Thursday, October 14, 2010

ACM Reports

The US Dollar was under siege this morning, recording losses across the board and numerous currencies posting all time highs against the Greenback. EURUSD, USDSGD, USDJPY, and AUDUSD broke through key levels this morning; EURUSD made a new 8 month high of 1.4094, USDJPY broke through the Oct 11 low of 81.39 after being large range bound in trading yesterday, and the AUDUSD was approaching the promised land of parity, posting an intraday high of 0.9982 (the highest level since the currency began trading freely). USDCAD already hit the magical parity mark, the first time since April this year, when it made a low of 1.0000. The Loonie has prospered on the combo of Dollar weakness and higher commodity prices and has gained 2.5% over the past month against the Greenback.

The star performer of the session was the Singaporean Dollar which surged to its all-time strongest level after it appreciated to 1.2894 against the Greenback. The Monetary Authority of Singapore announced it would ‘seek a modest and gradual appreciation,’ a stance quite opposite to its Asian Tiger counterparts. Commodities & equity markets also rallied hard during the Asian session, with Gold recording another all time high of 1380 and the Nikkei 225 gaining 1.91% on the day, despite a stronger Yen. Looking ahead, we await the weekly jobs numbers & PPI data from the US.

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