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Forex Market News - U.S. Market Update U.S. Market Update 10:55 EDT
Dow - 39 S&P -6.6 NASDAQ -22.5
- Weakness across the pond led to a lower open for U.S. equities. The FTSE is trading off 1.5% as media reports swirled over the weekend highlighting vast withdrawals by Northern Rock depositors. Early U.S. losses are manageable with financials the poorest performing group. GS -2% LEH -2.5% BSC -2% MER -2.8% C -1.5% BCS - 2.6% General Motors +1.25% continues to support the Dow on hopes that a labor agreement will be reached soon. Monsanto has added 3.5% after raising guidance. A handful of buyout announcements and speculative reports have remerged. EDO +6.5% TPC +17% BOBJ +7% MNST +1% Treasury markets are a little lower ahead tomorrow's expected rate cut by the Fed. The Benchmark U.S. yield has climbed back to 4.485%. Precious metals futures have seen continued upward pressure with Gold and Silver up another 1% today. Oct crude is also holding near session highs at $79.70.
- GBP was off its European lows as growing concerns over Northern Rock Financial festered into the currency markets again on Monday. The GBP broke below the 2.00 handle to test 1.9950 before rebounding. Dealers noted BBC showing footage of longs lines of customers seeking to withdraw funds. The BBC's business editor noted that some Â£2bn have been withdrawn, which represents about 8% of the Â£24bn. The GBP was also stymied by comments from Building Societies Association, which forecasted a 50/50 chance of a BOE rate cut by the end of 2007. GBP/USD was at 2.0020 as the European morning came to a close, down 70 pips from its opening levels seen in Asia. The Euro once again retested (and held) its former all-time high support level of 1.3850. The softer July trade balance was cited that perhaps the strong Euro is impacting the export sector. Lobby group BusinessEurope noted that the Euro's strength is reaching a threshold of pain for companies. However, Softer Sept Empire Manufacturing data came in below expectations, to keep USD bulls on the defensive. A Eurogroup meeting over the weekend brought out a plethora of government and central bank speakers. Overall, the theme that global growth remains robust keeping the baseline European growth forecast, is holding; but risks to growth are still on the downside . CAD maintained its firm tone as it traded at fresh 30-year highs against the USD at 1.0241.
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