Monday May 17, 2010 - 04:00:15 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 17-May-2010 - 0358 GMT
The US Equities closed up last week. The Dow (10620.16) was up 2.31% and the Nasdaq (2346.85) was up 3.58%. The Dow may come down towards 10150-200 in the coming days / weeks.
All Asians are in the Red today following the weaker Euro. The NIkkei (10225.10) is down 1.98%, the Shanghai (2627.95) is down 2.55% and the Hang Seng (19648.03) is down 2.47%. In India, the Sensex (16994.60) was up 1.35% and the Nifty (5093.50) was up 1.50% last week. The Sensex may fall towards 16500 in the next few days.
In Australia, the All Ordinaries (4512.70) is down 2.81%
Crude (70.20) is continuing to trade lower and is now trading just above 70. The high US Crude inventories, the Euro zone debt concerns are continuing to retain the downside pressure. A strong break below 70 might pull it further down towards 65 in the coming days. To see the Crude graph click on the following link:
Gold (1237.20) has bounced back from Friday's low of 1217.60 and is retaining its upside momentum. We might see further rise towards 1250-70 in the coming days. To see the Gold graph click on the following link:
The Gold/Crude ratio has broken the Resistance that we had mentioned on Friday which keeps our overall bullish sentiment in Gold and bearish view on Crude intact. To see the Gold/Crude ratio graph click on the following link:
Dollar continuing to trade strong all over. The Euro (1.2260) is trading below the previous low of 1.2331 (Oct-08) and might fall further towards 1.20-1.1950 in the coming days. The Pound (1.4288) is also trading weak and might fall further to 1.41-40 this week. Aussie (0.8743) is trading near a crucial Support at 0.87, a break below which might see 0.8500 on the downside.
Dollar-Swiss (1.1410) is continuing to trade strong and might see 1.15 today. Dollar-Yen (91.90) has Support at 91.59 (21-Week-MA) a break below which might see 90 on the downside. The Euro-Yen (112.70) Cross might fall towards 110 once again.
In Asia, the Korean-Won is trading near 1155 and the USD-SGD is trading near 1.3963. Dollar-Rupee has closed at 45.21 on Friday and has opened higher at 45.60/61.
The 3M USD LIBOR was up 1 bps to be set at 0.45%. The 2Y and 10Y were down 8 bps and 13 bps each to quote at 0.75% and 3.40% respwectively.
13:00 GMT US Apr TICS (Net foreign purch of long-term Sec)
...Expected $ 50.5 Bln...Previous $ 47.1 Bln
US Apr Retail Sales
...Actual 0.4%...Previous 2.1%
US Apr Industrial Production
...Actual 0.8%...Previous 0.2%
US Apr Capacity Utilization
...Actual 73.7%...Previous 73.1%
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."