More risk aversion. US equities were under pressure until
NY, when a rebound limited the daily loss on the S&P500 to -0.4%.
There was no economic data behind the weakness, but a widely cited
catalyst was ECB member Weberâ€™s comments that the central bank
should maintain unlimited lending until at least the end of 2010, taken
by markets as a sign of ongoing economic weakness. European stocks
fell 1.2%. Commodities overall closed 0.5% lower at a four week low,
oil down 1.3%, and copper down 0.8%. Gold (-0.3%) made a minor
top, while silver (-1.6%) is just holding above its long-term average. US
3mth Libor fell 1bp to 0.329%. US 10yr treasury yields, interestingly,
rebounded much stronger than equities for a net 4bp gain on the day,
perhaps a sign of an extremely long market.
The US dollar index rose to a one-month high on the risk averse
setting. EUR reacted to the Weber comments, falling from 1.2830 to
1.2664, a post-13 July low, before rebounding with US equities to just
above 1.2700. USD/JPY bounced from 85.25 to 85.80, but sagged late
AUD bottomed with a dip in US equities at 0.8840 but rebounded
strongly to close at 0.8840. The weekend election delivered a no clear
result, and the uncertainty has punished the AUD this morning, trading
down to 0.8840 before stabilising around 0.8855. NZD bottomed at
0.7003 and peaked at 0.7073, trading at 0.7047 this morning.
AUD/NZD was stable on Friday between 1.2600 and 1.2650, but the
AUD plunge this morning sees it down to 1.2550.
There was no US data released on Friday.
Canadian CPI rose 0.5% in July, pulling the annual rate up from 1.0%
to 1.8%, on the back of a sales tax increase in some provinces.
However, total inflation was less than expected and the core measure
fell 0.1% for a second month. Softer inflation, combined with evidence
of a loss of momentum in activity in Q2, is in line with the Bank of
Canada's recent reassessment of their outlook for the next two years.
AUD/USD and NZD/USD outlook next 24 hours: AUD will be volatile
today, given the hung Parliament. The 0.8850 area is major support,
and a break here would open the way to 0.8740. NZD will follow AUD
direction today, with 0.7000 major support vulnerable.
Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division). Information current as at 13 August 2010. All customers please note that this information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs. Australian customers can obtain Westpacâ€™s
financial services guide by calling +612 9284 8372, visiting www.westpac.com.au or visiting any Westpac Branch. The information may contain material provided directly by third parties, and while such material is published with permission, Westpac accepts no responsibility for the accuracy or completeness of any such material. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject to change without
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