Daily Forex Snapshots

US Session: Equities turn positive on better-than-expected earnings and housing starts data.

July 17, 2009 9:00 PM CEST

G10 Advancers and Decliners vs USD

	Cad	0.23
	Jpy	-0.19
	Nok	-0.23
	Dkk	-0.23
	Eur	-0.24
	Nzd	-0.28
	Aud	-0.44
	Chf	-0.48
	Sek	-0.56
	Gbp	-0.55

Global Indexes

Current Level

% Change

DJIA futures	8,667.00	- 0.02
S&P future	935.30	- 0.04
Nasdaq futures	1,515.50	+ 0.18
FTSE futures	4,359.50	+ 0.54
CAC futures	3,224.50	+ 0.78
DAX Index	4,995.50	+ 0.59
SMI Futures	5,563.00	+ 0.51

World Markets

Current Level

% Change

Crude wti	61.59	- 0.69
Gold	937.82	+ 0.05
Silver	13.28	- 0.23
USD Index	79.48	+ 0.30
VIX	25.42	- 1.82

Todays Calender

Estimates

Country / GMT

Currency Tech

AUDUSD
R 2: 0.8155
R 1: 0.8035
CURRENT: 0.7996
S 1: 0.7700
S 2: 0.7630

EURJPY
R 2: 134.80
R 1: 132.82
CURRENT: 131.95
S 1: 127.82
S 2: 126.98

AUDJPY
R 2: 76.022
R 1: 75.205
CURRENT: 74.88
S 1: 73.204
S 2: 71.476

Market Brief

The dollar appreciated in the early session against most majors following a brief return to risk aversion in financial markets. The EurUsd fell just 8pips to 1.41 and the UsdJpy rose 44pips to 94.2. The GbpUsd dropped 98pips to 1.63. Equity markets are slightly up in the U.S. in Europe with the Dow lower up by 35pts or .4% and the FTSE 100 up 26.91 or .62%. The yield curve saw some appreciation with 10 and 30 year bonds up .07 and .064 respectively. Commodities are slightly higher with oil slightly below $63bbl and gold trading in the $938oz range.

The dollar and yen were buoyed in the early session as risk aversion temporarily drove market sentiment on the possibility of CIT bankruptcy filing, and bombings in Indonesia overnight. Equities were unmoved following better-than-expected earnings from Citigroup who reported $3.1bln profit that was mostly sourced in the recent sale of Smith Barney to Morgan Stanley. Bank of America followed suit with $3.22bln in net income which was a 5.5% drop from the $3.41bln announced last year, however still significant given the health of the company. Sterling and the Euro initially fell on IMF comments regarding the U.K. deficit but reversed direction later in the session as the market rose on positive earnings and housing starts data that increased 3.6% in June; the highest since November last year. The cable is expected to strengthen near 1.80 in the long term.

In Canada June CPI was in line with expectations at -0.3%, suggesting the BoC may follow up with quantitative easing measures. The loonie remains exceptionally flat from yesterday at .89 despite a 1.5% increase in WTI crude to near $63bbl as investors wait for next Thursday’s rate decision; it is expected to remain unchanged.

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change.

Asian Snap: Yen rises on Jakarta blasts – Stocks choppy into the weekend.

July 17, 2009 10:18 AM CEST

G10 Advancers and Decliners vs USD

	NZD	0.010
	CAD	-0.028
	NOK	-0.097
	JPY	-0.101
	DKK	-0.232
	CHF	-0.233
	EUR	-0.245
	AUD	-0.271
	SEK	-0.591
	GBP	-0.753

Global Indexes

Current Level

% Change

Nikkei 225 Index	9395.32	+ 0.55
Hang Seng Index	18843.97	+ 2.63
Shanghai Index	3189.74	+ 0.19
FTSE 100 Index	4385.73	+ 0.55
DAX Index	4997.23	+ 0.81
DJIA futures	8711.82	+ 1.11
Nasdaq futures	1885.03	+ 1.19

World Markets

Current Level

% Change

Gold	936.68	- 0.07
Silver	13.27	- 0.28
VIX	25.42	- 1.82
Crude wti	61.69	- 0.53
USD Index	79.536	+ 0.37

Todays Calender

Estimates

Country / GMT

EURO Zone Trade Balance	0.0B	2.7B	EUR / 09:00
CAD Consumer Price Index	-0.3%	0.1%	CAD / 11:00
CAD CPI	1.9%	2.0%	CAD / 11:00

Currency Tech

Market Brief

Asian markets traded with some consternation this morning as unrest in Jakarta tended to unsettle investors sending the Yen higher on risk aversion. This further exacerbated the fears that lender CIT was imminently close to bankruptcy. This said the recent optimism in markets on the back of strong earning’s numbers, a solid GDP reading and manufacturing data was still present while investors read into “Dr. Gloom” – Pr. Nouriel Roubini’s comments on the recession. Roubini who predicted the recession said his comments that the crisis was almost over were “taken out of context” – he said things were improving but that we had some ways to go before we could call victory.

The Australian government announced during the session that it had set a new monthly record by sell AUD 1.94Bn in the spot FX market as part of its “reserve management” during the month of June. The Aussie export price index also exceeded expectations coming in at -20.6% (cons.-16%, prev. -4.6%).

As markets get thinner into the summer months we expect to stick to the ranges, however the low liquidity will mean any action by big players will have the potential to move markets violently – we suggest that clients take heed when trading, if in doubt stay out!

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