Thursday May 6, 2010 - 04:02:11 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 06-May-2010 - 0341 GMT
The US Equities were down yesterday on continued concerns over the Euro Debt crisis and Goldman. The Dow (10868.12) was down 0.54% and the Nasdaq (2402.29) was down 0.91%. The Dow may see some Support at immediate levels, a break below which may pull it towards 10600 in the coming weeks. To see the trendline Support on the Dow charts, please follow the link below:
All Asians are in the Red today following the concerns of the European debt crisis. The Nikkei (10709.15) fell by 3.15% in early trade as the markets opened after 3 days of holiday today. The Nikkei has Support at current levels, a fall below which may take it towards 10250-300 in the next few weeks. The Shanghai (2822.14) is down 1.23% and the Hang Seng (20232.46) is down 0.47%. In India, the Sensex (17087.96) was down 0.29% and the Nifty (5124.90) was down 0.46% yesterday. The Sensex may fall towards 16500 in the coming days/weeks.
In Australia, the All Ordinaries (4615.90) is down 1.62% today.
Crude (80.14) continued its downmove and fell sharply yesterday as the dollar strengthened further. The EIA's data release yesterday which showed an increase of 2.8 million barrels in the US Crude inventories also supported the price fall. Support-turned-Resistance is seen at 82 and a strong break below 80 might pull it further down towards 78 in the coming days.
Gold (1174.50) has bounced back from yesterday's low of 1156.20. The Support at 1160-40 region menitoned earlier is holding as expected. The stronger dollar might retain some downside pressure on the price and a strong break below 1140 might pull it down to 1120.
The Euro zone's debt crisis concerns is retaining the strength of the dollar all over. The Euro (1.2850), though has bounced back from its significant Support region 1.2830-00, is expected to remain pressued on the downside and a break below 1.28 might trigger further dip to 1.26-25. Dollar-Yen (93.89) has come off from yesterday's high of 94.98. Support is seen at 93.55. Euro-Yen Cross (120.57) is trading lower following the fall in the Euro and Dollar-Yen.
The Pound (1.5128) though has bounced back from yesterday's low of 1.5072 is looking mixed as of now with lack of upside momentum to retain the range 1.51-55. Aussie (0.9079) has immediate Support at 0.9050 which if broken might test the 200-DMA (currently at 0.8963). Dollar-Swiss (1.1162) is continuing to trade strong and has good chances of further rise to 1.12-13.
In Asia, the Korean Won is trading near 1134 and USD-SGD is trading near 1.39. Dollar-Rupee has closed higher yesterday at 44.93/94.
The 3M USD LIBOR was up 1 bps to be set at 0.36%. The 2Y and 10Y yields were down 6 bps and 1 bps to quote at 0.88% and 3.57% respectively.
AU Trade Bal
...Actual -2.08B...Previous -1.70B
1145 GMT ECB Meeting
...Expected 1.00%...Previous 1.00%
EU Retail Sales
...Actual 0.00%...Previous -0.2%
US ADP Emp
...Actual 32k...Previous 19k
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."