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Housing Sector Continues to Pain US Economy
September 24, 2008 6:59 PM CEST
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G10 Advancers and Decliners vs USD |
| | Nzd | 0.75 |  | | | Aud | 0.58 | | | | Cad | 0.43 | | | | Eur | 0.19 | | | | Dkk | 0.18 | | | | Gbp | 0.03 | |  | Nok | -0.02 | | | Chf | -0.06 | | | Sek | -.35 | | | jpy | -0.42 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA Index | 10,849.79 | - 0.04 | | S&P 500 Index | 1,189.12 | + 0.08 | | NASDAQ 100 Index | 2,167.13 | + 0.64 | | FTSE futures | 5,133.00 | - 1.08 | | CAC futures | 4,127.00 | - 0.61 | | DAX futures | 6,099.50 | - 0.49 | | SMI Futures | 6,820.00 | - 0.44 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 107.54 | + 0.87 | | Gold | 890.00 | - 0.24 | | Silver | 13.33 | + 0.44 | | USD Index | 76.71 | + 0.31 | | VIX | 36.09 | + 1.04 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| No Major Events Scheduled | | | |
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Currency Tech |
AUDUSD
R 3: 0.8534
R 2: 0.8519
R 1: 0.8469
CURRENT: 0.8361
S 1: 0.8279
S 2: 0.8011
S 3: 0.7802
EURJPY
R 3: 157.76
R 2: 156.99
R 1: 156.84
CURRENT: 155.86
S 1: 153.82
S 2: 150.79
S 3: 149.04
USDSGD
R 3: 1.4478
R 2: 1.4373
R 1: 1.4182
CURRENT: 1.4167
S 1: 1.4054
S 2: 1.3835
S 3: 1.3785
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Market Brief |
The Usd has been mostly flat in the trading session as the market participants strategize for fourth quarter. The EurUsd rose 20 pips to the mid 1.46 level, while the UsdJpy gained 43 pips testing 106 as a point of resistance. The GbpUsd is slightly off yesterday’s close trading at the low range of 1.85. Equity markets remain negative with the Dow lower by 20pts, and the FTSE closing down 40pts. The commodity sector remains resilient, with oil trading at 107 and gold declined slightly to 885, but the overall trend has been positive in recent trading. Bond yields continue to tighten across the curve, European govt. securities are still provide decent returns at the 10yr maturity , but rate markets in general are tight based on the overall bearish sentiment from investors.
The German Ifo Business Climate Indicator dropped to a three year low, based on struggling growth in the region. The weakening economic conditions have been a trend in the Eurozone for the last several months. The Ifo index came in at 92.9 vs. the estimated reading of 93.3, this is one of the most significant data points out of the Eurozone, but the effect has been limited due to recent events regarding the US Fed bailout plan. News has been light out of the UK, hence why cable trading has been somewhat flat, most of the G10 has followed the same trend of “wait and see” as the US govt. works out the current issues in the financial sector.
TARP, (Troubled Asset Relief Program) remains the central concern for the majority of the global market, but certainly is the main theme in US trading. Both Bernanke and Paulson are testifying before legislation, to make the program official, which would make the govt. the buyer of $700bln in illiquid assets. The dollar has been mostly weak following the announcement of the plan, because Traders are unsure how the growing deficit will affect the economy. The EurUSd should stay rangebound between 1.45-1.48, with a bias to the upside until the markets fully stabilize.
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Asian Session - US Senate Unconvinced
September 24, 2008 9:34 AM CEST
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G10 Advancers and Decliners vs USD |
| | AUD | 0.38 | | | | NZD | 0.18 | | | | CAD | 0.13 | | | | GBP | 0.05 | | | SEK | -0.01 | | | EUR | -0.03 | | | DKK | -0.05 | | | NOK | -0.12 | | | JPY | -0.32 | | | CHF | -0.35 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 12,115.03 | + 0.20 | | Hang Seng Index | 19,138.06 | + 1.40 | | Shanghai Index | 2,216.81 | + 0.69 | | FTSE 100 Index | 5,158.62 | + 0.43 | | CAC 40 Index | 4,169.17 | + 0.70 | | SMI Index | 6,851.93 | + 0.68 | | DJIA futures | 10,980.00 | + 1.61 |
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World Markets |
Current Level |
% Change |
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| Gold | 889.20 | - 0.33 | | Silver | 13.37 | + 0.67 | | VIX | 35.72 | + 5.52 | | Crude wti | 108.06 | + 1.36 | | USD Index | 76.66 | + 0.22 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| Current Account (Jul) s.a. | -- | -€8.2bn | EZ / 8.00 | | CBI Distributive Trades Report (Sep) | -40 | -46 | UK / 10.00 | | Norges Bank Interest Rate Announcement | 5.75% | 5.75% | NO / 12.00 | | Existing Home Sales (Aug) | 4,940K | 5,000K | US / 14.00 |
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Currency Tech |
AUDUSD
R 3: 0.8534
R 2: 0.8519
R 1: 0.8469
CURRENT: 0.8361
S 1: 0.8279
S 2: 0.8011
S 3: 0.7802
EURJPY
R 3: 157.76
R 2: 156.99
R 1: 156.84
CURRENT: 155.86
S 1: 153.82
S 2: 150.79
S 3: 149.04
USDSGD
R 3: 1.4478
R 2: 1.4373
R 1: 1.4182
CURRENT: 1.4167
S 1: 1.4054
S 2: 1.3835
S 3: 1.3785
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Market Brief |
The Usd gained in the Asian session, as market reaction to Paulson & Bernankeʼs congressional testimony remained subdued. The EurUsd bounced between 1.4620 to 1.4722, while the UsdJpy traded between 106.00 to 105.25. Wall Street closed lower yesterday. However, Asian regional indexes are all trading higher. Currently, European equity markets are in the green with the CAC 40 up 0.40%. Commodities continued to gain with gold trading at $889.33oz and wti crude trading at $107.72bbl.
Yesterdayʼs testimony had both Bernanke and Paulson struggling to provide the necessary clarity to persuade senate banking committee. Senate Banking Committee Chairman Dodd (how earlier in the week stated a deal would be completed in quickly) perhaps encapsulated the skepticism best, stating "what they have sent us is not acceptable." Fed Chairman Bernnake will be returning to capital hill today for more grilling in front of the Joint Economic Committee. We expect markets to be focused on incoming news surrounding the bailout plan keeping, FX range bound.
On the continent Germanyʼs IFO will be in focus. However, we believe trading will be focused more on macro drivers and not domestic fundamentals. We expect business confidence to continue to deteriorate after last month free fall.
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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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