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Tuesday June 22, 2010 - 03:36:23 GMT
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Morning Briefing : 22-Jun-2010 - 0331 GMT

GOOD MORNING!


EQUITIES
The US Equities erased all its early gains post the China currency enthusiasm faded. The Dow (10442.41) was down 0.08% and the Nasdaq (2289.09) closed down 0.90%. The Dow may face some Resistance in the region of 10550-650 in the coming days.
 
The Asian equities are trading weak today. The Nikkei (10175.31) is down 0.61%, the Shanghai (2579.54) is down 0.26%, Taiwan Weighted (7613.29) is down 0.29% and the Seoul Composite (1729.52) is down 0.58%. In India, the Sensex (17876.55) and the Nifty (5353.50) is up about 1.73%. The Sensex has multiple Resistances in the region of 17900-18150 and it may not be able to strongly break above this in the coming days.


COMMODITIES
Crude (77.47) has come off from yesterday's high of 78.92 and is now trading below 78. The Resistance at 78.00-50 mentioned earlier is holding. Support is seen at 76. However, stronger dollar might restrict the upmove and keep some downside pressure.

Gold (1238.80) fell sharply from the high of 1264.80. The Resistance at 1250-70 region is continuing to hold. However the broader picture is bullish and every dip can be taken as a good opportunity to buy. Support is seen at 1225.


CURRENCIES
Dollar strengthness slightly coming back. The Euro (1.2296) failing to see a strong break above the Resistance at 1.2450-65 region, has come off from 1.2468 breaking below the Support at 1.2350 and is keeping up the overall downtrend intact. Dollar-Yen (91.00) is looking mixed and is oscillating around the 200-DMA (90.90) over the last couple of days. Euro-Yen (111.86) failed once again to see a strong break above 113 and is now trading below 112 thereby keeping the overall bearish sentiment intact.

The Pound (1.4765) is looking weak and might fall to 1.4600-4550. Dollar-Swiss (1.1106) though has bounced back from yesterday's low of 1.1009, needs to witness a strong break above the 55-DMA (1.1141) Resistance so as to wipe out the current downside pressure. Aussie (0.8786) is struggling to retain its upside momentum as the 55-DMA (0.8821) is restricting it from further rise. Support is seen at 0.8750 a break below which might see 0.8650 on the downside today.

In Asia, the Korean-Won is trading near 1182 and USD-SGD is trading near 1.3796. Dollar-Rupee has closed at 45.75/76 yesterday. We might see a bounce to 45.90-95 today. 45.50/35 is a very significant Support region to watch for.

INTEREST RATES
The 3M USD LIBOR was unchanged at 0.54%. The 2Y and 10Y yields were down 2 bps and 1 bps each to quote at 0.72% and 3.26% respectively.

The US Fed meeting is scheduled for tomorrow.

DATA TODAY
08:00 GMT May GER IFO Business Expectations
...Expected 102.7...Previous 103.7
http://www.kshitij.com/fundamentals/funcharts/gerifo.shtml

08:00 GMT May GER IFO Business Situations
...Expected 99.8...Previous 99.4
http://www.kshitij.com/fundamentals/funcharts/gerifo.shtml

08:00 GMT May GER IFO Business Climate
...Expected 101.2...Previous 101.5
http://www.kshitij.com/fundamentals/funcharts/gerifo.shtml

11:00 GMT CA Core Inflation Index Y/Y
...Previous 1.9%
http://www.kshitij.com/fundamentals/funcharts/cacpi.shtml

14:00 GMT May US Existing Home Sales
...Expected 6.23 Mln...Previous 5.77 Mln

 

 

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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:

Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

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  • POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.


  • POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

  • POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
  • POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude

John M. Bland, MBA
co-founding Partner, Global-View.com EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




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