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Daily FX Market Commentary
This report has been deactivatedSlightly weaker USD in early morning trade
Tue, Oct 27 2009, 07:47 GMT
by Danske Research Team
Danske Bank A/S | View company's profile
Key news
Lower commodity prices and concerns about tighter financial regulations’ impact on bank earnings sent stock markets lower. However, little change since market close in Europe.
US bond yields edge higher as supply concerns outweigh less risk appetite and a reasonably well received auction of 5-year TIPS
Slightly weaker USD in early morning trade following yesterday’s sharp appreciation
Markets Overnight
In the US S&P 500 closed down more than 1%, however with little change since market close in Europe yesterday. The decline in stock prices was mainly driven by sharp declines in resource stocks and financials on the back of lower commodity prices and concern that tighter financial regulation could weigh significantly on bank earnings. According to press reports Bank of America will not be allowed to repay federal bailout funds immediately because its capitalisation is deemed insufficient and the Congress has introduced legislation that will give the US Treasury considerable freedom to close troubled banks.
Asian stock markets this morning take their lead mainly from the US and are lower across the board.
With the Fed ending its USD300bn treasury buying programme and auctions of two-year, five-year and seven-year notes this week US bond yields yesterday edged higher despite some risk aversion returning to the market and a reasonably well-received auction of five-year inflation protected bonds.
In the FX market USD weakened slightly in early morning trade following its sharp appreciation yesterday. Overall, USD is trading largely unchanged against both EUR and JPY since market close in Europe yesterday. In Scandinavia both NOK and SEK are largely unchanged in overnight trade.
Crude oil prices have only recovered slightly in overnight following yesterday’s plunge.
Published on Tue, Oct 27 2009, 07:51 GMT
Danske Bank
| Holmens Kanal 2-12, DK-1092 Copenhagen
http://www.danskebank.com/ | danskeresearch@danskebank.com
Archive
- Risky assets gain for a second day
Published On Wed, Feb 3 2010, 08:41 GMT - Good ISM figures advance improvement on Non-Farm payrolls
Published On Tue, Feb 2 2010, 09:13 GMT - The following reports had been unactived
Published On Tue, Feb 2 2010, 07:44 GMT - Greece remains the key focus for financial markets.
Published On Mon, Feb 1 2010, 10:41 GMT - Equity markets lower on concerns over banks and rising pressure on Greece
Published On Fri, Jan 29 2010, 12:41 GMT
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