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Dow +111.33 at 11885.92, Nasdaq +16.44 at 2652.49, S&P +9.76 at 1283.48

Europe's major equity averages are now closed for the week. Most settled off of session highs, but still successfully extended their prior session advance, which came only after many of them fell in six straight sessions. Among Europe's top performing bourses and indices for Friday, Portugal's PSI spiked 1.3%, France's CAC climbed 0.6%, and Britain's FTSE advanced 0.4%. Germany's DAX advanced only 0.1%.
As for action in Asia, Japan's Nikkei bounded to a 2.7% gain after it had rallied more than 5% in the prior session. Hong Kong's Hang Seng mustered a mere 0.1% gain. China's Shanghai Composite wasn't much better; it gained just 0.3% in its final session of the week.

American focus:

The yen declined the most in more than two years against the dollar as the Group of Seven nations jointly intervened in foreign-exchange markets for the first time in more than a decade.
Japan’s currency slumped against all its major counterparts as the Federal Reserve and Bank of Canada joined the Bank of Japan and European central banks in an effort to sell the yen. G-7 finance ministers and central bank chiefs said after a conference call yesterday to discuss the impact of the March 11 earthquake that they will “provide any needed cooperation.”
“The G-7 has given its full support to help stabilize the market and to help prevent the yen from strengthening further,” Aroop Chatterjee, a currency strategist at Barclays Plc in New York. “With policy makers stating that further monetary policy easing is forthcoming, we expect the yen to continue weakening following the intervention.”
The Japanese currency weakened as the Fed and BOC’s actions followed those of the Bank of Japan, the European Central Bank, the Bank of England, the Bank of France, Germany’s Bundesbank and the Italian central bank. Japan’s authorities probably sold less than 2 trillion yen ($25 billion) in today’s foreign- exchange market intervention, a Japanese government official told reporters in Tokyo.
“Coordination is happening because of sympathy for Japan, given the tragic disaster that has occurred. It is designed to support Japan and to stabilize Japan,” said Jens Nordvig, a managing director of currency research in New York at Nomura Holdings Inc., during a call with clients and reporters today. “It’s highly likely that BOJ is going to be there for much longer and that the 80 level is going to be defended much more forcefully and much more persistently.”
The yen’s decline against the dollar will be temporary unless it’s supported by higher U.S. interest rates, according to JPMorgan Chase & Co. The move shouldn’t be a “trend- changer,” said John Normand, the London-based head of currency strategy at JPMorgan.
“The more relevant question is whether such a policy would support the dollar-yen and the euro-yen for long,” wrote Normand in an e-mailed note. “History isn’t on the G-7’s side. The major concentrated interventions -- Louvre in 1987, euro in 2000 --only turned trends when reinforced by central bank tightening, so Fed policy will negate whatever the G-7 do.”
The U.S. central bank has kept its benchmark lending rate at zero to 0.25 percent since December 2008. The Fed will boost the rate by 25 basis points in the last three months of the year, according to the median forecasts.
The yen’s weakness may be short-lived as Japan would need as much as $500 billion to intervene in markets just to match its previous efforts to curb the currency’s strength, according to Deutsche Bank AG.
An intervention of that magnitude will add about 10 percent of gross domestic product to Japan’s record debt level

Dow +99.93 at 11873.92, Nasdaq +9.91 at 2645.96, S&P +8.79 at 1282.51

Stocks have surrendered some of their gains in recent trade. That has left the major equity averages to trade at their lowest levels since this morning.
Of the headline indices, the Nasdaq Composite has made the deepest downturn. Although it is still up with a healthy gain, it has handed back about half of what it had achieved. Apple (AAPL 331.54, -3.10) has been a particularly heavy drag on the tech-rich Nasdaq. The stock's downturn today hasn't been deep enough to take shares back to the one-month low that was set on Wednesday, but it has nearly offset the gain that it was recorded on Thursday.

JP Morgan Secs said it will raise their dividend to 25c; Wells Fargo said it will also raise its dividend amount.
USD/JPY above Y81.00

Market players talk that the BOJ has asked major Japanese exporters to trade directly with them to assist the BOJ in absorbing other downward market flow in crosses and the dollar. USD/JPY trades Y81.13/15 after dipping to session lows around Y80.80.

GERMANY ECONMIN: Don't see global economic shock from Japan crisis;Germany's trade with Japan insignificant.
Techs on USD/JPY

Resistance 3:Y83.30            
Resistance 3:Y82.50            

Resistance 1:Y82.00             
Current price: Y81.10

Support 1:Y79.80              
Support 2:Y78.20
Support 3:Y76.60              

Comments: Rate retreats.  Support comes at Y79.80 (Mar 17 high). Below losses may widen to Y78.20. Break under opens the way to Y76.60 (record lows). The resistance is around overnight highs on Y82.00. Break above will target Y82.50 and Y83.30 (Mar 11 high).

Techs on USD/CHF
Resistance 3: Chf0.9250                
Resistance 2: Chf0.9200                

Resistance 1: Chf0.9090               
Current price: Chf0.9045
Support 1: Chf0.8980                
Support 2: Chf0.8920                 
Support 3: Chf0.8900                

Comments: Rate continues to go higher. Resistance comes at Chf0.9090/00 (session high). Above the resistance comes at Chf0.9200 (Mat 16 high) and Chf0.9250 (Mar 15 high). Support is near Chf0.8980 (hourly lows). Below losses may widen to Chf0.8920 (Mar 16 lows).
Techs on GBP/USD
Resistance 3:$1.6340          
Resistance 2:$1.6240           

Resistance 1:$1.6190          
Current price: $1.6160

Support 1: $1.6060          
Support 2: $1.5975         
Support 3: $1.5820          

Comments: Techs on pound hasn't changed much. Minor support is around EU session lows on $1.6060. Below there is a room for decline to
$1.5975 Mar 11, 15 and 17 lows). Resistance comes at $1.6190 (session lows and Mar 14 high). Next target is around $1.6240 (Mar 09 high).
Techs on EUR/USD
Resistance 3:$1.4280            
Resistance 2:$1.4250
Resistance 1:$1.4160
Current price: $1.4132
Support 1: $1.4040
Support 2: $1.3920                   
Support 3: $1.3850                   

Comments: Rate looks optimistic, holding above $1.4100. Minor resistance is around $1.4160 (Oct15'2010 high). Above there is a risk to go higher to $1.4250. Stronger resistance comes at $1.4280 (Nov 05 high). Initial support is near $1.4040 (EU low), then - at $1.3920 (support line comes at Mar 11). Stronger support is around $1.3850 (support line from Feb 14 ).


Option expiries for today's 1400GMT cut:

EUR/USD $1.4000, $1.3950, $1.3800 
USD/JPY Y82.50, Y81.00, Y80.75, Y80.50
GBP/USD $1.6100, $1.6200
AUD/USD $1.0000
AUD/JPY Y78.00

Before the bell: Stocks set to continue rebound

The U.S. stock futures solidly higher ahead of Friday's opening bell.
U.S. stocks closed broadly higher Thursday, rebounding after two days of sharp declines as investors reacted to heightened worries about a nuclear crisis in Japan.

The Japanese yen had been driven sharply higher in recent days due to global uncertainty and the prospect of more cash flowing into Japan.
But the yen eased after finance ministers from the Group of 7 major economic powers announced a coordinated intervention to prevent the Japanese currency from rising further. The announcement pushed the Nikkei up 2.7%.
With no U.S. economic data or corporate results on the agenda Friday, investors will likely remain focused on the ongoing disaster in Japan.
After a massive earthquake and tsunami devastated the northern part of Japan last Friday, workers at the Fukushima Daiichi nuclear power plant have been struggling to cool damaged reactors.
World markets: European stocks rose in afternoon trading. Britain's FT-100 added 0.5%, the DAX in Germany notched up 0.3% and France's CAC-40 gained 0.7%.
Asian markets ended the session higher. The Shanghai Composite rose 0.3%, the Hang Seng in Hong Kong added less than 0.1%.
Companies: Shares of General Electric (GE, Fortune 500) were up 1.2% in premarket trading after CEO John Dineen told reporters Thursday that the company expects its health care business revenue in India to grow 25% in 2011.
Freeport McMoran Copper and Gold (FCX, Fortune 500) gained 1.9% in premarket trade. Shares have risen 8.8% over the past five days as commodity prices soar.
Nike (NKE, Fortune 500) shares fell 7.7% in premarket trading after the company reported disappointing earnings late Thursday. Nike said higher commodity prices hurt profit margins and the company will raise prices on many of its products as a result.

OIL: WTI Crude falls sharply from $103.16 to $100.50 on press announcement of a ceasefire in Libya.
LIBYA: Foreign Minister; Libya calls immediate cease fire
FED: The NY Fed has begun to buying US dollars/sell Japanese yen in foreign exchange market, said market sources; this is part of the concerted G7 intervention.
EU session review: Yen drops as G-7 acts to weaken currency; Libya no-fly vote spurs oil gain

Data released:
00:01     UK     Nationwide consumer confidence (February)    38    48    47
05:00     Japan     Leading indicators composite index (January) final    101.5    101.9    101.9
05:00     Japan     Coincident indicators composite index (January) final    105.9    106.2    106.2
07:00     Germany     PPI (February)    0.7%    0.6%    1.2%
07:00     Germany     PPI (February) Y/Y    6.4%    6.3%    5.7%
09:00     EU(17)     Current account (January) unadjusted, bln          -    -0.1
09:00     EU(17)     Current account (January) adjusted, bln     -0.7    -10.4    -12.5 (-13.3)
10:00     EU(17)     Trade balance (January) unadjusted, bln     -14.8    -    -0.5
10:00     EU(17)     Trade balance (January) adjusted, bln     -3.3    -1.1    -1.1 (-2.3)
11:00     Canada     CPI (February)    0.3%    0.4%    0.3%
11:00     Canada     CPI (February) Y/Y    2.2%    2.4%    2.3%
11:00     Canada     CPI core (February)    0.2%    0.4%    0.0%
11:00     Canada     CPI core (February) Y/Y    0.9%    1.1%    1.4%

The yen weakened by the most since 2008 versus the dollar, and U.S. index futures rose after central banks intervened to weaken Japan’s currency.
Group of Seven nations started joint intervention for the first time since 2000.
Power may be restored to one of the crippled reactors at Japan’s earthquake-damaged nuclear plant today.
Japanese soldiers and firefighters from Tokyo, using dozens of fire engines, doused sea water on reactor No. 3, site of an explosion earlier this week. Tepco said it will finish reconnecting a power line to the cooling system of the No. 2 reactor today, where white smoke or steam was observed. The power link would be used to restart pumps needed to pour cooling water on overheating fuel rods.
While the yen intervention “may seem to be a one-day operation, the statement also suggests their readiness to act further if need be,” Jim Reid, a strategist at Deutsche Bank AG, wrote in a note. “In the absence of any deteriorating nuclear news flows out of Japan the swings in oil prices will probably have a stronger influence over markets from now on.”
Oil climbed after the United Nations approved military action to ground Libyan leader Muammar Qaddafi’s air force. Qaddafi’s troops outside the rebel base of Benghazi may face air strikes after the UN Security Council authorized the use of force to protect civilians.
Crude for April delivery gained $1.36, or 1.3 percent, to $102.78 a barrel in electronic trading on the New York Mercantile Exchange. The UN decision to prevent the Libyan air force from bombing rebel cities renewed concern that political unrest in the region may spread and disrupt oil supplies.

EUR/USD held within the $1.4040/80 range before resuming further rise up to $1.4135.

GBP/USD was close to $1.6200 but failed to break above and retreated to $1.6060. Later rate managed to recover to current $1.6150.

USD/JPY rocketed from lows around Y79.10 to Y81.95. Later rate retreated a bit to Y81.43.

There is no economic reports for today.


April WTI crude has fallen back this morning from Asian highs of $103.62 to a low in Europe of $101.59, on dollar strength following intervention in the dollar-yen and crosses. But fears remain over Libya and Bahrain as the UN contemplates strikes on Libya. Crude has since picked up to $102.10 per barrel.

UK CAMERON: Britain will respond to UN Libya resolution
GBP/USD holds higher

GBP/USD rises amid euro-dollar's stronger rally. Currently rate challenges resistance at $1.6140 ($1.6143 61.8% $1.6194/1.6060). Above $1.6143 to open a move toward $1.6162 (76.4%).

CANADA: Feb BOC core CPI +0.2% m/m, +0.9% y/y
Канада: Индекс потребительских цен, Февраль, +0.3% м/м, 2.2% г/г
EUR/USD rises

EUR/USD rises above $1.4100, up to session highs on $1.4115 and continues to go higher after triggering stops $1.4105/10. A break here to open a move toward $1.4150.

EUR/JPY gains

EUR/JPY recovers again on further cross buying from an EU sovereign and another UK clearer, supported by a buy euro-dollar trade recommendation from Goldman Sachs. Cross curently trades around Y114.78.

FTSE +31.61 +0.55% 5,728, CAC +30.06 +0.79% 3,816, DAX +39.01 +0.59% 6,696
The Eurozone trade deficit widened by less than expected to E3.3 billion
Asian session:

05:00 Japan Leading Economic Index (Jan) 101.5
05:00 Japan Coincident Index (Jan) 105.9

The yen tumbled the most in more than two years against the dollar as the Group of Seven nations said they will jointly intervene in foreign-exchange markets for the first time in more than a decade.
Japan’s currency slumped against all its major counterparts as Finance Minister Yoshihiko Noda said his country had started the effort and each G-7 nation would intervene when its market opened. The G-7 finance ministers and central bank chiefs said in a statement after a conference call today on the impact of the March 11 earthquake they would “provide any needed cooperation.” 
The Australian and New Zealand dollars rose as a rally in Japanese shares boosted demand for higher-yield assets.
Japan unilaterally sold more than 2 trillion yen ($24.4 billion) in foreign-exchange markets in September to stem gains, its first intervention since 2004. The Bank of Japan today added 4 trillion yen to the financial system, bringing its emergency fund injections this week to 38 trillion yen.

EUR/USD: the pair shown high in the field of $1.4090.
GBP/USD: the pair bargained within the limits of $1.6100-$ 1,6200.    
USD/JPY: the pair shown high in the field of Y82.00.
At 1000GMT, the EMU trade balance is expected to come in at a seasonally-adjusted  -E3.7 billion from the previous month's -E2.3 billion. 

Forex: Thursday's review

The rapidity of the yen’s appreciation will compel other nations to help Japan weaken the currency from a postwar high that threatens a recovery from its biggest earthquake on record.
Citigroup Inc., Brown Brothers Harriman & Co., and Mizuho Securities Co. are among companies saying that Japan may elicit cooperation from major trading partners in reversing the yen’s climb to 76.36 per dollar today, eclipsing the previous high of 79.75 set in April 1995. The risk of radiation leaks from a crippled nuclear plant stoked prospects Japanese insurers and investors will redeem overseas assets to pay for damages. 
Japan’s Finance Minister Yoshihiko Noda said finance ministers and central bankers of the Group of Seven industrialized nations will hold a meeting tomorrow to discuss the aftermath of the March 11 earthquake. 
Should G-7 nations agree that the yen’s moves are excessively volatile and disorderly, “that may lead to joint intervention by Japan, the U.S. and Europe to sell yen for dollars and euros,” Yasunari Ueno, chief market economist at Mizuho Investors, a unit of Japan’s second-largest bank, wrote in a report published today. Analysts at Nomura Holdings Inc. and Barclays Bank Plc were also among those saying intervention was likely. 

EUR/USD: the pair become stronger in around $1.4020.
GBP/USD: on results of yesterday's session the pair become stronger in around $1.6140. 
USD/JPY: on results of yesterday's session the pair become stronger above mark Y79.00. 

At 1000GMT, the EMU trade balance is expected to come in at a seasonally-adjusted  -E3.7 billion from the previous month's -E2.3 billion. 

Option expiries for today's 1400GMT cut:

EUR/USD $1.4000, $1.3950, $1.3800 
USD/JPY Y82.50, Y81.00, Y80.75, Y80.50
GBP/USD $1.6100, $1.6200
AUD/USD $1.0000
AUD/JPY Y78.00

Stocks: Thursday's review

Japanese equities pared declines as Group of Seven finance ministers agreed to meet tomorrow to discuss financial markets and the country’s economy after an earthquake and nuclear accident triggered steep declines in stocks.
The Nikkei 225 Stock Average closed more than 730 points higher than a two-year intraday low on March 15 after it pared a 5 percent loss today. Toyota Motor Corp., which gets 30 percent of revenue in North America, trimmed its loss to 2.7 percent from 5.7 percent as the yen traded below an overnight post-World War II record. Tokyo Electric Power Co., owner of the stricken Fukushima Dai-Ichi nuclear power station, trimmed its decline from 22 percent to 13 percent after saying more than 300 people are working on its damaged reactors and that a new cooling- system power source may be installed as early as this afternoon.
European stocks climbed after a six-day slide made them the cheapest in more than two years and investors speculated that Group of Seven nations will move to calm markets after Japan’s earthquake-induced nuclear crisis.
Allianz SE (ALV) and Axa SA (CS) led a rebound in insurance companies. Heritage Oil Plc (HOIL) jumped 8.2 percent after a report that it turned down a takeover bid from an unidentified Abu Dhabi-based company. SGL Carbon SE (SGL), the world’s largest maker of carbon and graphite products, surged 8.7 percent after forecasting increased profit.
Stocks extended their gains amid speculation Japan will contain its nuclear crisis. More than 300 workers battled to prevent a meltdown and spread of radiation at the crippled Fukushima power station today, an increase from 180 yesterday. Efforts to use water cannons and helicopters to cool the reactor may have had some success, Tokyo Electric Power Co. said.
U.S. stocks rallied, breaking a three-day losing streak for the Standard & Poor’s 500 Index, amid investor speculation that Japan will contain a nuclear crisis and as FedEx Corp. (FDX)’s profit forecast beat estimates.
The iShares MSCI Japan Index Fund (EWJ) tracking 323 securities rose 4.9 percent, following a 14 percent slump over the previous five days. FedEx, the operator of the world’s biggest cargo airline, which is considered a proxy for economic growth, gained 3.8 percent. Qualcomm Inc. (QCOM) advanced 3.7 percent after saying it sees limited impact from Japan’s disaster. Hewlett-Packard Co. (HPQ) and Apple Inc. (AAPL) increased at least 2.2 percent after Credit Suisse Group AG recommended the stocks.
The S&P 500 advanced 1.1 percent to 1,270.43 at 2:40 p.m. in New York. The gauge, which had declined 3.6 percent over the last three days, yesterday traded at 14.7 times reported earnings, the lowest valuation since November, according to data compiled by Bloomberg. The Dow Jones Industrial Average added 120.72 points, or 1 percent, to 11,734.02 today.

Tech on USD/JPY

Resistance 3:Y83.30 (Mar 11 high) 
Resistance 3:Y82.50 (Mar 14 high) 
Resistance 1:Y82.00 (session high, Mar 15 high) 
Current price: Y81.69
Support 1:Y79.80 (Mar 17 high)    
Support 2:Y78.25 (intraday low of  Mar 17)    
Support 3:Y76.60 (historical low)    
Comments: the pair become stronger. The nearest support - Y79,80. Below losses are possible to Y78.25. The nearest resistance - Y82.00. Above growth is possible to Y82.50. 

Tech on USD/CHF

Resistance 3: Chf0.9250 (Mar 15 high)
Resistance 2: Chf0.9200 (Mar 16 high)
Resistance 1: Chf0.9090 (session high)
Current price: Chf0.9157
Support 1: Chf0.8960 (session low)
Support 2: Chf0.8920 (Mar 16 low)
Support 3: Chf0.8900 (psychological mark)
Comments: the pair become stronger. The nearest resistance - Chf0.9090. Above is located Chf0.9200. The nearest support - Chf0.8960. Below loss may extend to Chf0.8920. 

Tech on GBP/USD

Resistance 3: $ 1.6340 (Mar 7 high)
Resistance 2: $ 1.6240 (Mar 9 high)
Resistance 1: $ 1.6190 (session high, Mar 14 high)
Current price: $1.6154
Support 1 : $1.6100 (session low)
Support 2 : $1.5975 (Mar 11, 15 and 17 high)
Support 3 : $1.5820 (Jan 31 low)
Comments: the pair becomes stronger. The nearest support $1.6100. Below is possible testings of around $1.5975. The nearest resistance $1.6190. Above growth is possible to $1.6240. 

Tech on EUR/USD

Resistance 3: $ 1.4280 (Nov 5 high)
Resistance 2: $ 1.4250 (Nov 5 high)
Resistance 1: $ 1.4090 (session high)
Current price: $1.4061
Support 1 : $1.3980 (support line from Mar 11)
Support 2 : $1.3920 (support line from Mar 11)
Support 3 : $1.3850 (support line from Feb 14)
Comments: the pair becomes stronger. The nearest resistance - $1.4090. Above growth is possible to $1,4250. The nearest support $1,3980. Below losses are possible to $1.3920. 

Schedule for today, Friday, Mar 18 2011:

05:00 Japan Leading indicators composite index (January) final 101.9 101.9
05:00 Japan Coincident indicators composite index (January) final 106.2 106.2
07:00 Germany PPI (February) 0.6% 1.2%
07:00 Germany PPI (February) Y/Y 6.3% 5.7%
09:00 EU(17) Current account (January) adjusted, bln -10.4 -13.3
10:00 EU(17) Trade balance (January) adjusted, bln -1.1 -2.3
11:00 Canada CPI (February) 0.4% 0.3%
11:00 Canada CPI (February) Y/Y 2.4% 2.3%
11:00 Canada CPI core (February) 0.4% 0.0%
11:00 Canada CPI core (February) Y/Y 1.1% 1.4%

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