|
|
US Session: Dollar Corrects to the Upside Causing a Pullback in Gold, Bernanke Calls for Curbing Budget Deficits
June 03, 2009 9:29 PM CEST
|
|
G10 Advancers and Decliners vs USD |
 | Jpy | -0.12 | | | Chf | -0.98 | | | Eur | -1.24 | | | Dkk | -1.26 | | | Gbp | -1.93 | | | Cad | -2.33 | | | Nok | -2.87 | | | Aud | -2.92 | | | Sek | -3.03 | | | Nzd | -4.22 | |
|
|
Global Indexes |
Current Level |
% Change |
|
| DJIA Index | 8,619.81 | - 1.39 | | S&P 500 Index | 925.80 | - 2.01 | | NASDAQ 100 Index | 1,810.85 | - 1.41 | | Nikkei 225 Futures | 9,690.00 | - 0.72 | | Hang Seng Futures | 18,337.00 | - 0.06 | | FTSE futures | 4,353.00 | - 2.61 | | SMI Futures | 5,383.00 | - 1.14 |
|
|
World Markets |
Current Level |
% Change |
|
| Crude wti | 65.49 | - 4.45 | | Gold | 963.40 | - 1.88 | | Silver | 15.27 | - 4.39 | | USD Index | 79.48 | + 1.37 | | VIX | 31.50 | + 6.31 |
|
|
Todays Calender |
Estimates |
Previous |
Country / GMT |
|
| No Major Events Scheduled | | | |
|
|
|
Currency Tech |
AUDUSD
R 3: 0.8583
R 2: 0.8520
R 1: 0.8378
CURRENT: 0.8169
S 1: 0.7900
S 2: 0.7800
S 3: 0.7703
EURJPY
R 3: 139.75
R 2: 138.57
R 1: 137.40
CURRENT: 136.35
S 1: 133.90
S 2: 131.50
S 3: 130.73
USDSGD
R 3: 1.4748
R 2: 1.4665
R 1: 1.4580
CURRENT: 1.4395
S 1: 1.4320
S 2: 1.4270
S 3: 1.4165
|
|
Market Brief |
The dollar regained lost ground against all major currencies as the Dow plummeted more than 100pts, boosting demand for the safe-haven assets. The EurUsd dived 200 points to the $1.41 level. The GbpUsd continued to deteriorate, down more than 300 pips or 1.6% to 1.62. Equity markets in the US and Europe saw a major decline–the Dow tumbled by 122pts or 1.4% and the FTSE fell 44pts or 1.93%. The 10-year Treasury decreased 6bps to 3.54%, reversing some of the recent sell-off. Commodities declined across the board with Gold falling $19 to $965oz, while oil dropped by $3 to $65bbl snapping its four-day rally.
Concerns regarding U.S. debt and commodity prices remain key drivers of G10 currency prices. Risk sentiment is shaping to be negative in today’s session. Brazil and Russia both expressed interest in diversifying out of their dollar reserves. The dollar pared losses against the euro this morning amid concerns over the rally in euro has outpaced the region’s economic growth, buoyed by the 4.8% drop in GDP. Federal Reserve Chairman Bernanke testified before the House Budget Committee today, stating that the U.S. needed to develop a plan to restore financial stability and the government cannot continue financing its growing deficit, which is expected to reach $1.8 trillion this year, at the current rate. Gold saw the sharpest drop in two months as the dollar recovered versus major currencies, curbing demand for the precious metal as a hedge against a weak dollar. The dollar rebounded from a 2009 low on the news that central banks in Asia remained confident in the U.S. and would keep buying U.S. debt, easing tensions in the market.
In the UK, Sterling prices fell to a session low against the dollar, down 1.74% despite positive economic data that came out this morning. The Euro fell by 200pips or 1.23% in the wake of a re-strengthening dollar and the worst-than-expected Q1 GDP.
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.
|
|
Asian Session – Yen charges ahead as risk aversion creeps back into markets, Australia cheats recession.
June 03, 2009 1:37 PM CEST
|
|
G10 Advancers and Decliners vs USD |
| JPY | -0.072 | | | GBP | -0.139 | | | DKK | -0.443 | | | EUR | -0.459 | | | AUD | -0.474 | | | CAD | -0.496 | | | CHF | -0.537 | | | SEK | -0.604 | | | NOK | -1.227 | | | NZD | -1.800 | |
|
|
Global Indexes |
Current Level |
% Change |
|
| Nikkei 225 Index | 9241.67 | + 0.39 | | Hang Seng Index | 18576.47 | + 1.02 | | Shanghai Index | 2778.59 | + 1.99 | | FTSE 100 Index | 4392.14 | - 1.90 | | DAX Index | 5116.01 | - 0.55 | | DJIA futures | 8636 | - 0.25 | | Nasdaq futures | 1477 | + 0.55 |
|
|
World Markets |
Current Level |
% Change |
|
| Gold | 980.55 | - 0.13 | | Silver | 15.955 | - 0.06 | | VIX | 29.63 | - 1.37 | | Crude wti | 68.25 | - 0.44 | | USD Index | 78.81 | + 0.49 |
|
|
Todays Calender |
Estimates |
Previous |
Country / GMT |
|
| USD Challenger Job Cuts | - | 47.00% | USD / 11:30 | | USD ADP Employment Change | -533K | -491K | USD / 12:15 | | USD ISM Non- Manufacturing | 45.0 | 43.7 | USD / 14:00 | | USD Factory Orders | 0.7% | -0.9% | USD / 14:00 | | USD Fed Chairman Bernanke Testifies | - | - | USD / 14:00 |
|
|
|
Currency Tech |
AUDUSD
R 3: 0.8583
R 2: 0.8520
R 1: 0.8378
CURRENT: 0.8169
S 1: 0.7900
S 2: 0.7800
S 3: 0.7703
EURJPY
R 3: 139.75
R 2: 138.57
R 1: 137.40
CURRENT: 136.35
S 1: 133.90
S 2: 131.50
S 3: 130.73
USDSGD
R 3: 1.4748
R 2: 1.4665
R 1: 1.4580
CURRENT: 1.4395
S 1: 1.4320
S 2: 1.4270
S 3: 1.4165
|
|
Market Brief |
The Australian dollar and Japanese Yen traded higher in the Asian session as resurfacing fears that a U.S led recovery to the global economy would take much longer than the recent accrue in optimism has led markets to believe. The Yen’s haven status shone through as it gained against 13 of the 16 majors. The other great FX performance was the Aussie dollar – which is 35% higher than it’s 52-week low near 0.61 in October of 2008. We are witnessing a substantial retracement on the Asian Session bulls but data out today will show if these moves are sustainable or not.
The strong GDP data from the Aussie economy sent the AUD higher for the 5th day in a row. The Australian economy actually grew last quarter by 0.4% defying the rule that signals a recession – two consecutive quarters of negative growth. The strong performance of businesses down under and the swift response by the government has greatly benefitted the Aussie dollar – as the benchmark rate for interest rates didn’t need to be lowered to the extent of the larger northern-hemisphere economies.
The ADP data out today will be the focus of the data news while Fed Chairman Bernanke’s testimonial at 14:00 GMT will complement or dissuade what ex- Fed chairman Paul Volcker said yesterday on the U.S economy and it’s slow path to recovery. ADP data is expected to show further declines in employment numbers 2 days before the Non-Farm payrolls are out. Bad U.S data doesn’t necessarily mean a negative for the greenback as risk aversion has been a dollar bull since this crisis started.
|
|
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.
|
| |
|
|
| |
| |
|