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Daily FX Market Commentary
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USD/JPY and EUR/JPY test territory below 85 and 127 before bouncing back
Fri, Nov 27 2009, 10:14 GMT
by John Hydeskov
Key news
- US Thanksgiving generates wobbly markets – Black Friday today
- The Dubai debt crisis takes its toll – bank shares plunge
- USD/JPY and EUR/JPY test territory below 85 and 127 before bouncing back
Markets Overnight
US markets were closed yesterday due to Thanksgiving. As a result, financial markets were quite thin and liquidity was low. Americans will return today for Black Friday and Christmas shopping will kick off.
European and Asian stocks skidded yesterday as investors reacted sharply to the unfolding debt crisis in the Persian Gulf emirate of Dubai. European equity prices dropped more than 3% in their biggest one-day drop since April and Asian indices have lost between 2% and 4% overnight. Financial stocks suffered the most as investors scrambled to gauge bank exposure to state-owned Dubai World. Wednesday, the conglomerate spanning real estate and ports asked creditors for a six-month standstill on interest payments tied to about USD60bn in debts. Various Dubai government-related entities were yesterday downgraded by both Moody’s and S&P and the cost of insuring against sovereign debt issued by Dubai jumped more than 20% (5Y CDS spread 541).
FX markets have been very volatile overnight with heavy JPY buying to begin with followed by a bumpy session marked by shattered JPY selling. USD/JPY dipped below 85 before recovering to 86.40 and EUR/JPY touched below 127 before crawling back towards 129. EUR/USD, which fell the whole session yesterday on the Dubai concerns and sour sentiment in stock markets, has continued to decline, now trading at 1.4935. The depressed financial mood is not favourable for the Scandies; EUR/SEK has risen to 10.53, a level not seen since July, while EUR/NOK is trading around 8.51.
Japanese data overnight showed that consumer prices continued to decline with the approximate speed forecasters had expected. CPI fell 2.5% y/y in October after a 2.2% decline in September. Household spending exceeded expectations by rising 1.6% y/y, 0.9 percentage points higher than analyst forecasts.
Published on Fri, Nov 27 2009, 10:20 GMT
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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