http://www.fxstreet.com/technical/market-view/weekly-market-commentary/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-11-06.htmlOverview Alternating up and down days this week as many instruments hover at 50-day moving averages and/or longer term trendlines – while waiting for today’s important US Jobs report. Much talk of investors looking to increase holdings of ‘risky’ assets, explaining spot Gold’s rally to a new record $1097.25. Gold, risky? Since 1970’s move to floating exchange rates it has been shown to be the only store of wealth to retain its purchasing power. Equity indices recovered some of last week’sFri, 06 Nov 2009 15:45:48 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-11-06.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-11-06.htmlOverview Alternating up and down days this week as many instruments hover at 50-day moving averages and/or longer term trendlines – while waiting for today’s important US Jobs report. Much talk of investors looking to increase holdings of ‘risky’ assets, explaining spot Gold’s rally to a new record $1097.25. Gold, risky? Since 1970’s move to floating exchange rates it has been shown to be the only store of wealth to retain its purchasing power. Equity indices recovered some of last week’sFri, 06 Nov 2009 15:45:48 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-11-06.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-10-30.htmlOverview  FX and equity indices retreated from last week’s peaks, hardest hit those of the Baltic States, Russia, Mexico and Australia which are down between 4% and 7% this week alone and around 10% this month. The US dollar recovered a little, commodity prices retreating in tandem, Yen crosses dropped from this year’s highs, Eastern European currencies weakened, as did the previous darlings AUD, NZD, CAD and NOK, and yields eased a tad. All are symptoms of a little light de-leveraging,Fri, 30 Oct 2009 16:55:42 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-10-30.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-10-30.htmlOverview  FX and equity indices retreated from last week’s peaks, hardest hit those of the Baltic States, Russia, Mexico and Australia which are down between 4% and 7% this week alone and around 10% this month. The US dollar recovered a little, commodity prices retreating in tandem, Yen crosses dropped from this year’s highs, Eastern European currencies weakened, as did the previous darlings AUD, NZD, CAD and NOK, and yields eased a tad. All are symptoms of a little light de-leveraging,Fri, 30 Oct 2009 16:55:42 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-10-30.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-10-23.htmlOverview FX rates pushing boundaries amid generalised US dollar weakness, so much so that Brazil imposed a tax on foreign investment in domestic bonds and equities to stem hot money flows (the tax does not apply to foreign direct investment). This saw the real back up a tiny bit from its strongest this year at 1.697 per greenback, though other major currencies are trading at extremes: Swiss franc 1.0033, Euro $1.5061, Australian dollar $0.9330, Kiwi $0.7635; sterling and yen lagging. ThisFri, 23 Oct 2009 14:34:41 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-10-23.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-10-23.htmlOverview FX rates pushing boundaries amid generalised US dollar weakness, so much so that Brazil imposed a tax on foreign investment in domestic bonds and equities to stem hot money flows (the tax does not apply to foreign direct investment). This saw the real back up a tiny bit from its strongest this year at 1.697 per greenback, though other major currencies are trading at extremes: Swiss franc 1.0033, Euro $1.5061, Australian dollar $0.9330, Kiwi $0.7635; sterling and yen lagging. ThisFri, 23 Oct 2009 14:34:41 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-10-23.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-10-16.htmlOverview Lots of activity in the foreign exchange market with even US stockbrokers waking up to the problem. The US dollar lost ground against all major currencies except the Yen, reaching $1.4968 per Euro, $0.9270 to the Australian dollar, and 1.6970 against the Brazilian real (these last two this year’s best performers retracing over 75% of prior losses). Sterling was this week’s big surprise, reversing from £0.9400 to £0.9100 per Euro since Tuesday, jet-propelling GBP/JPY from 141.00 toFri, 16 Oct 2009 14:24:29 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-10-16.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-10-16.htmlOverview Lots of activity in the foreign exchange market with even US stockbrokers waking up to the problem. The US dollar lost ground against all major currencies except the Yen, reaching $1.4968 per Euro, $0.9270 to the Australian dollar, and 1.6970 against the Brazilian real (these last two this year’s best performers retracing over 75% of prior losses). Sterling was this week’s big surprise, reversing from £0.9400 to £0.9100 per Euro since Tuesday, jet-propelling GBP/JPY from 141.00 toFri, 16 Oct 2009 14:24:29 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-10-16.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-10-09.htmlOverview Foreign exchange in the limelight as many currencies traded at their strongest this year. Leading the pack was the Australian dollar (see below), +4.3% this week alone to a high of $0.9092, closely followed by the South African rand (+3.3%), and Kiwi ($0.7457). Bottom, along with the greenback, sterling so that GBP/AUD dropped to 1.7650, lower than anything since March 1985. UK Output PPI rose +0.5% on the month, Core +1.4% Y/Y, higher than expected and adding to worries aboutFri, 09 Oct 2009 14:15:52 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-10-09.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-10-09.htmlOverview Foreign exchange in the limelight as many currencies traded at their strongest this year. Leading the pack was the Australian dollar (see below), +4.3% this week alone to a high of $0.9092, closely followed by the South African rand (+3.3%), and Kiwi ($0.7457). Bottom, along with the greenback, sterling so that GBP/AUD dropped to 1.7650, lower than anything since March 1985. UK Output PPI rose +0.5% on the month, Core +1.4% Y/Y, higher than expected and adding to worries aboutFri, 09 Oct 2009 14:15:52 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-10-09.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-10-02.htmlOverview  Even before today’s eagerly awaited US Non-Farm Payroll number (-263K and 9.8%, highest since 1983) markets had started champing at the bit and/or breaking out of recent ranges. Leading the way were US Treasuries where yields broke below support to their lowest levels since May: two-year 0.837%, five-year 2.125% and ten-year 3.105%. Money market futures rallied a little but gains continue to be hampered the closer they get to 100.000 (Dec09 Fed Fund futures 99.855), so thatFri, 02 Oct 2009 23:05:30 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-10-02.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-10-02.htmlOverview  Even before today’s eagerly awaited US Non-Farm Payroll number (-263K and 9.8%, highest since 1983) markets had started champing at the bit and/or breaking out of recent ranges. Leading the way were US Treasuries where yields broke below support to their lowest levels since May: two-year 0.837%, five-year 2.125% and ten-year 3.105%. Money market futures rallied a little but gains continue to be hampered the closer they get to 100.000 (Dec09 Fed Fund futures 99.855), so thatFri, 02 Oct 2009 23:05:30 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-10-02.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-09-25.htmlOverview Plenty of FX volatility: Canadian dollar, Mexican peso and Sterling the weakest, South Korean won, Kiwi and Norway the strongest. As well as banking jitters, comments from the Bank of England’s Mervyn King that sterling weakness would help to rebalance the economy away from (nasty) financial services and help exports (what? Vauxhall cars?) pushed Cable down to $1.5917 and EUR/GBP £0.9193 (highest since April fool’s day). The US dollar was fairly weak too, taking the Euro up toFri, 25 Sep 2009 13:48:30 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-09-25.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-09-25.htmlOverview Plenty of FX volatility: Canadian dollar, Mexican peso and Sterling the weakest, South Korean won, Kiwi and Norway the strongest. As well as banking jitters, comments from the Bank of England’s Mervyn King that sterling weakness would help to rebalance the economy away from (nasty) financial services and help exports (what? Vauxhall cars?) pushed Cable down to $1.5917 and EUR/GBP £0.9193 (highest since April fool’s day). The US dollar was fairly weak too, taking the Euro up toFri, 25 Sep 2009 13:48:30 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-09-25.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-09-18.htmlOverview Many markets hit extreme levels, equity indices in the limelight as they reached this year’s peak and highest since Lehman’s collapse twelve months ago. Best performers over this period have been Jakarta, Sweden and India, the FTSE and Nikkei lagging, the latter dragged down this week by banking stocks. At a Treasury Select Committee hearing Tuesday the Bank of England’s King suggested excess reserves deposited at the central bank could earn less than Base Rate (currently 0.50%) butFri, 18 Sep 2009 14:14:15 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-09-18.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-09-18.htmlOverview Many markets hit extreme levels, equity indices in the limelight as they reached this year’s peak and highest since Lehman’s collapse twelve months ago. Best performers over this period have been Jakarta, Sweden and India, the FTSE and Nikkei lagging, the latter dragged down this week by banking stocks. At a Treasury Select Committee hearing Tuesday the Bank of England’s King suggested excess reserves deposited at the central bank could earn less than Base Rate (currently 0.50%) butFri, 18 Sep 2009 14:14:15 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-09-18.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-09-11.htmlOverview Money market futures rallied yet again to new record highs, so that some implied yields are below central bank targets, reinforcing the view that ultra-low rates are here to stay for a long time. This dragged Treasury bond yields a little lower, inflation-linked ones to 1.00%. Despite (or some say because of this) equity indices edged higher, many to their highest levels for this year (FTSE 100 high 5038). The US dollar lost ground against all currencies bar none, Kiwi the bestFri, 11 Sep 2009 14:35:17 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-09-11.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-09-11.htmlOverview Money market futures rallied yet again to new record highs, so that some implied yields are below central bank targets, reinforcing the view that ultra-low rates are here to stay for a long time. This dragged Treasury bond yields a little lower, inflation-linked ones to 1.00%. Despite (or some say because of this) equity indices edged higher, many to their highest levels for this year (FTSE 100 high 5038). The US dollar lost ground against all currencies bar none, Kiwi the bestFri, 11 Sep 2009 14:35:17 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-09-11.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-09-04.htmlOverview A holiday-shortened week in the UK and looming US employment figures today meant that many markets moved sideways in small ranges. Stock indices eased from this summer’s highs, many having become very overbought along the way, banks leading the way down as jitters over financials resurface. This helps explain spot Gold’s allure, $997.20 with Silver rallying further to $16.26 per ounce. Some Base Metals were dragged higher too (Lead and Zinc) and Sugar futures hit a 25-year high atFri, 04 Sep 2009 14:39:30 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-09-04.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-09-04.htmlOverview A holiday-shortened week in the UK and looming US employment figures today meant that many markets moved sideways in small ranges. Stock indices eased from this summer’s highs, many having become very overbought along the way, banks leading the way down as jitters over financials resurface. This helps explain spot Gold’s allure, $997.20 with Silver rallying further to $16.26 per ounce. Some Base Metals were dragged higher too (Lead and Zinc) and Sugar futures hit a 25-year high atFri, 04 Sep 2009 14:39:30 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-09-04.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-08-14.htmlOverview Thin and nasty markets with lots of sudden intra-day swings as many reverse most of last Friday’s moves. Money market futures soared, front months setting new record highs, giving the lie to much-hyped economic recovery (see below). Sep09 Eurodollars a record 99.57 (and three-month Libor offered at 0.43% today), Short Sterling 99.38, Euribor 99.21. These dragged two-year Treasury yields lower, benchmark US from 1.33% to 1.04% and Gilts to probably their lowest yield in at least aFri, 14 Aug 2009 15:06:01 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-08-14.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-08-14.htmlOverview Thin and nasty markets with lots of sudden intra-day swings as many reverse most of last Friday’s moves. Money market futures soared, front months setting new record highs, giving the lie to much-hyped economic recovery (see below). Sep09 Eurodollars a record 99.57 (and three-month Libor offered at 0.43% today), Short Sterling 99.38, Euribor 99.21. These dragged two-year Treasury yields lower, benchmark US from 1.33% to 1.04% and Gilts to probably their lowest yield in at least aFri, 14 Aug 2009 15:06:01 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-08-14.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-08-07.htmlOverview Markets kept to fairly narrow ranges as we waited for Friday’s US Employment report. Equity indices sneaked to new highs for the year, great excitement at stockbrokers and fund managers, but then retreated slowly to end fractionally lower – China-related and several Asian ones dropping the furthest, Istanbul and Eastern European ones holding up best. The US dollar lost a little ground against everything except the South African rand which dropped 4.50% this week to 8.1485; manyFri, 07 Aug 2009 14:21:22 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-08-07.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-08-07.htmlOverview Markets kept to fairly narrow ranges as we waited for Friday’s US Employment report. Equity indices sneaked to new highs for the year, great excitement at stockbrokers and fund managers, but then retreated slowly to end fractionally lower – China-related and several Asian ones dropping the furthest, Istanbul and Eastern European ones holding up best. The US dollar lost a little ground against everything except the South African rand which dropped 4.50% this week to 8.1485; manyFri, 07 Aug 2009 14:21:22 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-08-07.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-07-31.htmlOverview Excited stockbrokers as equity indices managed a third consecutive weekly rally, many nudging to this year’s highest levels, Asian ones doing best. Much to their surprise and confounding glib assumptions, Treasuries also traded higher and yields fell, benchmark 10-year Bunds from 3.52% to 3.31%, a move led over the last six weeks by the Swiss Conf (2.50% to 2.00%). Brazil’s 2014 government bond yields its lowest ever at 4.41%, down from 10.00% in 2004. Meanwhile yield curves areFri, 31 Jul 2009 14:22:02 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-07-31.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-07-31.htmlOverview Excited stockbrokers as equity indices managed a third consecutive weekly rally, many nudging to this year’s highest levels, Asian ones doing best. Much to their surprise and confounding glib assumptions, Treasuries also traded higher and yields fell, benchmark 10-year Bunds from 3.52% to 3.31%, a move led over the last six weeks by the Swiss Conf (2.50% to 2.00%). Brazil’s 2014 government bond yields its lowest ever at 4.41%, down from 10.00% in 2004. Meanwhile yield curves areFri, 31 Jul 2009 14:22:02 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-07-31.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-07-24.htmlOverview Extensive and perhaps over-excited media coverage of equity indices which rallied strongly for a second consecutive week (many for nine consecutive days) and some broke to new highs for the year. The best performers were Eastern European ones (Polish WIG +11.20% and Helsinki +7.0%) and Asian ones (Hang Seng +4.0%). Great excitement at the BBC World Service where the Dow Jones Industrial Average closing above 9,000 on Thursday made headline news. The US dollar lost ground against allFri, 24 Jul 2009 14:19:47 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-07-24.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-07-24.htmlOverview Extensive and perhaps over-excited media coverage of equity indices which rallied strongly for a second consecutive week (many for nine consecutive days) and some broke to new highs for the year. The best performers were Eastern European ones (Polish WIG +11.20% and Helsinki +7.0%) and Asian ones (Hang Seng +4.0%). Great excitement at the BBC World Service where the Dow Jones Industrial Average closing above 9,000 on Thursday made headline news. The US dollar lost ground against allFri, 24 Jul 2009 14:19:47 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-07-24.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-07-17.htmlOverview Equity indices recovered their poise dramatically gaining around 9.00%, many rallying for five consecutive days to take them back close to this year’s highs, some including Istanbul, Kuala Lumpur, Mexico and Spain’s Ibex pushing slightly above these to the best levels in months. On this, fixed income yields backed up from last week’s lows, the long end leading, but they then recovered to end the week at the middle of the range. Swedish two-year treasuries posted a new record low yieldFri, 17 Jul 2009 14:27:25 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-07-17.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-07-17.htmlOverview Equity indices recovered their poise dramatically gaining around 9.00%, many rallying for five consecutive days to take them back close to this year’s highs, some including Istanbul, Kuala Lumpur, Mexico and Spain’s Ibex pushing slightly above these to the best levels in months. On this, fixed income yields backed up from last week’s lows, the long end leading, but they then recovered to end the week at the middle of the range. Swedish two-year treasuries posted a new record low yieldFri, 17 Jul 2009 14:27:25 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-07-17.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-07-10.htmlOverview Equity indices for once looked reality in the face and shuddered, hardest hit Russia –9.5% this week, followed by Argentina and Egypt –7.0%, oil stocks looking surprisingly vulnerable. More worryingly many are testing important support having lost almost one third of the gains from March to May’s high. Weekly closes below chart levels complete small ‘head-and-shoulder’ tops in many and explain the move into Treasuries and the Yen – last year’s ‘safe-havens’. It also explains thisFri, 10 Jul 2009 15:12:20 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-07-10.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-07-10.htmlOverview Equity indices for once looked reality in the face and shuddered, hardest hit Russia –9.5% this week, followed by Argentina and Egypt –7.0%, oil stocks looking surprisingly vulnerable. More worryingly many are testing important support having lost almost one third of the gains from March to May’s high. Weekly closes below chart levels complete small ‘head-and-shoulder’ tops in many and explain the move into Treasuries and the Yen – last year’s ‘safe-havens’. It also explains thisFri, 10 Jul 2009 15:12:20 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-07-10.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-07-03.htmlOverview Interbank and Treasury yields are mostly lower again as we ponder what comes next. Spreads between Libor and Official Interest rates are at their narrowest since the crisis erupted on our radars, pushing some money market futures contracts to new record highs (Eurodollar 99.4625 and Euribor 99.050). This dragged two-year benchmark yields down, German ones dropped 60 basis points to 1.215% over the last four weeks, US ones –50 bp to 0.9775%, and Japanese to 0.250% their lowest sinceFri, 03 Jul 2009 14:33:05 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-07-03.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-07-03.htmlOverview Interbank and Treasury yields are mostly lower again as we ponder what comes next. Spreads between Libor and Official Interest rates are at their narrowest since the crisis erupted on our radars, pushing some money market futures contracts to new record highs (Eurodollar 99.4625 and Euribor 99.050). This dragged two-year benchmark yields down, German ones dropped 60 basis points to 1.215% over the last four weeks, US ones –50 bp to 0.9775%, and Japanese to 0.250% their lowest sinceFri, 03 Jul 2009 14:33:05 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-07-03.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-06-26.htmlOverview Some financial instruments broke out of recent ranges leading to breathless excitement in media circles. Several stock indices dipped below the lowest point of the previous six weeks, FTSE 100 to 4213. Russia’s RTS lost 31% this month as the Deputy PM decides whether to instigate a far-reaching bank bailout (though the Central Bank head says the chance of a second wave of banking crisis is negligible). Istanbul’s most watched index rallied again, to its best level since September.Fri, 26 Jun 2009 15:05:56 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-06-26.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-06-26.htmlOverview Some financial instruments broke out of recent ranges leading to breathless excitement in media circles. Several stock indices dipped below the lowest point of the previous six weeks, FTSE 100 to 4213. Russia’s RTS lost 31% this month as the Deputy PM decides whether to instigate a far-reaching bank bailout (though the Central Bank head says the chance of a second wave of banking crisis is negligible). Istanbul’s most watched index rallied again, to its best level since September.Fri, 26 Jun 2009 15:05:56 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-06-26.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-06-19.htmlOverview A quiet week where Treasury yields dropped a little from this year’s highs but money markets were rattled by worries that rate hikes may come sooner than currently expected. Stock indices drifted, again from this year’s highs, but conclusive Technical breaks were not seen and several continue to flirt with 50 and 200-day moving averages. Currencies went nowhere fast, though the yen gained a little against all crosses (which had also been trading at this year’s highs) as did the pound,Fri, 19 Jun 2009 14:53:02 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-06-19.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-06-19.htmlOverview A quiet week where Treasury yields dropped a little from this year’s highs but money markets were rattled by worries that rate hikes may come sooner than currently expected. Stock indices drifted, again from this year’s highs, but conclusive Technical breaks were not seen and several continue to flirt with 50 and 200-day moving averages. Currencies went nowhere fast, though the yen gained a little against all crosses (which had also been trading at this year’s highs) as did the pound,Fri, 19 Jun 2009 14:53:02 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-06-19.htmlhttp://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-06-12.htmlOverview A difficult week where most stock indices crept quietly across the page (for a fifth consecutive one), though bank stocks took the Nikkei to 10,170, its highest since October’s plunge. The US dollar held within last week’s ranges, sterling doing best taking EUR/GBP to £0.8497 and its strongest since December. Treasury yields backed up further still to levels not seen since October or November, some hitting the psychological 4.00%, with two-year maturities moving suddenly out ofFri, 12 Jun 2009 14:18:15 GMThttp://www.fxstreet.com/fundamental/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/fundamental/market-view/weekly-market-commentary/2009-06-12.htmlhttp://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-06-12.htmlOverview A difficult week where most stock indices crept quietly across the page (for a fifth consecutive one), though bank stocks took the Nikkei to 10,170, its highest since October’s plunge. The US dollar held within last week’s ranges, sterling doing best taking EUR/GBP to £0.8497 and its strongest since December. Treasury yields backed up further still to levels not seen since October or November, some hitting the psychological 4.00%, with two-year maturities moving suddenly out ofFri, 12 Jun 2009 14:18:15 GMThttp://www.fxstreet.com/technical/market-view/Nicole.Elliot@mhcb.co.uk (Mizuho Corporate Bank)http://www.fxstreet.com/technical/market-view/weekly-market-commentary/2009-06-12.html