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Daily Market Outlook
Fri, Jun 26 2009, 00:50 GMT
AceTrader
Market Review - 25/06/2009 18:51
All times in GMT
Greenback erases earlier gains as investors seek for more hints on economic outlookU.S.
dollar was mixed on Thursday as investors stayed sidelined and were
seeking for more hints on global economic outlook. The greenback lacked
direction and moved inconsistently versus it's major counterparts. U.S.
data showed that Q1 GDP fell by less than forecast (-5.5% vs forecast
-5.7%) while weekly jobless claims unexpectedly climbed to 627k vs
forecast of 600k.
Although euro remained under pressure in
Asian & European sessions and fell to as low as 1.3889 after the
release of the weak U.S. jobless claims data which raised investors
concern on the U.S. economic recovery, price rebounded above 1.4000
level as the rise in the Dow (index closed up 172 points) prompted
traders to liquidate their short positions. On cross trading, Euro rose
briefly to 1.5382 against the Swiss Franc after traders said SNB
intervened twice to weaken its currency, as usual, the SNB made no
comment on the currency moves.
Cable met selling pressure in
Asia & Europe, hitting an intra-day low of 1.6231 on active cross
selling especially versus yen (due to unwinding of carry trades after
realease of U.S. data) before rebounding on short-covering after
investors digested the data. Sterling recovered to around 157 yen after
early selloff to as low as 155.95. The strong performance in the Dow
also revive buying interest in the risky assets.
Earlier in
Asia, dollar rose against the Japanese yen initially to 96.58 after
Japan's Finance minister Yosano said 'strong dollar is in interest of
U.S. and countries across the world' but retreated to 95.72 in late New
York trading due to intra-day dollar's broad-based weakness.
The
Dow rose sharply after the latest U.S. Treasury auction garnered strong
demand, pressuring U.S. bond and bill rates. The auction of $27 billion
of 7-year notes completed this week's sales of Treasury coupons, with
all three auctions seeing solid demand. Dow index rallied 2% to 8,472
while S&P 500 and NASDAQ rose to 920 and 1,829 respectively.
Economic data to be released on Friday includes :
Q1
GDP of New Zealand; national and Tokyo CPI of Japan; import price index
of Germany; Consumer confidence, PCE index, personal income/spending
and, University of Michigan survey index of the U.S..
Published on
Fri, Jun 26 2009, 00:59 GMT
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