Daily Forex Snapshots

Asian Session: FX Markets Range Bound

July 23, 2009 10:47 AM CEST

G10 Advancers and Decliners vs USD

	NOK	0.36
	SEK	0.31
	GBP	0.29
	AUD	0.18
	EUR	0.06
	DKK	0.05
	NZD	-0.06
	CAD	-0.15
	CHF	-0.18
	jpy	-0.79

Global Indexes

Current Level

% Change

Nikkei 225 Index	9,792.94	+ 0.71
Hang Seng Index	19,821.61	+ 2.97
Shanghai Index	3,328.49	+ 0.96
FTSE 100 Index	4,495.15	+ 0.03
DAX Index	5,122.79	+ 0.24
SMI Index	5,673.25	+ 0.64
DJIA futures	8,868.68	+ 0.39

World Markets

Current Level

% Change

Gold	954.15	+ 0.29
Silver	13.82	+ 0.87
VIX	23.47	- 1.67
Crude wti	65.47	+ 0.10
USD Index	78.70	- 0.06

Todays Calender

Estimates

Country / GMT

Retail sales, % m/m (y/y) Jun	0.5 (2.3)	-0.7, -1.7	GBP / 08.30
BBA mortgage approvals, K Jun	--	31.2	GBP / 08.30
BBA net mortgage lending, £ bn Jun	--	2.3	GBP / 08.30
BBA net consumer credit, £ bn Jun	--	-0.1	GBP / 08.30
Initial jobless claims, thous (4wk mvg avg) 18-Jul	565 (568)	522 (584)	USD / 12.30
Existing home sales, mn saar Jun	4.80	4.77	USD / 14.00
Core CPI, % 2w/2w Jul	0.17	0.15	MXN / 14.00
Bank of Canada Monetary Policy Report is released	--	--	CAD / 14.30
Index of all industry activity May	0.9	2.6	JPY / 23.50

Currency Tech

AUDUSD
R 2: 0.8265
R 1: 0.8235
CURRENT: 0.8197
S 1: 0.8090
S 2: 0.7927

EURJPY
R 2: 136.90
R 1: 134.80
CURRENT: 134.31
S 1: 132.10
S 2: 131.60

USDCAD
R 2: 1.1350
R 1: 1.1225
CURRENT: 1.0999
S 1: 1.0930
S 2: 1.0785

USDMXN
R 2: 13.645
R 1: 13.415
CURRENT: 13.206
S 1: 13.185
S 2: 13.060

Market Brief

FX markets remain in an uninspired range, despite Asian equities trading higher and risk appetite seemly well entrenched. The EURUSD traded between1.4198-1.4248 and the USDJPY between 93.50-94.30. However, most USD pairs are heading towards interesting technical crossroads (see daily tech report), which could provide some opportunities. Yesterday's UK June MPC minutes showed a dovish BoE. The key takeaway was the insight that the committee viewed the current level of asset purchases to be adequate and would need clear evidence to justify expansion. This report dampened speculation that expansion of the asset purchases would happen in August and was deemed GBP positive. Today, New Zealand Finance Minister English stated that New Zealand needs a weaker NZD to support export growth. However, despite the comment, the NZDUSD failed to cooperate pushing to new yearly highs at 0.6630. the USDCAD headed lower, as the BoC pulled back on physical intervention, retail sales beat expectations and oil broke above $65. A break of the 1.0910 horizontal support could lead to significant downside. For today we expect initial jobless claims in the US to have increased by 580 k, well above the consensus of 557k, which should benefit the USD. In addition, more corporate earning reports are on the docket, but with forecasts revised very low the probability of underperformance is low and therefore the numbers should be risk appetite supportive.

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.