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Monday May 24, 2010 - 03:41:49 GMT
FX Thoughts for the Day - www.fxthoughts.com

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Morning Briefing : 24-May-2010 - 0339 GMT

GOOD MORNING!


EQUITIES
The US markets closed higher on Firday. The Dow closed just below 10200 at 10193.39 (up 1.25%) and the Nasdaq closed at 2229.04 (up 1.15%).

In Asia the markets are mixed today. Nikkei is trading slightly lower at 9756.72 (-0.28%) while Shanghai is trading up more than 3% at 2675.67. The Sensex and Nifty has closed lower at 16187.03 (-74.07 points) and 4931.15 (-16.45 points) on Firday.


COMMODITIES
Crude (70.21) closed just above 70 at 70.04 last week and is now continuing to trade above 70. With lack of upside momentum and with Support-turned-Resistances at 71.70-72 region and at 75, it is expected to remain pressured on the downside. To see the Crude graph click on the following link:
http://www.kshitij.com/graphgallery/nymexcrudecandle.shtml#candle


Gold (1183.30) has bounced back from Friday's low of 1166 and is now trading above 1180. Immediate Resistance is seen at 1185 and if it holds we might see a test of 1150 in the coming days. As mentioned earlier the broader picture continues to remain bullish and we expect this Support at 1150 to hold. To see the Gold graph click on the following link:
http://www.kshitij.com/graphgallery/goldcandle.shtml#candle


CURRENCIES
The Euro (1.2500) has come off from Friday's high of 1.2672. Support is seen at 1.24 while it holds, the corrective rally may continue towards 1.27 over today/tomorrow. Dollar-Yen (90.17) fell sharply breaking below the significant 200-DMA Support last week and is continuing to remain weak for further fall towards 89-88.50. Euro-Yen (112.72) Cross is continuing to trade weak. With significant Suppor-turned-Resistance at 114.20, we might expect a fall towads 111-110 today.

The Pound (1.4468) is retaining the range (1.4220-4520) with in the overall downtrend and is now trading at the upper end of the range. A strong break above the upper end of the range might see 1.47-4750 on the upside which is the next significant Resistance seen. Aussie (0.8270) is continuing to trade weak and it has a very crucial Support at 0.8165-30 region which might be tested today. A strong break below it might see 0.80-0.79 on the downside in the coming days. Dollar-Swiss (1.1538) is continuing to trade strong. With Support at 1.1450, we might see a rise towards 1.17-18 in the coming days.


In Asia, the Korean-Won is trading near 1215 and the USD-SGD is trading near 1.4073. Dollar-Rupee has closed at 46.92/93 on Friday and is expected to keep the overall bullish sentiment intact with immediate Support at 46.80.


INTEREST RATES
The 3M USD LIBOR was up 2 bps to be set at 0.50%. The 2Y yield was up 2 bps to quote at 0.75% while the 10Y yield was down 3 bps to quote at 3.22%.


DATA TODAY
14:00 GMT Apr US Existing Home Sales
...Expected 5.61 Mln...Previous 5.35 Mln

FRIDAY'S DATA
------------
BOJ Meeting
...Actual 0.10%...Previous 0.10%
http://www.kshitij.com/fundamentals/funcharts/jpboj.shtml

Apr GER IFO Business Expectations
...Actual 103...Previous 104
http://www.kshitij.com/fundamentals/funcharts/gerifo.shtml

Apr GER IFO Business Situations
...Actual 99.4...Previous 99.3
http://www.kshitij.com/fundamentals/funcharts/gerifo.shtml

Apr GER IFO Business Climate
...Actual 101.5...Previous 101.6
http://www.kshitij.com/fundamentals/funcharts/gerifo.shtml

CA Core Inflation Index Y/Y
...Actual 1.9%...Previous 1.7%
http://www.kshitij.com/fundamentals/funcharts/cacpi.shtml

 

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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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