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US Session: Dollar Resumes Downward Trend After Session of Profit-Taking
June 23, 2009 9:29 PM CEST
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G10 Advancers and Decliners vs USD |
| | Chf | 1.85 |  | | | Nzd | 1.67 | | | | Eur | 1.57 | | | | Dkk | 1.57 | | | | Sek | 1.39 | | | | Nok | 1.25 | | | | Aud | 1.24 | | | | Jpy | 0.66 | | | | Aud | 0.62 | | | | Cad | 0.32 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA Index | 8,318.60 | - 0.25 | | S&P 500 Index | 894.73 | + 0.19 | | NASDAQ 100 Index | 1,765.71 | - 0.03 | | Nikkei 225 Futures | 9,570.00 | + 0.31 | | Hang Seng Futures | 17,471.00 | + 3.28 | | FTSE futures | 4,210.50 | + 0.05 | | SMI Futures | 5,300.00 | + 0.00 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 69.39 | + 2.80 | | Gold | 925.00 | + 0.25 | | Silver | 13.85 | + 0.84 | | USD Index | 79.80 | - 1.29 | | VIX | 30.47 | - 2.25 |
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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: 0.8265
R 1: 0.8120
CURRENT: 0.7850
S 1: 0.7745
S 2: 0.7700
S 3: 0.7630
EURJPY
R 3: 138.30
R 2: 135.37
R 1: 134.20
CURRENT: 132.42
S 1: 131.50
S 2: 129.70
S 3: 126.95
USDSGD
R 3: 1.4800
R 2: 1.4748
R 1: 1.4666
CURRENT: 1.4584
S 1: 1.4515
S 2: 1.4425
S 3: 1.4385
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Market Brief |
The dollar declined against most of the G10 as investors and Traders resumed diversification out of dollar denominated assets and into higher yielding instruments. . Equity markets are slightly higher in the US and marginally higher overseas in Europe. This activity is likely to be fairly neutral due ahead of the FOMC meeting tomorrow and several other smaller economic data points. Price action infers that the small blip to the downside in the previous session was a move to close out outstanding positions as things wind down. It seems that the usual suspects have resumed their positive trend with gasoline futures higher for the first time in five days, followed by a slight uptick in oil and gold prices.
There are several economic data points scheduled to be released following the much anticipated FOMC meeting. While the general consensus is for the Fed to leave rates unchanged, investors are more focused on the commentary following the decision. Further clarity regarding the Fed’s ability to raise interest rates before year-end should produce some volatility, in addition quarterly GDP, durable goods, new home sales, and initial jobless claims will test the green shoots theory once again.
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Asian Session: Commodity Prices in Decline
June 23, 2009 11:38 AM CEST
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G10 Advancers and Decliners vs USD |
| | JPY | 0.70 | | | | CHF | 0.25 | | | | DKK | 0.21 | | | | EUR | 0.20 | | | | CAD | 0.04 | |  | NZD | -0.25 | | | GBP | -0.30 | | | SEK | -0.31 | | | NOK | -0.34 | | | AUD | -0.61 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 9,549.61 | - 2.81 | | Hang Seng Index | 17,595.64 | - 2.56 | | Shanghai Index | 2,892.70 | - 0.12 | | FTSE 100 Index | 4,244.32 | + 0.24 | | DAX Index | 4,709.46 | + 0.34 | | SMI Index | 5,298.63 | - 0.22 | | DJIA futures | 8,318.00 | + 0.42 |
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World Markets |
Current Level |
% Change |
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| Gold | 920.53 | - 0.23 | | Silver | 13.79 | + 0.36 | | VIX | 31.17 | + 11.36 | | Crude wti | 67.28 | - 0.32 | | USD Index | 80.69 | - 0.19 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| FOMC meeting starts (to 24 June) | -- | -- | USD / -- | | NBP interest rate announcement, % 25-Jun | 3.50 | 3.75 | PLN / -- | | Germany "Flash" manufacturing PMI, index Jun | 41.0 | 39.6 | EUR / 07.28 | | E16: "Flash" manufacturing PMI, index Jun | 42.3 | 40.7 | EUR / 07.58 | | E16: "Flash" services PMI, index Jun | 45.8 | 44.8 | EUR / 07.58 | | E16: "Flash" composite PMI, index Jun | 45.9 | 44.0 | EUR / 07.58 | | BBA mortgage approvals, K May | -- | 27.7 | GBP / 08.30 | | headline CPI, % y/y May | 7.8 | 8.4 | ZAR / 09.30 | | ECB's Ordonez testifies before a parliamentary com | -- | -- | EUR / 10.00 | | ECB's Weber speaks on "The financial crisis - Reac | -- | --- | EUR / 13.00 | | FHFA purchase-only house prices , % m/m (y/y) Apr | -0.3,-6.9 | -1.1,-7.3 | USD / 14.00 | | Existing home sales, mn saar May | 4.82 | 4.68 | USD / 14.00 | | Trade balance, $ mn May-P | -- | 210 | MXN / 19.30 | | Corporate service price index, % y/y May | -2.8 | -2.4 | JPY / 23.50 |
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Currency Tech |
AUDUSD
R 3: 0.8378
R 2: 0.8265
R 1: 0.8120
CURRENT: 0.7850
S 1: 0.7745
S 2: 0.7700
S 3: 0.7630
EURJPY
R 3: 138.30
R 2: 135.37
R 1: 134.20
CURRENT: 132.42
S 1: 131.50
S 2: 129.70
S 3: 126.95
USDSGD
R 3: 1.4800
R 2: 1.4748
R 1: 1.4666
CURRENT: 1.4584
S 1: 1.4515
S 2: 1.4425
S 3: 1.4385
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Market Brief |
The sharp drop in risk appetite has been attributed to the World Bank’s cut in its growth forecast. Yesterday the World Bank downgraded revisions to global growth predicting a contraction of 2.9% was significantly below the 1.7% forecasted in March. In addition the World Bank warned that it envisioned a deeper global economic recession this year and called for 'bold' policies and further coordination. However, we have little faith that international organization economic forecasts would have such a potentate effect on the markets (also news of revisions were reported last week), we have more faith in speculation surrounding China's commodity purchase slow down and loss of faith in the USs aggressive fiscal & monetary policies. Commodity currencies were the biggest losers, with the AUDUSD falling to 0.7800 from Friday's 0.8120 highs, while the USDCAD closed above the psychological the 1.1500 level. The correlation between oil and EURUSD is still running high and trading below $68.00bll will keep pressure on the EURUSD. In the mid term, we expect commodity prices to stabilize as the outlook for global growth improves and remains constructive on commodity currencies.
Today, the most important economic releases will be the Eurozone's "flash" PMIs for both manufacturing and service. After that, all eyes will be on Wednesday's FOMC meeting and the next wave of Treasury auctions
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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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