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- New York 11:49
- London 16:49
- Barcelona 17:49
- Tokyo 01:49
- Sydney 03:49
Daily FX Market Commentary
7
0
US equity market rebounds sending US rates up and the dollar weaker
Fri, Oct 30 2009, 13:21 GMT
by Danske Research Team
Key news
- US equity market rebounds after stronger-than-expected US GDP data for Q3, sending US rates up and the dollar weaker
- Asian markets follow the positive sentiment. BoJ follows other central banks on exit strategies as it ends its purchase of CPs and corporate bonds
- Swedish kroner benefits from the decline in global risk aversion
Markets Overnight
US equity markets rebounded after stronger-than-expected US GDP data for Q3. Growth in Q3 was 3.5% vs. consensus expectations of 3.2%. Hence, the S&P500 rose 2.3% yesterday, while the Dow was up 2.1%. Furthermore, volatility in the equity markets measured by the Vix volatility tumbled 11% to 24.8. This was the biggest decline since February, but it was not a positive day for bonds. US bond yields rose some 8bp in the long end and 4bp in the front end of the curve.
Asian stock markets followed the positive sentiment from the US markets, as job market data out of Japan were also better than expected. Nikkei is up 1.3% and Hang Seng is up 3% this morning.
The Bank of Japan (BoJ) said this morning that it will let its programmes of buying corporate bonds and commercial paper (CPs) expire at the end of this year. The BoJ follows other central banks around the world phasing out emergency measures (exit strategies). The Federal Reserve ended its purchase of USD300bn Treasuries yesterday. Furthermore, yesterday ECB’s Weber signalled that the ECB may start to withdraw its emergency stimulus measures next year, and that the ECB may not have any 1Y long-term refinancing operations in 2010.
In the FX markets the dollar weakened against the yen and euro as global risk aversion fades, but movements have been small this morning. SEK benefitted yesterday from the rising equity markets. It has been stable in Asian trading this morning at the 10.34-level against the euro. A similar picture is found in EUR/NOK, which also benefitted yesterday and has been stable this morning around the 836-level.
Published on Fri, Oct 30 2009, 13:25 GMT
Archive
- Dollar and yen decline, gold reaches record levels
Published On Tue, Nov 24 2009, 07:52 GMT - Renewed pressure on the dollar has taken EUR/USD back above 1.49
Published On Mon, Nov 23 2009, 08:00 GMT - 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
Danske Bank
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http://www.danskebank.com/ | danskeresearch@danskebank.com
Legal disclaimer and risk disclosure
This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.Related reports
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