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Asian Session − Following Wall Street, Asian Equities Collapses
Fri, Oct 10 2008, 08:39 GMT
by Peter Rosentreich
ACM - Advanced Currency Markets
Market Brief
The Usd was stronger against all the G10 currencies except the Jpy in Asian Session, as equity markets came under significant selling pressure. The EurUsd fell from 1.3695 to 1.3501, while the UsdJpy slid from 100.84 to 98.80. The Gbp felt the brunt of investor's fears, as the cable collapsed from 1.7257 to 1.6796. Yesterday's massive losses carried over into the Asian session, with the Nikkei -9..62% & Hang Seng -7.03%. European stock futures are pointing to a negative opening.. As pressure intensifies and efforts by policy makers fail to stem the tide, the G7 today meeting could be critical. There were hints that the US government is now pondering guaranteeing bank debt and considering temporarily backing up all U.S. banking deposits, a move similar to that seen in Europe & UK. Commodity prices were softer with crude prices falling -4.92% and gold up slightly to $916.53oz
With no major events or data releases scheduled today, markets will be again keeping one eye on the equity markets and the other on the news wires. We expect the continuation of recent FX trends, with risk aversion favoring the Usd & the Jpy.
| Global indexes | Current level | % Change |
| Nikkei 225 Index | 8,276.43 | -9.62 |
| Hang Seng Index | 14,686.26 | -7.88 |
| Shanghai Index | 2,000.57 | -3.56 |
| FTSE futures | 4,343.50 | -0.96 |
| DAX futures | 4,545.00 | -6.77 |
| SMI Futures | 5,899.00 | -3.5 |
| DJIA futures | 8,314.00 | -3.3 |
| World markets | Current level | % Change |
| Gold | 922.89 | 1.05 |
| Silver | 12.22 | 0.9 |
| VIX | 63.92 | 11.02 |
| Crude wti | 82.57 | -4.65 |
| USD Index | 81.62 | 0.56 |
| Todays calender | Estimates | Previous | Country / GMT |
| International Trade Balance (Aug) | -$59.0bn | -$62.2bn | 1 |
| Import Price Index (Sep) | -2.8%(+12. | -3.7%(+16. | 1 |
| Press Conference following G7 Meeting | -- | -- | G7 / 00.00 |
Currency Tech
AUDUSD
R 3: 0.7738
R 2: 0.7355
R 1: 0.7148
CURRENT: 0.6612
S 1: 0.6536
S 2: 0.6450
S 3: 0.6342
EURJPY
R 3: 146.85
R 2: 144.97
R 1: 141.07
CURRENT: 134.14
S 1: 132.83
S 2: 134.17
S 3: 133.53
USDSGD
R 3: 1.5086
R 2: 1.4980
R 1: 1.4859
CURRENT: 1.4812
S 1: 1.4489
S 2: 1.4458
S 3: 1.4374
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Published on Fri, Oct 10 2008, 08:44 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.
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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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