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US Session: Dollar Experiences Light Strength on Market Uncertainty
July 22, 2009 11:20 PM CEST
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G10 Advancers and Decliners vs USD |
| | Cad | 0.44 |  | | | Sek | 0.29 | | | | Nzd | 0.24 | | | | Jpy | 0.24 | |  | Chf | -0.01 | | | Gbp | -0.02 | | | Dkk | -0.07 | | | Eur | -0.08 | | | Aud | -0.26 | | | Nok | -0.30 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA Index | 8,867.88 | - 0.54 | | S&P 500 Index | 952.30 | - 0.24 | | NASDAQ 100 Index | 1,924.05 | + 0.41 | | Nikkei 225 Futures | 9,660.00 | + 0.72 | | Hang Seng Futures | 19,288.00 | + 1.20 | | FTSE futures | 4,448.50 | - 0.15 | | SMI Futures | 5,623.00 | - 0.02 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 65.31 | - 0.15 | | Gold | 950.64 | + 0.23 | | Silver | 13.69 | + 1.07 | | USD Index | 78.76 | - 0.09 | | VIX | 23.50 | - 1.55 |
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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 2: 0.8260
R 1: 0.8235
CURRENT: 0.8133
S 1: 0.7925
S 2: 0.7815
EURJPY
R 2: 136.90
R 1: 134.80
CURRENT: 132.45
S 1: 132.28
S 2: 131.60
USDCAD
R 2: 1.1350
R 1: 1.1225
CURRENT: 1.1079
S 1: 1.0930
S 2: 1.0785
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Market Brief |
The dollar traded sideways against majors as mixed corporate earrings spurred a renewed bout of risk appetite in the market. The EurUsd was a fraction lower, falling 10pips to 1.42. The GbpUsd rose 70pips to 1.64 amid weakness in the dollar. The UsdJpy dropped 8 pips to 93.6, hovering around the mid range of 93. Equity markets in the US and Europe were mixed, with the Dow edging down 34pts or 0.39% while the FTSE up 12pts or 0.28%. 10yr yield rose 0.062 to 3.54% Commodity prices were mixed, with oil slipping $0.3 or 0.46% to $65bbl and gold rising $4 or 0.46% to $951oz.
Growing concerns of distress in the banking sector sent the dollar and yen appreciating in the early session, but only to retrace later on following Federal Reserve Chairman Bernanke testimony before the Senate Banking committee today. Chairman Bernanke warned of a delayed recovery due to high unemployment, which brought equity markets higher to end flat in the U.S.. Despite a positive earnings report from Apple, reporting a 15% gain in net quarterly profit and beating estimates of $1.17bln with $1.23bln Wells Fargo shares dropped on bad loans. Similar to Bernanke, ECB governing council member Nowotny said the ECB has a clear exit strategy in mind, but that now is not the time to proceed. Eurozone industrial new orders came in worse than expected at -.2% drop m/m versus 1.9% increase m/m expected.
In the U.K., an overvalued housing market sent the cable lower against a basket of currencies after the National Institute of Economic and Social Research said home values would decline through 2012. The recent appreciation in retail value was driven by the lack of available homes. The institute is predicting U.K. GDP will continue falling until the final quarter of 2009; BoE deputy Governor Bean feels an exchange rate depreciation would help boost economic activity. The BoE voted against increasing asset purchases, sending the pound lower just minutes after the meeting. The benchmark rate was kept at .5 percent as expected.
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Asia Session: China State Construction Engineering Corp Moves Towards IPO
July 22, 2009 11:44 AM CEST
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G10 Advancers and Decliners vs USD |
| | SEK | 0.56 | | | | NZD | 0.41 | | | | AUD | 0.37 | | | | CAD | 0.14 | | | | JPY | 0.13 | | | | EUR | 0.05 | | | | DKK | 0.05 | | | | NOK | 0.03 | | | CHF | -0.11 | | | GBP | -0.37 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 9,723.16 | + 0.73 | | Hang Seng Index | 19,248.17 | - 1.30 | | Shanghai Index | 3,296.62 | + 2.59 | | FTSE 100 Index | 4,473.28 | - 0.17 | | DAX Index | 5,081.70 | - 0.24 | | SMI Index | 5,621.88 | - 0.25 | | DJIA futures | 8,824.00 | - 0.69 |
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World Markets |
Current Level |
% Change |
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| Gold | 947.10 | - 0.14 | | Silver | 13.47 | - 0.55 | | VIX | 23.87 | - 2.17 | | Crude wti | 64.83 | - 1.18 | | USD Index | 79.00 | + 0.21 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| BoE MPC minutes, vote | 9-0 | 9-0 | GBP / 08.30 | | Industrial orders, % m/m May | 1.8 | -0.8,-31.9 | EUR / 09.00 | | CBI industrial trends, total orders, net bal Jul | -45 | -51 | GBP / 10.00 | | CBI quarterly trends, business optimism, net bal Q | -- | -40 | GBP / 10.00 | | Retail sales less autos, % m/m May | -- | -0.5 | CAD / 12.30 | | FHFA house price index, % m/m (y/y) May | -0.2, -6.6 | -0.1, -6.8 | USD / 14.00 | | Fed Chairman Bernanke delivers semi-annual Monetar | -- | -- | USD / 14.00 | | Trade balance, bn JPY Jun | 610 | 298 | JPY / 23.50 |
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Currency Tech |
AUDUSD
R 2: 0.8260
R 1: 0.8235
CURRENT: 0.8133
S 1: 0.7925
S 2: 0.7815
EURJPY
R 2: 136.90
R 1: 134.80
CURRENT: 132.45
S 1: 132.28
S 2: 131.60
USDCAD
R 2: 1.1350
R 1: 1.1225
CURRENT: 1.1079
S 1: 1.0930
S 2: 1.0785
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Market Brief |
We are seeing a slight pull back in risk correlated trades, after the initial euphoria over China State Construction Engineering Corp moving closer to its much anticipated IPO and equity indexes have made new yearly highs, has worn off. While Asian regional indexes were broadly higher (Shanghai’s up 2.59%), European stock markets have failed to follow and US futures are pointing to a lower open. Right now, the momentum in the EURUSD seems to be waning, as the correction from Tuesday’s 1.4280 highs continues. We haven’t witnessed any real earning surprises to the downside as expected, while Caterpillar tripled earning expectations, which have supported risk appetite. The much hyped Fed Chairman Bernanke's testimony didn’t surprise the markets, as he stayed well within the pre-released WSJ article script. Overall, he provided details of the Fed's exit strategy from QE, focused on the fact that unemployment could undermine the US fragile recovery and that the current stimulus measures would stay in place for some time. In Canada, the BoC held rates steady at 0.25% while strengthening the language regarding the recent CAD appreciation. Market reacted by pushing USDCAD off the 1.0965 support to 1.1110. And finally Australian CPI came in lower than expected. However, this has not dampened expectations that the next RBA move will be higher. We expect rate expectations, the global and domestic recovery to support the AUD mid term (risk appetite will be the core determinate near term).
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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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