Tuesday September 15, 2009 - 03:42:10 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 15-Sep-2009 - 0335 GMT
The Dow (9626.80) and the Nasdaq (2091.78) closed higher by 0.22% and 0.52% respectively led by utilities stock. The Dow recovered its early losses after recording a low of 9536. The world is getting increasingly concerned over US-China economic relations as the US levied additional barriers on tire imports from China on which China has filed a complaint with the WTO. For today, all eyes would be on Retails Sales data which is expected to show an increase of 1.8% M-o-M as compared to -0.1% previous month.
The Asian indices are trading relatively flat today. Nikkei (10213.70) is up 0.11%, Shanghai (3013.53) is down 0.44%. It has strong Resistance at 3050. The Sensex (16214.19) has Resistance at 16400 and Support at 16000 for this week. Technically, it is nearing the resolution of a wedge on the weekly candles. This and next week would spell the trend for the stocks in India going forward. To see the chart of Sensex, click on: http://www.kshitij.com/graphgallery/sensexcandle.shtml#candle
Crude (68.88) is continuing to trade lower with the concerns over the economic recovery and the energy demand. However the Support at 68 mentioned earlier still holds. A break below 68 might pull it down towards 65-63. On the upside Resistance is seen at 73. The US Crude inventory data is due tomorrow.
After breaking below 1000 in the intraday trade, Gold (1001.00) closed above 1000 for the second consecutive day yesterday. If it continues to trade above 1000 we might see a rise towards 1015-25 in the coming days.
The Euro (1.4611) has risen from yesterday's low of 1.4515. Support is seen in the region 1.4530-00. Dollar-Yen (91.12) is trading higher and significant Resistance is seen at 91.30. If it holds we might see a downmove once again towards 90.20-00 today. Euro-Yen (133.18) might test the Resistance at 133.80-134.00 today.
The Pound (1.6612), although has risen from yesterday's low of 1.6521, it is looking mixed now. Aussie (0.8603) is ranged between 0.8550 and 0.8650. Swiss (1.0352) is keeping up the bearish sentiment intact and might see a downmove towards 1.0300-0280.
Dollar-Won (1222.20) is continuing to trade sideways. Dollar-Ruppee has opened today at 48.63/65.
3M USD LIBOR was left unchanged at 0.30% as against 0.43% last month. The yields on US Treasuries have risen after steep fall over the last few weeks. The yields on 10Y Notes rose 6 bps to quote at 3.40%.
12:30 GMT US Aug Core PPI (MoM)
...Expected 0.1%...Previous -0.1%
12:30 GMT US Aug Core PPI (YoY)
12:30 GMT US Aug Retail Sales
...Expected 1.8%...Previous -0.1%
EU Aug IND Prodn (MoM)
...Actual -0.3%...Previous -0.6%
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