Monday July 19, 2010 - 03:57:39 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 15-Jul-2010 - 0308 GMT
The US equities closed down last. The Dow (10097.90) was down about 1% and may find some important Resistance at 10500 this week.
The Asian equites are mixed today. The Shanghai (2429.17) is up 0.2%., the Hangseng (20067.41) is down about 0.9%. Japan is closed today.In India, the Sensex (17955.82) was up 0.69% last week and may find strong Resistance near 18500 this week.
Crude (75.71) fell sharply on Friday and is now trading below 76. The weak consumer sentiment data release and weak equity markets on Friday pulled down the price. While below 76, there are good chances of a fall once again towards the Support at 74 in the coming days.To see the Crude graph click on the following link:
Gold (1193.80) fell sharply breaking below 1200 on Friday and is now trading below 1200. Significant Support is seen at 1175 on the weekly chart which might be tested in the coming days. We expect this Support at 1175 to hold and might see a bounce back from this Support level. The broader picture continues to remain bullish. To see the Gold graph click on the following link:
The Euro (1.2903) has come off from Friday's high of 1.3007. With Resistance in the 1.2950-75 region and we might expect a downmove towards 1.2820-00 today. Dollar-Yen (86.65_ is retaining its downside pressure and is now trading below 87. Further downmove towards 85 is looking likely. Immediate Support is seen in the 86.15-00 region. The Euro-Yen Cross (111.84) has broken the range (112-113.50) in which it was trading last week on the downside and is keeping up the overall downtrend intact. We might see a dip to 110-109 in the coming days.
The Pound (1.5311) has come off from Firday's high of 1.5447. Support is seen at 1.5250 and a break below it might trigger further downmove towards 1.5200-5100. While above 1.5250, there are chances of a rise once again towards 1.5400-50. Dollar-Swiss (1.0479) has bounced back from the Support at 1.0400. Immediate Support is seen at 1.0450 and while it holds, we might see a rise towards 1.0550-0600 today. Aussie (0.8683) is looking weak and might see further downmove towards 0.8600-8550 today.
The Asian Currencies are trading weak. The Korean-Won is trading near 1216 and USD-SGD is trading near 1.3805. Dollar-Rupee has closed higher at 46.78/79 last week and is keeping the overall bullish sentiment intact. We might see further rise towards 47.00-10 in the coming days.
The 3M USD LIBOR was unchanged at 0.52%. The 2Y and 10Y yields were down 2 bps and 7 bps to quote at 0.58% and 2.92% respectively.
No major data release today
EU Trade Bal
...Actual -3.0 Bln...Previous 0.1Bln
US June Core CPI (MoM)
...Actual 0.2%...Previous 0.1%
US June TICS (Net foreign purch of long-term Sec)
...Actual $ 35.4 Bln...Previous $ 83.0 Bln
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