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Asian Session − Autralian Central Bank cuts it's interest rate for first time in 7 years
Tue, Sep 2 2008, 10:47 GMT
by Peter Rosentreich
ACM - Advanced Currency Markets
Market Brief
The USD traded higher during late US session as Hurricane Gustav was downgraded to a tropical storm after going from a category 3 hurricane to a 2. Dollar continued it's recent strength on the back of commodities as Crude declined to $111.15. Gold declined sharply on the first day of the month from recent highs of $835 to $817, which then extended into early Asian trading, falling near $804 levels.
Japanese markets continue to burst as the seams as Prime Minister Fukuda unexpectedly quits, in a remake of Shinzo Abe's resignation after only a short time in office. The Nikkei 225 dropped 1.7% on Monday and is down almost 16% this year. Despite this, The Japanese Yen held it's sharp rally against majors from last week, easing somewhat but staying 1.2% higher against the dollar at 108.09.
Australian Central bank cut rates by 25 basis points to 7% for the first time in almost 7 years in a bid to offset a globally-driven tightening in financial conditions and quell increasing risk of recession. Aussie rose after the announcement but subsequently fell 140pips in 2 hours to a one year low against the dollar, currently trading at 0.8408.
| Global indexes | Current level | % Change |
| Nikkei 225 Index | 12592 | -1.88 |
| Hang Seng Index | 20764 | -0.68 |
| Shanghai Index | 2323 | -0.05 |
| FTSE futures | 5644 | -0.7 |
| DAX futures | 6500 | -0.09 |
| Nasdaq futures | 1882 | -1.59 |
| DJIA futures | 11512 | -0.21 |
| World markets | Current level | % Change |
| Gold | 815.33 | -0.29 |
| Silver | 13.35 | -0.71 |
| VIX | 20.65 | 6.28 |
| Crude wti | 111.15 | -3.73 |
| USD Index | 77.754 | 0.14 |
| Todays calender | Estimates | Previous | Country / GMT |
| EUR Zone PPI | 1.20% | 0.90% | EUR / 09:00 |
| USD ISM Prices Paid | 82 | 88.5 | US / 14:00 |
Currency Tech
AUDUSD
R 3: 0.8814
R 2: 0.8694
R 1: 0.8586
CURRENT: 0.8423
S 1: 0.8482
S 2: 0.8276
S 3: 0.8173
EURJPY
R 3: 162.01
R 2: 161.13
R 1: 159.73
CURRENT: 157.16
S 1: 157.56
S 2: 156.03
S 3: 155.16
USDSGD
R 3: 1.4401
R 2: 1.4333
R 1: 1.4276
CURRENT: 1.4300
S 1: 1.4116
S 2: 1.4078
S 3: 1.4016
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Published on Tue, Sep 2 2008, 10:55 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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