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US Session: ISM Manufacturing Collapses Dollar Mixed Against Majors
January 02, 2009 11:12 PM CET
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G10 Advancers and Decliners vs USD |
| | Chf | 1.86 |  | | | Jpy | 1.26 | | | | Dkk | 0.84 | | | | Nok | 0.84 | |  | Aud | -0.57 | | | Cad | -0.83 | | | Nzd | -0.83 | | | Eur | -0.88 | | | Gbp | -0.89 | | | Sek | -1.06 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA futures | 8,958.00 | + 2.65 | | Nasdaq futures | 925.40 | + 2.81 | | S&P future | 1,210.25 | - 0.19 | | FTSE futures | 4,515.00 | + 2.85 | | CAC futures | 3,347.00 | + 3.91 | | DAX futures | 4,977.50 | + 2.96 | | SMI Futures | 5,451.00 | 0.00 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 46.36 | + 3.95 | | Gold | 875.40 | - 0.46 | | Silver | 11.57 | + 1.58 | | USD Index | 81.84 | + 0.65 | | VIX | 39.19 | - 2.03 |
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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 2: 0.7231
R 1: 0.7145
R 1: 0.6990
CURRENT: 0.6965
S 1: 0.6855
S 2: 0.6818
S 3: 0.6741
EURJPY
R 3: 129.69
R 2: 128.37
R 1: 127.95
CURRENT: 127.29
S 1: 127.10
S 2: 126.71
S 3: 126.01
USDSGD
R 3: 1.4956
R 2: 1.4675
R 1: 1.4562
CURRENT: 1.4519
S 1: 1.4274
S 2: 1.4182
S 3: 1.4084
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Market Brief |
Despite extremely weak economic data to open the New Year, the dollar managed to gain against some of the majors. The EurUsd dropped over 180pips to mid range of 1.38, while the UsdJpy surged 150pips trading through previous resistance of 92. The GbpUsd fell 165pips to the low 1.45 level testing parity with the Euro over the last week. Equity markets finished convincingly positive in the US and Europe, with the Dow up 2.94% or 258pts. Bond yields rose across the curve, with the 10yr higher by 18bps and the 30yr up 14bps. Commodities were mixed with oil up nearly 4% to $46bbl, while gold was marginally lower at $875oz.
Housing data continues to plague the UK, with mortgage approvals at their lowest level since 1999. Mortgage approvals came in worst than expected at 27k vs. 32k, which was consistent with the decline in actual home prices. With the lack of available credit, home prices are subject to further downside. The HBOS House Price index fell 2.2% as opposed to the estimated figure of ‐1.6%. The sterling retracted sharply on this news, as investors are watching the credit sector very carefully in timing a recovery. In the Eurozone, PMI manufacturing data was released at 33.9 vs. 34.5. The euro also gave up over 100pips against the dollar, but managed to maintain strength against the cable. The dollar was resilient against most of the major currency pairs, but underlying weak economic fundamentals persists in the marketplace. US ISM data fell to its lowest level on record (1949), which served as somewhat of an obstacle to bullish Traders in the early part of the session. Even though ISM number was alarmingly weak, stocks managed to garner decent upward momentum. We still have time before normal volume resumes, but in the interim FX prices are subject to heightened volatility which may cause erratic price swings.
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Asian Session: Dollar has a firm start to 2009.
January 02, 2009 10:10 AM CET
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G10 Advancers and Decliners vs USD |
| | NOK | 3.59 | | | | SEK | 0.604 | | | | NZD | 0.147 | | | CHF | -0.012 | | | EUR | -0.222 | | | CAD | -0.225 | | | DKK | -0.28 | | | GBP | -0.308 | | | JPY | -0.586 | | | AUD | -0.982 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 8859.56 | 0.00 | | Hang Seng Index | 15042.81 | + 4.55 | | Shanghai Index | 1820.805 | 0.00 | | FTSE futures | 4429 | + 0.88 | | DAX futures | 4895 | + 1.27 | | DJIA futures | 8727 | + 1.01 | | Nasdaq futures | 1212.5 | + 0.54 |
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World Markets |
Current Level |
% Change |
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| Gold | 874.93 | - 0.51 | | Silver | 11.16 | - 2.02 | | VIX | 40 | - 3.91 | | Crude wti | 42.36 | - 5.02 | | USD Index | 81.49 | + 0.22 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| US ISM Manufacturing | 35.4 | 36.2 | USD / 15:00 |
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Currency Tech |
AUDUSD
R 2: 0.7231
R 1: 0.7145
R 1: 0.6990
CURRENT: 0.6965
S 1: 0.6855
S 2: 0.6818
S 3: 0.6741
EURJPY
R 3: 129.69
R 2: 128.37
R 1: 127.95
CURRENT: 127.29
S 1: 127.10
S 2: 126.71
S 3: 126.01
USDSGD
R 3: 1.4956
R 2: 1.4675
R 1: 1.4562
CURRENT: 1.4519
S 1: 1.4274
S 2: 1.4182
S 3: 1.4084
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Market Brief |
Volumes are still very thin in this first day of trading of 2009 as many bourses in Asia are still closed for today. The EURUSD channeled downward this morning bringing the pair from 1.4130 levels where it sat for the past 2 weeks as low as 1.3850 – now trading at 1.3920. The USDJPY rose today – Tokyo was closed for a holiday, the Yen giving way to the Dollar as global stocks posted their largest end of year gains ever!
Sentiment improved somewhat in the final hours of 2008 as a sharp drop in Jobless claims (down to 492K) out of the U.S, strong retail sales in December and continued fiscal stimulus policies all helped stocks rally.
Singapore cut its 2009 GDP outlook as recession deepens. The Resilient South-East Asian country stating low demand and slowing exports contributed to the official statement.
Crude was a big mover on Wednesday – gaining more than 14% as continued tensions in the Middle East, lower inventories and “window dressing” for 2008 brought the commodity as high as $43.3/bbl. Gold followed on Crude’s end of year bullish move as backwardation trades and typical end of year uncertainty increased demand for the precious metal.
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