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Daily FX Market Commentary
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Reserve Bank of Australia raised its leading interest rate by 25bp as expected
Tue, Nov 3 2009, 09:56 GMT
by Flemming J. Nielsen
Key news
- Reserve Bank of Australia raised its leading interest rate by 25bp as expected, but the statement was slightly softer than expected. AUD has weakened, but so far little impact on other high-yield currencies.
- Upbeat economic data improve confidence in recovery. Stock markets slightly higher and USD slightly weaker.
Markets Overnight
The US stock market yesterday finished a very volatile day up supported by upbeat economic data and better-than-expected third-quarter earnings and boosted guidance for 2011 from automaker Ford. However, the US stock market closed only marginally higher compared to market close in Europe yesterday and this morning Asian stock markets are mixed, with only the Shanghai showing solid gains; Japan is closed today.
US bond yields took their lead mainly from the stock market yesterday and are largely unchanged since market close in the US yesterday. The US Treasury cut its estimate for government net borrowing in Q4 significantly (USD276bn compared with a previous estimate of USD486bn), but this had very little market impact.
The Reserve Bank of Australia (RBA) as expected raised it leading interest rate by 25bp to 3.5% and repeated its October comment that it is “prudent to lessen gradually the degree of monetary policy stimulus”. However, RBA also said that the interest rate increase in October and November would work to temper inflation and ensure a sustainable recovery, which could suggest RBA will now slow the pace of monetary tightening.
In the FX markets AUD has weakened on the slightly softer tone from RBA, but so far there has not been any major impact on other high-yield currencies like NZD and NOK. With the overall improved risk sentiment USD has weakened slightly overnight. In Scandinavia both NOK and SEK have weakened against EUR since market close in Europe yesterday.
Published on Tue, Nov 3 2009, 09:59 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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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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