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Bernanke Affirms Rates To Stay Low For “Extended Period”
February 24, 2010 6:24 PM CET
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G10 Advancers and Decliners vs USD |
| | SEK | 0.79 |  | | | CHF | 0.57 | | | | AUD | 0.54 | | | | NOK | 0.54 | | | | DKK | 0.50 | | | | EUR | 0.47 | | | | JPY | 0.25 | | | | NZD | 0.25 | | | | CAD | 0.15 | | | | GBP | 0.06 | |
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Global Indexes |
Current Level |
% Change |
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| FTSE 100 Index | 5'342.92 | + 0.52 | | DAX Index | 5'615.51 | + 0.20 | | SMI Index | 6'687.95 | + 0.58 | | S&P 500 Index | 1'103.75 | + 0.84 | | DJIA Index | 10'367.96 | + 0.83 | | Nikkei 225 Futures | 10'180.00 | - 1.64 | | Hang Seng Futures | 20'459.00 | - 0.68 |
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World Markets |
Current Level |
% Change |
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| Gold | 1'100.15 | - 0.29 | | Silver | 15.91 | + 0.53 | | VIX | 20.72 | - 3.04 | | Crude wti | 79.72 | + 1.09 | | USD Index | 80.59 | - 0.40 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| Thu 25 Feb | --- | --- | --- | | Employment level, % y/y Q4 | 0.1 | 0.2 | CHF/08:15 | | Germany: Unemployment rate, % Feb | 8.2 | 8.2 | EUR/08:55 | | Unemployment rate, % Feb | 3.2 | 3.3 | NOK/09:00 | | Consumer confidence, index Feb | -17 | -17 | EUR/10:00 | | Industrial confidence, index Feb | -13 | -14 | EUR/10:00 | | Durable goods orders, %m/m Jan | 1.5 | 03 | USD/13:30 | | Initial jobless claims, thous 20-Feb | 460 | 473 | USD/13:30 | | Continuing claims, thous 13-Feb | 4570 | 4563 | USD/13:30 |
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Currency Tech |
EURUSD
R 2: 1.3800
R 1: 1.3700
CURRENT: 1.3560
S 1: 1.3500
S 2: 1.3425
USDJPY
R 2: 92.75
R 1: 92.15
CURRENT: 90.05
S 1: 89.85
S 2: 89.70
GBPUSD
R 2: 1.5615
R 1: 1.5580
CURRENT: 1.5415
S 1: 1.5350
S 2: 1.5275
AUDUSD
R 2: 0.9090
R 1: 0.8950
CURRENT: 0.8930
S 1: 0.8850
S 2: 0.8790
USDCAD
R 2: 1.0780
R 1: 1.0600
CURRENT: 1.0555
S 1: 1.0355
S 2: 1.0300
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Market Brief |
The USD has weakened today after Fed Chairman Bernanke’s address to congress repeated the rhetoric that labour market weakness and low inflation would allow the central bank to keep interest rates low for “an extended period”. EURUSD has spiked up to highs of 1.3626 during the day, going at least some way to reversing the losses in yesterday’s session, and USDJPY has remained heavy around 90.00 levels. Equity markets across Europe and the US have been buoyed by the prospect of low interest rates persisting amongst major economies, but commodities have had a mixed session with precious metals still struggling to recoup early losses, but crude nudging briefly back above $80.
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Japans Trade Balance Improves
February 24, 2010 10:29 AM CET
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G10 Advancers and Decliners vs USD |
| | AUD | 0.35 | | | | NZD | 0.27 | | | | SEK | 0.22 | | | | NOK | 0.18 | | | | CHF | 0.18 | | | | DKK | 0.17 | | | | GBP | 0.16 | | | | EUR | 0.13 | | | | CAD | 0.12 | | | | JPY | 0.01 | |
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Global Indexes |
Current Level |
% Change |
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| Nikkei 225 Index | 10,198.83 | - 1.40 | | Hang Seng Index | 20,512.89 | - 0.53 | | Shanghai Index | 3,022.18 | + 1.32 | | FTSE futures | 5,287.50 | - 0.78 | | DAX futures | 5,627.50 | + 0.55 | | SMI Futures | 6,614.00 | + 0.36 | | S&P future | 1,097.30 | + 0.02 |
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World Markets |
Current Level |
% Change |
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| Gold | 1,104.29 | + 0.08 | | Silver | 15.85 | + 0.09 | | VIX | 21.37 | + 7.17 | | Crude wti | 79.15 | + 0.36 | | USD Index | 80.79 | - 0.15 |
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Todays Calender |
Estimates |
Previous |
Country / GMT |
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| Base Rate Announcement, % | 3.5 | 3.5 | PLN / -- | | Riksbank minutes published | -- | -- | SEK / 08.30 | | Industrial orders, % m/m | -1.5 | 2.7 (-3.1) | EUR / 10.00 | | Fed Chairman Bernanke delivers semi-annual Monetar | -- | -- | USD / 15.00 |
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Currency Tech |
EURUSD
R 2: 1.3800
R 1: 1.3700
CURRENT: 1.3541
S 1: 1.3530
S 2: 1.3425
USDJPY
R 2: 92.75
R 1: 92.15
CURRENT: 90.35
S 1: 89.85
S 2: 89.70
GBPUSD
R 2: 1.5690
R 1: 1.5615
CURRENT: 1.5447
S 1: 1.5350
S 2: 1.5275
AUDUSD
R 2: 0.9150
R 1: 0.9093
CURRENT: 0.8929
S 1: 0.8900
S 2: 0.8850
USDCAD
R 2: 1.0575
R 1: 1.0530
CURRENT: 1.0547
S 1: 1.0355
S 2: 1.0300
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Market Brief |
Risk appetite was still shaky in Asia, despite the slight USD weakness. To the dismay of risk seekers, China’s CPPCC spokesman says it will not make any sudden CNY pricing change and, according to the Shanghai Securities News, China bank regulators told banks to tighten new lending to local governments. The economic data from Japan looked encouraging as Jan trade surplus Y85.2 bln vs. Y108.5 bln deficit expected. Exports to China surged +79.9%, to the rest of Asia +68.1%, export growth third largest on record. Yesterday, the release of the German IFO survey results showed both the business climate (95.2 vs. 96.1 expected) and current assessment (89.8 vs. 91.9) undershooting forecasts. The expectations component (100.9 vs. 100.5) did manage to come in just above consensus, but nevertheless, the releases marked the turning point for EURUSD, which sold off quickly from 1.3690 levels and accelerated on the news that Greece’s top 4 banks have had their credit ratings downgraded by Moody’s and Fitch.
The bearish price action was echoed in GBPUSD after dovish comments from BoE Governor King, which highlighted that the UK economy is still fragile and that risks to the outlook remain lodged to the downside. Despite trying to reassure markets that the weak GBP was beneficial for the recovery, King did admit that, thus far, he had not seen evidence of a pick-up in net trade. It also appears that the decision not to extend QE at the recent MPC meeting was a much closer call than markets had believed, sending GBPUSD plunging from its intraday highs of 1.5576 to lows of 1.5394.
The highlight of today will be the Fed Chairman Bernanke semi-annual monetary policy report before the House Financial Services Committee. In the near term, we believe the USD should benefit from improving economic data, discussions of exit strategy and increasing probability of “normalization” of monetary policy. In addition the greenback should continue to benefit from sovereign risk worries in the EU and UK.
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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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