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US Session: Equity Markets Retreat on Concerns that Credit Based Lending Will Hurt Bank Revenues Weaker Dollar Persists
May 21, 2009 1:36 AM CEST
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G10 Advancers and Decliners vs USD |
| | Gbp | 1.75 |  | | | Cad | 1.33 | | | | Jpy | 1.30 | | | | Eur | 1.06 | | | | Dkk | 1.04 | | | | Sek | 0.83 | | | | Chf | 0.81 | | | | Nzd | 0.59 | | | | Nok | 0.16 | | | | Aud | 0.09 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA Index | 8,460.59 | - 0.17 | | S&P 500 Index | 907.84 | - 0.03 | | NASDAQ 100 Index | 1,737.14 | + 0.15 | | FTSE futures | 4,428.00 | - 0.28 | | CAC futures | 3,260.00 | + 0.71 | | DAX futures | 5,019.00 | + 1.41 | | SMI Index | 5,507.00 | + 0.11 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 62.04 | + 3.36 | | Gold | 938.75 | + 1.48 | | Silver | 14.31 | + 0.88 | | USD Index | 80.98 | - 1.36 | | VIX | 28.42 | - 1.32 |
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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: 0.7785
R 2: 0.7757
R 1: 0.7719
CURRENT: 0.7712
S 1: 0.7687
S 2: 0.7559
S 3: 0.7451
EURJPY
R 3: 133.59
R 2: 132.40
R 1: 131.15
CURRENT: 130.03
S 1: 126.63
S 2: 124.39
S 3: 122.13
USDSGD
R 3: 1.4882
R 2: 1.4845
R 1: 1.4803
CURRENT: 1.4643
S 1: 1.4623
S 2: 1.4501
S 3: 1.4446
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Market Brief |
Euphoria proceeds to spread, the root of which is the perception of a weaker dollar and pockets of positive economic data globally. Inflation expectations will be a key element in projecting the strength in gold and potential for an extended rally in commodities. There was a slight retraction in US stock indices based on concerns that new legislation regarding the credit card sector will hinder bank revenues. Despite activity in the equity markets, risk appetite lifted the energy, softs, base and precious metals to higher levels. Oil broke through $60bbl, and seems to be solidifying a new range between $60-$64bbl. To no surprise the dollar depreciated against most of the G10, with the Euro higher by 160pips testing 1.38 early in the session and the Sterling also extending its recent upswing trading slightly above 1.57. We should continue to see this trend of dollar weakness in the long-term, but technical pullbacks will occur in the interim.
Risk Disclaimer:
Although every investment involves some degree of risk, the risk of loss in trading off‐exchange forex contracts can be substantial. Therefore if you are considering trading in this market, you should be aware of the risks associated with this product so you can make an informed decision prior to investing. The material presented here is not to be construed as trading advice or strategy. ACMNY makes a strong effort to use reliable, expansive information, but we make no representation that it is accurate or complete. In addition, we have no obligation to notify you when opinions or data in this material change.
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Asian Session: Japanese GDP contracts as expected – dollar constructive through the night.
May 20, 2009 5:44 AM CEST
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G10 Advancers and Decliners vs USD |
| | JPY | 0.531 | | | | NOK | 0.127 | | | | CHF | 0.059 | |  | DKK | -0.005 | | | EUR | -0.016 | | | GBP | -0.034 | | | CAD | -0.034 | | | SEK | -0.066 | | | NZD | -0.222 | | | AUD | -0.268 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 9330.46 | + 0.43 | | Hang Seng Index | 17547.61 | + 0.02 | | Shanghai Index | 2673.208 | - 0.13 | | FTSE futures | 4440.5 | + 0.64 | | DAX futures | 4949 | + 2.12 | | DJIA futures | 8432 | - 0.20 | | Nasdaq futures | 1389 | - 0.36 |
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World Markets |
Current Level |
% Change |
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| Gold | 925.7 | + 0.07 | | Silver | 14.11 | - 0.49 | | VIX | 28.8 | - 4.76 | | Crude wti | 60.5 | + 0.67 | | USD Index | 82.16 | + 0.08 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| BoE Minutes | - | - | GBP / 08:30 | | Swiss Zew | - | - | CHF / 09:00 | | CAD CPI (MoM) | 0.2% | 0.2% | CAD / 11:00 | | CAD CPI (YoY) | 1.8% | 2.0% | CAD / 11:00 | | Tarp Senate Hearing | - | - | USD / 13:30 | | FOMC Meeting | - | - | USD / 18:00 |
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Currency Tech |
AUDUSD
R 3: 0.7785
R 2: 0.7757
R 1: 0.7719
CURRENT: 0.7712
S 1: 0.7687
S 2: 0.7559
S 3: 0.7451
EURJPY
R 3: 133.59
R 2: 132.40
R 1: 131.15
CURRENT: 130.03
S 1: 126.63
S 2: 124.39
S 3: 122.13
USDSGD
R 3: 1.4882
R 2: 1.4845
R 1: 1.4803
CURRENT: 1.4643
S 1: 1.4623
S 2: 1.4501
S 3: 1.4446
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Market Brief |
The Japanese economy contracted a record 4% (-15.2% Annualized rate) in the first quarter but was largely in-line with expectations, the Yen failed to move substantially – testament to the fact that this sharp decline in GDP was already priced into the markets. Japan’s GDP followed suit to what Europe had reported last week as slowing global demand for its products has hurt exports – a major contributor to the Nippon economy. There has been much talk of intervention on the part of the BoJ as Japanese exporters continue to suffer the consequences of a strong Yen. The global crisis brought on a contraction in interest rates which eroded the Yen carry-trade starting mid-last year and focused the Yen as a haven currency – its dynamic defying that of the Greenbacks. This dynamic was thawing in recent weeks but with increased risk aversion in the markets we seek a general strengthening of the Yen across the board.
The US dollar was initially under pressure after the NY close however after reaching a high of 1.3668 the greenback fought back, trading as low as 1.3585 in mid-Asian session where it hit a support. The USDJPY traded lower throughout the night as the Yen simply shrugged off the bad GDP news as consumer confidence and external demand showed signs of stabilization. The USDJPY traded as low as 95.53 in Asian trading, where it retraced 20pips higher but the strong bearish trend remains.
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US Session: Dollar Continues to Undergo Selling Pressure Despite Easing in Risk Appetite
May 20, 2009 1:23 AM CEST
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G10 Advancers and Decliners vs USD |
| | Cad | 0.05 | | | | Gbp | 0.03 | | | | Eur | 0.01 | | | Dkk | -0.01 | | | Chf | -0.01 | | | Aud | -0.06 | | | Nok | -0.09 | | | Nzd | -0.09 | | | Jpy | -0.14 | | | Sek | -0.14 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA Index | 8,474.85 | - 0.34 | | S&P 500 Index | 908.13 | - 0.17 | | NASDAQ 100 Index | 1,734.54 | + 0.13 | | FTSE futures | 4,440.50 | + 0.64 | | CAC futures | 3,237.00 | + 1.35 | | DAX futures | 4,949.00 | + 2.12 | | SMI Futures | 5,501.00 | + 1.21 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 59.65 | + 1.05 | | Gold | 925.65 | + 0.07 | | Silver | 14.18 | + 0.01 | | USD Index | 82.10 | - 0.52 | | VIX | 28.80 | - 4.76 |
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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: 0.8348
R 2: 0.8097
R 1: 0.7714
CURRENT: 0.7695
S 1: 0.7451
S 2: 0.7337
S 3: 0.7233
EURJPY
R 3: 133.59
R 2: 132.40
R 1: 131.15
CURRENT: 131.26
S 1: 126.63
S 2: 124.39
S 3: 122.13
USDSGD
R 3: 1.4882
R 2: 1.4845
R 1: 1.4803
CURRENT: 1.4637
S 1: 1.4623
S 2: 1.4501
S 3: 1.4446
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Market Brief |
The recent rally in equities came to a screeching halt following worst than expected housing data in the US. The FX markets neglected to follow the pattern of US stocks and the dollar came under pressure as economic fundamentals in Europe showed slight signs of improvement. German ZEW beat estimates of 20.0 coming at 31.1, while in the UK inflation data was in line with expectations. The surge in Sterling prices continued as the currency managed to gain 133pips approaching 1.55 as a level of resistance. On the commodities front oil stood resilient breaking the $60bbl, behind what appears to be strong momentum. This should signal further upside for gold which remains at $926oz, and may shift to a new range on the positive side as hedgers look for inflation protection outside of expensive interest rate related instruments.
Risk Disclaimer:
Although every investment involves some degree of risk, the risk of loss in trading off‐exchange forex contracts can be substantial. Therefore if you are considering trading in this market, you should be aware of the risks associated with this product so you can make an informed decision prior to investing. The material presented here is not to be construed as trading advice or strategy. ACMNY makes a strong effort to use reliable, expansive information, but we make no representation that it is accurate or complete. In addition, we have no obligation to notify you when opinions or data in this material change.
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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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