Friday September 10, 2010 - 03:47:04 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 10-Sep-2010 - 0345GMT
The US Equities continued their upmove yesterday following good Jobless Claim numbers and eased European debt worries. The Dow (10415.24) was up 0.27% and the S&P 500 (1104.18) was up 0.48%. The Dow may not be able to break above 10500 easily in the coming days.
The Asian Equities are mixed today. The Nikkei (9279.81, up 1.99%) surged following better than expected Japanese growth rate and weaker Yen. The markets may see some Resistance near 9350-75 next week. The Shanghai (2643.78, down 0.47%) may continue to move in the range of 2600-700 for some more days. In India, the Sensex (18799.66, up 0.71%) and the Nifty (5640.05, up 0.57%) were up following the surge in Global markets yesterday. The Sensex has closed strongly above a very important Resistance at 18500 but has good Resistance at current levels which may hold next week. Indian markets are closed today on account of Id-ul-Fitr.
Crude (74.80) has come off from yesterday's high of 75.96. The Resistance in 75.50-76.00 is holding and retaining the overall downside pressure. A strong break above 76 will have to be seen for a fresh upmove to begin. On the downside Support is seen at 73.
Gold (1246.00) fell sharply breaking below 1250 as the investors moved away from the metal towards the stocks following the better jobless claims data release yesterday. However, strong Support is see in the broad 1240-20 region which is expected to hold and keep the overall bullish sentiment intact.
Dollar is trading strong. The Euro (1.2653) is trading below 1.2700 near the 100-DMA Support (1.2652) and is keeping up the overall bearish sentiment intact. Important Support is seen at 1.2605 [50% retracement level of the rise from 1.1876 (Jun-10) to 1.3334 (Aug-10)] which might be tested today. Dollar-Yen (84.22) has risen above 84 and might test the 21-DMA Resistance (currently at 84.70) today on a break above the immediate Resistance at 84.30. The Euro-Yen Cross (106.58) is ranged between 105.80-107.20 within its overall downtrend.
Dollar-Swiss (1.0187) touched a high of 1.0225 and may now move in a range of 1.0100-200 today. Cable (1.5400) may see some dip towards 1.5350-00 today. Aussie (0.9213) touched a high of 0.9277 and may see some dip towards 0.9150-00 today.
The Asian Currencies are retaining their strength. The Korean-Won is trading near 1166 and the USD-SGD is trading near 1.3420. Dollar-Rupee has closed lower at 46.48/49 yesterday. The Indian markets are closed today on account of Id-ul-Fitr.
The 3M USD LIBOR was unchanged at 0.29%. The 2Y and 10Y yields were up 4 bps and 10 bps to quote at 0.51% and 2.74% respectively.
JP GDP QoQ (2nd Pre)
...Actual 0.4%...Previous 0.1%
09:00 GMT EU EA (16) Curr Acct Bal Q1 '10
...Previous EUR -25.4 bln
09:00 GMT EU EA (16) Bal of Trade in services
...Previous EUR 3.3 bln
09:00 GMT EU EA (16) Curr Acct Bal as % of GDP
12:00 GMT Aug CA Labour Force
...Actual 0.50%...Previous 0.50%
UK Aug Trade Balance
...Actual $ -8.7 Bln...Previous $ -7.4 Bln
US Aug Trade Balance
...Actual $ -42.8 Bln...Previous $ -49.8 Bln
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