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Thursday June 24, 2010 - 03:36:27 GMT
FX Thoughts for the Day - www.fxthoughts.com

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Morning Briefing : 24-Jun-2010 - 0334 GMT

GOOD MORNING!


EQUITIES
The US markets was mixed and traded lower most part of the day before closing flat yesterday. The Fed decided to leave the rates unchanged as expected. The Dow (10298.44) was up 4.92 points and the Nasdaq (2254.23) was down 7.57 points.

In Asia, the Nikkei (9940.37) is up 0.17% and Shanghai (2.566.03) is down 0.15%. The Sensex and Nifty has closed yesterday at 17755.94 (up 6.25 points) and 5323.15 (up 6.60 points)


COMMODITIES
Crude (76.16) fell sharply from the high of 77.83 breaking below 76 (as expected) in the intraday trade and has closed at 76.35 yesterday. The EIA's data showing an unexpected increase in the US Crude inventories and economic recovery concerns pulled down the price. A strong break below 76 might pull it further down towards 74-72 in the coming days.

Gold (1234.10) is continuing to trade below 1250 and is not showing much strength on its upmove to see a strong break above 1250. Support is seen at 1220-10 region and a strong break below it might increase the chances of further downmove breaking below 1200. However, the broader picture is bullish.


CURRENCIES
Weakness in Dollar prevailing all over. The Euro (1.2342) has bounced back and is now trading near the Resistance at 1.2350-70, a strong break above which might see 1.2450 once again today. Dollar-Yen (89.88) retaining its downside pressure and might see 89.25-00 on a strong break below the Support at 89.75. Euro-Yen Cross (110.93) has bounced back from its low of 109.89 following the rise in Euro.

The Pound (1.4992) has risen sharply breaking above the Resistance at the 55-DMA (1.4873). Immediate Resistance is seen at 1.50 and if it holds today we might see a pull back to 1.49-48. Dollar-Swiss (1.1037), though continuing to trade lower, is not showing much downside momentum. 1.0950-30 is a very significant Support region seen on the downside. Aussie (0.8750) has bounced back from yesterday's low of 0.8658. Resistance is seen at 0.8800 (55-DMA) which might continue to hold for some time.

In Asia, the Korean-Won is trading near 1185 and USD-SGD is trading near 1.3865. Dollar-Rupee has closed at 46.17/18 yesterday and might fall today following the dollar weakness seen all over.


INTEREST RATES
The 3M USD LIBOR was unchanged at 0.54%. The 2Y and 10Y yields were down 3 bps and 4 bps each to quote at 0.68% and 3.12% respectively.

The US Fed left the interest rates unchanged at record low (<0.25%) for an extended period of time and has also signaled worried about US growth due to the Euro zone's debt crisis.

The BOE minutes released yesterday showed a split in its decision on the interest rates as one of the policy maker voted for an increase in the interest rates while seven other voted for leaving the rates unchanged.


DATA TODAY
12:30 GMT May US Durable Goods Orders
...Expected -1.0%...Previous 2.8%
http://www.kshitij.com/fundamentals/funcharts/usdur.shtml


DATA YESTERDAY
-----------
UK BOE Minutes
...Actual 1-0-7...Previous 0-0-9 hold

May US New Home Sales
...Actual 300K...Previous 446K

US FOMC Interest Rate
...Actual <0.25%...Previous <0.25%


 

 

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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.

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  • 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.


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

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