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Thursday October 7, 2010 - 03:49:58 GMT
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Morning Briefing : 07-Oct-2010 - 0339 GMT

GOOD MORNING!


EQUITIES
The US Equities were mixed in a relatively calm session yesterday. The markets were cautious after disappointing report on the jobs market and renewed concern about the economy. The markets will be closely watching the crucial NFP data due tomorrow. The Dow (10967.65) was up 0.21% and the S&P 500 (1159.97) was flat. We continue to hold our view of an immediate Resistance in the 11000-500 region, a break above which may take the Dow towards 11250 in the coming weeks.

The Asian are mixed today. The Nikkei (9702.76, up 0.12%) is trading silent following a relatively quiet session on the Wall Street and stronger Yen. In Australia, the All Oridnaries (4744.90, up 0.15%) is trading higher following favourable job report in Australia. The Shanghai (2655.66) is closed till today and will open tomorrw after a week long holiday on account of National Day. In India, the Sensex (20543.08, up 0.66%) and the Nifty (6186.45, up 0.66%) closed higher yesterday. The markets may see some strong upmove towards 21500-22000 in the coming weeks.

COMMODITIES
Crude (83.30) is continuing to trade higher and has risen above 83. The weaker dollar, strike in France's oil port and unexpected drop in the US gasoline and distillate inventories supported the price rise. As mentioned earlier, the weekly candles are looking strong and there are good chances of Crude revisiting 100 in the coming weeks/months.

Gold (1345.30) is retaining its upside momentum and is keeping up its overall bullish sentiment intact. It might target 1370-1400 in the coming days.


CURRENCIES
Dollar is retaining its weakness. The Euro (1.3914) has risen further and is trading in its Resistance region 1.3875-3915. With lack of downside momentum a further rise towards 1.4000 is looking likely today. Dollar-Yen (82.92) is retaining its downtrend and is now trading below 83. A further dip towards 81.50-00 might be seen in the coming days. The Euro-Yen (82.91) Cross is continuing to trade higher but with less upside momentum. It has significant Resistance at 115.78 a strong break above which might take it further up towards 118-120.

Dollar-Swiss (0.9620) touched a low of 0.9599. The pair may be raged in the region of 0.9600-50 followed by another dip towards 0.9550-00. Aussie (0.9838) is trading above the Resistance at 0.9750 and may see some Resistance at 0.9850-75 region today. Cable (1.5863) has been facing Resistance near 1.5950-75 reigon which may not be broken today.

The Asian currencies are retaining their strength. The Korean-Won is trading near 1117 and the USD-SGD is trading near 1.3079. Dollar-Rupee has closed at 44.49/50. The Support at 44.20 is holding.


INTEREST RATES
The 3M USD LIBOR was unchanged at 0.29%. The 2Y yields and 10Y yields were down 3 bps and 7 bps to quote at 0.38% and 2.40% respectively.

DATA TODAY
01:30 GMT Sep Australia Labour Force
...Expected 20.3K...Previous 30.9K

11:00 GMT BOE Mtg
...Expected 0.50%...Previous 0.50%

11:45 GMT E-15 ECB Announcement
...Expected 1.00%...Previous 1.00

DATA YESTERDAY
EU GDP Q2 '10 2nd
...Actual 1.0%...Actual 1.0%
http://www.kshitij.com/fundamentals/funcharts/eugdp.shtml

US ADP Emp
...Actual -39K...Actual -10K

 

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Daily Forex Market News
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.

Forex News
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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Amazing Trader EVENT RISK Calendar:

Mon 16 Oct
01:30 CN- CPI
21:45 NZ- CPI
Tue 17 Oct
08:30 GB- CPI
09:00 DE- ZEW Survey
09:00 EZ- Final HICP
Wed 18 Oct
12:30 US- Housing Starts & Permits
14:30 US- EIA Crude
Thu 19 Oct
01:30 AU- Employment
08:30 GB- Retail Sales
12:30 US- Weekly Jobless
Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales

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  • POTENTIAL PRICE RISK: HIGH Tue-- 08:30 GMT GB- CPI top tier confirmation of Inflation.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT DE- ZEW Survey second most important German monthly Survey.

  • POTENTIAL PRICE RISK: Medium Tue-- 09:00 GMT EZ- final HICP revision to flash report. Revisions are usually minor.

  • POTENTIAL PRICE RISK: Medium Tue-- 13:15 GMT US- Industrial Production. Top output indicator.



  • POTENTIAL PRICE RISK: Medium Wed-- 12:30 GMT US- Housing Starts and Permits revision to flash report. Useful housing leading indicator.

  • POTENTIAL PRICE RISK: Medium Wed-- 14:30 GMT US- EIA Crude. Top WTI inventory measure.



John M. Bland, MBA
co-founding Partner, Global-View.com

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