Stocks Feel Pressure as Demand for Risky Assets Falters
equity markets closed lower on Tuesday as investors dumped higher yielding stocks
in favor of safe-haven assets.The news
may begin raising interest rates pressured demand for higher yielding assets
throughout the day. Commodity related stocks were under pressure today because
of an expected drop in demand for raw materials. Bank stocks also dragged the
markets lower because of a proposed fee by the Obama administration on banks
that received federal aid during the credit crisis.
March Treasury Bonds were able to mount a strong gain as investors
dumped equities in favor of safer, lower yielding assets.A breakout above 116â€™05 fueled an
acceleration to the upside into a 50% level at 116â€™28. Further upside momentum
could trigger a further appreciation to 117â€™14.
February Gold broke sharply on Tuesday following a rally to
$1151.30 earlier in the week. This move completed a 50% retracement of the
$1227.50 to $1075.20 range created from December 3rd to December 22nd.The stronger Dollar and news that China may begin
removing stimulus from the economy helped to curtail demand for higher risk
Mondayâ€™s closing price reversal top in March Crude Oil
ignited a sharp sell-off today.News,
that temperatures on the East Coast were expected to moderate caused
speculators to take profits in heating oil after a huge run-up.In addition, traders speculated that demand for
crude oil from China
would fall if its central bank began hiking interest rates and removing
The U.S. Dollar finished higher on Tuesday against a trade
weighted basket of currencies while losing ground to the Japanese Yen and
British Pound. Risk aversion was high as demand for safer assets rose after Chinaâ€™s
central bank took action to prevent the economy from overheating. This was a
strong hint that it was prepared to raise interest rates and end government
Demand for lower-yielding assets helped pressure the March
Japanese Yen.Early last night, buying
power helped create a new main bottom at 1.0679.Based on the monthly range of 1.1774 to 1.0679,
the chart indicates plenty of room to the upside with 1.1273 a potential upside
The March British Pound opened slightly better and advanced
throughout the day following a report which showed the U.K. trade
balance narrowed.Traders attributed the
improvement to an increase in exports.
The news from China helped weaken demand for
higher yielding assets and consequently the March Euro early in the trading
session. Since the opening, however, the Euro was able to fight back to finish
slightly better under choppy trading conditions.
A drop in demand for higher yielding assets helped to pressure
the March Swiss Franc. In addition, traders were still expressing concerns that
the recent rapid rise in the Swiss Franc versus the Euro would bring an
intervention by the Swiss National Bank to the market.
The March Canadian Dollar weakened following Mondayâ€™s
closing price reversal top. Investors were reacting to hawkish comments from
Canadian Prime Minister Harper.On
Monday he expressed his concern that the rapid rise in the Canadian Dollar
would have possible negative effect on the economy.His comments served as a verbal intervention.Weaker crude oil and gold also helped to
pressure the Canadian Dollar today.
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