Monday June 21, 2010 - 03:48:19 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 21-Jun-2010 - 0346 GMT
The US equity markets have closed almost flat on Friday. Dow (10450.64) was up 16.47 points and Nasdaq (2309.80) was up 2.64 points.
The Asian markets are in green following the news from China. Nikkei (10172.20) is up 1.775 and Shanghai (2538.59) is up 1.01%. The Sensex (17570.82) and Nifty (5262.60) is also expected to rise further today taking support from the other Asian markets.
Crude (78.13) has risen sharply from Friday's low of 75.56 and is now trading in the Resistance region at 78.00-50. Note that the 21-Week-MA is at 78.29 and the 21-MA on the 3-Day chart is at 78.35. A strong break above 78.50 might see further rise towards 80 in the coming days. To see the 21-MA Resistances on the 3-Day and Weekly line graph click on the following link:
Gold (1257.40) has risen breaking above 1250 and recorded a high of 1261.50 on Friday. While above 1250 there are good chances of further rise towards 1275-80 in the coming days. Important to note is that, Gold has broken and closed above the significant Resistance at 1235 on the weekly chart which has added further support to the overall bullish view. To see the Gold line graph click on the following link:
Dollar is continuing to trade weak following China's move to end the Yuan's peg to the Dollar. The Euro (1.2431) is trading higher. Singificant Resistance is seen at 1.2450-60 region and a strong break above it might see 1.2500-50 today. Dollar-Yen (90.76) has risen from today's low of 90.23. It might be ranged between the Support is seen at 90 and the 200-DMA Resistance at 90.90. Euro-Yen Cross (112.77) is continuing to remain ranged between 111.50-113.
The Pound (1.4847) though continuing to trade higher has significant Resistance at 1.4480-49 region which if holds might see a downmove towards 1.47-46. Dollar-Swiss (1.1050) is continuing to trade lower and while below 1.11 there are good chances of testing the significant Support at 1.0930. Aussie (0.8807) is trading higher and has immediate Resistance at 0.8822 (55-DMA) a break above which might test the 21-Week MA at 0.8903 today.
In Asia, the Korean-Won is trading strong near 1175. USD-SGD is trading near 1.3760. Dollar-Rupee has closed at 46.16/17 and might dip towards 45.95-85 today.
The 3M USD LIBOR is unchanged at 0.54%. The 2Y and 10Y yields have risen 3 bps and 7 bps each to quote at 0.74% and 3.27% respectively.
No major data release today
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