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FX Blog- TTN - U.S. Market UpdateU.S. Market Update
Dow - 30 S&P -0.6 NASDAQ -8.4
- New week brings much of the same story for financial markets. The greenback remained under pressure early on while commodities made another run at historic highs. April crude traded above its all-time inflation adjusted high of 10.376 early in the NY session. Indices continue to head lower after overseas markets slid, led by a 4% drop in the Nikkei. The XLF is down another 2% now a little more than a dollar from the January lows. Airline stocks are losing altitude for the 5th straight session. Equity futures did catch a bit of a bid after December ISM data meet expectations albeit a 5-year low. Metals futures are up another 1-2%, but they have back off new all-time highs after the Dollar found a little traction following comments from several European government officials. April gold briefly traded above $990. Metal and Mining names continue to move higher. FCX +3% PCU +2.3% AA +2% NEM +2.7% Treasury prices are modestly lower with the long bond future off half a point yielding 4.44%.
- Some comments from European officials helped to take the USD off its all-time lows against the Euro and the Swiss Franc pairs. EU''s Juncker made the strongest statement that he was increasingly concerned about strong Euro levels. EUR/USD tested 1.5275 just prior to Juncker''s comments, while USD/CHF probed the 1.03 area. The Dutch Finance Minister Bos later joined the chorus noting that the strong Euro does not reflect economic fundamentals. ECB''s Trichet reiterated that the US affirmed its desire for a strong USD policy. Prior to this verbal intervention, the theme of higher commodity prices and weaker USD as NYMEX oil and spot gold hit fresh all-time highs of $103.96 and $989.55 respectively. Carrry-related currency pairs were off the opening lows seen in Sydney and Tokyo as risk aversion themes continued to impact the JPY and CHF crosses. The USD/JPY tested 3-year lows at 102.60 before rebounding towards the mid 103 area. European fixed-income retraced its earlier gains after the Feb ISM manufacturing data managed to meet market expectations. March Bund is up 10 ticks at 117.16, Mach Gilt is up 1 tick at 110.45 European equities are in the upper end of their session trading range, aided by the post ISM equity rally. Euro-Stoxx 50 -1.35 at 3,647; FTSE -0. 6% at 5,846; CAC-40 down 0.9% at 4,747, DAX at 6,677 -1% for the session
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Amazing Trader EVENT RISK Calendar:
Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays
Potential Trading Opportunities
John M. Bland, MBA
- POTENTIAL PRICE RISK: Medium Mon--10:00 GMT-- EZ- final November HICP. flash data are rarely changed.
- POTENTIAL PRICE RISK: HIGH- Medium Tue --09:00 GMT-- DE- IFO Survey. Key report but usually not a market-mover
- POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity
- POTENTIAL PRICE RISK: HIGH-Medium- Wed --15:00-- US- Existing Homes Sales. Top Housing statistic
- POTENTIAL PRICE RISK: Medium- Wed --15:30-- US- EIA Crude
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