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Friday May 21, 2010 - 03:42:00 GMT
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Morning Briefing : 21-May-2010 - 0340 GMT

GOOD MORNING!


EQUITIES
The US Equities closed down yesterday. The Dow (10068.01) was down 3.60% and the Nasdaq (2204.01) was down 4.11%. The Markets were down on account of economic worries, as the Index of US Leading Economic Indicators declined in April, followed by an increase in the number of Jobles Benefits applicants in the US. On a break below 10000-9950, we may see some more fall towards 9500 on the Dow in the coming weeks.

The Asians are bleeding. The Nikkei (9778.65, down 2.51%) may find some Support near 9750 and the Shanghai (2532.08, down 0.93%) may fall further towards 2250 on a break below 2500, in the coming weeks. The Hang Seng (19545.83) is down 0.17%. In India, the Sensex (16519.68) was up 0.68% and the Nifty (4947.60) was up 0.57% yesterday. The Sensex may fall towards 15500 on a break below 16100 in the coming weeks.

In Australia, the All Ordinaries (4262.90, down 1.83%) may find some Support near 4250-300 in the coming weeks.

COMMODITIES
Crude (70.01) has bounced back sharply from its low of 68.85 and is trading near 70. However, with Support-turned-Resistances at 71.70-72 region and at 75, it is expected to remain pressured on the downside. This week's close will have to be watched carefully.

Gold (1173) is continuing to trade below 1200 and broke below the Support at 1180 mentioned earlier. While below 1180 we might see further downmove towards 1150 which is the next significant Support level seen. However, the broader picture continues to remain bullish and we might expect a bounce back from 1150 levels.


CURRENCIES
"SPECULATIONS" allover witnessed a sudden reversal on most of the currencies yesterday. Whether these speculations will reverse the stronger dollar? We will have to wait and watch.

The Euro (1.2577) has bounced back from its low of 1.2294 on speculation that EU will take further more steps to ease the debt crisis concerns. Resistance is seen at 1.2620, a strong break above which might see 1.27-2720 on the upside today. Dollar-Yen (90.24) has bounced back from its low of 88.95 after the Japan's Finance Minister said they are watching the currency market movements. It is now trading below the 200-DMA (currently at 91.10).Aussie (0.8235) also has bounced back from its low of 0.8071 on speculation that RBA would intervene. It has Resistance at 0.83 which might be tested today.

The Eur-Yen (113.35) Cross has risen sharply from the low of 109.45 following the rise in the Euro and Dollar-Yen. Cable (1.4382) is continuing to be ranged between 1.4220-1.4520 within the overall downtrend. Dollar-Swiss (1.1571) is continuing to trade strong and is keeping up its bullish sentiment intact for further rise to 1.17-18.

In Asia, the USD-KRW has risen sharply and is now trading near 1193. Might expect further rise to 1200. The USD-SGD is trading strong near 1.411. Dollar-Rupee has closed higher at 46.81/82 yesterday.


INTEREST RATES
The 3M USD LIBOR was unchaged at 0.48%. The 2Y and 10Y were down 4 bps and 12 bps each to quote at 0.73% and 3.25% respectively.


DATA TODAY
05:00 GMT BOJ Meeting
...Expected 0.10%...Previous 0.10%
http://www.kshitij.com/fundamentals/funcharts/jpboj.shtml

08:00 GMT Apr GER IFO Business Expectations
...Previous 104
http://www.kshitij.com/fundamentals/funcharts/gerifo.shtml

08:00 GMT Apr GER IFO Business Situations
...Previous 99.3
http://www.kshitij.com/fundamentals/funcharts/gerifo.shtml

08:00 GMT Apr GER IFO Business Climate
...Expected 101.9...Previous 101.6
http://www.kshitij.com/fundamentals/funcharts/gerifo.shtml

11:00 GMT CA Core Inflation Index Y/Y
...Previous 1.7%
http://www.kshitij.com/fundamentals/funcharts/cacpi.shtml


DATA YESTERDAY
------------
JP GDP Q4'10 (1st Pre)
...Actual 1.2%...Previous 1.0%
http://www.kshitij.com/fundamentals/funcharts/jpgdp.shtml

14:00 GMT Apr US Philifed Index
...Actual 21.9...Previous 20.2

 

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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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  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



  • POTENTIAL PRICE RISK: Medium Thu-- 01:30 GMT AU- Employment. Top economic indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 02:00 GMT CN- GDP. Top economic indicator.


  • POTENTIAL PRICE RISK: HIGH Thu-- 08:30 GMT GB- Retail Sales. Top consumption indicator.


  • POTENTIAL PRICE RISK: Medium Thu-- 12:30 GMT US- Weekly Jobless. Employment Indicator.



John M. Bland, MBA
co-founding Partner, Global-View.com

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