The price action in the NY session was nothing short of lackluster as the markets wait for Treasury Secretary Geithner to unveil his financial rescue plan tomorrow morning. Stocks were practically flat in broad terms, with the S&P adding a meager 0.15% on the day. Bonds were sold ahead of tomorrow's 3-year auction and the 2-year rose 2bps to 1.02% while the 10-year was sitting just above the 3.00% mark and the highest level since late November. Gold came off more than -$15 but remained very near the pivotal $900/oz level.

The price action in FX was quite muted as well on the back of little price action in equities and no economic data or events. EUR/USD added about 15 pips towards 1.3020 and held 1.30 support throughout. Below here sees immediate potential for a move back to 1.2950 initially. The yen crosses saw even less price action. USD/JPY slipped about -10 points into the 91.40/50 zone while the usually volatile EUR/JPY was unchanged by the 119.00/10 area. The only noteworthy major in terms of volatility was USD/CAD and it fell more than -100 pips towards the 1.2160 level. The move was on the back of an oil rally through $42/bbl, but with oil reversing to back below $40/bbl here we would not be surprised to see the pair test back above 1.22 in short order.

Upcoming Economic Data Releases (Asia Session)  prev  est

  • 2/10 0:01 GMT UK  BRC January Retail Sales Monitor  
  • 2/10 0:01 GMT UK  RICS House Price Balance  JAN  -73.00%  -70.00%
  • 2/10 0:30 GMT AU  NAB Business Confidence  JAN  -20  - -
  • 2/10 0:30 GMT AU  NAB Business Conditions  JAN  -6  - -
  • 2/10 1:45 GMT US  Fed's Fisher Speaks on the Global Financial Crisis
  • 2/10 3:00 GMT EC  ECB's Weber Speaks in Kuala Lumpur, Malaysia
  • 2/10 5:00 GMT JN  Consumer Confidence  JAN  26.7  - -
  • 2/10 5:00 GMT JN  Consumer Confidence Households  JAN  26.2  25.2