|
|
Late European Session
October 08, 2009 4:16 PM CEST
|
|
G10 Advancers and Decliners vs USD |
| | AUD | 1.14 |  | | | GBP | 0.53 | | | | EUR | 0.25 | | | | DKK | 0.20 | | | | NZD | 0.20 | | | | CHF | 0.19 | | | | NOK | 0.17 | | | | JPY | 0.04 | |  | CAD | -0.02 | | | SEK | -0.20 | |
|
|
Global Indexes |
Current Level |
% Change |
|
| FTSE 100 Index | 5'133.62 | + 0.48 | | DAX Index | 5'689.31 | + 0.86 | | SMI Index | 6'287.02 | + 0.43 | | S&P 500 Index | 1'062.31 | + 0.45 | | DAX Index | 9'762.61 | + 0.38 | | Nikkei 225 Futures | 9'910.00 | + 1.23 | | Hang Seng Futures | 21'553.00 | + 1.50 |
|
|
World Markets |
Current Level |
% Change |
|
| Gold | 1'045.68 | + 0.14 | | Silver | 17.59 | + 0.14 | | VIX | 24.61 | - 0.28 | | Crude wti | 69.51 | - 0.06 | | USD Index | 76.21 | - 0.24 |
|
|
Todays Calender |
Estimates |
Previous |
Country / GMT |
|
|
|
|
Currency Tech |
AUDUSD
R 2: 0.9325
R 1: 0.9130
CURRENT: 0.9020
S 1: 0.8645
S 2: 0.8570
USDCAD
R 2: 1.0825
R 1: 1.0650
CURRENT: 1.0605
S 1: 1.0530
S 2: 1.0420
EURJPY
R 2: 132.10
R 1: 131.15
CURRENT: 130.50
S 1: 129.60
S 2: 129.05
USDMXN
R 2: 13.815
R 1: 13.685
CURRENT: 13.345
S 1: 13.260
S 2: 13.195
|
|
Market Brief |
The morning session offered very little in the way of market-moving data, with German Industrial Production for Aug (1.7% MoM vs. 1.8% expected, -1.1% prior) being of very little consequence to a market determined to sell USD. Gold tipped to new highs at $1058.60 as the DXY floundered below 76.00.
The Bank of England rate announcement was the first major focus, but turned out to be pretty uneventful as the MPC kept rates unchanged at 0.5% and maintained their asset purchase target at £175bn - in line with consensus forecasts. It seems the major decision of whether to expand the programme will be deferred until the November meeting, by which time the BoE Quarterly Inflation Report will be available. GBPUSD has consequently remained supported throughout the day, and still looks to threaten stops above 1.6090.
The ECB also kept rates on hold at 1%, and the accompanying statement was broadly in line with previous releases, re-affirming that inflation expectations remain firmly anchored and rates are appropriate. If anything the statement was a little more sanguine on the prospects for the labour market and growth than previously, but the real focus was on the subsequent Q&A session. As expected, journalist questions tried to bait for comment about EUR strength and USD weakness, but Trichet gave up very little, choosing instead to re-iterate his previous statements that excess volatility in currency markets have an adverse effect, and that he appreciates the US strong USD policy. The lack of any pushback from the ECB president triggered a sharp rally in EURUSD as investors saw this as permission to ramp up the current trend, but after failing twice to hold above 1.4800, the pair fell markedly back to 1.4735.
The USD managed to pare back some of its losses in the European afternoon, rebounding strongly from the lows (DXY 76.20 currently) as gold retraced back below $1050 (currently $1046.50) and crude took back its gains.
|
|
Alcoa Profits Boost Risk Appetite As Dollar Hits Lows
October 08, 2009 8:46 AM CEST
|
|
G10 Advancers and Decliners vs USD |
| | AUD | 1.32 | | | | CAD | 0.68 | | | | NOK | 0.63 | | | | NZD | 0.50 | | | | EUR | 0.47 | | | | DKK | 0.46 | | | | CHF | 0.44 | | | | JPY | 0.33 | | | | SEK | 0.22 | | | | GBP | 0.16 | |
|
|
Global Indexes |
Current Level |
% Change |
|
| Nikkei 225 Index | 9'832.47 | + 0.34 | | Hang Seng Index | 21'323.54 | + 0.39 | | Shanghai Index | 2'779.43 | + 0.90 | | FTSE 100 Index | 5'108.90 | - 0.57 | | DAX Index | 5'640.75 | - 0.30 | | SMI Index | 6'260.15 | - 0.27 | | S&P future | 1'064.00 | + 0.99 |
|
|
World Markets |
Current Level |
% Change |
|
| Gold | 1'053.12 | + 0.85 | | Silver | 17.82 | + 1.42 | | VIX | 24.68 | - 3.97 | | Crude wti | 70.34 | + 1.11 | | USD Index | 76.11 | - 0.37 |
|
|
Todays Calender |
Estimates |
Previous |
Country / GMT |
|
| Sweden: Industrial production, % m/m Aug | 0.8 | -0.5 | SEK/07:30 | | UK: Halifax house price index, % m/m (3m y/y) Sep | 0.6 (-7.8) | 0.8(-10.1) | GBP/08:00 | | Germany: Industrial production, % m/m Aug | 1.9 | -0.9 | EUR/10:00 | | Cad: Housing Starts, k Sep | 148.0 | 150.4 | CAD/12:15 | | US: Initial jobless claims, thous (4w ma) 03-Oct | 545 (545) | 551 (564) | USD/12:30 | | US: Wholesale inventories, %m/m Aug | -1.0 | -1.4 | USD/14:00 |
|
|
|
Currency Tech |
AUDUSD
R 2: 0.9325
R 1: 0.9130
CURRENT: 0.9040
S 1: 0.8645
S 2: 0.8570
USDCAD
R 2: 1.0825
R 1: 1.0650
CURRENT: 1.0535
S 1: 1.0530
S 2: 1.0420
EURJPY
R 2: 132.10
R 1: 131.15
CURRENT: 130.35
S 1: 129.60
S 2: 129.05
USDMXN
R 2: 13.815
R 1: 13.685
CURRENT: 13.346
S 1: 13.260
S 2: 13.195
|
|
Market Brief |
US equity markets were boosted higher yesterday after analyst upgrades for Bank of America and Wells Fargo, followed by earnings released from Alcoa after the close. As the first major earnings focus of the week, the aluminium producer managed to produce its first quarterly profit since last year, against consensus forecast for a loss; no doubt exciting investors that Q3 may outshine even Q2’s earnings. The sell-off in the USD (now around -week lows, DXY 76.05) helped commodities advance higher, as gold hit new highs for a third straight day $1054.60) and silver powers up to $17.89.
Predictably, Asian stocks continued to rise for a third day on the back of improved sentiment, supported by Australia's jobless rate unexpectedly dropping to 5.7% last month. Expectations had been for the Unemployment figure to rise to 6.0% after last month’s 5.8% reading; the surprise improvement spurred AUDUSD to new 14 month highs at 0.9033 (currently 0.9015), dragging other major currencies higher against USD with it. NZD in particular has benefitted (trading at 0.7400), shrugging off comments from NZ Finance Minister, Bill English, that the level of the currency was uncomfortable.
The key events of the day will be the BoE and ECB rate meetings; despite no expectations for a change in rate from either committee, GBP traders will be wary of any expansion in the QE programme, as GBPUSD’s tentative recovery has been wholly reliant on USD weakness thus far (currently 1.5990). Meanwhile EUR bulls should be cautious of any rhetoric on EUR strength in the ECB press conference; numerous members including Trichet himself have been on the wires in recent weeks to highlight their preference for a strong USD and aversion to excessive currency moves; and any explicit reference to the FX are likely to present a stumbling block for EURUSD’s rally.
The remaining data releases to expect include Swedish Industrial Production, German Industrial Production, US Initial Jobless Claims and Wholesale Inventories. The earnings schedule today includes Marriott International (exp: 0.127) and PepsiCo (exp: 1.033), but the biggest headline releases will come next week with most of the major financial institutions due (JP Morgan, Morgan Stanley, Goldman Sachs, Citigroup).
|
|
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.
|
| |
|
|
| |
| |
|