Friday April 9, 2010 - 03:43:30 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 09-Apr-2010 - 0341 GMT
The US Equities were up on account of better than expected Retail Sales and eased concern over Greece yesterday. The Dow (10927.07) was up 0.27% and the Nasdaq (2436.81) was up 0.23%. We continue to hold our view of a strong Resistance on the Dow near the 11000-100 region in the coming days.
The Asian Equities are flattish today. The Nikkei (11167.97) is flat, the Shanghai (3124.183) is up 0.18% and the Hang Seng (22060.29) is up 0.88%. The Nikkei has come down to trade near the important Resistance at 11200-50 in the past few sessions, and may move down further while below 11200. In India, the Sensex (17714.40) was down 1.42% and the Nifty (5304.45) was down 1.31%, yesterday. The Sensex is finding it diffiult to move beyond the Resistance near 18100-300 and may see further correction while below 18100.
In Australia, the All Ordinaries (4966.400) is up 0.12%.
Crude (85.78) has bounced back from yesterday's low of 84.38 taking Support from the weaker dollar. Immediate Resistance is seen at 86, a strong break above which might see 90+ levels on the upside. On the downside Support is seen at 84.
Gold (1151.30), is continuing to trade higher. As mentioned earlier, with Support at 1140-30 region there are good chances of a rise once again to 1200 in the coming days. To see the Gold graph click on the following link:
Decent recovery in the Euro (1.3358), the Pound (1.5270) and Dollar-Yen (93.43) overnight after ECB's Trichet said, "a default is not an issue for Greeceā. As expected, the ECB had kept interest rates unchanged yesterday, as had the BOE.
Dollar-Swiss (1.0730) has come off a bit from yesterday's high near 1.0785 and might dip another 70-80 points towards 1.0650 while it remains below 1.0800. The Aussie (0.9280) has recovered strongly after dipping to 0.9220 yesterday. Looks bullish overall.
In Asia, the Won has appreciated tremendously to trade near 1118.60 on capital inflows and fears of Yuan revaluation. The Sing Dollar has also appreciated and trades near 1.3945. Quite likely, then, that Dollar-Rupee may also move down towards 44.20 today, after having closed at 44.46 yesterday.
The 3M USD LIBOR was down 1 bps to be set at 0.29%. The 2Y yield was unchanged at 1.06% and the 10Y yield was up 2 bps to quote at 3.89%.
The BOE and the ECB left the rates unchanged at 0.50% and 1.00% respectively in their meet yesterday.
11:00 GMT Feb CA Labour Force
...Expected 25.2K...Previous 20.9K
Mar Australia Labour Force
...Actual 19.6K...Previous -4.7K
EU Retail Sales
...Actual -0.6%...Previous -0.2%
...Actual 0.50%...Previous 0.50%
E-15 ECB Announcement
...Actual 1.00%...Previous 1.00%
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