Monday August 9, 2010 - 05:54:07 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 09-Aug-2010 - 0550 GMT
The US Equities were up last week. The Dow (10653.56) was up 1.79% and the S&P (1121.64) was up 1.82%. The Dow looks Bullish and may move up towards 10800-900 in this week.
The Asians are mixed today. The NIkkei (9535.23) is down 1.11% on account of weaker than expected US NFP data released on Friday while the Shanghai (2658.39) is up 1.44% on hopes that Beijing may ease bank credit norms later this year. In India, the Sensex (18143.99) and the Nifty (5439.25) ended marginally lower by about 0.15%. The Sensex may move up towards 18350-500 this week.
Crude (81.02) has come off from Friday's high of 82.68. Support is seen at 80 which is expected to hold if a further downmove below 81 is seen.
Gold (1203.70) has bounced back above 1200 and while above 1200 there are good chances of further rise towards 1220 in the coming days.
Dollar is trading weak following the bad US NFP data released on Friday. The Euro (1.3280) has risen sharply from Firday's low of 1.3157. Resistance is seen a 1.3330-50 region, a break above which might see 1.3500 in the coming days. Dollar-Yen (85.43), though has bounced back from its low of 85.02, is expected to retain its overall downside pressure. Resistance is seen in 85.80-86.00 region. Euro-Yen Cross (113.26) retaining its range 112.80-114.
Dollar-Swiss (1.0391) may move down towards 1.0350-00 in the coming sessions today. Cable (1.5975) may move up towards 1.6050-100 on a strong break above 1.5970 today. Aussie (0.9174) may move in the range of 0.9150-250 today.
The Asian currencies are continuing to trade strong. The Korean-Won is trading near 1160 and USD-SGD is trading near 1.3469. Dollar-Rupee has closed at 46.15/16 on Friday and might continue to remain pressured on the downside following the overall weakness in the dollar.
The 3M USD LIBOR was down 1 bps to be set at 0.42%. The 2Y and 10Y yields were down 3 bps and 9 bps to quote at 0.51% and 2.82% respectively.
The US Fed's meet on the interest rate decision is scheduled for tomorrow (10-Aug-10) which will be closely watched by the market.
No major data release today.
July US NFP
...Actual -131K...Previous -221K
July CA Labour Force
...Expected 9.3K...Previous 93.2K
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