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Daily FX Market Commentary
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JPY, GBP and USD gain versus AUD, SEK and NZD overnight
Mon, Jun 22 2009, 06:43 GMT
by John Hydeskov
Key news
- S&P500 ended 0.3% higher on Friday but 3.5% lower on the week. Most Asian equity indices are higher overnight. Oil falls below USD70/bbl.
- In FX markets, JPY, GBP and USD gain versus AUD, SEK and NZD overnight.
- Investors remain cautious, awaiting the FOMC meeting on Wednesday. Wall Street Journal reports that the outcome will weigh on Treasuries.
Markets Overnight
US stocks ended slightly higher as financials bounced in what traders said were short-covering rallies. On the week though, financial shares were marked by investors’ concern surrounding the White House’s plans to overhaul financial regulation. Also technology shares fared well on Friday. Oil prices slumped and dragged the energy sector down. The final result was a 0.3% rise in the S&P500 index.
In Asia, most indices have risen overnight in a relatively quiet session. Trading volume has been rather low and markets overall looked choppy. China shares were boosted by Beijing’s move on Friday to ask the state pension fund to take over some state-owned shares in listed firms.
In US bond markets, Treasury prices rallied on Friday and closed at the highs of the day on ‘bargain-hunter buying’. The 30-year bond extended its rally. Markets were unaffected by the Treasury Department on Thursday lifting the size for this week’s supply from the previous month’s USD101bn. Citigroup sold a USD1.25bn credit-card-loan-backed deal on Friday. The deal is not eligible for cheap funding under a Federal Reserve programme. Markets interpreted the selling as a sign of strength for the consumer-loan-backed market.
In FX markets, the dollar fell in intraday trade versus all the major currencies on Friday after Moody’s Investors Service issued California a downgrade warning. However, the drop in oil prices allowed the greenback to trim its losses. Overnight, EUR/USD has fallen towards 1.39. Scandinavian currencies, SEK and NOK, have not managed to perform against EUR and have remained at weak levels. In contrast, GBP has continued to appreciate against EUR and looks unstoppable despite approaching overbought territory.
Published on Mon, Jun 22 2009, 06:47 GMT
Archive
- Little movement in EUR/USD and USD/JPY
Published On Fri, Nov 6 2009, 08:14 GMT - There were very few changes in the FOMC statement
Published On Thu, Nov 5 2009, 08:03 GMT - Slightly positive sentiment on financial markets ahead of today's Fed decision
Published On Wed, Nov 4 2009, 08:14 GMT - Reserve Bank of Australia raised its leading interest rate by 25bp as expected
Published On Tue, Nov 3 2009, 09:56 GMT - There have been modest movements in major currencies this morning
Published On Mon, Nov 2 2009, 08:19 GMT
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