ACM - Asian Session Snap shot (03/07/09)

Asian Session: NFP's disappoint as ECB stays put on rates – low volumes today for 4th July holiday.

Snap-Shot

03 July 2009 - 11:23 CEST
G10 Advancers and Decliners vs USD NZD 0.591 AUD 0.494 CAD 0.388 JPY 0.103 DKK -0.091 EUR -0.098 CHF -0.178 NOK -0.270 GBP -0.272 SEK -0.699 Global indexes Current level % Change Nikkei 225 Index 9816 - 0.61 Hang Seng Index 18203 + 0.14 Shanghai Index 3088 + 0.92 FTSE 100 Index 4236 + 0.06 DAX Index 4718 - 0.28 DJIA futures 8251 + 0.12 Nasdaq futures 1445 0.00 World markets Current level % Change Gold 9331.88 + 0.23 Silver 13.415 + 0.15 VIX 27.95 + 6.60 Crude wti 66.41 - 0.48 USD Index 80.307 + 0.20 Todays calender Estimates Previous Country / GMT -	Currency Tech AUDUSD R 3: 0.8375 R 2: 0.8263 R 1: 0.8150 CURRENT: 0.7990 S 1: 0.7985 S 2: 0.7930 S 3: 0.7900 EURJPY R 3: 139.20 R 2: 138.33 R 1: 136.46 CURRENT: 134.25 S 1: 134.00 S 2: 133.61 S 3: 131.41 USDSGD R 3: 1.4800 R 2: 1.4748 R 1: 1.4649 CURRENT: 1.4515 S 1: 1.4454 S 2: 1.4385 S 3: 1.4334 Market Brief NFP's disappoint by showing a -467K decline in payrolls, 100K more than the consensus. This underlines the vast layoffs from the GM and Chrysler debacle and the continuing difficulty to revive the economy. The EURUSD dropped from it's high 1.41's as low as 1.3930 before rebounding. While the pair broke it's range momentarily only a healthy breakout below the 1.3900 support will prove sufficient for a substantial move. The ECB kept rates at 1.00% followed by an uninspiring press conference by Trichet. No comments on whether the rates would fall further but it was clear that no hikes would come before 2010. Volumes will inevitably be low today as the U.S is off for a pre-4th July holiday. We expect currencies to stay in tight ranges but large funds, sovereign or private entering the markets could provide large moves.
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