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Asian Session: Markets show timid signs of optimism after Bernanke and Obama speeches
Wed, Feb 25 2009, 10:38 GMT
by Peter Rosentreich
ACM - Advanced Currency Markets | View company's profile
Market Brief
The reassurances by Fed Secretary Ben Bernanke yesterday in front of the Senate Banking committee and President Obama at his keynote speech rallied sentiment in the markets, Asia posted gains and Europe opened higher as well. Markets saw a glimmer of hope in the frank yet reassuring tone both speeches struck – taking well to Bernanke’s statement that bank nationalizations wouldn’t be necessary. President Obama’s Keynote speech focused on “rebuilding” the U.S economy saying “We will rebuild, we will recover, and the United States of America will emerge stronger than before”.
Yen “sell” recommendations from some major banks have pushed the currency lower. However we have just crossed the 38.20% retracement on the 110.59 – 87.06 bear move that has transpired in the last 6 months. Some economists feel that repatriation isn’t over, and despite the dire economic situation (exports down 49% YoY).
The EURUSD was supported on EURJPY strength – culminating just below 1.2900 before retracing. A re-focus of European financial woes could see the dollar regain its already bolstered position. Further bad economic news out of Japan continues to weigh on the currency, briefly breaking the 97.00 resistance on USDJPY then bouncing back. AUD and NZD strong gainers against the dollar on encouraging numbers.
German and British GDP numbers are out today, -2.1% and -1.9% respectively. Bernanke speaks again in front of Housing panel while existing home sales are the main Data out of the U.S.
| Global Indexes | Current Level | % Change |
| Nikkei 225 Index | 7461 | + 2.65 |
| Hang Seng Index | 13005 | + 1.61 |
| Shanghai Index | 2206 | + 0.27 |
| FTSE 100 Index | 3853 | + 0.98 |
| DAX Index | 3942 | + 1.21 |
| DJIA futures | 7289 | - 0.21 |
| Nasdaq futures | 1161 | - 0.22 |
| World Markets | Current Level | % Change |
| Gold | 955.85 | - 0.71 |
| Silver | 13.74 | 0.00 |
| VIX | 45.49 | - 13.55 |
| Crude wti | 40.02 | + 0.15 |
| USD Index | 86.79 | - 0.11 |
| Todays Calender | Estimates | Previous | Country / GMT |
| US Exisiting home sales (JAN) | 4.79M | 4.74M | USD / 15:00 |
| US Exisiting home sales | 1.1% | 6.5% | USD / 15:00 |
| US Bernanke gives monetary policy | - | - | USD / 15:00 |
Currency Tech
AUDUSD
R 3: 0.6852
R 2: 0.6643
R 1: 0.6590
CURRENT: 0.6529
S 1: 0.6449
S 2: 0.6333
S 3: 0.6249
EURJPY
R 3: 129.72
R 2: 126.12
R 1: 125.20
CURRENT: 124.30
S 1: 124.06
S 2: 123.83
S 3: 119.41
USDSGD
R 3: 1.5500
R 2: 1.5407
R 1: 1.5341
CURRENT: 1.5281
S 1: 1.5280
S 2: 1.5243
S 3: 1.5184
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Published on Wed, Feb 25 2009, 10:49 GMT
Advanced Currency Markets, S.A.
http://www.ac-markets.com | support@ac-markets.com
Archive
- No SNB In Sight
Published On Fri, Mar 19 2010, 07:54 GMT - Greece Says it Might Have to Go to the IMF
Published On Thu, Mar 18 2010, 08:21 GMT - BoJ Increase QE
Published On Wed, Mar 17 2010, 07:42 GMT - BoJ Poised to Ease
Published On Fri, Mar 12 2010, 07:48 GMT - Dovish RBNZ Sends NZD Plummeting
Published On Thu, Mar 11 2010, 07:43 GMT
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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