Tuesday March 9, 2010 - 03:50:20 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 09-Mar-2010 - 0331 GMT
The US Equities were mixed yesterday. The Dow (10552.52) closed down 0.13% while the Nasdaq (2322.21) closed up 0.25%. The Dow has closed just above the Resistance region of 10500-50 and if this is broken strongly we may see a rise towards 10700, the next Resistance level, in the coming sessions.
The Asian Equities are trading mixed this morning. The Nikkei (10558.04) is down 0.26%, the Shanghai (3048.025) is down 0.17% while the HangSeng (21215.53) is up 0.09%. The Nikkei is trading near the Resistance region of 10500-50 and it needs to be seen whether it breaks it strongly in the sessions ahead. The Sensex (17102.60) closed up 0.64% yesterday. It is moving closer to the Reistance level near 17500 we have been mentioning for some time.
Crude (81.49) is continuing to trade higher. As mentioned earlier, while above 80 there are good chances of revisiting the previous high of 83.95 (11-Jan-10) over the next few days. Note that Crude has been broadly ranged between 68-84 over the last few months.
Gold (1123.30) fell sharply yesterday as the stronger dollar is continuing to restrict further rise in the price and is retaining the range 1100-50 which we have been mentioning for some time.
Friday's sharp move in the Currencies is looking like very short lived. Dollar-Yen (89.99) has come off from yesterday's high of 90.41 and is now trading just below 90 thereby keeping the overall downtrend intact. Euro (1.3622) is continuing to remain pressured on the downside with strong Resistance in 1.3700-35 region. Euro-Yen Cross (122.65) is also trading lower following the fall in Euro and Dollar-Yen.
The Pound (1.5022) fell sharply and is trading near its significant Support at 1.50-1.4975 region. Aussie (0.9094) though continuing to trade above the 100-DMA, it is not showing much strength on its upmove. Swiss (1.0733) is continuing to remain bullish with immediate Support at 1.0700-1.0680 region.
In Asia the Korean Won is trading near 1134 and the Sing Dollar at 1.4006. Dollar-Rupee has closed at 45.5250/5350.
The 3M USD LIBOR was unchanged at 0.25%. The 2Y benchmark yield has decreased by 3 bps to quote at 0.88% while the 10Y benchmark yield is unchanged at 3.70%.
09:30 GMT UK Feb Trade Balance
...Expected $ -6.9 Bln...Previous $ -7.3 Bln
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