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- New York 07:34
- London 12:34
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Asian Session − WaMu Fails and Bailout in Jeopardy
Fri, Sep 26 2008, 10:11 GMT
by Peter Rosentreich
ACM - Advanced Currency Markets
Market Brief
The Usd fell in the Asian session, as the prospects of a quick bailout diminished. The EurUsd traded up to 1.4678 from 1.4562, while the UsdJpy dropped from 107.02 to 105.61. In late US session optimism grew as the Paulson Plan seemed to be reaching an agreement. Details emerged that the $700bn would be pieced into installments, with the US government getting equity warrants in companies participating. In addition, executive compensation would also be monitored and restricted for bank partaking. However, before the equity market could break open the champagne a rove group of conservative house republicans countered with an alternative solution based around mortgage insurance. Elsewhere, a WaMu was closed by the US government, with all it assets absorbed by JP Morgan. Once again, markets will be focused on developments in the Paulson Plan and the financial market turmoil over domestic fundamentals. Crude prices came off slightly to $106.20bbl. The Asian equity markets were red across the board and European stock markets are trading higher.
In New Zealand, q2 showed a contraction in GDP to -0.2%, which confirms that the country is in a recession for the first time in 10 years. The recession is expected to be mild, with the economy expected to rebound by q4 2008, as weaker EM growth, lower commodity prices and financial market turbulence will weigh on any recovery.
With no critical scheduled events or data releases in Europe, the market will be keeping its powered dry until the US session.
| Global indexes | Current level | % Change |
| Nikkei 225 Index | 11,893.16 | -0.94 |
| Hang Seng Index | 18,789.17 | -0.76 |
| Shanghai Index | 2,293.78 | -0.16 |
| FTSE futures | 5,104.26 | -1.78 |
| DAX futures | 6,088.60 | -1.36 |
| CAC futures | 4,147.30 | -1.88 |
| DJIA futures | 10,845.00 | -1.57 |
| World markets | Current level | % Change |
| Gold | 873.63 | -0.47 |
| Silver | 13.2 | -0.48 |
| VIX | 32.82 | -6.73 |
| Crude wti | 105.8 | -2.05 |
| USD Index | 76.96 | -0.04 |
| Todays calender | Estimates | Previous | Country / GMT |
| KOF Swiss Leading Indicator (Sep) | 0.54 | 0.68 | SZ / 9.30 |
| GDP (Q2 Final) (q/q Ann.) | 3.30% | +3.3%p | US / 12.30 |
| Univ. of Michigan Cons. Conf. Index (Sep Final) | 71 | 73.1p | US / 14.00 |
Currency Tech
AUDUSD
R 3: 0.8534
R 2: 0.8519
R 1: 0.8469
CURRENT: 0.8288
S 1: 0.8279
S 2: 0.8011
S 3: 0.7802
EURJPY
R 3: 157.76
R 2: 156.99
R 1: 156.84
CURRENT: 154.12
S 1: 153.82
S 2: 150.79
S 3: 149.04
USDSGD
R 3: 1.4478
R 2: 1.4373
R 1: 1.4182
CURRENT: 1.4282
S 1: 1.4054
S 2: 1.3835
S 3: 1.3785
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S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Published on Fri, Sep 26 2008, 10:30 GMT
Archive
- European Session: BoJ Holds Rates Steady
Published On Fri, Nov 20 2009, 11:06 GMT - European Session: Fed Rhetoric Continues To Stir Up Markets
Published On Thu, Nov 19 2009, 09:41 GMT - Sterling Speculators Await Release Of BoE Minutes
Published On Wed, Nov 18 2009, 09:02 GMT - European Session: Bernankes Comments Linger
Published On Tue, Nov 17 2009, 10:00 GMT - Japanese GDP Growth Accelerates
Published On Mon, Nov 16 2009, 08:08 GMT
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