|
|
European Session: Protectionism Sinks Asian Markets
September 14, 2009 10:47 AM CEST
|
|
G10 Advancers and Decliners vs USD |
| | DKK | 0.01 |  |  | CHF | -0.02 | | | EUR | -0.06 | | | JPY | -0.08 | | | SEK | -0.39 | | | NOK | -0.47 | | | AUD | -0.50 | | | GBP | -0.58 | | | CAD | -0.59 | | | NZD | -0.63 | |
|
|
Global Indexes |
Current Level |
% Change |
|
| Nikkei 225 Index | 10,202.06 | - 2.31 | | Hang Seng Index | 20,922.14 | - 1.13 | | Shanghai Index | 3,026.74 | + 1.23 | | FTSE 100 Index | 4,981.96 | - 0.58 | | DAX Index | 5,585.30 | - 0.68 | | SMI Index | 6,191.06 | - 0.67 | | S&P future | 1,041.60 | - 0.01 |
|
|
World Markets |
Current Level |
% Change |
|
| Gold | 998.48 | - 0.66 | | Silver | 16.45 | - 1.72 | | VIX | 24.15 | + 2.54 | | Crude wti | 68.81 | - 0.69 | | USD Index | 76.83 | + 0.27 |
|
|
Todays Calender |
Estimates |
Previous |
Country / GMT |
|
| Industrial production, % m/m (y/y wda) Jul | -0.3 | -0.3,-16.7 | EUR / 09.00 | | Employment, % q/q ( y/y) Q2 | -- | -0.8,-1.2 | EUR / 09.00 | | FRB of Richmond President Lacker (FOMC voter) spea | -- | -- | USD / 16.30 | | BoE Executive Director of Financial Stability Andr | -- | -- | GBP / 17.00 | | FRB of San Francisco President Yellen (FOMC voter) | -- | -- | USD / 19.50 | | RICS housing market survey, price balance Aug | -- | -8.1 | GBP / 23.01 |
|
|
|
Currency Tech |
AUDUSD
0.8813
0.8694
CURRENT: 0.8582
0.8507
0.8379
USDCAD
R 2: 1.1103
R 1: 1.0951
CURRENT: 1.0833
S 1: 1.0630
S 2: 1.0547
EURJPY
R 2: 135.01
R 1: 134.41
CURRENT: 131.94
S 1: 131.04
S 2: 129.36
USDMXN
R 2: 13.573
R 1: 13.544
CURRENT: 13.471
S 1: 13.246
S 2: 13.131
|
|
Market Brief |
The Greenback fell to 2009 fresh lows against most major currencies last week, with Dollar Index used to track the greenback against 6 major currencies dropped 2% to 76.608 from 78.136 a week earlier. Demand for the safe-haven currency dropped sharply last week as Standard & Poor’s 500 Index posted its biggest weekly gain for the year, and gold continued its uptrend to top at 1011.95 on Friday. Other important factors put pressure on the safe-haven currency. The three months LIBOR for dollars dropped to a record low on Wednesday, making the greenback the cheapest currency to fund purchases of higher yielding assets, and UN called for dollar reserve role to be eliminated. Should the USD fall further this week? I believe we need to watch closely the stock indices as it’s relation with the USD are still inversely proportional, while key events such as retail sales, consumer prices and TICS could be the market movers for this week.
The EUR appreciated 2% against the USD last week, but was almost unchanged on Friday, closing at 1.4570 after posting a new 2009 high at 1.4635 earlier in the day. The GBP rallied after the BoE left rates at 0.5%, and quantitative easing stance unchanged at £175 B. The JPY possibly benefited from funds flowing back to safer assets towards the end week, as we’ve seen correction in U.S. stock markets and drop in commodities except the precious metals. Commodity currencies such as AUD and CAD also fell on Friday as commodity prices dropped.
Gold for the first time since February closes above $1,000 benchmark. The yellow metal rallied to as high as 1013.7 on Friday before closing at 1006.4. I do favorite some more upside in gold for a test of 1033.9 levels. Crude Oil dropped to a low of $68.8 after topping at $72.9. OPEC announced to keep production quotas unchanged on Wednesday. Obviously members are satisfied with the current price level and suggest 68-73 levels to continue for some time.
This week there would be couple of important data releases, especially from the US and UK, along with 2 central banks meetings ‘BoJ & SNB’. US data could show more signs of economic recovery with focus on retails sales, CPI, TIC capital flow, and housing market. While UK will be releasing its CPI, which is expected to remain far below BoE’s target at 2%, UK jobs report and retails sales would be even released. From the Eurozone focus will be on German ZEW, CPI, and trade balance.
|
|
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.
|
| |
|
|
| |
| |
|