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Daily FX Market Commentary
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JPY strengthens while EUR/USD stays around the 1.40−level
Mon, Jul 6 2009, 07:09 GMT
by John Hydeskov
Key news
- Negative Asian equity session; all indices decline as commodity and shipping rates drop. European session will most likely show same pattern today.
- Japan’s Leading Economic Index rises from 76.2 to 77.0 in line with expectations.
- In FX markets, JPY strengthens while EUR/USD stays around the 1.40-level.
Markets Overnight
Asian stock markets have declined overnight as commodity and shipping rates dropped and risk aversion has dominated the session. The world’s biggest mining company, BHP Billiton, is down around 2%, and Japan’s largest oil explorer, Inpex Corp has fallen close to 4%.
Data showed that Japan’s Leading Economic Index rose from 76.2 to 77.0 in May while the Coincident Index advanced from 86.0 to 86.9, in line with consensus expectation.
FX markets have been marked by a flight-to-safety overnight where JPY has strengthened against other G10 currencies. Most recently though, some retracement has been seen. EUR/USD is lingering just below the 1.40-level while SEK and NOK are slightly weaker against EUR at 10.88 and 8.98, respectively.
Financial Times reports that the G8 countries this week will announce a "food security initiative", committing more than USD12bn for agricultural development over the next three years, in a move that signals a further shift from food aid to long-term investments in farming in the developing world.
US equity and bond markets were closed Friday and are therefore lagging both the European and Asian sessions. US stock futures are down 0.7-0.9% at the time of writing.
Published on Mon, Jul 6 2009, 07:19 GMT
Archive
- Bank of Japan kept leading rates on hold at 0.1%
Published On Fri, Nov 20 2009, 07:55 GMT - A very quiet session overnight
Published On Thu, Nov 19 2009, 08:00 GMT - USD rebounded modestly against EUR and JPY yesterday
Published On Wed, Nov 18 2009, 07:57 GMT - The dollar continues to weaken against major currencies
Published On Tue, Nov 17 2009, 07:52 GMT - Bernanke scheduled to talk about the Economic Outlook
Published On Mon, Nov 16 2009, 08:11 GMT
Danske Bank
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