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Asian Session: Risky Assets Improve Ahead of Corporate Earnings
Tue, Jul 14 2009, 10:10 GMT
by Peter Rosentreich
ACM - Advanced Currency Markets
Market Brief
Risky currencies had a strong rally overnight, as stock markets rallied ahead of some important earnings reports and economic data today. US financials led the US equity markets higher (6.5%), ahead of the first bank earnings release. The positive sentiment has carried over to Asian and European trading. The EURUSD remained elevated, trading in a 1.3960 - 1.4010 range, while the USDJPY traded with a bullish bias to 93.25 from 92.80. While some currencies have seen decent price action, overall most are trapped in range bound trading. This lack of direction accompanied by low volumes stinks of listless summer price action. With the USD weaker, oil and gold were able to shrug of its recent downtrend. Crude wti fell to a low of $58.30bbl before rallying above $60.00bbl, while gold drove above $921oz (oil and gold correlations with the USD have increased over the past months). In New Zealand, RBNZÕs Bollard spoke this morning, stating that the country needs a weaker exchange rate: "What is needed is for the New Zealand dollar to be persistently weak over the coming years, to encourage the needed business investment to be export-oriented and supportive of improvement in New Zealand 's external liability position." With German ZEW, Eurozone industrial production and US retails, as well as the corporate earning season kickoff with Goldman Sachs, this will prove to be an interesting trading day.
| Global Indexes | Current Level | % Change |
| Nikkei 225 Index | 9,261.81 | 2.33 |
| Hang Seng Index | 17,896.39 | 3.71 |
| Shanghai Index | 3,145.16 | 2.09 |
| FTSE 100 Index | 4,229.00 | 0.63 |
| DAX Index | 4,766.85 | 0.94 |
| SMI Index | 5,372.41 | 1.07 |
| DJIA futures | 8,280.00 | 0.24 |
| World Markets | Current Level | % Change |
| Gold | 922.45 | 0.23 |
| Silver | 12.92 | 0.58 |
| VIX | 26.31 | -9.33 |
| Crude wti | 60.54 | 1.42 |
| USD Index | 80 | -0.11 |
| Todays Calender | Estimates | Previous | Country / GMT |
| German ZEW economic expectations index Jul | 47.8 | 44.8 | EUR / 09.00 |
| Industrial production, % m/m (y/y wda) May | 1 | -1.5,-20.7 | EUR / 09.00 |
| Retail sales, % m/m (y/y) Jun | 0.5 (-9.3) | 0.5 (-9.5) | USD / 12.30 |
| Retail sales ex autos, % m/m (y/y) Jun | 0.5 (-7.6) | 0.5 (-7.2) | USD / 12.30 |
| PPI, % m/m (y/y) Jun | 0.8 (-5.2) | 0.2 (-5.0) | USD / 12.30 |
| Core PPI, % m/m (y/y) Jun | 0.1 (2.9) | -0.1 (3.0) | USD / 12.30 |
| Business inventories, % m/m (y/y) May | -1.0,-7.5 | -1.1,-6.6 | USD / 14.00 |
Currency Tech
AUDUSD
R 2: 0.8155
R 1: 0.8040
CURRENT: 0.7876
S 1: 0.7630
S 2: 0.7450
EURJPY
R 2: 132.82
R 1: 130.88
CURRENT: 130.31
S 1: 126.98
S 2: 124.40
USDCAD
R 2: 1.1815
R 1: 1.1725
CURRENT: 1.1498
S 1: 1.1420
S 2: 1.1330
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Published on Tue, Jul 14 2009, 11:03 GMT
Archive
- European Session: Waiting on NFP
Published On Fri, Nov 6 2009, 09:55 GMT - European Session: FOMC Signals Low Rates To Continue Contingent On Employment And Inflation
Published On Thu, Nov 5 2009, 08:22 GMT - European Session: All Eyes on the FOMC
Published On Wed, Nov 4 2009, 10:38 GMT - European Session: RBA Hikes Rates Again But Moderates Hawkish Tone
Published On Tue, Nov 3 2009, 08:42 GMT - European Session: CIT Bankruptcy Shakes Risk Appetite...Briefly
Published On Mon, Nov 2 2009, 09:45 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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