document or its content. All opinions and estimates constitute ACM analysis as of the data and are subject to change without notice. ACM does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions. Past performance is not a reliable indicator of future performance.
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