Friday February 12, 2010 - 03:53:23 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 12-Feb-2010 - 0348 GMT
The US Equities ended higher yesterday. The Dow (10144.19) closed 1.05% up and the Nasdaq (2177.41) closed 1.38% up. The Markets here celebrated on the news of increased European support to Greece and lower US Jobless claims. The Invoestors in the US are growing more optimistic and confident that the situation in Europe won't have spillover effects to the US. The Dow has a resistance at 10400 â€“ 10425 and is expected to test it in the coming week.
The Asian Equities are trading higher today. The Nikkei (10038.60) is up 0.75%, the Shanghai (2998.71) is up 0.44% and the HangSeng (20318.60) is up 0.14%. The Asians are higher on encouraging numbers released by the US Labor Department yesterday. The Sensex (16152.59) closed 1.45% higher yesterday. The Sensex added 1.5% this week, ending higher after 3 weeks. The Indian Markets are closed today.
Crude (75.00) continued its upmove and closed higher for the fourth consecutive day. The news on Greece getting aid and better than expected jobless claims supported the price rise. As mentioned earlier 75.50-70 is the significant immediate Resistance region seen, a break above which might see 77.50-78 in the coming days. The EIA's US Crude inventory data is due today.
Gold (1089.80) has risen sharply yesterday. The better than expected jobless claims data release which has raised the hopes of economic recovery triggered the price rise. It is now trading in 1080-1100 resistance region. A strong break above 1100 might increase the chances of futher rise towards 1120-40. While 1100 holds 1060 can be revisited.
The Euro (1.3664) tanked yesterday from the day's high of 1.3800 to 1.3600 which is a very significant Support at the moment. A strong break below 1.36 might increase the chances of further dip towards 1.34. Dollar-Yen (89.68) is trading silent and continuing to remain ranged. Euro-Yen Cross ( 122.56) has also fallen sharply following the fall in Euro.
Swiss (1.0718) has risen sharply and might see a break above 1.08 in the coming days. The Pound (1.5675) is ranged between 1.5550-1.5800 this week and might rise towards the upper end of the range today if the immediate Resistance at 1.57 is broken. Aussie (0.8889) is continuing to trade higher. The 21-DMA Resistance at 0.8933 might be tested today a break above which might see 0.9000 on the upside.
Dollar-Rupee has closed at 46.4950/5050 yesterday. The Indian Markets are closed today on account of Maha Shivaratri.
3M USD LIBOR was unchanged at 0.25%. The 2Y and 10Y benchmark yields are quoted at 0.86% and 3.71% respectively.
10:00 GMT EU GDP Q4 '09 (Adv)
...Expected 0.4%...Previous 0.4%
10:00 GMT EU Dec IND Prodn (MoM)
...Expected 0.3%...Previous 1.0%
13:30 GMT US Jan Retail Sales
...Expected 0.4%...Previous -0.3%
Jan Australia Labour Force
...Actual 52.7K...Previous 37.5K
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