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Forex Blog - US Market Update

Today 11:41am EST/03:41pm GMT

US Market Update

Dow +24 S&P +5 NASDAQ -11

- Equity indices opened sharply higher this morning as investors shrugged off widespread reports that the government would ask Bank of America to raise billions in additional capital and concentrated on the much better-than-expected April ADP employment reading. With the ADP small and medium-sized business sub-indices showing less weakness than expected, commentators are fixing on the report as just one more sign that the sharp declines of Q1 are moderating. However, equities traded off from the open, with some caution in the wind ahead of the expected release of stress test results as well as the government's conditions for banks to repay TARP funds. Note that tech stocks have been hit especially hard in early trading, forcing the Nasdaq into negative territory led by declines in Amazon. Front-month NYMEX crude continues to gain ground, up more than $2 to trade near the 2009 highs of $56 a barrel.


- Treasury markets remain fairly quiet with prices and yields settling into the new trading range. The 10-year note if marginally lower with yields just a few basis points from 2009 highs ahead of a $22B 10-year auction this afternoon. Both the BOE and Fed continued to buy up government bonds in two more reverse auctions this morning. Lots of trader talk is focused on the $10.6B TALF loans requested in last night's third round of auctions. That was more than the first two TALF auctions combined. Credit markets are also focusing on the increased issuance of junk paper and continued improvements in interbank lending rates as hope the government policies are continue to have the desired effects.


- Earnings season is slowly winding down, with the bulk of the most watched large- and mid-cap firms having already disclosed their quarterly results. Oil services leader Transocean missed earnings targets thanks to the overall weakness in the energy sector, although utilization and day rates held up on a q/q basis. Engineering firm Foster Wheeler came in below analysts estimates, hurt in part by FX impact. Cooper Tire's loss was smaller than expected, although tire revenues still not growing, demand remains weak and overcapacity still an issue. Canadian fertilizer maker Agrium is still getting hit by the overall collapse in demand for its products. AGU reported a small profit ex hedging losses, write downs and compensation expenses, significantly below expectations. Agrium said it remains committed to the CF Industries acquisition.


- Gaming names Las Vegas Sands and Boyd both beat earnings expectations. LVS eked out a $0.01 per share profit on an adjusted basis (-$0.14 unadjusted), and said it was still looking to sell assets to shore up liquidity. BYD reported twice the expected amount, before a big write off for acquisitions. Disney offered solid quarterly results, a bit ahead on the bottom line and a bit behind on revenue. The CEO did admit results have been impacted by the weak economy. Tech darlings Garmin and Electronic arts offered lackluster earnings; GRMN missed estimates, while ERTS's quarterly loss was smaller than expected. Revenue lagged at both firms. Shares of GRMN are down a whopping 16%, while ERTS is down 3%. Also note that Amazon's is launching its new large-screen Kindle device in New York this morning.


- In currency trading, risk appetite returned in the New York session following the better-than-expected ADP employment report. EUR/USD rebounded to move to 1.3370 before consolidating. Scandinavian currencies were firmer in the NY morning after the Norwegian Central Bank cut their deposit rate by 50bps to 1.50%, as expected. EUR/NOK was lower in the aftermath of the rate decision. Sweden's Riksbank commented that it could stimulate the economy further without cutting the repo rate to zero and noted that it would not intervene to weaken its currency.

 

 

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Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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