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Opening Comment 05.03

Opening Comment 05.03

2010-05-03 04:35:00
Joel Kruger, Technical Strategist
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Also seen weighing on sentiment has been the Goldman Sachs criminal probe news, which sent stocks into a tailspin on Friday. Goldman Sachs stock was down some 10%.The famed investment giant could however be poised for some recovery today after the FT has reported that the firm intends to make some changes to its practices with institutional clients. Warren Buffet has also come out in support of Goldman, saying that he “loves” his $5B stake in the firm. Currencies have come under pressure across the board on Monday, with the Euro and Swissie leading the declines on the back of these developments. 
 
Price action should however be taken with a grain of salt, as Japanese, Chinese, and other Asian markets are closed for holiday. European trade is also expected to be considerably thinner given the UK bank holiday. Australian and New Zealand markets are not closed on Monday, and both local currencies have benefited nicely from some encouraging economic data. Australian house prices showed another impressive gain, while inflation momentum picked up to help add to the likelihood of an RBA rate hike on Tuesday. Meanwhile, New Zealand commodity export prices were solid and Kiwi has actually managed to stay marginally bid on the day against the buck, despite all other major currencies tracking lower. 
 
Looking ahead, Swiss SVME PMI (65.0 expected) is due at 7:30GMT, followed by German PMI (61.3 expected) and Eurozone PMI (57.5 expected) at 7:55GMT and 8:00GMT respectively. US equity futures are tracking marginally higher, while commodities are mildly offered ahead of European trade. 
 
 
 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 

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