Wednesday March 10, 2010 - 03:43:59 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 10-Mar-2010 - 0333 GMT
The US Equities ended higher yesterday. The Dow (10564.38) closed up 0.11% and the Nasdaq (2340.68) closed up 0.36%. The Dow looks up and may move towards 10700 in the coming sessions.
The Asian Equities are trading lower today. The Nikkei (10559.05) is trading down 0.08% post a 3.7% drop in Japanâ€™s machinery orders in January 2010 as against a jump of 20.1% in December 2009. The Nikkei is finding it difficult to break above the current Resistance region and may honour it in the coming sessions. The Shanghai (3058.972) is trading down 0.34% and the HangSeng (21172.12) is trading down 0.17%. The Sensex (17052.54) closed down 0.29% yesterday and is at a crucial Support level near 17000, a break below this may render it bullish for the days ahead.
Crude (81.24) fell sharply and recored a low of 80.16 yesterday. The stronger dollar, profit booking and the expectations of an increase in US Crude inventories, the data for which is due today pulled down the price. Though it is continuing to trade above 80 and has bounced back from yesterday's low, much strength is seen on its upmove to break above the previous high of 83.95 (11-Jan-10). The EIA's US Crude inventory data release is due today.
Gold (1121.80) is continuing to trade lower. The stronger dollar is retaining the downside pressure. However, it is trading well within the range of 1100-50 which we have been mentioning for some time. This side ways move between 1100-50 is expected to continue. Incase of a break below 1100 we might look for a little broader range of 1080-1150.
The Euro (1.3594), is expected to remain pressured on the downside with immediate Resistance at 1.3630, though has bounced back from yesterday's low of 1.3537. Dollar-Yen (89.98) is continuing to trade below 90 and is retaining the overall downtrend. Euro-Yen Cross (122.34) is also looking weak with an immediate Resistance at 123.
The Pound (1.4965) has broken below the significant Support at 1.50-1.4975 region mentioned yesterday and is looking bearish for a further fall to 1.4850. Aussie (0.9146) is gaining upside momentum and might rise towards 0.9180-0.9200 today. Swiss (1.0753) is holding on to its Support at 1.07 and continuing to remain bullish.
The Korean Won is trading near 1133 and the Sing dollar is trading near 1.3987. Dollar-Rupee has closed at 45.62/63 yesterday.
The 3M USD LIBOR was unchanged at 0.25%. The 2Y and 10Y benchmark yields have decreased 1 bp to quote at 0.87% and 3.69% respectively.
No major data release today.
UK Feb Trade Balance
...Actual $ -8 Bln...Previous $ -7.3 Bln
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