Tuesday January 5, 2010 - 04:21:38 GMT
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FX Thoughts for the Day - www.fxthoughts.com
Morning Briefing : 05-Jan-2010 - 0410 GMT
The Equities world over rejoiced on the first trading of 2010. The US equity indices surged over 1.50%. The Asians too have risen sharply. The Sensex which was up half a pecent yesterday may continue to move up today as well. The global cues are encouraging to take the stocks higher.
Crude (81.59) continued to move up after having bottomed out near 68.70 last month. Gold (1120.80), too, has surged on weak Dollar.
The Japanese Yen has strengthened against both the US Dollar and the Euro. The Euro (1.4414) has risen quite a bit since yesterday but not enough to take the EUR-JPY (132.97) cross higher as the rise in Euro was accompanied with good strength in Yen (92.25). The Cable (1.6090) continues to show weakness. Continued weakeness is likely to make it bearish for 1.56 over the next couple of weeks. It has come down sharply after surging towards 1.6240 yesterday.
Dollar-Rupee had closed 46.29/30 yesterday and may bounce till the Support at 46.20-10 holds.
3M USD LIBOR was unchanged at 0.25%. The yields on US Treasuries have fallen for the near term more than for the farther end of the curve. The 2Y and 10Y yields have fallen 8 and 2 bps to quote at 1.06% and 3.81% respectively.
00:01 GMT UK Cons Conf
...Expected 72...Previous 73
01:15 GMT US ADP Emp
...Expected -74K...Previous -169K
Dec US Manufacturing ISM
Actual 61.5...Expected 57.7
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