Daily Forex Snapshots

US Session: Doubts Arise Among Investors Expecting Global Economic Recovery in Near Future

May 16, 2009 12:36 AM CEST

G10 Advancers and Decliners vs USD

	Jpy	0.78
	Gbp	-0.50
	Sek	-0.78
	Cad	-0.88
	Nok	-1.10
	Eur	-1.11
	Dkk	-1.11
	Aud	-1.38
	Chf	-1.62
	Nzd	-1.81

Global Indexes

Current Level

% Change

DJIA Index	8,260.28	- 0.85
S&P 500 Index	883.11	- 1.12
NASDAQ 100 Index	1,683.09	- 0.36
FTSE futures	4,293.00	- 0.99
CAC futures	3,170.90	+ 0.54
DAX futures	4,702.00	- 0.80
SMI Futures	5,351.00	- 0.17

World Markets

Current Level

% Change

Crude wti	56.54	- 3.55
Gold	931.20	+ 0.51
Silver	14.01	- 0.36
USD Index	83.02	+ 0.91
VIX	33.19	+ 5.80

Todays Calender

Estimates

Country / GMT

No Major Events Scheduled

Currency Tech

AUDUSD
R 3: 0.8520
R 2: 0.8095
R 1: 0.7738
CURRENT: 0.7566
S 1: 0.7460
S 2: 0.7338
S 3: 0.7233

EURJPY
R 3: 134.80
R 2: 133.60
R 1: 132.40
CURRENT: 129.42
S 1: 128.87
S 2: 126.63
S 3: 124.40

USDSGD
R 3: 1.4880
R 2: 1.4803
R 1: 1.4745
CURRENT: 1.4667
S 1: 1.4500
S 2: 1.4446
S 3: 1.4270

Market Brief

The dollar benefited from a reversion back to negative bias regarding the state of financial markets. We didn’t observe a flight to quality into treasuries per se, but an unwind in currencies like the Euro. The EurUsd fell through previous support 1.35 to the high range of 1.34, while the UsdJpy slipped 60pips to the low 95 price area. Comments from FDIC Chairman Sheila Bair stating additional Bank CEOs are likely to be removed, reignited concerns about the delicacy of the financial sector. The pullback in risk appetite acted as a serious detriment to oil prices, as crude settled nearly 4.00% lower to $56bbl. Despite a better than expected Univ of Michigan consumer confidence figure at 67.9 other indicators like industrial production fell for the sixth consecutive month implying a lack of demand for factories and manufacturers to produce goods. Economic fundamentals are controlling the variations in risk sentiment, and thus driving FX prices within the G10.

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