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Asian Session − Markets Contemplate What's Next − Equities Under pressure
Tue, Sep 30 2008, 11:19 GMT
by Peter Rosentreich
ACM - Advanced Currency Markets
Market Brief
The Usd was stronger in the Asian session, after one of the worst sessions on Wall Street in history. The EurUsd traded down to 1.4360 after a brutal spike to 1.4570, as the US House of Representatives rejected the Bailout plan. The Jpy was the big gainer across the board, as traders looked to pair down risk. The UsdJpy broke the 105.00 lvl trading down to 104.53. Asian stock markets are lower following the collapse on Wall Street, with the Nikkei leading the losers -4.11%. European futures are point to another torrid day with the FTSE -5.09%. Crude is trading lower at $94.23bll while gold is slightly higher at $902.08oz. The markets will be waiting anxiously to see if an amended bill can be passed when the House returns from holiday on Wednesday. The plan was defeated 205 to 228 in what we see as primarily political wrangling and expect later this week a compromise to be reached.
Considering the overall volatility in markets, FX has been relatively subdued. However, fx implied vols are reaching very high levels, as traders are expecting a significant move. Today, market participants will be watching the equity markets for any change in sentiment.
| Global indexes | Current level | % Change |
| Nikkei 225 Index | 11,259.86 | -4.11 |
| Hang Seng Index | 17,674.92 | -1.15 |
| Shanghai Index | 2,293.78 | -0.16 |
| FTSE 100 Index | 4,743.72 | -1.55 |
| CAC 40 Index | 3,900.25 | -1.34 |
| SMI Index | 6,442.01 | -0.89 |
| DJIA futures | 10,668.00 | 1.85 |
| World markets | Current level | % Change |
| Gold | 898.2 | -1.39 |
| Silver | 12.98 | -1.18 |
| VIX | 46.72 | 34.48 |
| Crude wti | 94.38 | -2.02 |
| USD Index | 77.86 | 0.49 |
| Todays calender | Estimates | Previous | Country / GMT |
| Case-Shiller 20-City House Price Index (Jul) | -16.00% | -15.90% | US / 13.00 |
| Industrial Product Price m/m | -0.3 | 0.4 | CA / 13.30 |
| Chicago PMI (Sep) | 53 | 57.9 | US / 13.45 |
| Conference Board Consumer Conf. Index (Sep) | 55 | 56.9 | US / 14.00 |
| GDP m/m (aug) | 0.20% | 0.10% | CA / 13.30 |
Currency Tech
AUDUSD
R 3: 0.8469
R 2: 0.8380
R 1: 0.8348
CURRENT: 0.8061
S 1: 0.7935
S 2: 0.7802
S 3: 0.7676
EURJPY
R 3: 155.30
R 2: 153.01
R 1: 151.72
CURRENT: 150.68
S 1: 148.84
S 2: 147.51
S 3: 147.04
USDSGD
R 3: 1.4478
R 2: 1.4373
R 1: 1.4355
CURRENT: 1.4273
S 1: 1.4238
S 2: 1.4184
S 3: 1.4054
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Published on Tue, Sep 30 2008, 11:26 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
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.Related reports
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