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US Session: Sweeping US Financial Regulations May Crimp Corporate Profits Sending the Dollar Lower
June 19, 2009 11:10 PM CEST
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G10 Advancers and Decliners vs USD |
| | Gbp | 1.00 |  | | | Aud | 0.89 | | | | Nzd | 0.74 | | | | Chf | 0.48 | | | | Eur | 0.30 | | | | Dkk | 0.29 | | | | Jpy | 0.28 | | | | Nok | 0.11 | |  | Sek | -0.03 | | | Cad | -0.30 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA Index | 8,539.73 | - 0.19 | | S&P 500 Index | 921.23 | + 0.31 | | NASDAQ 100 Index | 1,827.47 | + 1.09 | | Nikkei 225 Futures | 9,830.00 | + 0.61 | | Hang Seng Futures | 17,915.00 | + 0.85 | | FTSE futures | 4,357.00 | + 1.57 | | SMI Futures | 5,435.00 | + 1.23 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 69.61 | - 2.47 | | Gold | 934.70 | + 0.18 | | Silver | 14.23 | + 0.11 | | USD Index | 80.34 | - 0.30 | | VIX | 27.99 | - 6.79 |
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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: 0.8378
R 2: 0.8260
R 1: 0.8108
CURRENT: 0.8039
S 1: 0.7825
S 2: 0.7745
S 3: 0.7700
EURJPY
R 3: 139.20
R 2: 138.33
R 1: 135.37
CURRENT: 134.78
S 1: 132.35
S 2: 131.50
S 3: 129.73
USDSGD
R 3: 1.4800
R 2: 1.4748
R 1: 1.4665
CURRENT: 1.4561
S 1: 1.4425
S 2: 1.4355
S 3: 1.4335
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Market Brief |
The dollar declined versus most of the majors only gaining ground against the Cad. The EurUsd added roughly 60pips trading at the mid range of 1.39, while the UsdJpy slipped 30pips finding support at 96. The most active pair in the G10 was the GbpUsd a consistent theme in FX trading over the last several sessions. The Sterling rallied 179pips breaking through 1.65 as Traders look to establish a new range going into next week. Equity markets ended flat, after a positive close across the European indexes and discussions of more stringent regulations to be proposed for businesses in the US both financial and non-financial institutions. Bond yields tightened across the UST curve, with the 2yr and 10yr were lower by 5bps at 1.2% and 3.7% respectively. The movement in rates will be increasingly important leading up to the FOMC meeting next week as investors and Traders look for more guidance regarding monetary policy in the latter end of 2009. Our bias remains bearish on the dollar in the medium term, with breaks of strength on risk aversion but overall the deleveraging of treasuries and shift away from other dollar denominated assets should prompt a rally in opposing currencies in the G10.
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Asian Session: Risk Appetite Returns Slowly
June 19, 2009 10:57 AM CEST
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G10 Advancers and Decliners vs USD |
| AUD | -0.04 | | | GBP | -0.12 | | | CAD | -0.19 | | | CHF | -0.27 | | | DKK | -0.30 | | | EUR | -0.32 | | | NOK | -0.37 | | | JPY | -0.44 | | | NZD | -0.65 | | | SEK | -0.69 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 9,786.26 | + 0.85 | | Hang Seng Index | 17,932.60 | + 0.87 | | Shanghai Index | 2,880.49 | + 0.93 | | FTSE 100 Index | 4,305.64 | + 0.57 | | DAX Index | 4,835.87 | - 0.03 | | SMI Index | 5,420.15 | + 0.85 | | DJIA futures | 8,568.00 | + 0.21 |
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World Markets |
Current Level |
% Change |
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| Gold | 934.36 | + 0.14 | | Silver | 14.23 | + 0.10 | | VIX | 30.03 | - 4.78 | | Crude wti | 71.81 | + 0.63 | | USD Index | 80.52 | - 0.08 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| Banxico interest rate announcement, % Jun | 4.75% | 5.25% | MXN / 14.00 |
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Currency Tech |
AUDUSD
R 3: 0.8378
R 2: 0.8260
R 1: 0.8108
CURRENT: 0.8039
S 1: 0.7825
S 2: 0.7745
S 3: 0.7700
EURJPY
R 3: 139.20
R 2: 138.33
R 1: 135.37
CURRENT: 134.78
S 1: 132.35
S 2: 131.50
S 3: 129.73
USDSGD
R 3: 1.4800
R 2: 1.4748
R 1: 1.4665
CURRENT: 1.4561
S 1: 1.4425
S 2: 1.4355
S 3: 1.4335
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Market Brief |
The USD traded broadly higher in the Asian session after a stronger move in early trading. According to Reuters, the British Bankers' Association (BBA) stated that it would allow more financial institutions to take part in the daily survey, which fixes the London interbank offered rate. Market interpreted this change as USD positive, since there is the belief that higher fixings would increase, as banks which report lower fixing would be unable to hide (or skew results) during times of stress. And with interest rate differentials moving in favor of the USD, we could see some additional buying on the expected announcement today. Rebounding risk appetite was a core driver for fx markets, as major US and European equity indexes closed higher for the first time this week. And the optimism has followed through into Asian equity markets. With no real economic data scheduled to be released today, we expect FX markets to be range bound. Yesterday, the EURCHF provided the market with some interesting action. Early in the day, SNB announced no change to the LIBOR target of 0.25%, as was widely expected. Then, Chairman Roth commented that he was happy with the effect of SNB interventions in the FX market, which resulted in stopping the EUR/CHF depreciation. The bank reiterated its readiness to act again if required, but warned that markets should not become accustomed to expecting intervention at a particular level. The market seemed to take this as an invite to test the SNB commitment, pushing the pair down to 1.5008. The EUR/CHF responded later in the day to a rapid move to 1.5140, which has led to suspicions of official intervention but the SNB and other related entities have refused to comment. With no real economic data scheduled to be released today and most market moves being of little real significance, we expect FX markets to be range bound.
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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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