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Wednesday April 23, 2008 - 04:23:59 GMT
FX Thoughts for the Day - www.fxthoughts.com

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FX Thoughts -Asian Morning Briefing

GOOD MORNING!


EQUITIES
The Dow closed 104.79 points lower at 12,720.23. But the Nikkei is trading 93 points higher near 13641. Most other Asian markets are trading in the green (including Shanghai), apart from Indonesia and Malaysia, which are down marginally.

On the Dow, the trendline Resistance seen on the Weekly Candles (lower chart on the following page) seems to be holding for the while. Please take a look at
http://www.kshitij.com/graphgallery/djiacandle.shtml


COMMODITIES
Crude (Nymex May Futures) has risen to a high of 119.90, almost kissing our target of 120. A major Resistance may be expected at 121.00

Gold continues to trade sideways and is currently quoting near 921.70.


CURRENCIES
The Euro rose to 1.6021 in late US/ early Asian trade. It currently trades near 1.5992 and has potential for an eventual rise towards 1.62-63. The Pound bounced back sharply after dropping to 1.9745 yesterday. It currently trades near 1.9960 and might rally to 2.000 during the day. Overall, it continues to be ranged sideways between 1.95-2.0150, as seen on the Weekly Candles on
http://www.kshitij.com/graphgallery/gbpcandle.shtml

The Australian Dollar has shot up today after the Australian CPI was released today, showing a rise of 1.3% against an expectation of 1.1%. It is currently trading near 0.9509, just above the Feb-08 High near 0.9502. Technically, it is trading at the highest level since 1978. It faces an important Resistance at 0.9555 today, but, if that breaks, a further rise towards 0.9630 could be seen.

Dollar-Yen trades sideways, quoting near 102.90. Expect a range of 101.50-105.00 over this week and the next. Dollar-Swiss moved down to 1.0000 and currently trades near 1.0030. Note that 1.0000 is a crucial Support. If it holds, a rise back towards 1.02 could be seen. If it breaks a fall towards 0.9823 could be seen.

The Yuan continues to appreciate and has been set at 6.9837 per USD. Dollar-Rupee has opened quiet near 39.95.


INTEREST RATES
Yields on the 30-Yr and 10-Yr US T-Bonds are quoted near 4.475% and 3.72% respectively.

DATA TODAY
08:30 GMT UK BOE Minutes, Exp 9-0 Cut, Prev 7-2 Hold

 

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Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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