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US Session: Early Rally in Financial Markets Loses Steam In Spite of Positive Economic Data
August 25, 2009 11:36 PM CEST
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G10 Advancers and Decliners vs USD |
| | Jpy | 0.47 |  | | | Chf | 0.05 | | | | Chf | 0.05 | | | | Eur | 0.05 | |  | Sek | -0.06 | | | Nzd | -0.06 | | | Aud | -0.06 | | | Gbp | -0.07 | | | Nok | -0.07 | | | Cad | -0.08 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA Index | 9,540.00 | + 0.50 | | S&P 500 Index | 1,027.80 | + 0.32 | | NASDAQ 100 Index | 1,640.00 | + 0.37 | | Nikkei 225 Futures | 10,570.00 | + 0.66 | | Hang Seng Futures | 20,468.00 | + 0.00 | | FTSE futures | 4,894.00 | + 0.13 | | SMI Futures | 6,204.00 | + 0.19 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 71.86 | - 3.38 | | Gold | 950.45 | + 0.41 | | Silver | 14.29 | + 0.88 | | USD Index | 78.23 | + 0.01 | | VIX | 24.92 | - 0.88 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| No Major Events Scheduled | | | |
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Currency Tech |
EURUSD
R 2: 1.4380
R 1: 1.4338
CURRENT: 1.4265
S 1: 1.4240
S 2: 1.4180
GBPUSD
R 1: 1.6546
R 1: 1.6460
CURRENT: 1.6353
S 1: 1.6272
S 2: 1.6220
USDJPY
R 2: 95.45
R 1: 94.78
CURRENT: 94.15
S 1: 93.85
S 2: 93.00
USDCHF
R 2: 1.0740
R 1: 1.0692
CURRENT: 1.0640
S 1: 1.0556
S 2: 1.0452
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Market Brief |
The dollar managed to rebound after consistent selling early in the trading session. The EurUsd stayed within a range of 50pips finding support at 1.43, while the UsdJpy fell 40pips to 94.18. The GbpUsd reversed early gains declining 70pips to the mid 1.63 level emphasizing the heightened level of market volatility. Equity markets closed on a positive note with the Dow up 30pts or 0.32% and the SPX higher by 2pts or 0.24%. Commodities were roiled by the upswing in dollar strength resulting in a 4.01% in WTI (crude oil), as well as similar losses in agricultural futures. Bond yields are approaching notable benchmarks as the 2yr fell to 1.008% a key level by which investors may be bracing for a major downward correction in equities.
A series of strong economic data enabled markets to remain resilient under late selling pressure in New York. Patterns in risk sentiment continue to influence price action, and the better than expected housing figures are probably most significant considering the role housing has played in the root of the credit crisis. The Case & Schiller Index fell less than estimated by 14.92% vs. 19.75%, leading setting the stage for some early upward momentum for currencies who benefit from higher risk appetite like the Eur, Gbp, Aud, and Nok etc. Consumer confidence magnified positive bias with a reading of 54.1 vs. 47.9 leading to some crowding in dollar shorts. In addition, President Obama confirmed Fed Chairman Bernanke’s position and asserted confidence in past and future performance. The wave of exuberance met some resistance and eventually dissipated mostly due to lackluster volume.
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.
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European Session: ECB Comments Grow More Ominous Regarding the State of the Global Economy Despite Positive GDP Growth.
August 25, 2009 5:13 PM CEST
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G10 Advancers and Decliners vs USD |
| | Nzd | 0.44 | | | | Jpy | 0.29 | | | | Chf | 0.19 | | | | Aud | 0.15 | | | | Dkk | 0.15 | | | | eur | 0.14 | | | | Sek | 0.12 | | | | Cad | 0.01 | | | Nok | -0.12 | | | Gbp | -0.15 | |
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Global Indexes |
Current Level |
% Change |
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| DJIA futures | 9,547.00 | + 0.57 | | S&P future | 1,031.00 | + 0.63 | | Nasdaq futures | 1,642.50 | + 0.52 | | FTSE futures | 4,897.50 | + 0.21 | | CAC futures | 3,652.00 | + 0.21 | | DAX futures | 5,529.50 | + 0.40 | | SMI Futures | 6,197.00 | + 0.08 |
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World Markets |
Current Level |
% Change |
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| Crude wti | 74.40 | + 0.04 | | Gold | 950.45 | + 0.95 | | Silver | 14.29 | + 0.92 | | USD Index | 78.11 | - 0.14 | | VIX | 25.14 | + 0.52 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| No Major Events Scheduled | | | |
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Currency Tech |
EURUSD
R 2: 1.4380
R 1: 1.4338
CURRENT: 1.4265
S 1: 1.4240
S 2: 1.4180
GBPUSD
R 1: 1.6546
R 1: 1.6460
CURRENT: 1.6353
S 1: 1.6272
S 2: 1.6220
USDJPY
R 2: 95.45
R 1: 94.78
CURRENT: 94.15
S 1: 93.85
S 2: 93.00
USDCHF
R 2: 1.0740
R 1: 1.0692
CURRENT: 1.0640
S 1: 1.0556
S 2: 1.0452
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Market Brief |
The dollar weakened against the majors after limited price action in the previous session. The EurUsd gained 43pips to the mid range of 1.43, while the UsdJpy fell 32pips to 94.24. The GbpUsd is marginally higher maintaining a tight range of 50pips between 1.6400and 1.6450. Equity markets are positive in the US and Europe with the movements more pronounced in the Dow and S&P500 both higher by 0.5%. Commodities are seeing a divergence between energy and the metals sectors as WTI (crude oil) fell roughly 1% to $73bbl versus a rise in gold to $947oz. On the fixed income side, bond prices fell with the 2yr and 10yr rates higher by 2bps to 1.03% and 3.49% respectively.
The Eurozone continues to show improvements on the economic front, which supported long positions in the Eur. The Q2 GDP estimate for Germany was affirmed at 0.3%, which is consistent with the previously released flash estimate. The changes in exports and imports may pose challenges to continued improvement in the Eurozone, exports fell 1.2% and imports by 5.1% suggesting that any organic growth may be hindered with the recent moves. Further commentary was released from ECB member Mersch stating that the economic recovery may not prove bearable at the current pace The central bank seems to be adopting a more cautious outlook regarding the global economy, and a market correction would prove detrimental to the Euro, Sterling, and major Usd opposing currencies.
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.
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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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