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Thursday July 22, 2010 - 03:36:07 GMT
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Morning Briefing - 22-Jul-2010

GOOD MORNING!

EQUITIES
The US Equities fell yesterday after Fed Chairman, Ben Bernanke informed the Congress that the US Economy has weakned and that the Fed is prepared for any uncertainities going forward. The Dow (10120.53) was down 1.07% and the S&P 500 (1069.59) was down 1.28%. The Dow is near an immediate Resistance on the weekly charts (10150-200) and we need to wait and watch whether it strongly breaks above this in the coming sessions.

The Asian Equities are trading lower following Bernanke's concerns over the US Economy.The Nikkei (9215.30, down 0.68%) may see some fall towards 9250 in the coming days while the Shanghai (2527.96, down 0.29%) may rise towards 2650 in the coming weeks. In India, the Markets were up led by Metal stocks and Global strength in Equities yesterday. the Sensex (17977.23) and the Nifty (5399.35) were up about 0.55% . On a close above 18000, we may see the Sensex touch 18350-400 in the coming weeks.

COMMODITIES
Crude (76.61) fell sharply from yesterday's high of 78.57 and is now trading below 77. The economic recovery concerns and the unexpected increase in the US Crude inventories pulled down the price. A break below 76 might increase the chances of further downmove towards 75-74 in the coming days. On the upside Resistance is seen at 78.50. To see the Crude graph click on the following link:
http://www.kshitij.com/graphgallery/nymexcrudecandle.shtml#candle

Gold (1185.30) is continuing to trade below 1200 and is retaining its downside pressure. We might see a test of the significant Support in 1175-70 region once again in the coming days. As mentioned earlier. this 1175-50 is a very significant Support region to watch for and a break below it might see further downmove towards 1150. To see the Gold graph click on the following link:
http://www.kshitij.com/graphgallery/goldcandle.shtml#candle

CURRENCIES
The Euro (1.2768) continuing its downmove and might dip further towards 1.2700-2680 today. Resistance is seen in 1.2830-50 region. Dollar-Yen (86.46) has come off from yesterday's high of 87.43 and might test the Support in 86.15-00 region today. A strong break below 86 might pull it further down towards 85. Euro-Yen Cross (110.42) is keeping up its overall bearish sentiment intact and might dip towards 109 today.

Dollar-Swiss has been unable to break above the important Resistance at 1.0550 this week and we may now see it go down towards 1.0450-25 today. Aussie has again come to trade below the important Resistance level of 0.8800 and we see good chances of the pair fall towards 0.8700-675 over today and tomorrow. Cable is taking Support from the 21 DMA (1.5151) and we may see the pair move up towards 1.5250-300 in the coming sessions.

In Asia, the Korean-Won is trading near 1207 and USD-SGD is trading near 1.3762. Dollar-Rupee has closed lower at 47.15/16 yesterday, but continues to remain bullish in the broader picture with good Support in 47.00-46.90 region.

INTEREST RATES
The 3M USD LIBOR was unchanged at 0.51%. The 2Y yield and the 10Y yield were down 1 bps and 9 bps to quote at 0.55% and 2.87% respectively.

DATA TODAY
09:00 GMT EU EA (16) Curr Acct Bal Q1 '10
...Previous EUR -19.6 bln

09:00 GMT EU EA (16) Bal of Trade in services
...Previous EUR 4.9 bln

09:00 GMT EU EA (16) Curr Acct Bal as % of GDP
...Previous -0.9%

14:00 GMT June US Existing Home Sales
...Expected 5.18 Mln...Previous 5.66 Mln

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

 

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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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14:00 CA- BOC Decision
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John M. Bland, MBA
co-founding Partner, Global-View.com

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