|
|
US Session: Sterling Suffers On Dollar Rebound
November 20, 2009 5:45 PM CET
|
|
G10 Advancers and Decliners vs USD |
| | JPY | 0.05 |  |  | AUD | -0.41 | | | DKK | -0.43 | | | NOK | -0.44 | | | EUR | -0.44 | | | CHF | -0.53 | | | CAD | -0.70 | | | NZD | -0.82 | | | GBP | -0.86 | | | SEK | -0.94 | |
|
|
Global Indexes |
Current Level |
% Change |
|
| FTSE 100 Index | 5'250.88 | - 0.32 | | DAX Index | 5'663.77 | - 0.67 | | SMI Index | 6'280.55 | - 0.10 | | S&P 500 Index | 1'087.87 | - 0.64 | | DJIA Index | 10'281.36 | - 0.49 | | Nikkei 225 Futures | 9'440.00 | - 1.15 | | Shanghai Futures | 22'420.00 | - 0.55 |
|
|
World Markets |
Current Level |
% Change |
|
| Gold | 1'142.43 | - 0.19 | | Silver | 18.35 | - 0.98 | | VIX | 22.87 | + 1.06 | | Crude wti | 76.73 | - 0.94 | | USD Index | 75.60 | + 0.44 |
|
|
Todays Calender |
Estimates |
Previous |
Country / GMT |
|
| No further releases | --- | --- | --- |
|
|
|
Currency Tech |
EURUSD
R 2: 1.5060
R 1: 1.5045
CURRENT: 1.4855
S 1: 1.4800
S 2: 1.4785
GBPUSD
R 2: 1.7040
R 1: 1.6845
CURRENT: 1.6520
S 1: 1.6510
S 2: 1.6400
USDJPY
R 2: 90.85
R 1: 90.60
CURRENT: 88.95
S 1: 88.65
S 2: 87.10
AUDUSD
R 2: 0.9335
R 1: 0.9220
CURRENT: 0.9140
S 1: 0.9060
S 2: 0.9020
USDCAD
R 2: 1.0860
R 1: 1.0780
CURRENT: 1.0720
S 1: 1.0545
S 2: 1.0450
|
|
Market Brief |
There have been very few newsworthy events in today’s session, and even the handful of scheduled speakers lined up had very little effect on FX markets. The only driver therefore has been the performance of global equity markets; and with both European and US indices in negative territory, the USD has been able to make gains across the board. The hardest hit has been GBP which has tumbled over 200 pips today from its opening levels around 1.6670 to touch a low of 1.6461. Strong demand in EURGBP has been apparent throughout the session, but besides that there have not been any significant headlines to induce such a fall. One possibility may be that in the absence of any data today, markets have been looking ahead to next week’s events; in particular BoE King and MPC members testifying about the November Inflation Report on Tuesday. It is expected that policymakers will clarify their stance on the QE programme remains flexible and that all tools, including a future cut in deposit rates, remain on the table. Any further expansion of QE or reduction in interest rates would be strongly GBP negative, and the explicit suggestion of either remains a very real threat at this event.
Commodities are having a mixed day; with crude down around a percent at $76.60 but gold holding up relatively well at $1142 levels. We expect a period of consolidation in gold prices after the steep rally we’ve had over the past few weeks, and for the moment $1125-30 seems to be populated with good bids. Some offers wait just ahead of $1150, so for now gold, like many other major currencies, seems destined for range-bound trading ahead of a decisive break out in the USD.
|
|
European Session: BoJ Holds Rates Steady
November 20, 2009 10:40 AM CET
|
|
G10 Advancers and Decliners vs USD |
| | AUD | 0.19 | | | | JPY | 0.04 | | | | SEK | 0.03 | | | | NZD | 0.02 | | | | DKK | 0.01 | | | NOK | -0.01 | | | CAD | -0.02 | | | EUR | -0.02 | | | CHF | -0.06 | | | GBP | -0.21 | |
|
|
Global Indexes |
Current Level |
% Change |
|
| Nikkei 225 Index | 9,497.68 | - 0.54 | | Hang Seng Index | 22,455.84 | - 0.82 | | Shanghai Index | 3,308.35 | - 0.36 | | FTSE 100 Index | 5,289.82 | + 0.41 | | DAX Index | 5,735.38 | + 0.59 | | SMI Index | 6,302.18 | + 0.24 | | S&P future | 1,094.30 | + 0.01 |
|
|
World Markets |
Current Level |
% Change |
|
| Gold | 1,145.38 | + 0.06 | | Silver | 18.51 | - 0.13 | | VIX | 22.63 | + 4.62 | | Crude wti | 77.55 | + 0.11 | | USD Index | 75.33 | + 0.07 |
|
|
Todays Calender |
Estimates |
Previous |
Country / GMT |
|
| SNB Chairman Roth speaks at the University of Frib | -- | -- | CHF / 09.15 | | ECB President Trichet gives the keynote address | -- | -- | EUR / 10.30 | | Core Inflation (% y/y)Oct | 2.8 | 2.9 | PLN / 12.00 | | GDP (% y/y)Q3 | -6.7 | -10.3 | MXN / 19.30 |
|
|
|
Currency Tech |
AUDUSD
R 2: 0.9405
R 1: 0.9335
CURRENT: 0.9185
S 1: 0.9130
S 2: 0.9095
USDCAD
R 2: 1.0780
R 1: 1.0689
CURRENT: 1.0647
S 1: 1.0545
S 2: 1.0450
EURJPY
R 2: 134.45
R 1: 134.02
CURRENT: 132.46
S 1: 131.75
S 2: 131.00
USDMXN
R 2: 13.135
R 1: 13.088
CURRENT: 13.044
S 1: 12.999
S 2: 12.945
|
|
Market Brief |
Risk appetite stayed weak in the Asian session, after Wall Street closed lower but, overall, most of the trading in currencies and commodities was well in their ranges. The EURUSD traded between 1.4880 and 1.4940, while spot Gold traded between $1140 and $1147. With no first tier economic releases scheduled today, we don't expect any one way trade of break out of the monthly ranges. But ranges can also be very profitable, especially the EURCHF. The USDJPY remains heavy below 90.61 high, with the break of 88.74 low opening the 88.01 key support.
As was universally expected, the BoJ held its uncollateralized overnight cash rate at 0.1%. The decision was unanimous and the BoJ statement stated that the domestic economy was improving but would continue with its "extremely accommodative" monetary policy. Finance Minister Fujii warned about the dangers of rising bond yields, which could counteract the ultra loose monetary policy and small business improvement initiatives.
Today, China's Central Bank Governor, Zhou Xiao Chuan, said “It’s like watching a tournament,...We just watch the game. Regardless who wins or loses, the issue of whether the winner or loser benefits the spectator doesn’t arise." In short, don't expect pressure from the West to have any influence on China's exchange rate mechanism.
There is little economic data of note today. More significantly, speakers in Frankfurt today include ECB President Trichet and Bundesbank President Weber. Outside the euro area, SNB President Roth will speak in Fribourg.
|
|
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.
|
| |
|
|
| |
| |
|