|
|
Late US Session: EQUITIES RALLY AS FEAR WAS ABSENT FROM THE MARKET.
November 24, 2008 11:43 PM CET
|
|
G10 Advancers and Decliners vs USD |
| | Nzd | 0.28 |  | | | Sek | 0.16 | | | | Jpy | 0.12 | | | | Nok | 0.09 | |  | Gbp | -0.02 | | | Eur | -0.04 | | | Dkk | -0.06 | | | Aud | -0.09 | | | Cad | -0.09 | | | Chf | -0.12 | |
|
|
Global Indexes |
Current Level |
% Change |
|
| DJIA futures | 8,174.00 | + 1.72 | | S&P future | 813.60 | + 2.73 | | Nasdaq futures | 1,110.50 | + 1.79 | | FTSE futures | 3,961.50 | + 4.82 | | CAC futures | 3,006.50 | + 4.36 | | DAX futures | 4,272.00 | + 4.48 | | SMI Futures | 5,267.00 | + 2.31 |
|
|
World Markets |
Current Level |
% Change |
|
| Crude wti | 51.72 | + 3.59 | | Gold | 50.80 | + 3.27 | | Silver | 10.03 | + 3.67 | | USD Index | 86.87 | - 1.50 | | VIX | 72.67 | - 10.13 |
|
|
Todays Calender |
Estimates |
Previous |
Country / GMT |
|
| No Major Events Scheduled | | | |
|
|
|
Currency Tech |
AUDUSD
R 3: 0.6596
R 2. 0.6416
R 1. 0.6384
CURRENT: 0.6267
S 1: 0.6077
S 2: 0.6009
S 3. 0.5875
EURJPY
R 3: 121.17
R 2. 120.76
R 1: 121.48
CURRENT: 119.96
S 1: 119.54
S 2: 116.44
S 3: 115.00
USDSGD
R 3: 1.5684
R 2: 1.5436
R 1: 1.5349
CURRENT: 1.5307
S 1: 1.5254
S 2: 1.5167
S 3: 1.5051
|
|
Market Brief |
The dollar was battered in today’s trading session, with Traders buying back risks across asset classes. The EurUsd surged 366 points to the mid 1.29 level, while the UsdJpy increased 120 pips to the low 97 price area. The GbpUsd gained 260 pips pushing the pair to 1.5185 approaching 1.52. We are likely to see a selloff in risk is tomorrows session, as the isolated news will not be enough to sustain today’s rally. The equity market closed nearly 400pts or 4.93% higher based mostly on the Citigroup bailout and comments of reassurance regarding Obama’s adherence to the financial crisis. Commodities picked up steam, with crude oil up 8.6% to $54bbl, and gold increased 2.5% to $821oz. Bonds were mixed signaling that the rally is most likely short lived, a strong rise in yields above the 2% level on the 2yr treasury is target level where a recovery occurs.
Risk Disclaimer:
Although every investment involves some degree of risk, the risk of loss in trading off-exchange forex contracts can be substantial. Therefore if you are considering trading in this market, you should be aware of the risks associated with this product so you can make an informed decision prior to investing. The material presented here is not to be construed as trading advice or strategy. ACMUSA makes a strong effort to use reliable, expansive information, but we make no representation that it is accurate or complete. In addition, we have no obligation to notify you when opinions or data in this material change.
|
|
US Session: Govt. Bailout Provides Short Term Euphoria, Still Room for Additional Market Turbulence
November 24, 2008 2:36 PM CET
|
|
G10 Advancers and Decliners vs USD |
| | Sek | 2.72 | | | | Nok | 2.52 | | | | Dkk | 1.54 | | | | Eur | 1.53 | | | | Chf | 1.12 | | | | Aud | 1.12 | | | | Nzd | 0.80 | | | | Gbp | 0.47 | | | | Cad | 0.31 | | | | Jpy | 0.12 | |
|
|
Global Indexes |
Current Level |
% Change |
|
| DJIA futures | 8,174.00 | + 1.72 | | S&P future | 813.60 | + 2.73 | | Nasdaq futures | 1,110.50 | + 1.79 | | FTSE futures | 3,961.50 | + 4.82 | | CAC futures | 3,006.50 | + 4.36 | | DAX futures | 4,272.00 | + 2.31 | | SMI Futures | 5,267.00 | + 4.08 |
|
|
World Markets |
Current Level |
% Change |
|
| Crude wti | 51.72 | + 3.59 | | Gold | 819.30 | + 2.36 | | Silver | 10.03 | + 3.67 | | VIX | 72.67 | - 10.13 | | USD Index | 86.87 | - 1.50 |
|
|
Todays Calender |
Estimates |
Previous |
Country / GMT |
|
| Existing Home Sales | -3.5% | 5.5% | 15:00/GMT |
|
|
|
Currency Tech |
AUDUSD
R 3: 0.6596
R 2. 0.6416
R 1. 0.6384
CURRENT: 0.6267
S 1: 0.6077
S 2: 0.6009
S 3. 0.5875
EURJPY
R 3: 121.17
R 2. 120.76
R 1: 121.48
CURRENT: 119.96
S 1: 119.54
S 2: 116.44
S 3: 115.00
USDSGD
R 3: 1.5684
R 2: 1.5436
R 1: 1.5349
CURRENT: 1.5307
S 1: 1.5254
S 2: 1.5167
S 3: 1.5051
|
|
Market Brief |
The dollar was battered in intraday trading as the market reacts to the announcement of another US Govt. bailout. The EurUsd rose sharply by 190pips to the high range of 1.27, while the UsdJpy is mostly flat slight under 97. The GbpUsd rose over 70 pips finding resistance near 1.50 as risk aversion eases in the marketplace. Equity futures are pointing higher in the US, following the trend of European stock indexes with the FTSE up 175pts or 4.6% and the DAX up 141pts or 3.4%. Commodities are consistent with the bias towards risky assets in early trading, oil is higher by 3.7% at $51bbl, and gold up 2.5% at $821oz. Bonds are appearing to be overbought, but an unwinding is unlikely to occur until further stabilization in credit related sectors occurs. Yields are slightly higher on US and European Govt. backed securities, but being that an air of fear still lurks in this volatile environment expect Traders to start bond buying by the close of the US session.
German Ifo index came in lower than expected at 85.8 vs. the projected figure of 88.7. This additional economic data is disappointing, and important to be cognizant of, even though economic fundamentals currently have little effect on price behavior. The Ifo figure at its level since the 1992-93 recession, expectations have dropped below 80, which is further evidence that long term pessimism regarding long-term outlook remains strong. German GDP is scheduled to be released tomorrow and forecasts indicate another negative quarter. In the UK, the Pre-budget report will be out and is probably going to detail an in depth spending plan to stimulate growth. The 20Bln fiscal stimulus plan sounds similar to actions the Fed and ECB may launch to salvage deteriorating economic conditions.
Existing home sales are set to be released at 10:00est in the US, a steep drop of -0.5% is expected. The controlling theme in trading activity has been the Citigroup bailout, with the govt. guaranteeing $306bln of assets. They are set to receive a $20bln cash injection from the TARP, which helped boost the stock over 40% in the German trading. Look for short term relief through an early rally in equities, gains in both the Euro and Sterling, as well as high yielders in Asia. This reactionary move will probably trail-off by the end of the US session and a resurgence of risk aversion will cause continued volatility in the market.
Risk Disclaimer:
Although every investment involves some degree of risk, the risk of loss in trading off-exchange forex contracts can be substantial. Therefore if you are considering trading in this market, you should be aware of the risks associated with this product so you can make an informed decision prior to investing. The material presented here is not to be construed as trading advice or strategy. ACMUSA makes a strong effort to use reliable, expansive information, but we make no representation that it is accurate or complete. In addition, we have no obligation to notify you when opinions or data in this material change.
|
|
Asian Session - Another US Bank In Trouble
November 24, 2008 9:04 AM CET
|
|
G10 Advancers and Decliners vs USD |
| | CAD | 1.30 | | | | GBP | 1.05 | | | | SEK | 0.97 | | | | EUR | 0.51 | | | | DKK | 0.45 | | | | CHF | 0.29 | | | | NOK | 0.27 | | | | JPY | 0.19 | | | AUD | -0.37 | | | NZD | -0.53 | |
|
|
Global Indexes |
Current Level |
% Change |
|
| Nikkei 225 Index | 7,910.79 | + 2.69 | | Hang Seng Index | 12,528.15 | - 1.03 | | Shanghai Index | 1,897.06 | - 3.67 | | FTSE futures | 3,779.50 | - 2.20 | | DAX futures | 4,217.00 | + 3.12 | | SMI Futures | 5.148.00 | - 3.32 | | DJIA futures | 8,012.00 | - 0.22 |
|
|
World Markets |
Current Level |
% Change |
|
| Gold | 792.34 | - 1.00 | | Silver | 87.38 | - 0.91 | | VIX | 72.67 | - 10.12 | | Crude wti | 50.01 | + 0.16 | | USD Index | 87.38 | - 0.90 |
|
|
Todays Calender |
Estimates |
Previous |
Country / GMT |
|
| Ifo Business Climate Index (Dec) | 89.0 | 90.2 | GE / 8.00 | | Current Account (Sep) s.a. | -- | -€8.4bn | EZ / 8.00 | | Industrial New Orders (Sep) | -2.2%,-2.2 | -1.2%,-6.2 | EZ / 9.00 | | Existing Home Sales (Oct) | 5,040K | 5,180K | US / 14.00 | | Pre-Budget Report | -- | -- | UK / 14.30 |
|
|
|
Currency Tech |
AUDUSD
R 3: 0.6596
R 2. 0.6416
R 1. 0.6384
CURRENT: 0.6267
S 1: 0.6077
S 2: 0.6009
S 3. 0.5875
EURJPY
R 3: 121.17
R 2. 120.76
R 1: 121.48
CURRENT: 119.96
S 1: 119.54
S 2: 116.44
S 3: 115.00
USDSGD
R 3: 1.5684
R 2: 1.5436
R 1: 1.5349
CURRENT: 1.5307
S 1: 1.5254
S 2: 1.5167
S 3: 1.5051
|
|
Market Brief |
The Usd was slightly weaker in the Asian session, as markets absorb the Citibank situation. Early in Asia, the Treasury Department, Federal Reserve and FDIC announced a major rescue program for Citibank. The US Treasury will provide a $20bn cash injection and, together with FDIC, will protect on roughly $360bn worth of real estate loans and securities. Other news tricking down the wires is that US President-elect, Obama, will nominate NY Fed Chief, Timothy Geithner, as the new Secretary to the Treasury. We see Geithner's appointment as market positive, as he has a clear background in dealing with the financial crisis. The Market viewed these developments as a signal of the commitment by US policy makers to avoid another wave of financial turbulence and overall markets remained stable. The EurUsd traded higher to 1.2678, while the UsdJpy dropped on the open to 94.95, before settling into a mundane 95-95.50 range. Following the Jpy trade, carry initially slide but then stabilized, as risk appetite reaction was muted. Asian regional indexes are mixed, with the Nikkei up 2.69% and European futures looking to open slightly higher. Gold traded above $800oz, but then slided back to $787.74oz, while crude wti is sitting on the $50.00bll handle. In this holiday shortened week in the US, the markets will be focused on the equity markets and deteriorating state of the domestic economy.
In the data front, in the European session participants will be watching the German Ifo Index, which is expect to decline further in the business climate survey (88.7 exp). This close monitored barometer of Germany, and therefore the Euro zone's economic health, should potentially provide clues to the theory that German is in a better position to handle the economic down turn the US or UK. In addition, markets will be listening closely to ECB memberʼs rhetoric for any signal that a deep cut can be expected in December.
|
|
ACM Advanced Currency Markets SA (hereinafter referred as ACM) is a professional financial intermediary, directly regulated by the Swiss Federal Department of Finance, Anti Money Laundering Control Authority. As forex specialist, ACM provides only currency trading via highly professional forex trading software. All customers are aware that this information or any part thereof has been prepared without taking account of your objectives, financial situation and/or needs. This information is not intended as personalized investment advice and does not constitute a recommendation. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. The analysis is based on the information which ACM finds reliable and accurate, but ACM does not assume any responsibility for any material nor for the transactions made on the basis of the information or the estimates of the analysis. ACM cannot guarantee that these forecasts will materialize and cannot be held liable in any way for direct, indirect and/or consequential loss arising from any use of this information, document or its content. All opinions and estimates constitute ACM analysis as of the data and are subject to change without notice. ACM does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions. Past performance is not a reliable indicator of future performance.
|
| |
|
|
| |
| |
|