Tuesday July 13, 2010 - 04:13:24 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 13-Jul-2010 - 0409 GMT
The US Equities were silent yesterday, ahead of the earnings season. The Dow (10216.27) was up 0.18% and the S&P 500 (1078.75) was flat. The Dow has some Resistance in the region of 10200-400 in the coming days.
The Asian Equities are mixed today. The Nikkei (9580.23, up 0.34%) may go up to 9650-700 in the coming days while the Shanghai (2453.39, down 1.5%) may find it difficult to rise past 2500 immediately. In India, the Sensex (17937.20) and the Nifty (5383.00) were up about 0.57% yesterday. The Sensex may move towards 18200-50 in the coming days.
Crude (75.08) has come off from yesterday's high of 76.43. Profit taking pulled down the price as the traders turned cautious ahead of the earnings season. Further downmove towards 74 can be expected in the coming days as the Commodity has failed to sustain above 76.
Gold (1196.90) is trading below 1196.90. Lack of strength on its upmove above 1200 is retaining the some downside pressure. We might expect a fall towards the significant Support in the 1175-70 region. A dip to 1175-70 can be taken as a good opportunity to buy as the broader outlook continues to remain bullish.
The Euro (1.2590) is retaining the downside pressure. With Resistance at 1.2650, ww might see a downmove towards 1.2500-2450 today. Dollar-Yen (88.66) is ranged between 88.00-89.00. Support at 88.00 is expected to hold and a rise towards 89.30-50 is possible in the coming days. Euro-Yen Cross (111.63) is retaining the downside pressure and might fall towards 110-109. Resistance is seen at 113.00-30 region.
The Pound (1.5020), though has bounced back from yesterday's low of 1.4944, might continue to remain pressured on the downside with Resistance in the 1.5075-5100 region. Dollar-Swiss (1.5022) has come off from yesterday's high of 1.0676 and is now trading just near the 200-DMA. A rise once again towards 1.0670-0700 is possible today. Aussie (0.8734) is continuing to trade below 0.8800 and might fall towards 0.8600 in the coming days.
In Asia, the Korean-Won is trading near 1209 and USD-SGD is trading near 1.3824. Dollar-Rupee has closed at 46.77/78 yesterday and is retaining the overall bullish sentiment. Immediate Support is seen at 46.60.
The 3M USD LIBOR was unchanged at 0.53%. The 2Y yield was up 1 bps to quote at 0.63% while the 10Y yield was flat at 3.05%.
08:30 GMT June UK CPI Y/Y
...Expected 3.2%...Previous 3.4%
12:30 GMT US June Trade Balance
...Expected $ -39.4 Bln...Previous $ -40.3 Bln
UK GDP Q1 '10 (Fnl)
...Actual 0.3%...Previous 0.3%
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