What's new:



Geithner: The money for bank bailout is at the moment sufficient.

Feldstein: The recession in the US could last well into 2010.

Obama: Urges the G20 leaders to act fast to stimulate growth.

Trichet: Sees further interest rate cuts.



Today:



08h45 France: Houshold consumption

08h50 France: Business Climate

08h58 France: French PMI

09h28 Germany: German PMI

09h58 Eurozone: Euro PMI

10h00 Eurozone: Balance of Payments

10h30 UK: Consumer Price Index CPI

15h00 United States: Speech by FED president Bernanke and Treasury secretary Geitner.

15h00 United States: Richmond Fed Index



Overnight Ranges & Indices:



EURUSD: 1.3567 - 1.3679

USDCHF: 1.1208 - 1.1273

GBPUSD: 1.4522 - 1.4734

USDJPY: 96.92 - 98.56

DowJones: 7775 + 6.8%

Nasdaq: 1555 + 6.8%

Nikkei: 8488 +3.3%

Gold: $939

Crude oil: $53.69



Comment:



The markets rose yesterday after comments left by Geithner from the US treasury. The stocks showed impressive gains:

The DowJones posted its best performance of the year, the NasDaq registered its 5th best increase alltime. In the banking sector, significant gains for Citigroup +19, 47%, JP Morgan +24,01% and BoA +26,01%.



This latest intervention by the Americans induced the traders to take long positions on 'Carry Trades': The currencies like australian dollar, new-zealand dollar and to a lesser extent the British pound and euro are the most requested, with the consequence that the Yen and Swiss Franc are under pressure.



The EURUSD, formed a triple top at 1.3720-40, and traders will be looking to sell or take profits at this area. Further lower, buyers are waiting for the price to be in the range 1.3470-1.3520. My opinion is that there will be a rise towards 1.4050-1.4250. However, a break of 1.3450 will put this view in serious question.



Good Day.



Nicolas Longchamp

Trading desk.

Realtime Forex, Geneva/Switzerland.





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