Friday April 30, 2010 - 03:50:06 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 30-Apr-2010 - 0348 GMT
The US Equities closed up yesterday. The Dow (11167.32) was up 1.10% and the Nasdaq (2511.92) was up 1.63%. The Dow is at the crucial region of 11100-200 and we need to wait and watch if this region holds or breaks today.
The Asian Equities are up except China today. The Nikkei (11072.26) is up 1.35%, the Shanghai (2849.18) is down 0.67% and the Hang Seng (20974.56) is up 0.94%. In India, the Sensex (17503.47) was up 0.71% and the Nifty (5254.15) was up 0.74% yesterday. While 17300 holds, the Sensex may trade in the region of 17300-800 for the next few of days. However, a strong break below 17300 may even see it going down towards 16500 in the coming weeks.
In Australia, the All Ordinaries (4832.20) is up 0.33% today.
Gold (Comex June 1173.30) looks intent on testing 1180 first, instead of dipping to 1145 first. Beware Resistance at 1180-85, though, which could trigger a profit-taking dip towards 1150.
Crude (Nymex June 85.54) has risen well from Wednesday's low near 81.30, which seems to be a vote of confidence for a rise towards 90 in the days/ weeks ahead.
More or less status quo overnight. The Euro (1.3240) is consolidating between 1.3180-3280, with slightly more soothing news coming out of Greece. A thought...would it not be good for the Euro if Greece were to default and be forced to exit the common currency? On a contrarion view therefore, a Greece-bailout should actually be bad for the Euro in the longer term. Dollar-Yen (94.10) continues to trade quiet given that Japan was on holiday yesterday and is going to be on holiday the first three days of next week. Overall, keep in mind the existence of a strong and crucial Resistance at 94.75.
The Pound (1.5340) has risen welll yesterday, seeing a high near 1.5364 and may have chances of rising further to 1.5464. Dollar-Swiss (1.0835) continues to trade above 1.08 and may have chances of rising towards 1.10 in the days ahead. The Aussie (0.9295) has moved up well over the last two days from Tuesday's low of 0.9135 and might gain further strength on a rise past 0.9320.
In Asia, the Sing Dollar (1.3685) has started gaining again, with the USD-SGD falling below 1.37 all over again. Look for 1.3445 in the days ahead. Dollar-Won (1107.80) has also fallen sharply after having risen to near 1140 yesterday. Dollar-Rupee may also fall towards 44.45-40 today after having closed at 44.5150 yesterday.
The 3M USD LIBOR was unchanged at 0.34%. The 2Y and 10Y yields were down 2 bps and 3 bps to quote at 1.01% and 3.73% respectively.
JP Unemployment Rate
...Actual 5.0%...Previous 4.9%
09:00 GMT EU Unemployment Rate
...Expected 10%...Previous 10%
12:30 US GDP (Q1 '10, Advance)
...Expected 3.4%...Previous 5.6%
12:30 Canadian GDP m/m
...Expected 0.5%...Previous 0.6%
US Weekly Unemployment Claims
...Actual 448K...Previous 459K
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."