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Tuesday September 22, 2009 - 03:39:21 GMT
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Morning Briefing : 22-Sep-2009 - 0336 GMT

GOOD MORNING!


EQUITIES
The US equities traded lower yesterday. They however recovered at the end led by a rise in healtchare and tech stocks to close the day with modest losses. The Dow closed lower 0.42% and the Nasdaq rose 0.24%.

The Asian indices recovered from an early fall yesterday which was led by Shanghai. It had at a point dropped close to 3%. However, it ended the day with modest gains. For today, the Nikkei is closed. The rest of the Asian indices are mixed. Shanghai is trading lower 0.21% while Hang Seng is up 0.42%. The Sensex (16741.30) is likely to be ranged near the Resistance at 17000 for today.

COMMODITIES
Crude (70.28) fell sharply yesterday breaking below 70 following the concerns over the energy demand and is now trading just above 70. Significant Trendline Support is seen at 69.50 which was tested and held during yesterday's sharp fall. If it continues to hold we might see a rise once again towards 73.00-50 in the coming days. However a break below 69.50 might see a dip towards 67.50. To see the Trendline Support on the Crude chart click on the following link:
http://www.kshitij.com/graphgallery/nymexcrudecandle.shtml#candle

Gold (1006.00), though fell below 1000 in the intraday trades yesterday, managed to close above 1000 and is continuing to trade higher. On the downside Support is seen in the region 990-985 and the upside significant Resistance is seen at 1030.


CURRENCIES
After the profit-taking yesterday, most non-Dollar currencies have strengthened again today. The Euro (1.4720) and the Aussie (0.8695) have moved up quite a bit after having dipped to 1.4610 and 0.8590 respectively yesterday.

Dollar-Yen (91.75) has come off a bit after having risen to 92.50 yesteray. Japan has a holiday today as well. Dollar-Swiss (1.0295) has come down after having seen a high near 1.0390 yesterday. Even the Pound (1.6250) has bounced from yesterday's low near 1.6135.

In Asia, the Won trades strong near 1204, as does the Singapore Dollar, which is near 1.4160. Note, however, that the USD-SGD may have Support near 1.41 for some time although the overall picture is quite weak. Dollar-Rupee had closed near 48.13/14 on Friday and has Support at 48.00.


INTEREST RATES
3M USD LIBOR was left unchanged at 0.29%. The yields on US Treasuries were little changed. The FOMC is scheduled for tomorrow and the Fed Reserve is expected to keep the interest rates unchanged at 0-0.25%.

The yield differential between different maturities of the same country's Government debt has been ranged over the last several months which means that the yield curve is shifting almost parallelly. These might consolidate for some more time before coming down once again. Look at the US Yields Diferential since 2000 at the following page: http://www.kshitij.com/graphgallery/usddiff.shtml#sindiff and for Euro Yields Differenital since 2000 at: http://www.kshitij.com/graphgallery/eurdiff.shtml#sindiff

 

 

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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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15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
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