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US Session: Dollar Strengthens Broadly on Improving Consumer Sentiment as Gold Slumps and Euro under Pressure by Record Weak Eurozone Output Data
June 12, 2009 6:23 PM CEST
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G10 Advancers and Decliners vs USD |
 | Nzd | -0.13 | | | Nok | -0.15 | | | Dkk | -0.54 | | | Eur | -0.55 | | | Chf | -0.57 | | | Gbp | -0.59 | | | Jpy | -0.59 | | | Sek | -0.77 | | | Aud | -0.78 | | | Cad | -1.39 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA Index | 8,757.24 | - 0.16 | | S&P 500 Index | 939.90 | - 0.53 | | NASDAQ 100 Index | 1,838.65 | - 1.27 | | Nikkei 225 Futures | 10,110.00 | - 0.30 | | Hang Seng Futures | 18,836.00 | + 0.24 | | FTSE futures | 4,438.50 | - 0.62 | | SMI Futures | 5,518.00 | + 0.66 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 72.02 | - 0.91 | | Gold | 942.40 | - 1.21 | | Silver | 14.98 | - 2.79 | | USD Index | 80.01 | + 0.60 | | VIX | 28.29 | + 0.64 |
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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: 0.8519
R 2: 0.8378
R 1: 0.8263
CURRENT: 0.8141
S 1: 0.7968
S 2: 0.7828
S 3: 0.7745
EURJPY
R 3: 144.61
R 2: 141.75
R 1: 139.22
CURRENT: 137.66
S 1: 135.30
S 2: 133.89
S 3: 131.49
USDSGD
R 3: 1.4803
R 2: 1.4748
R 1: 1.4666
CURRENT: 1.4500
S 1: 1.4425
S 2: 1.4386
S 3: 1.4336
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Market Brief |
The dollar pared losses from the previous session and extended gains across the board as gold plummeted to $938oz and investors took profits on the dollar’s recent decline. The EurUsd fell 134pips testing 1.39 as a point of resistance, while the UsdJpy rose to 98.29 level after reaching 98.42 earlier. The GbpUsd saw a correction after testing the 1.66 level yesterday, tumbling to $1.6379. U.K. Finance Minister Alistair Darling expressed concerns over rising oil prices, which had the potential to be a “huge problem” for any recovery. Equity markets edged down in the U.S. and Europe, with the Dow slipped by 16pts or 0.18% and the FTSE off 14pts or 0.62%. The 10-yr note’s yield dropped to 3.79% in light of Thursday’s surprisingly successful 30-yr bond auction. On the commodity side, gold dived to $939oz from $961oz with oil retreated to $71bbl.
The dollar strengthened against major currencies after report showed that U.S. Michigan consumer sentiment rose to 69 in June, reflecting signs that the recession may be abating. The euro dropped to $1.3966 after seeing a record drop of 21.6% in Eurozone industrial production. Profit-taking drove the sterling down to $1.6381 ahead of the G8 meeting this weekend after breaking above $1.66 on Thursday. Also lending support to the dollar was comments from the Japanese Finance Minister Kaoru Yosano, expressing confidence in the U.S. debt situation and the dollar’s status as a reserve currency. Further assuring the dollar status was news that the Fed will resist pressure to buy more bonds, aiming to control the dollar supply. Uptick in the credit market sent yields lower and mounted selling pressure on the dollar on Thursday. The auction for 30-year bonds was surprisingly successful, erasing concerns over Wednesday’s weak 10-year note sale that pushed the yield above 4%. But the trend was reversed today as the dollar rebounded.
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Asian Session: Chinese "Green Shoots"
June 12, 2009 11:38 AM CEST
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G10 Advancers and Decliners vs USD |
| | CAD | 0.13 |  | | | GBP | 0.10 | | | | EUR | 0.06 | | | | CHF | 0.03 | | | AUD | -0.01 | | | NZD | -0.06 | | | NOK | -0.07 | | | SEK | -0.10 | | | DKK | -0.15 | | | JPY | -0.20 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 10,135.82 | + 1.55 | | Hang Seng Index | 18,928.02 | + 0.73 | | Shanghai Index | 2,906.29 | - 1.87 | | FTSE 100 Index | 4,467.12 | + 0.12 | | DAX Index | 5,100.22 | - 0.14 | | SMI Index | 5,507.16 | + 0.43 | | DJIA futures | 8,705.00 | + 0.20 |
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World Markets |
Current Level |
% Change |
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| Gold | 952.40 | - 1.00 | | Silver | 15.28 | - 1.34 | | Crude wti | 72.15 | - 0.87 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| Industrial Production | -0.4 | -2 | EUR / 11.00 | | Michgan Consumer Confidence | 70.0 | 65.7 | USD / 15.55 |
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Currency Tech |
AUDUSD
R 3: 0.8519
R 2: 0.8378
R 1: 0.8263
CURRENT: 0.8141
S 1: 0.7968
S 2: 0.7828
S 3: 0.7745
EURJPY
R 3: 144.61
R 2: 141.75
R 1: 139.22
CURRENT: 137.66
S 1: 135.30
S 2: 133.89
S 3: 131.49
USDSGD
R 3: 1.4803
R 2: 1.4748
R 1: 1.4666
CURRENT: 1.4500
S 1: 1.4425
S 2: 1.4386
S 3: 1.4336
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Market Brief |
The Usd was weaker in the Asian session.The EurUsd traded between 1.4060 and 1.4125, while the UsdJpy traded between 97.45 and 97..98. Asian regional indexes are trading higher, as risk appetite is slow returning to the market. Currently, crude is at $72.40bll and gold at $953.68oz.. The last auction of the week passed without incident, as the 30y auction recorded a bid-to-cover ratio of 2.68 and 49% was awarded to indirect bidders. Overall yields dropped as investors worries lessened after the auction as they found levels attractive. In China, May's data released today continued to outpace market expectations, suggesting the economy is on a recovery path. Industrial production growth jumped sharply to 8.9% y/y in May, from 7.3% prior. In the FX world, G10 currencies will continue to monitor China’s economic data. With Chinese growth supporting global growth and the demand for commodities, this will be positive for cyclical currencies and negative for the USD. This weekend's G8 meeting pre reports indicate that FX will not be on the official agenda since central bank officials will not be present. However, a French official has already stated concerns regarding volatility in FX, while Paul Volcker stated that it is important to maintain the USD's purchasing power at home and abroad. We expect officials to sound optimistic regarding the global recovery, which should be Usd negative.
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