Daily Market Report
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The euro and yen strengthened against the dollar overnight by 2% and 1%, respectively
Mon, Dec 29 2008, 13:28 GMT
by Wachovia Research Team
Markets around the world will once again be slower than usual as most major exchanges will be closed on Thursday of this week. Further, most countries will observe a holiday on Friday; however domestic markets will be open.
Crude oil, having touched $35 a barrel last week, has returned to slightly above $40. Potential supply concerns arose over the weekend as Israeli air strikes hit the Gaza region. It is worth noting that similar attacks on Hezbollah forces in 2006 caused a record spike in oil prices to $78 a barrel. Oil's strength seems to have hurt the dollar over the weekend as the dollar fell against most major currencies.
The euro and yen strengthened against the dollar overnight by 2% and 1%, respectively. Continued US economic weakness coupled with little market liquidity has resulted in a 17% depreciation in the dollar versus the euro. Further, retail sales figures are projected to drop as much as 2% for the last two months of this year, potentially the worst holiday shopping drop since at least 1969.
The ruble fell to record lows versus the euro in overnight trading as continued devaluation by the Russian government occurs. This is the 12th time in seven weeks that Russia has devalued their native currency.
No major economic indicators are due out today, however notable indicators later in the week include Consumer Confidence tomorrow and Jobless figures on Wednesday.
Published on Mon, Dec 29 2008, 13:36 GMT
Archive
- Risk aversion was the main theme of yesterday's trading session
Published On Fri, Jul 3 2009, 12:25 GMT - The US dollar and the yen fell against most major currencies
Published On Thu, Jul 2 2009, 13:25 GMT - The US dollar strengthened against the euro and the pound yesterday
Published On Wed, Jul 1 2009, 12:25 GMT - Daily Market Report
Published On Tue, Jun 30 2009, 12:50 GMT - The Swiss franc ended the week lower against the euro
Published On Mon, Jun 29 2009, 13:56 GMT
Wachovia Corporation
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http://www.wachovia.com | sam.bullard@wachovia.com
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