Premium
- New York
- London
- Barcelona
- Tokyo
- Sydney
Search
Market Session Snap-Shot
0
0
Asian Session − Dog Days of Summer
Tue, Jul 22 2008, 08:48 GMT
by Peter Rosentreich
ACM - Advanced Currency Markets
Market Brief
Usd was slightly weaker in Asian session on light trading and higher oil prices. EurUsd traded up to 1.5930 from 1.5832 while UsdJpy slipped from 106.93 to 106.32. The GbpUsd continued to outperform despite mounting bearish sentiment climbing above the 2.000 handle to 2.0039. AudUsd consolidated around the 0.9750 level while Nok is beginning to regain its forward momentum, with UsdNok pushing lower to 5.0550. Crude prices paired back gains made in US session, with wti $130.50bbl which had pressured US equities lower on the day. Asian stock indexes are trading lower, with the exception of the Nikkei which is up 2.56%. European stock futures are looking to buck downward the trend and are all currently trading higher. VIX continues to decline, as risk appetite increased helping push yield slightly lower.
Japan’s All industry Index came in line with expectations at 0.4% m/m but lower than the prior 0.85 reading. Supermarket Sales jumped 0.9% vs. -1.1% prior reading.
With a light economic calendar this week, the market will be extra sensitive to comments from policy makers. Today’s comments from ECB members Bini-Smaghi and Liebscher sounded less hawkish than usual and downplayed the risk to economic growth. However, Bini admitted that the European recovery might take longer than forecast while the ECB’s July 3rd hike is beginning to take effect producing “visual benefits”. In regard to US officials, despite the potential of hawkish sounding rhetoric we don’t believe the Fed has the maneuverability to tighten without some signals of stability in housing sector, financial markets and perhaps most importantly, labor markets. Should the FX markets react to a hawkish comment, we would see this as an opportunity to sell Usd.
No major events or data scheduled for release in the UK or Europe .
| Global Indexes | Current Level | % Change |
| Nikkei 225 Index | 13,184.96 | 2.97 |
| Hang Seng Index | 22,641.61 | 0.48 |
| Shanghai Index | 2,850.94 | -0.36 |
| FTSE futures | 5,399.00 | 0.53 |
| DAX futures | 6,434.50 | -0.64 |
| SMI Futures | 6,868.00 | 0.54 |
| DJIA futures | 11,383.00 | -0.71 |
| World Markets | Current Level | % Change |
| Gold | 971.79 | 0.64 |
| Silver | 18.59 | 0.92 |
| VIX | 23.04 | -4.15 |
| Crude wti | 130.86 | -0.13 |
| USD Index | 71.87 | -0.16 |
| Todays Calender | Estimates | Previous | Country / GMT |
| Retail sales less autos, % m/m (may) | 0.6 | 1.1 | CA / 12.30 |
| House price index, % m/m | -- | -0.8 (-4.6 | US / 14.00 |
| Richmond Fed manufac. | -9 | -12 | US / 14.00 |
| Fed discount rate minutes published | -- | -- | US / 18.00 |
| Retail Sales | 3.50% | 7.30% | MX / 19.30 |
Currency Tech
AUDUSD
R 3: 0.9895
R 2: 0.9849
R 1: 0.9818 CURRENT: 0.9760
S 1: 0.9675
S 2: 0.9664
S 3: 0.9597
EURJPY
R 3: 171.07
R 2: 170.00
R 1: 169.92
CURRENT: 169.61
S 1: 168.25
S 2: 166.01
S 3: 165.33
USDSGD
R 3: 1.3717
R 2: 1.3661
R 1: 1.3565
CURRENT: 1.3519
S 1: 1.3452
S 2: 1.3399
S 3: 1.3300
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Published on Tue, Jul 22 2008, 08:54 GMT
Archive
- Asian Session - Continued Pressure on European Financial Sector
Published On Mon, Oct 6 2008, 08:08 GMT - Currencies up against the dollar while Asian markets continue to dwindle
Published On Fri, Oct 3 2008, 10:11 GMT - Asian Session - US Bailout Passes Senate & Risk Aversion Stays Elevated
Published On Thu, Oct 2 2008, 09:01 GMT - Asian Session - European Banking Worries Hit Euro
Published On Wed, Oct 1 2008, 10:11 GMT - Asian Session - Markets Contemplate What's Next - Equities Under pressure
Published On Tue, Sep 30 2008, 11:19 GMT
Advanced Currency Markets, S.A.
| 50 Rue du Rhone CH-1204 Geneva
http://www.ac-markets.com | support@ac-markets.com
Legal disclaimer and risk disclosure
This report has been prepared by AC Markets and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by AC Markets personnel at any given time. ACM is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.Interested in forex trading? forex brokerage firms!
FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)
[Read Premium full description]
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management.
Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.