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Thursday May 6, 2010 - 04:02:11 GMT
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Morning Briefing : 06-May-2010 - 0341 GMT

GOOD MORNING!


EQUITIES
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:
http://www.kshitij.com/graphgallery/djiama.shtml#ma

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.

COMMODITIES
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.


CURRENCIES
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.


INTEREST RATES
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.


DATA TODAY
AU Trade Bal
...Actual -2.08B...Previous -1.70B

1145 GMT ECB Meeting
...Expected 1.00%...Previous 1.00%


DATA YESTERDAY

EU Retail Sales
...Actual 0.00%...Previous -0.2%
http://www.kshitij.com/fundamentals/funcharts/euretail.shtml

US ADP Emp
...Actual 32k...Previous 19k

 

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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 here.

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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."



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Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
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All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
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14:00 US- Pending Homes Sales
Fri 27 Oct
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John M. Bland, MBA
co-founding Partner, Global-View.com

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