Monday April 12, 2010 - 03:41:46 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 12-Apr-2010 - 0339 GMT
Th US Equities closed up last week. The Dow (10997.35) was up 0.64% and the Nasdaq (2454.05) was up 2.14%. 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 mixed today. The Nikkei (11314.42) is up 0.98%, the Shanghi (3141.71) is flat and the Hang Seng (22251.19) is up 0.19%. In India, the Sensex (17933.14) was up 1.36% and the Nifty (5361.75) was up 1.35%, last week. We may see a test of the Resistance at 18100-300 on the Sensex today and we need to wait and watch if it holds or is broken in the next few days.
In Australia, the All Ordinaries (5004.800) is trading up 0.64%.
Crude (85.37) is continuing to trade below 86. The demand concerns and high US inventories are continuing to retain the downside pressure although the dollar is trading weak. However, with Support at 84-83 region there are good chances of a break above 86 and see a rise to 88-90 in the coming days.
Gold (1166.70) is keeping up its upside momentum taking Support from the weaker dollar. As mentioned earlier, we might see further rise to 1200-25 in the coming days.
Gap up opening in the Euro (1.3655) today on news that Greece has secured a promise of a $61 bln loan from European nations. Bond yields have dipped globally as the interest rate on the proposed loan is lower than Friday's market levels. Dollar-Swiss (1.0570) has also fallen sharply on the news. The Pound (1.5435) has also risen a bit, but not as much as the Euro. As a result, the EUR-GBP cross has moved up to 0.8840, as compared to 0.87 last week.
Dollar-Yen (93.15) is steady today, but might dip towards 92.50 on overall Dollar weakness. The Aussie (0.9340) is trading strong, sustaining gains made last week. Further upside quite likely.
Asian currencies like the Won (1113.80) and the Sing Dollar (1.3883) have also gained tremendously today. Dollar-Rupee had closed lower at 44.28 on Friday. The NDFs have been quoted at 44.24/29 today. A test of 44.00 looks possible today.
The 3M USD LIBOR was up 1 bps to be set at 0.30%. The 2Y and 10Y yields were up 3 bps and 2 bps to quote at 1.09% and 3.91% respectively.
No major data release today
Feb CA Labour Force
...Actual 17.9K...Previous 20.9K
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