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Wednesday February 3, 2010 - 03:39:37 GMT
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Morning Briefing : 03-Feb-2010 - 0337 GMT

GOOD MORNING!


EQUITIES
The Dow (10296.85) and the Nasdaq (2190.06) rose a percent each on better than expected Pending Home Sales data as the sector worst hit by recession showed signs of improvement. The Dow has risen over the last two days after finding Support near 10000 last week. On the upside, it faces Resistance near 10500 this week.

The Asian indices are following the US markets and are trading mostly in the green. The rise in Asians has also been helped by rise in commodities. The Nikkei (10400.60) is trading 0.28% higher and the Hang Seng (20391.11) is trading 0.60% higher; but the Shanghai (2912.64) is trading 3/4th of a percentage lower this morning and well below the 3000 mark. Having broken below the 3000, it may fall towards 2750. The Sensex (16163.44) continued to show weakness yesterday as well. It fell 1.18% yesterday and is likely to trade sideways over the next few days on Support of 15900.

COMMODITIES
Crude (76.81) is keeping up its upside momentum and closed above 77 yesterday. The optimism on economic recovery, weaker dollar and tension in Nigeria following the militant's attack are supporting the price rise. Technically speaking the bounce back seen this week has honoured the Bull Channel Support on the weekly chart therby increasing the chances of a rise above 80 once again. The US Crude inventory data is due today.

Gold (1111.50) is continuing to trade above 1100. The demand and weaker dollar is supporting the price rise. Immediate Resistance is seen at 1120 a break above which might see 1140 on the upside in the coming days.


CURRENCIES
A bit of a dip for the Dollar against some of the Majors today. The Euro (1.3958) has risen past 1.3940 and had seen a high near 1.3980 yesterday. Dollar-Yen (90.35) has seen a dip to 90.27 today. With the Euro-Yen (126.10) having Support at 125 and looking like it can rise towards 127, the Euro may gain while the Yen may weaken. The Aussie (0.8849) has also recovered a bit after having fallen to a low near 0.8780 yesterday after the RBA declined to raise rates. It seems the rise in Equities is again having a positive impact on the Majors.

The Pound (1.5987) is bouncing a bit from Friday's low near 1.5850 and might see stronger levels ahead as the market appears to be in a broad sideways range. UK Consumer Confidence is due today and the BOE meeting (apart from the ECB meeting) is slated for tomorrow. Dollar-Swiss (1.0560) has an important Support at 1.0540 toay. whether it breaks or holds will set the trend for the rest of the day.

The Sing Dollar has weakened to 1.4102 after having dipped to 1.4065 earlier today. The earlier esistance at 1.41 seems to be giving way. The Won (1152) is stronger with the USD-KRW coming down off Resistance at 1170. Dollar-Rupee had dipped to 46.21 at the Close yesterday and has some chances of dipping to 46.10-00 today. The NDFs are quoting near 46.21/26.


INTEREST RATES
3M USD LIBOR was unchanged at 0.25%. The yields on US Treasuries too were flat. The 2Y and 10Y yields were quoting at 0.85% and 3.64% respectively.

The RBA has kept interest rates unchanged at 3.75% yesterday as against expectations of a 25 bps rate increase. The BoE and the ECB are scheduled to be held tomorrow. The EU verdict on Greece Budget is slated to be announced today.

DATA TODAY
Jan Australia Trade Balance
...Actual A$ -2.25 Bln...Previous A$ -1.73 Bln
http://www.kshitij.com/fundamentals/funcharts/autrbal.shtml

00:01 GMT UK Cons Conf
......Expected 70...Previous 69

10:00 GMT EU Retail Sales
...Expected 0.4%...Previous -1.2%
http://www.kshitij.com/fundamentals/funcharts/euretail.shtml

13:15 GMT US ADP Emp
...Expected -41K...Previous -84K


DATA YESTERDAY
AUD RBA Interest Rate
...Actual 3.75%...Previous 3.75%
http://www.kshitij.com/fundamentals/funcharts/aurba.shtml

 

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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.

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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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Tue 19 Dec
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13:30 US- Housing Starts/Permits
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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
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
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