Tuesday November 3, 2009 - 03:47:41 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 03-Nov-2009 - 0345 GMT
The Dow (9789.44) and the Nasdaq (2049.20) have started off well this week. US stocks recovered part of last week's losses as Dow rose 0.70%. The Asian indices are trading mixed. Shanghai is up 1.07%. Nikkei is closed today because of Culture Day. The Sensex had closed sharply lower last week and will have to be seen if the 15800 Support holds today. Else, 15500 would be the next level to watch before 15200.
The Crude (79.05) and Gold (1065.40) have risen yesterday after the US ISM which had come in better than expected. Having been Supported at 76.40 and 1025 respectively over the last few days, we would expect them to move up towards 90 and 1100 respectively over the next several days.
The Euro (1.4799) has risen from yesterday's low of 1.4704 and might see further rise towards 1.4850-1.4900 today. Dollar-Yen (90.35) might test the Resistance at 91.00 today and the Euro-Yen Cross might see a rise towards 135.00 today.
The Pound (1.6395) may continue to retain the broad range 1.6200-6600. Aussie (0.9037) is expected to continue with the overall uptrend. The RBA has increased the interest rates by 25 bps at 3.50%. Swiss has been ranged between 1.0150-0280 for sometime and we expect the overall downtrend to continue.
The Korean-Won (1183.30) continue to trade strong near 1183.
03:30 GMT AUD RBA Interest Rate
....Expected 3.50%...Previous 3.25%
US Manufacturing ISM
...Actual 55.7...Previous 52.6
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