Market Brief

Volumes are still very thin in this first day of trading of 2009 as many bourses in Asia are still closed for today. The EURUSD channeled downward this morning bringing the pair from 1.4130 levels where it sat for the past 2 weeks as low as 1.3850 – now trading at 1.3920. The USDJPY rose today – Tokyo was closed for a holiday, the Yen giving way to the Dollar as global stocks posted their largest end of year gains ever!

Sentiment improved somewhat in the final hours of 2008 as a sharp drop in Jobless claims (down to 492K) out of the U.S, strong retail sales in December and continued fiscal stimulus policies all helped stocks rally.

Singapore cut its 2009 GDP outlook as recession deepens. The Resilient South-East Asian country stating low demand and slowing exports contributed to the official statement.

Crude was a big mover on Wednesday – gaining more than 14% as continued tensions in the Middle East, lower inventories and “window dressing” for 2008 brought the commodity as high as $43.3/bbl. Gold followed on Crude’s end of year bullish move as backwardation trades and typical end of year uncertainty increased demand for the precious metal.

Snap Shot

Global Indexes Current Level % Change
Nikkei 225 Index8859.560
Hang Seng Index15042.814.55
Shanghai Index1820.8050
FTSE futures44290.88
DAX futures48951.27
DJIA futures87271.01
Nasdaq futures1212.50.54

World Markets Current Level % Change
Gold874.93-0.51
Silver11.16-2.02
VIX40-3.91
Crude wti42.36-5.02
USD Index81.490.22

Todays Calender Estimates Previous Country / GMT
US ISM Manufacturing35.436.2USD / 15:00


Currency Tech

AUDUSD
R 2: 0.7231
R 1: 0.7145
R 1: 0.6990
CURRENT: 0.6965
S 1: 0.6855
S 2: 0.6818
S 3: 0.6741

EURJPY
R 3: 129.69
R 2: 128.37
R 1: 127.95
CURRENT: 127.29
S 1: 127.10
S 2: 126.71
S 3: 126.01

USDSGD
R 3: 1.4956
R 2: 1.4675
R 1: 1.4562
CURRENT: 1.4519
S 1: 1.4274
S 2: 1.4182
S 3: 1.4084

  • S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot