|
|
| 10.07 19:49 |
Hot Stocks: Bank Of America Corporation, Rohm and Haas Company
Kenneth Lewis, chief executive officer for the second-largest U.S. bank - Bank Of America Corporation, said the bank sees no reason to cut its dividend or raise cash as it reworks loans to help borrowers keep their homes.
Marriott Intl Inc New, the world's largest hotel chain lowered its 2008 earnings forecast as U.S. companies and consumers cut back on travel.
Dow Chemical announced that it was purchasing the world's largest producer of acrylic paint ingredients Rohm and Haas Company at a 74% premium, $78 per share, or about $15.29B.
Wal-Mart Stores Inc, same-store sales of the world’s largest
retailier, not including gasoline, rose 5.8%, handily beating the 3.8%
growth expected by Thomson Reuters.
|
| 10.07 19:32 |
CRUDE OIL: Just popped higher by $3, now up $5.60 at $141.50 |
| 10.07 19:13 |
Dow +87.04 at 11234.48, Nasdaq +25.40 at 2260.29, S&P +9.93 at 1254.62
The stock market took out a fresh session high before curtailing some
of its gains. Stocks had been down 0.6% in the early going.
Gains remain broad-based, but it was been the financial sector (+0.2%)
that led the recent upswing. Financials were trading sharply lower in
early action, down more than 2.3%, but are now trading with a decent
sized gain.
Leading the way for financials are large money centers Bank of America (+0.53) and JPMorgan Chase (+0.49).
|
| 10.07 18:31 |
American focus: Dollar falls to one-week low versus Euro on financial Losses
The dollar dropped to a one-week low against the euro as Treasury
Secretary Henry Paulson said in prepared congressional testimony that
financial markets will take ``additional time'' to stabilize.
The currency fell for a second day after Fannie Mae and Freddie Mac,
the two biggest providers of financing for U.S. home loans, tumbled in
New York trading. The pound dropped versus the dollar as the Bank of
England dismissed calls to cut its main interest rate, raising the risk
of a recession.
``I don't think there's anything that Paulson has said that has
instilled any great degree of comfort,'' said Alan Ruskin, head of
international currency strategy at RBS Greenwich Capital Markets in
Greenwich, Connecticut. ``Comments that financial turmoil is ongoing
are words that don't play well to anyone holding long-dollar
positions.''
Paulson said in his testimony that regulators need ``additional
emergency authority'' to help ailing firms, along with a resolution
process similar to the one already in place for commercial bank
failures. Federal Reserve Chairman Ben S. Bernanke testified that more
regulation over securities firms is needed as financial turmoil
persists.
``The heightened state of uncertainty is putting the dollar on the
defensive,'' said Carl Forcheski, vice president on the corporate
currency sales desk at Societe Generale SA in New York. ``The
overhanging concern about the financial sector is dogging the market
here.''
Futures contracts on the Chicago Board of Trade show 86 percent odds
that policy makers will keep borrowing costs unchanged at 2 percent
next month.
The euro dropped earlier against the dollar after reports showed French
and Italian industrial production dropped in May more than analysts
forecast, raising concern European economic growth is slowing.
|
| 10.07 18:10 |
Dow +25.57 at 11173.01, Nasdaq +12.60 at 2247.49, S&P +1.21 at 1245.90
Gains are waning further. The stock market is now trading just above the unchanged mark.
Earnings season is getting under way. Earlier this morning Chattem (-3.67) announced it topped analysts' expectations, generating $1.06 per share for its most recent quarter. Texas Instruments (+2.67) announced earnings of $0.92 per share after revenues climbed nearly 2.0% year-over-year to some $266 million.
|
| 10.07 17:48 |
Stocks mixed as financials slump
Wall Street struggles after the previous session's selloff on higher
oil prices, June retail sales, chemical sector merger and more problems
for Fannie, Freddie and financials.
Fannie Mae and Freddie Mac fallout.: Shares of the government lenders
continued to plunge on worries about a potential collapse. Fannie Mae
lost 14% and Freddie Mac lost 26%.
Elsewhere in the financial services sector, AIG and PMI Group both
slipped after Moody's downgraded the companies' insurance financial
strength ratings. Moody's also downgraded PMI's debt.
Meanwhile, Treasury Secretary Henry Paulson and Federal Reserve chief
Ben Bernanke told Congress Thursday that legislation is needed to
modernize the nation's financial system.
Wal-Mart impresses, other retail sales mixed: The world's largest
retailer reported stronger-than-expected June sales, thanks in part to
the economic stimulus payments. As a result, Wal-Mart said
second-quarter earnings will come in ahead of forecasts. Nonetheless,
shares slipped 2%.
The number of Americans filing new claims for unemployment fell last
week, the government reported, although the number of Americans filing
continuing claims rose more than expected.
Other stock movers: Dow Chemical is buying specialty chemical maker
Rohm & Haas for $15.3 billion plus the assumption of debt. Shares
of Dow slipped 3% Thursday morning, while Rohm & Haas jumped 64%.
But Dow stock General Motors slumped 7%, keeping the Dow from posting bigger gains. Fellow automaker Ford Motor lost 6%.
On the upside, some of the previous session's tech losers bounced back, including IBM , Cisco Systems and Applied Materials .
U.S. light crude oil for August delivery gained $1.60 to $137.65 a barrel on the New York Mercantile Exchange.
In the bond market, Treasury prices rose, lowering the yield on the
benchmark 10-year note to 3.94% from 3.95% late Wednesday. Treasury
prices and yields move in opposite directions.
|
| 10.07 16:57 |
Paulson: we want a strong US dollar |
| 10.07 16:44 |
EUR/USD:
Marked highs at $1.5800 and remains close by as markets remain jittery
about the US financial sector and as, in some ways, a degree of
hysteria replaces rational thinking, but dollar remains defensive as
the cloud of uncertainty prevails. Offers remain above $1.5800 area,
perhaps to $1.5805/10 area, with stops tipped above there, a break
potentially to re-open the pre-payrolls highs atop $1.5900.
|
| 10.07 16:25 |
Dow -1.22 at 11147.00, Nasdaq +6.50 at 2241.00, S&P -1.60 at 1243.00
Stocks are bouncing in early morning action as trading gets off to a
choppy start. After sporting gains in early action, the Dow Jones and
S&P 500 have fallen into the red.
Dow component General Electric (GE 27.43, +0.24) announced it is
exploring options to shed its consumer and industrial unit. The
company's focus is currently on a spin off to existing shareholders.
GE is due to report its latest quarterly results this Friday.
Fellow Dow component Wal-Mart (WMT 57.23, -0.44) announced this morning
June same-store sales were up 5.8%. In turn, the company raised its
second quarter guidance to the range $0.82 to $0.84 per share, topping
the current consensus estimate of $0.82 per share.
|
| 10.07 16:08 |
Bernanke: Fed encourages banks to raise capital and liquidity |
| 10.07 15:28 |
EUR/USD gains after Bernanke testimony
Euro gains after Bernanke testimony left little to trade on
and offered no fresh insights into monpol, expect that at H-H testimony
Tues and Weds next week. Offers expected still at $1.5750/55, $1.5780. Breack higher to open the way up to $1.5820/30. Bids
remain at $1.5690.
|
| 10.07 15:07 |
US TSY: Sec Paulson's prepared text says Fannie & Freddie are adequately capitalized and are working thru a challenging period.
Says
it'll take more time to work out mkt problems and institutions must be
allowed to fail. Calls for changes to regulatory framework.
|
| 10.07 14:59 |
FED: Bernanke's text on "Regulatory restructuring":
"Financial turmoil is on-going" and has impeded mkts, needs study.
Congress should consider granting Fed more powers and firms need
stronger risk-measurement/management. Supports reforms.
|
| 10.07 14:53 |
Dow +52.03 at 11199.47, Nasdaq +15.88 at 2250.77, S&P +4.01 at 1248.70
The stock market opened with a modest gain and has made its way higher
after the financial sector (+0.5%) made an advance out of the red and a
rise in crude prices eased a bit. Market participation in recent
trading sessions has been largely guided by action in the two sets.
Shares of Bank of America (BAC 22.62, +0.56) were downgraded to Underweight from Equal Weight at Morgan Stanley.
Meanwhile, Wachovia Bank (WB 13.63, -0.66) sees a second quarter loss
ranging from $1.23 to $1.33, excluding goodwill impairment charges.
The company also named a new chief executive.
|
| 10.07 14:20 |
Before the bell: Wall Street ready to rebound
Stocks
were set for a slight recovery Thursday (S&P futures vs fair
value: +1.8. Nasdaq futures vs fair value: +2.8.), ahead of reports on
June retail sales and testimony from Federal Reserve Chairman Ben
Bernanke. Warehouse club operator Costco Wholesale Corp. said same-store sales, including gasoline sales, grew 9% in June. Wal-mart same-store sales, not including gasoline, rose 5.8%, handily beating the 3.8% growth expected by Thomson Reuters. Apparel and accessories retailers like Nordstrom (JWN), Abercrombie & Fitch (ANF), Limited Brands (LTD), and American Eagle Outfitters (AEO) are all showing drops. Overall
retail sales are expected to rise 2.6% in June, exceeding the 2.4% gain
posted a year ago, according to Thomson Reuters. But excluding
Wal-Mart, sales are expected to come in weaker at 1.4%, versus 2.4% on
that basis last year. Financial markets hearing Investors
will be closely watching Bernanke, who is due to testify before a House
hearing on restructuring financial markets. Treasury Secretary Hank
Paulson also is set to appear. Oil prices rose slightly as tension in the Middle East flared up again. U.S. crude for August delivery was up 31 cents at $136.36 in electronic trading. Dow Chemical announced that it was purchasing specialty materials maker Rohm and Haas at a 74% premium of $78 per share, or about $15.29 billion.
|
| 10.07 13:51 |
European session: Dollar trades little changed before Bernanke, Paulson testimony [M]
The dollar rose against the yen and the euro
before Federal Reserve Chairman Ben S. Bernanke and U.S. Treasury
Secretary Henry Paulson address U.S. lawmakers on their response to
widening credit-market losses.
``The dollar these days trades clearly on the back of the credit
outlook,'' said Hans-Guenter Redeker, the London-based global head of
currency strategy at BNP Paribas SA, France's biggest bank. ``People
are somewhat less pessimistic today. We are bullish on the dollar.''
Futures contracts on the Chicago Board of Trade show the odds that
policy makers will keep borrowing costs unchanged this year rose to 32
percent, from 7 percent a month ago. The British pound fell on speculation the Bank of England will keep
borrowing costs unchanged today to curb inflation, increasing the risk
the U.K. economy will enter a recession. As expected BOE MPC keept interest rate at 5.00%
EUR/USD set
high on $1.5765 before retreating just under $1.5700 figure. Bids $1.5690/80, $1.5650. Offers $1.5750/55, $1.5765/80
GBP/USD fell
from $1.9820 to Y107.15. Later the pare traded within Y107.30/60 range.
USD/JPY rose
from Y106.70 to Y107.45 before stabelized within Y107.15/40. Bids Y107.00, Y106.70/50. Offers Y107.40, Y107.50/60-75.
Later at 12:30
GMT US
Labor Department will release its Jobless Claims report. At
1400 GMT Bernanke/Paulson to report at House Fin'l Svcs Comm.
|
| 10.07 13:43 |
US: WalMart Corp reported +5.8% YOY June same-store sales ex fuel, +6.4% with fuel. Limited Co. was -9% YOY so we are getting mixed results. |
| 10.07 13:32 |
US: Jobless claims -58,000 to 346k in July 5 week. |
| 10.07 13:19 |
EUR/USD tech comments
Traders link sales, that took rate below $1.5710 to reserve manager
sales. further demand noted to $1.5700, with talk now emerging of stops
below the figure. Further demand noted between $1.5690/80, with stops
confirmed on a break below $1.5670.
|
| 10.07 12:49 |
OPTIONS: Expiries of note for today's 1400GMT
EUR/USD $1.5700, $1.5875, $1.5650
USD/JPY Y106.40, Y105.70, Y108.70
EUR/JPY Y169.00
GBP/USD $1.9800, $1.9900
AUD/USD $0.9585, $0.9700, $0.9500
|
| 10.07 12:27 |
GBP/USD little changed in the wake of BOE MPC interest rate decision
Cable has got a slight lift to $1.9760 from around $1.9745, as BOE confirmed
market expectations of no change in UK interest rates. But react rally
short lived with rate now slipping below $1.9750. Bids remain in place
from around earlier lows of $1.9715, with interest from this level seen
placed down to $1.9700. Below here and rate can test
Wednesday's lows between $1.9675/70, with stronger interest noted close
behind at $1.9650. Offers remain in place toward $1.9760, more toward
$1.9780/85 ahead of $1.9800.
|
| 10.07 12:00 |
BOE MPC keeps interest rate at 5.00% |
| 10.07 11:52 |
European focus: dollar keeps positive mood ahead of Bernanke's and Paulson's testimony
The dollar rose against the yen and the euro
before Federal Reserve Chairman Ben S. Bernanke and U.S. Treasury
Secretary Henry Paulson address U.S. lawmakers on their response to
widening credit-market losses.
``The dollar these days trades clearly on the back of the credit
outlook,'' said Hans-Guenter Redeker, the London-based global head of
currency strategy at BNP Paribas SA, France's biggest bank. ``People
are somewhat less pessimistic today. We are bullish on the dollar.''
Futures contracts on the Chicago Board of Trade show the odds that
policy makers will keep borrowing costs unchanged this year rose to 32
percent, from 7 percent a month ago.
Fannie Mae, one of the two-largest U.S. mortgage finance companies,
sold $3 billion of two-year debt yesterday at record yield spreads over
benchmark Treasury rates amid concern the company doesn't have enough
capital to see out the credit crunch.
European Central Bank President Jean-Claude Trichet told the European
Parliament in Strasbourg, France, yesterday that the level of inflation
is ``worrying.'' He also said it's important for the U.S. to repeat
support for a strong currency.
Traders yesterday increased bets the ECB will raise borrowing costs
again to curtail 4 percent annual inflation that is twice the central
bank's 2 percent target. The implied rate on the December Euribor
interest-rate futures contract rose 0.02 percentage point to 5.12
percent.
``The ECB will have no choice but to raise rates later on this fall,''
Michael Woolfolk, senior currency strategist in New York at Bank of New
York Mellon, said in an interview with Bloomberg Television. ``You'll
see the euro-dollar break back above $1.60.''
The British pound fell on speculation the Bank of England will keep
borrowing costs unchanged today to curb inflation, increasing the risk
the U.K. economy will enter a recession.
|
| 10.07 11:26 |
USD/JPY techs:
Resistance
3: Y109.40
Resistance 2: Y108.60
Resistance 1: Y107.80
Current price: Y107.22
Support 1: Y106.70
Support 2: Y106.20
Support 3: Y105.00
Comments: Dollar consolidates. Support is around Y106.70, then – at Y106.20 (Tuesday’s
lows). Stronger level is around Y105.00 (June 30 high). Strong resistance is
around Y107.80. Above there is a chance of testing June 16 highs on Y108.60 and
then - Y109.40.
|
| 10.07 11:01 |
USD/CHF techs:
Resistance 3: Chf1.0490
Resistance 2:
Chf1.0400
Resistance 1: Chf1.0350
Current price: Chf1.0321
Support 1: Chf1.0280
Support 2: Chf1.0220
Support 3: Chf1.0160
Comments: Techs on dollar hasn’t changed. Strong resistance zone is near
Tuesday’s highs on Chf1.0350.
Above the rise may extend to Chf1.0400. Strong resistance is around Chf1.0490 (June
23). Support comes at Chf1.0280 (50% Fibo of yesterday’s rise). Further losses
may bring the rate down to Chf1.0220 (yesterday’s low).
|
| 10.07 11:01 |
UK DARLING: UK economy faces very difficult period
- UK economy is resilient
- Global economic crisis deeper than expected
- Credit crunch, oil rise will affect all economies
- Need vigilance to get economy through tough period
- UK economy will see slower growth this year
|
| 10.07 10:56 |
GBP/USD techs:
Resistance 3: $2.0000
Resistance 2: $1.9940
Resistance 1: $1.9840
Current price: $1.9710
Support 1: $1.9670
Support 2: $1.9620
Support 3: $1.9580
Comments: Support near 50% Fibo of yesterday’s move on $1.9750 has been pierced. Sustaned break
under will accelerate the decline to $1.9670 and then – to $1.9620 and $1.9580. Strong resistance remains at yesterday’s high on $1.9840 with further level
comes at $1.9940. Stronger resistance is around psychological level on $2.0000,
tested July 01.
|
| 10.07 10:40 |
GERMANY FINMIN: German 2008 GDP growth could be above 1.7%
- but sees clear downside trends in
German economy - 2Q German GDP growth will be 'bad'
|
| 10.07 10:25 |
EUR/USD techs:
Resistance 3:$1.6020
Resistance 2: $1.5900
Resistance 1: $1.5750
Current price: $1.5702
Support 1: $1.5600
Support 2: $1.5530
Support 3: $1.5470
Comments: Techs on euro hasn’t changed. Minor resistance comes at Monday’s and
Wednesday’s highs on $1.5750, above – on $1.5900/05 (03 July high). Set above will
point to life-time high on $1.6020. Strong support is around $1.5600 (50% of $1.5300 - $1.5905 rise). Below correction may extend to $1.5530
and then – to 23 June lows at $1.5470.
|
| 10.07 09:59 |
IEA global oil market projections for next year see demand up 860 kb/d
1.Non-OPEC supply in 2009 seen up 640 kb/d 2.Global oil supply this June up 285 kb/d m/m to 86.5 mb/d 3.June OPEC crude output up 350 kb/d to 32.4 mb/d
|
| 10.07 09:44 |
OPTIONS: Expiries of note for today's 1400GMT cut
EUR/USD: $1.5700, $1.5875, $1.5650 USD/JPY: Y106.40, Y105.70, Y108.70 EUR/USD: Y169.00 GBP/USD: $1.9800, $1.9900 AUS/USD: $0.9585, $0.9700, $0.9500
|
| 10.07 09:34 |
Oil prices rise
WTI Nymex crude oil edges higher to
session high at $136.55 following news report that Iran's
military has test fired more missiles in the Persian Gulf.
|
| 10.07 09:23 |
Orders:
EUR Bids: $1.5710, $1.5675, $1.5650 Offers: $1.5780/90, $1.5840/50
JPY Bids: Y106.70/65 Offers: Y107.30, Y107.50/60, Y108.00/20
GBP Bids: $1.9750/40, $1.9725/20 Offers: $1.9820
|
| 10.07 09:08 |
Asian session: Dollar trades little changed before Bernanke, Paulson testimony [M]
The dollar was little changed against the euro before Federal Reserve Chairman Ben
S. Bernanke and U.S. Treasury Secretary Henry Paulson address U.S. lawmakers on their response to
widening credit-market losses. The U.S. dollar fell against Australia's
currency as traders increased bets the Fed will keep interest rates on hold
through 2008, boosting the appeal of higher-yielding assets. The British pound declined on speculation the Bank of England will keep borrowing costs unchanged
today to curb inflation, increasing the risk the U.K. economy will enter a
recession. European
Central Bank President Jean-Claude Trichet told the European Parliament in
Strasbourg, France, yesterday that the level of inflation is ``worrying.'' He
also said it's important for the U.S. to repeat support for a strong
currency.
EUR/USD set
high on $1.5765 before retreating to $1.5717. GBP/USD fell
from $1.9820 to $1.9760. USD/JPY rose
from Y106.70 to Y107.20.
Thursday focus will be on BOE rate
decision. Analysts predict rate will stay unchanged at 5,0%. Later at 12:30
GMT US
Labor Department will release its Jobless Claims report.
|
| 10.07 09:06 |
Japan stocks closed higher
Japanese
stocks ended the day modestly higher: the benchmark Nikkei 225 gained 15.08
points, or 0.12%, to stand at 13067.21. The broader-based TOPIX was 5.23 points
higher at 1290.76.
|
| 10.07 09:02 |
UK: Halifax June house price index -2.0% m/m |
| 10.07 09:02 |
ITALY: May SA industrial production fell 1.4% m/m and 4.1% y/y |
| 10.07 08:51 |
Stock market: Wednesday summary
Stock market fixing: Nikkei 225 +19.03
+0.15% 13,052.13
Topix +2.02 +0.2% 1 285.53
FTSE +89.10 +1.64% 5,529.60
DAX +82.05 +1.30%
6,386.46
CAC +64.05 +1.50% 4,339.66
Dow -236.77 -2.08%
11,147.44
NASDAQ -59.55 -2.60%
2,234.89
S&P -29.01 -2.28%
1,244.69
10yr Note -0.4600 -0.119%
3.834%
NYMEX Crude Oil +0.01
+0.01% 136.05
Gold +5.30 +0.57% 928.60
Japanese stocks advanced after machine orders surged almost 10 times faster than economists had
expected and crude prices fell the most in three months, easing concern rising
energy costs will reduce demand for equipment. Kawasaki Heavy Industries Ltd., the
maker of Japan's
first industrial robots, rose the most in almost a month. Bridgestone Corp.,
the world's biggest tiremaker, climbed to the highest in two weeks on
speculation falling crude prices will lower production costs. Stocks gave up
almost all their gains after a missile test by Iran sparked an advance in the yen,
sending Sony Corp. and other export-dependent companies lower. Equipment orders jumped 10.4% in May
from April, the Cabinet Office said today before the stock market opened, while
economists had estimated a 1.1% increase.
Tiremakers rose after crude oil
retreated the most in more than three months to $136.04 a barrel yesterday.
About seven gallons of oil are required to produce a car tire, according to the
Rubber Manufacturers Association. Bridgestone increased 2.9%, the highest since
June 26. Yokohama Rubber Co., which yesterday said it will raise domestic
prices by as much as a tenth, gained 2.1%. Aeon Co. dropped 5.1% after
reporting its first quarterly net loss since August 2005. Sony Corp. dropped 1.6%, after
jumping as much as 2%. Murata Manufacturing Co. lost its 2.4% advance in Osaka trading, while
truckmaker Hino Motors Ltd. reversed its gain to a 1.3% decline.
European stocks rallied the most in two months on speculation losses at financial companies
will ease and commodities will fall, reducing inflation and pressure on profit
margins. Barclays Plc and Credit Suisse Group
AG advanced after JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon
said buyers are returning to some types of mortgage products. Daimler AG and
DSG International Plc climbed as crude traded near a two-week low, while
ArcelorMittal led metal producers higher after Alcoa Inc.'s profit topped
analysts' estimates. Record oil prices, rising inflation
and credit-related losses topping $400 billion have pushed equity markets in Japan, China,
Hong Kong, Germany
and France
down at least 20%, the common definition of a bear market. Barclays rose 5.1%. Credit Suisse,
the second-largest Swiss bank, gained 4.1%.
Stocks slipped Wednesday as investors considered fluctuating oil prices, a weak dollar and
Alcoa's better-than-expected quarterly profit, one day after a big rally. Oil prices rose after after Iran test-fired ballistic missiles, reviving
worries that unrest in the Middle East could
disrupt oil supplies. But prices swayed after the government's weekly report
showed crude stockpiles fell more than expected last week. As is usually the case, Alcoa began
the second-quarter results reporting period for Dow components late Tuesday. The aluminum maker reported weaker
earnings of 66 cents per share on lower sales of $7.6 billion reflecting the
impact of higher costs. However, results topped analysts' expectations. Arris Groupslumped 20% after it said second-quarter
sales won't meet estimates and earnings will come in at or near the low end of
its previous forecast. The communications technology company cited weaker sales
of voice-enabled cable modems. Cisco Systems slipped 3% after an
RBC Capital Markets analyst cut its price target to $27 from $29, saying the
company sees a tech spending recovery happening later than initially thought.
|
| 10.07 08:23 |
FOREX. Wednesday summary
The dollar fell the most against the euro in a week on concern crude oil prices may
prolong the slowdown of the U.S.
economy.
European Central Bank President Jean-Claude Trichet said the level of inflation
is ``worrying.''
Oil prices are 88% higher from a year ago. Crude oil for August delivery
increased as much as 1.7% to $138.28 a barrel after Iran
said it carried out a test of a missile capable of hitting Israel. The
exercise, reported on Iranian state television, raised concern that Israel will attack the Mideast's
second-biggest oil producer.
The euro-dollar exchange rate and oil have moved in the same direction 90
percent of the time in the past year, according to calculations based on the
correlation of their value.
Traders raised bets that the ECB will raise borrowing costs again to curtail 4
percent annual inflation, twice policy makers' 2 percent target. The implied
rate on the December Euribor interest-rate futures contract rose 0.02
percentage point to 5.12 percent.
Trichet said last week that he has ``no bias'' for monetary policy after
increasing the ECB's main refinancing rate a quarter-percentage point to 4.25%.
EUR/USD rose from $1.5650 to
$1.5730 before position-adjustment dragged the rate down to $1.5660. Bids late supported
rate up to session highs $1.5750. GBP/USD rose from $1.9670 to
$1.9840, triggered stops and offers. USD/JPY tested highs on Y107.60
before retreated to Y106.70.
Thursday focus will be on BOE rate
decision. Analysts predict rate will stay unchanged at 5,0%. Later at 12:30
GMT US
Labor Department will release its Jobless Claims report.
|
| 10.07 08:02 |
USD/JPY techs:
Resistance 3: Y109.40 Resistance 2: Y108.60 Resistance 1: Y107.80 Current price: Y106.90 Support 1: Y106.70 Support 2: Y106.20 Support 3: Y105.00 Comments: Dollar consolidates. Support is around Y106.70, then – at Y106.20 (Tuesday’s lows). Stronger level is around Y105.00 (June 30 high). Strong resistance is around Y107.80. Above there is a chance of testing June 16 highs on Y108.60 and then - Y109.40.
|
| 10.07 07:43 |
USD/CHF techs:
Resistance 3: Chf1.0490 Resistance 2: Chf1.0400 Resistance 1: Chf1.0350 Current price: Chf1.0286 Support 1: Chf1.0280 Support 2: Chf1.0220 Support 3: Chf1.0160 Comments: Techs on dollar hasn’t changed. Strong resistance zone is near Tuesday’s highs on Chf1.0350. Above the rise may extend to Chf1.0400. Strong resistance is around Chf1.0490 (June 23). Support comes at Chf1.0280 (50% Fibo of yesterday’s rise). Further losses may bring the rate down to Chf1.0220 (yesterday’s low).
|
| 10.07 07:28 |
GBP/USD techs:
Resistance 3: $2.0000 Resistance 2: $1.9940 Resistance 1: $1.9840 Current price: $1.9810 Support 1: $1.9750 Support 2: $1.9670 Support 3: $1.9580 Comments: Cable looks optimistic, holding a bit below yesterday’s high on $1.9840 (strong resistance) with further level comes at $1.9940. Stronger resistance is around psychological level on $2.0000, tested July 01. Support is near 50% Fibo of yesterday’s rose on $1.9750. Break under will accelerate the decline to $1.9670 and then – to $1.9580.
|
| 10.07 07:15 |
EUR/USD techs:
Resistance 3:$1.6020 Resistance 2: $1.5900 Resistance 1: $1.5750 Current price: $1.5732 Support 1: $1.5600 Support 2: $1.5530 Support 3: $1.5470 Comments: Techs on euro hasn’t changed. Minor resistance comes at Monday’s and Wednesday’s highs on $1.5750, above – on $1.5900/05 (03 July high). Set above will point to life-time high on $1.6020. Strong support is around $1.5600 (50% of $1.5300 - $1.5905 rise). Below correction may extend to $1.5530 and then – to 23 June lows at $1.5470.
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| 10.07 07:05 |
Major European bourses are seen trading sharply lower Thursday, reversing the previous session's gains: the FTSE down 90, the DAX down 105, the CAC down 80 and the Eurostoxx 50 down 50 |
| 10.07 06:45 |
Daily History for July 09, 2008
High Low Close EUR/USD 1.5749 1.5648 1.5736 USD/JPY 107.65 106.66 106.79 GBP/USD 1.9840 1.9669 1.9834 USD/CHF 1.0354 1.0276 1.0285
EUR/JPY 168.88 167.94 168.06 EUR/GBP 0.7974 0.7930 0.7932 GBP/JPY 212 31 210.99 211.81 GBP/CHF 2.0437 2.0270 2.0398
Change % Change Last Nikkei 225 +19.03 +0.15% 13,052.13 Topix +2.02 +0.2% 1 285.53 FTSE +89.10 +1.64% 5,529.60 DAX +82.05 +1.30% 6,386.46 CAC +64.05 +1.50% 4,339.66 Dow -236.77 -2.08% 11,147.44 NASDAQ -59.55 -2.60% 2,234.89 S&P -29.01 -2.28% 1,244.69 10yr Note -0.4600 -0.119% 3.834% NYMEX Crude Oil +0.01 +0.01% 136.05 Gold +5.30 +0.57% 928.60
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| 10.07 06:12 |
Schedule for today, Thursday, July 10, 2008
06:45 France Industrial production (May) -0.4% 1.4% 06:45 France Industrial production (May) Y/Y - 3.2% 08:00 UK Halifax house price index (June) -1.0% -2.4% 08:00 UK Halifax house price index (June) 3m Y/Y -6.0% -3.8% 08:00 Italy Industrial production (May) adjusted -0.3% 0.7% 08:00 Italy Industrial production (May) Y/Y adjusted - 2.0% 11:00 UK BoE meeting announcement 5.00% 5.00% 12:30 USA Jobless claims (week to 05.07) 415K 404K 20:30 USA M2 money supply (30.06), bln - +3.6
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