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Asian Session − Australian consumers cut back on continued recession fears
Wed, Sep 3 2008, 10:09 GMT
by Peter Rosentreich
ACM - Advanced Currency Markets
Market Brief
EURUSD traded into sub 1.45 territory in yesterday's session as the dollar index rose on the back of easing commodity demand. Traders unwound their hedged positions after Hurricane Gustav fears faded. In Asian trading EURUSD initially dropped to 1.4414, before regaining to 1.4450 in staircase fashion.
The USDJPY steadily rose from Asian opening to near 109.00 levels. Japanese currency holding it's ground in relatively bearish market sentiment as Prime Minister Fukuda resigns and economy continues to be under-pressure. Nikkei ended last trading session 1.8% lower, despite an initial rise as investors considered the possibility that his successor might be able to push through some much needed changes.
Asian markets in general are under pressure as global sentiment remains pessimistic. Despite this Korean Development bank proposed to buy a 25% stake in Lehman brothers and another Chinese bank has shown interest. European Central Bank and Bank of England decide on rates tomorrow, investors cut back on positions before policy decisions. European equities trading higher yesterday as lower Euro helping exports, this bearish trend helped by European spending report expected to show continued consumer pessimism.
| Global indexes | Current level | % Change |
| Nikkei 225 Index | 12689 | 0.64 |
| Hang Seng Index | 20657 | -1.83 |
| Shanghai Index | 2278 | -1.13 |
| DAX futures | 6591 | 1.39 |
| CAC futures | 4555 | 1.5 |
| Nasdaq futures | 1859 | -1.24 |
| DJIA futures | 11492 | -0.16 |
| World markets | Current level | % Change |
| Gold | 799.41 | -0.78 |
| Silver | 12.95 | -0.92 |
| VIX | 21.99 | 6.49 |
| Crude wti | 109.24 | -0.43 |
| USD Index | 78.48 | 0.54 |
| Todays calender | Estimates | Previous | Country / GMT |
| Euro Zone GDP | -0.20% | -0.20% | EUR / 09:00 |
| Euro Zone Retail Sales | -0.10% | -0.60% | EUR / 09:00 |
| Bank of Canada Rate decision | 3.00% | 3.00% | CAD / 13:00 |
Currency Tech
AUDUSD
R 3: 0.8694
R 2: 0.8586
R 1: 0.8535
CURRENT: 0.8291
S 1: 0.8271
S 2: 0.8173
S 3: 0.8108
GBPJPY
R 3: 200.36
R 2: 198.29
R 1: 194.79
CURRENT: 193.15
S 1: 192.65
S 2: 191.67
S 3: 190.52
USDSGD
R 3: 1.4643
R 2: 1.4542
R 1: 1.4353
CURRENT: 1.4374
S 1: 1.4116
S 2: 1.4078
S 3: 1.4016
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Published on Wed, Sep 3 2008, 10:16 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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