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Daily FX Market Commentary
This report has been deactivatedBond yields and equities are down. FX markets stable
Fri, Nov 13 2009, 13:51 GMT
by Pär Magnusson
Danske Bank A/S | View company's profile
Key news
- Bond yields and equities are down. FX markets stable
- Central bank statements in Europe and consumer confidence in the US today
- No major key figures scheduled in Scandinavia
Markets Overnight
The ominous Friday the 13th has so far started with falling yields and equities. The 30yr bond auction in the US yesterday was quite soft. The bid-to-cover was below average, but then again, USD16bn 30yr is a lot of risk to be swallowed by the market. Even though the bonds were sold a few bp cheaper at the auction than expected yields came down afterwards. The 2yr yields remained close to unchanged, but the curve has flattened as 10yr and 30yr yields dropped.
The US equity markets had a bad day with S&P500 down 1% and Nasdaq losing 0.8%. In Asia most stock markets are in negative territory as we write.
On the subject of Asia, the APEC meeting appears to move tentatively towards putting more pressure on the Chinese to adjust their currency peg to USD. This comes quite shortly after similar calls for rebalancing from the IMF at the last G20 meeting. This is not something that has been very visible in the FX market, though. EUR/USD has remained close to unchanged since last night after having come down by 1.5 figures during the day. Like EUR/USD most major crosses have remained stable since last night.
Published on Fri, Nov 13 2009, 13:57 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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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.
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