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Crude Eases But Braces for Gustav
Mon, Sep 1 2008, 12:43 GMT
by Peter Rosentreich
ACM - Advanced Currency Markets
Market Brief
The Usd traded slightly higher in European Session on very light volume. Eurusd dropped sharply in Asian trading falling from 1.4722 to 1.4640 while UsdJpy slipped from 108.57 to 107.57. Crude prices has continued to slide as the risk that Hurricane Gustav would disrupted oil & gas supplies have subsided. WTI crude dropped sharply from $117.19bbl to $114.34bbl. However with Gustav expected to hit land shortly anything can happen and markets are clearly on edge. Asian stock markets traded lower and European equity indexes are not fairing much better. US markets are closed for Holiday.
Over the weekend Chancellor stated that the UK economy faced the worst downturn for 60 years, further weighing on the in the UK and GBP. In addition, this week will see the BoE MPC rate decision and a number of critical data releases. We expect that BoE to hold rates steady and expect the next move will be down.
In Europe, another fall in German retail sales adds to the evidence that regional economy activity is clearly deteriorating. However, the engine of EuroZone growth continues to perform better than Spain & Italy, where the industrial surveys indicate sharp drop in production.
| Global indexes | Current level | % Change |
| Nikkei 225 Index | 12,834.18 | -1.82 |
| Hang Seng Index | 20,906.31 | -1.67 |
| Shanghai Index | 2,325.13 | -3.01 |
| FTSE 100 Index | 5,587.50 | -0.87 |
| DAX Index | 6,380.58 | -0.65 |
| SMI Index | 7,204.99 | -0.46 |
| CAC 40 Index | 4,460.78 | -0.48 |
| World markets | Current level | % Change |
| Gold | 830.921 | -0.02 |
| Silver | 13.7 | 0.68 |
| VIX | 20.65 | 6.27 |
| Crude wti | 114.55 | -0.78 |
| Todays calender | Estimates | Previous | Country / GMT |
| US Holiday | -- | -- | -- |
| No Additional Releases | -- | -- | -- |
Currency Tech
AUDUSD
R 3: 0.8846
R 2: 0.8814
R 1: 0.8693
CURRENT: 0.8547
S 1: 0.8513
S 2: 0.8505
S 3: 0.8276
USDSGD
R 3: 1.4401
R 2: 1.4333
R 1: 1.4276
CURRENT: 1.4245
S 1: 1.4078
S 2: 1.4016
S 3: 1.3977
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Published on Mon, Sep 1 2008, 12:52 GMT
Archive
- Asian Session - Equity Selling Continues
Published On Tue, Dec 2 2008, 10:13 GMT - Asian Session - Markets Position for an Uncertain Week
Published On Mon, Dec 1 2008, 10:04 GMT - Japanese Industrial production fell by 3.1% m/m
Published On Fri, Nov 28 2008, 10:08 GMT - Asian Session - China's Aggressive Rate Cut Supports Asian Stock Markets
Published On Thu, Nov 27 2008, 10:14 GMT - Asian Session - Short Term Optimism Wanes - Back to Safe Haven Buying
Published On Wed, Nov 26 2008, 09:37 GMT
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