{"id":4988,"date":"2009-11-27T08:19:30","date_gmt":"2009-11-27T13:19:30","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4988"},"modified":"2009-11-27T08:19:30","modified_gmt":"2009-11-27T13:19:30","slug":"forex-daily-market-review-nov-27-09","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/27\/forex-daily-market-review-nov-27-09\/","title":{"rendered":"Forex Daily Market Review Nov 27, 09"},"content":{"rendered":"
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 <\/p>\n

Market<\/strong> Movers of the Day<\/strong><\/p>\n

<\/strong><\/p>\n

Asia-Pacific<\/strong><\/p>\n

*New Zealand Trade Balance worse than expected at -487M<\/strong><\/p>\n

*Japanese Jobless Rate Better than forecasted at 5.1%<\/strong><\/p>\n

*<\/strong>Japanese Tokyo CPI slightly below expectations at –2.2%<\/strong><\/p>\n

*<\/strong>Japanese National CPI worse than estimated at -2.5%<\/strong><\/p>\n

*Japan\u2019s Overall Household Spending better than expected at 1.6%<\/strong><\/p>\n

Europe<\/strong><\/p>\n

*German CPI beats market\u2019s expectations at 0.3%<\/strong><\/p>\n

*UK CBI Retail Sales Index better than expected at 13<\/strong><\/p>\n

Americas<\/strong><\/p>\n

*US – Thanksgiving Day<\/p>\n

The Overall Sentiment<\/strong><\/p>\n

<\/strong><\/p>\n

Equities<\/strong><\/p>\n

Markets tend to stay calm when Wall Street is closed for holidays but that wasn\u2019t the case this Thursday. Stock markets plummeted around the world on worrying news about Dubai\u2019s state investment company, Dubai World, which is believed to have debts of nearly $60 billion and has asked its creditors to postpone their payment dates. This has led to fears about a possible debt default infecting the global financial system. In Asia, China\u2019s Shanghai index lost 3.6%<\/strong>, its biggest one-day drop since Aug. 31, while the Japanese Nikkei 225 declined 2%<\/strong>. In Europe, the FTSE 100 index of leading British shares was down 3.18%<\/strong> while Germany\u2019s DAX lost 3.25%<\/strong> and France\u2019s CAC-40 plunged 3.4%<\/strong>.<\/p>\n

Read more about Dubai\u2019s debt affecting the markets<\/a><\/em><\/strong> <\/em><\/strong><\/p>\n

Forex<\/strong><\/p>\n

A big wave of risk aversion triggered by the news about Dubai\u2019s debt flooded the markets with investors looking for shelter in the Dollar and the Yen. The EUR\/USD retreated from yesterday\u2019s high falling back below 1.50<\/strong>. Losses on Gold and Crude Oil spurred a huge sell-off in commodity-linked currencies. Canada\u2019s dollar lost the most in four weeks against the greenback sending the USD\/CAD back above 1.06<\/strong>. Investors moved away from riskier currencies making the crosses on the Yen the biggest losers of the day. The Pound dropped from above 1.67<\/strong> to under 1.6450 <\/strong>against its US counterpart. The Yen climbed to a 14-year high versus the Dollar sending the USD\/JPY to an intraday low underneath 85<\/strong> but quickly pulling back to remain in the 86<\/strong> area.<\/p>\n

<\/strong><\/p>\n

Commodities <\/strong><\/p>\n

Gold dropped from a new record as news about Dubai\u2019s debt hit the markets strengthening the Dollar. The yellow metal rose as high as $1195<\/strong> in early trading hours retreating to an intraday low of $1180<\/strong> to finally settle around $1186<\/strong>. Crude Oil lost around a dollar and a half but managed to remain above $76<\/strong>. <\/strong><\/p>\n

<\/strong><\/p>\n

The Day Ahead<\/strong><\/p>\n

A thin stream of data will close the week in a Friday with no US economic releases. During the European session a reading of 0.4%<\/strong> is expected for Germany\u2019s Import Price Index, up from -0.9%<\/strong> in October, and positive figures are forecasted for EU\u2019s Consumer and Economic Confidence adding to signs of belief in economic improvement. Swiss KOF Leading Indicator is expected to climb to 1.80<\/strong> from 1.45<\/strong> the previous month. Canada\u2019s Current Account for the third quarter will be the only report coming from the Americas.<\/p>\n

Technical Analysis<\/p>\n

NZD\/USD DAILY<\/p>\n

\"\"<\/a><\/p>\n

After topping slightly above 0.76<\/strong> NZD\/USD slipped below the overall bullish trend line that has shown the way for around eight months. The pair came back up with some bullish momentum to test the trend in an attempt to set new highs. Failing to do so, NZD\/USD encountered the trend line acting now as a resistance signaling that the market was up for a bearish move. The pair currently trades around 0.71<\/strong> and while the 0.70<\/strong> level might offer some struggle a break below it could trigger further declines.<\/p>\n

Daily Forex Market Analysis provided by eToro<\/span><\/a><\/strong><\/p>\n

Disclaimer: Trading in the Foreign Exchange market might carry potential rewards, but also potential risks. You must be aware of the risks and are willing to accept them in order to trade in the foreign exchange market. Don\u2019t trade with money you can\u2019t afford to lose.<\/p>\n

\u00a9 2009 eToro Blog.<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By eToro – Markets tend to stay calm when Wall Street is closed for holidays but that wasn\u2019t the case this Thursday. Stock markets…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-4988","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=4988"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4988\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}