Hope for G20 meeting outcome will lead equities higher Mads Koefoed, Filed in: 3 numbers to watch 23 September 2009 at 9:22 GMT Non-Independent Investment Research Daily Trading Stance Stocks rose in Asia on speculation the Group of 20 Nations will maintain measures to lift the global economy out of its slowdown and this will lead European equities higher as well. Today the FOMC will announce its interest rate though we do not expect any change in policy stance. What will be interesting is to see is whether the Fed will announce any changes to its Treasury program. This is set to expire at the end of October. The Richmond Fed's Manufacturing Survey out yesterday and the employment index surprisingly indicated expansion for the first time in many months. Calendar Economic Data Releases Country Time (GMT) Name Expectation Prior Comment EC 08:00 PMI Manufacturing / Services (SEP) 49.7 / 50.5 48.2 / 49.9 UK 08:30 Bank of England Minutes US 18:15 FOMC Rate Decision 0.25% 0.25% Earnings Releases Country Time (GMT) Name EPS exp. EPS prior Comment US Bef-Mkt General Mills, Inc. 1.028 0.900 FX FX Daily stance Comment EURUSD 0/+ Still bullish, targeting 1.49. Buy dips, or go long, stop below 1.4750. USDJPY 0/- Rebound from 90.50 looks weak. Expect to drift lower to 90.0. Res 91.25. EURJPY 0 Res at 135.0 looks strong. Expect to trade a 133.80 -134.80 range. GBPUSD 0/- Break abv 1.6410-20 will target 1.65 but sell there for re-test 1.6325. AUDUSD 0/+ Buy dips to 0.8725 suppt for a push to new 2009 high abv 0.88. Stop below 0.8680. FX Options FX-Options Comment EURUSD Front end vols are only slightly firmer as market prepares for FOMC. Risk reversals are trading around 0.25 EUR calls with good size on each side. Expect narrow range. USDJPY Stop hunting early in the session brought spot down to 90.50 along with buyers of downside gamma. Sellers soon emerge once spot bounced off the lows. AUDUSD Pressure is still on for vols as spot grinds towards 8800. Front end will remain depressed despite the event risk over the next week as spot grinds higher along with weaker USD. Equities Equities Daily stance Comment DAX 0/+ Buy on dips towards 5695 and target 5755. Stop below 5683. FTSE 0/+ Buy on dips towards 5132 and target 5171. Stop below 5121. S&P500 0/+ Buy at the break of 1074 and target 1082. Stop below 1071. Nasdaq100 0/+ Buy at the break of 1740 and target 1754. Stop below 1735. Dow Jones Futures Commodities Daily Stance Comment Gold 0/+ Yesterday's break abv 1,010 now targets 1,027-1,030 area. Suppt 1,007.50. Silver 0/+ While suppt at 17.06 holds, look for further gains up to recent high at 17.63. Oil 0 Look to trade within a 71.0 -72.0 range. Tweet Like LinkedIn Share Google+ Previous Next Comments Please sign in to comment or ask the author a question about this article. Recommended Recommend Unrecommend Recommend Tweet Like LinkedIn Share Google+ Related articles Risk sentiment opening the new year Look for US Industrial Production and Capacity Utilization today Gold and Asian shares start the week higher; buy on dips We are looking for a retest of major levels in stock indices today Earnings focus today - Cisco, Pfizer and Visa Topics This post appears under the following topics... GBPUSD EURJPY forex AUDUSD macro FX Options commodities FTSE100 Services equities USDJPY Manufacturing indices gold silver DAX EURUSD DJI