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Forex: Market Update

Dec 10

Posted by FxCommcalls in Forex Update | No Comments

The rupee ended at 46.55 against the dollar, above Tuesday’s close of 46.68. The dollar index, a gauge of the US unit’s performance versus six majors, was down 0.4% by late evening.
The sterling and the euro extended losses on Wednesday, dipping below the $1.62-mark for the first time since mid-October, hurt by worries about Britain’s fiscal position. The Indian forex market
tracks the euro and the sterling for clues.

The sterling fell as low as $1.6199, the lowest since October 15. The euro also fell to a one-month low against the dollar on Wednesday, as investors unwound positions in riskier assets ahead of the year-end, prompted, in part, by rising debt woes for Greece and Dubai.

Middle Eastern development and real estate concern asked for a six-month standstill agreement with creditors.  More importantly today, perhaps, Fitch cut Greece’s credit rating to BBB+ from A- and cited concerns over Greece’s medium-term outlook for public finances.  This downgrade in sovereign credit risk impacted the common currency and this could put a small amount of upward pressure on eurozone interest rates, especially if there are concerns that other eurozone countries face a similar action from the ratings agencies.  A further decline in corporate and sovereign credit ratings or credit outlooks could negatively impact the markets and lead to additional safe-haven buying.  These credit actions come at a time when the U.S., U.K., and Japan face immense questions over their public finances with some speculators guessing at least one of those sovereign names could experience a credit downgrade in due course.


(Bid Price) (Today’s Intraday Range)

EUR/ USD     1.4704                1.4867, 1.4679
USD/ JPY        88.38                  89.47,   88.17
GBP/ USD     1.6287                           1.6476, 1.6255
USD/ CHF     1.0266                           1.0285, 1.0163
AUD/USD      0.9046                           0.9163, 0.9019
USD/CAD      1.0631                           1.0670, 1.0486
NZD/USD      0.7073                0.7171, 0.7046
EUR/ JPY      129.98                           132.68, 129.65
EUR/ GBP     0.9026                           0.9093, 0.9007
GBP/ JPY      143.99               147.15, 143.57
CHF/ JPY        86.07                 87.75,   85.84

Support                     Resistance               Support                  Resistance

EUR/ USD                                                          USD/ JPY

L1.       1.4470                                    1.4915                                       88.60                         93.30

L2.       1.4355                         1.5140                            87.10                          95.50
L3.       1.4175                         1.5360                            86.10                          98.85

GBP/ USD                                                       USD/ CHF

L1.       1.6115                                    1.6685                                    1.0275                                    1.0580

L2.       1.5720                                    1.6830                                    1.0040                                    1.0695

L3.       1.5405                                    1.7040                                    0.9750                                    1.0885

AUD/ USD                                                       USD/ CAD

L1.       0.8450                                    0.8830                                    1.0535                                    1.0945

L2.       0.8300                                    0.9050                                    1.0365                                    1.1125

L3.       0.8070                                    0.9120                                    1.0155                                    1.1355

NZD/ USD                                                       EUR/ JPY

L1.       0.6880                                    0.7125                                    131.45                                    135.75

L2.       0.6750                                    0.7260                                    129.75                                    136.90

L3.       0.6535                                    0.7395                                    127.00                                    138.75

EUR/ GBP                                                       EUR/ CHF

L1.       0.8795                                    0.8995                                    1.5110                                    1.5380

L2.       0.8675                                    0.9105                                    1.4905                                    1.5580

L3.       0.8320                                    0.9225                                    1.4670                                    1.5880

GBP/ JPY                                                        CHF/ JPY

L1.       146.10                                    152.50                                      86.30                                     88.65

L2.       142.05                                    157.75                                      85.40                                     90.10

L3.       135.70                                    161.70                                      81.55                                     91.60

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Commodity Snippets

Dec 7

Posted by FxCommcalls in Commodity Update | No Comments

Copper—–
Copper extended the morning losses as Dollar extended some gains against the EURO which enthused profit booking. Copper benchmark contract is now trading at Rs 326.95 per kg down Rs 3.

Dollar now trades at 1.4811 up 45 pips against the EURO.

It will be interesting to see what would be the effect of the global rebalancing act by the hedge funds in January, considering the rampant pace which Copper adopted in the year 2009. The prices are likely to see some hiccups in the next few months.

Xstarta announced last week that it will boost its capital spending in the year 2010 by 89% to $ 6.8 billion. “Most of the increased capex would go towards the nickel, coal and copper divisions for new and expanded mines” Chief Financial Officer Trevor Reid said during a seminar.

Xstrata said its board had approved spending $542 million to extend the life of its Ernest Henry copper and gold mine in Australia until at least 2024 by shifting to underground mining. The copper unit has six advanced projects to deliver 60 percent production growth by 2015, Charlie Sartain, chief executive of Xstrata’s copper division, said.

Rice——-
Indonesia may raise the price it pays for rice purchased from local farmers by 10% next year, tracking global increases in rice prices and fertilizer costs, Agriculture Minister Suswono said Monday.

Chinese Economic Growth—–
The Chinese government pledged Monday to push forward the transformation of its economic development pattern next year while maintaining stable and comparatively fast economic growth.

Participants at the three-day annual Central Economic Work Conference agreed that the global financial crisis highlighted the urgency to transform China’s economic development pattern.

They agreed that the government should coordinate efforts to maintain stable and comparatively fast economic growth and speed up the transformation of the economic development mode.

Meanwhile, As per latest released by China Sugar Association, China produced 792,000 metric tons of sugar during November, up 9.2% from previous year.

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