UK and US data will be critical for markets today Christian Blaabjerg, Filed in: 3 numbers to watch 28 August 2009 at 8:13 GMT Non-Independent Investment Research Daily Trading Stance US Q2 GDP revisions were almost unchanged (and thereby better than expected) from the first estimate. Stocks closed higher after rejecting new 4-day lows and EUR is edging higher vs. USD and JPY - indicating optimism. The High-Yield Universe is underperforming slightly and that is a concern, but we still maintain a buy-on-dips stance. Beware of the election in 2 days in Japan. LDP stands to lose power in a landslide loss and the DPJ stands to win - for the first time in half a decade. DPJ stands for handouts but also reform. It is difficult to believe that the structural problems of Japan can get much worse. The unemployment rate just came out at 5.7%. Calendar Economic Data Releases Country Time (GMT) Name Expectation Prior Comment UK 08:30 GDP QoQ (JUL) -0.8% -0.8% US 12:30 US PCE Core YoY (JUL) 1.4% 1.5% US 14:00 U. of Michigan Confidence (AUG) 64.0 63.2 Earnings Releases Country Time (GMT) Name EPS exp. EPS prior Comment US Bf-Mkt Tiffany 0.334 0.200 FX FX Daily stance Comment EURUSD 0/+ Break abv 1.4280 sees focus on upside n/term. Buy dips to 1.4325 for 1.4450 EURJPY 0/+ Suppt now rising to 134.00-10. Look for test of res at 135.20 USDJPY + Seen struggling abv 94.0, but likely ranging 93.30-94.00 GBPUSD 0/- Risk of a squeeze up to 1.6340-50 but overall a sell for sub-1.62 again AUDUSD 0/+ Buy dips down to 0.8350 for a re-test of 0.8425-50 levels FX Options FX-Options Comment EURUSD ATM vols still offered in the market whereas the wings are very bid. Market looking for nonfarm on 4 sep to determine the next moves. USDJPY Vols softer across the curve this morning, spot holds steady and front end seeing the usual gamma sellers. Despite the elections this weekend, market is not expecting any surprises. AUDUSD Gamma has been offered most of the session as spot is just sitting around a tight range. Back end saw some bids, and next event risks would be RBA and nonfarm next week. Equities Equities Daily stance Comment DAX 0/+ Buy at the break of 5520 targeting 5575. S/L below 5485. FTSE 0/+ Buy at the break of 4910 targeting 4954. S/L below 4870. S&P500 0/+ Buy at the break 1033 targeting 1040. S/L below 1029. Nasdaq100 0/+ Dow Jones 0/+ Futures Commodities Daily Stance Comment Gold 0/+ Buy around 945 and target 956. Stop below 940. Silver 0/+ Buy at the break of 14.50 and target 14.75. Stop below 14.40. Oil 0/+ Buy on dips towards 72 and target 73.50. Stop below 71. 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 Look for US GDP today Fed to keep interest rates low during all of 2010 Risk averse forex, equity markets waiting on US GDP US GDP will direct markets today Risk appetite back on Obama's speech and FOMC statement Topics This post appears under the following topics... GBPUSD EURJPY forex AUDUSD macro FX Options Unemployment Rate Consumer Spending commodities FTSE100 equities Gross Domestic Product USDJPY gold silver DAX EURUSD DJI