Market Brief
The Usd was stable in the Asian Sesson, as the market initial reaction to the Fed's decision to buy Treasuries gradually fades. Markets are completely focused on developements with global central banks quantitative easing initiatives. There is a growing consensus among particapnts (for a good reason) that the Fed will not be the final central bank to initiate quantitative easing and the sustainablity and exact effects of the unorthodox move (Fed and other central banks) have yet to determined. So far, the ECB has been quiet in regard to the Fed move, but we expect some sort of response with a high probability the ECB will follow their major trading partners lead. This is the core reason we are not jumping onto the Usd selling bandwagon and are advising traders to be careful in prediciting the demise of the Usd (recent comparisions to the 1980s Plaza Accord are far streach). The euphoria enjoyed by markets seems to be in decline with European stock markets lower and US futures pointing to a weaker open. EM & commodity currencies continue their strong showing and are looking to close the week on a high note.
Ahead today with no first tier data release, the market will be focused on Tim "2 strikes" Geithner's update on the financial bailout. With two considerable blunders in his short tenure we give the Treasury Secretary one more shot before the choirs for his resignation become to loud for President Obama to ignore.
| Global Indexes | Current Level | % Change |
| Nikkei 225 Index | 7,945.96 | -0.33 |
| Hang Seng Index | 12,833.51 | -2.26 |
| Shanghai Index | 2,379.84 | -0.11 |
| FTSE 100 Index | 3,798.51 | -0.48 |
| DAX Index | 4,022.90 | -0.51 |
| CAC 40 Index | 2,746.99 | -1.08 |
| DJIA futures | 7,304.00 | -0.45 |
| World Markets | Current Level | % Change |
| Gold | 965.7 | 0.72 |
| Silver | 13.72 | 1.48 |
| Crude wti | 51.28 | -0.64 |
| Todays Calender | Estimates | Previous | Country / GMT |
| Industrial Production m/m,y/y | -1.5,-13% | -2.6.-12.% | EZ / 10:00 |
| Retail Sales m/m | 0.70% | -5.40% | CA / 12:30 |
Currency Tech
AUDUSD
R 3: 0.7142
R 2: 0.7042
R 1: 0.6944
CURRENT: 0.6911
S 1: 0.6724
S 2: 0.6567
S 3: 0.6512
EURJPY
R 3: 131.03
R 2: 130.92
R 1: 130.32
CURRENT: 129.42
S 1: 128.00
S 2: 127.17
S 3: 125.44
USDSGD
R 3: 1.5441
R 2: 1.5361
R 1: 1.5212
CURRENT: 1.5094
S 1: 1.5036
S 2: 1.4904
S 3: 1.4805
- S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
