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Wednesday April 23, 2008 - 04:23:59 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts -Asian Morning BriefingGOOD MORNING!
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
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.
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.shtmlThe 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.
Yields on the 30-Yr and 10-Yr US T-Bonds are quoted near 4.475% and 3.72% respectively.
08:30 GMT UK BOE Minutes, Exp 9-0 Cut, Prev 7-2 Hold
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