Forex Market News - Trade the News - U.S. Market Update
U.S. Market Update
Dow +19 S&P +4 NASDAQ +9
- Equity markets are holding in positive territory but gains are modest despite another gloomy snapshot of the housing sector. New homes sales dipped again along with the median price while months supply rose. Overall markets showed little reaction to the latest data as the weakness already seemed to be priced in. SLM is added 7% after the Co. and the Flowers Group indicated they are will to renegotiate. BSC is down $0.75 as the stock attempts to digest yesterday's surge while GM is giving back 2%. Credit agencies MHP and MCO are moving higher after the WSJ and the FT profiled the recent scrutiny to companies are receiving from the SEC and Congress. U.S. Treasury markets are marginally higher with the 30-year yield at 4.86% and the Benchmark yielding 4.6%. December gold has been higher all morning but is some $4 from its best levels at $739. Natural Gas is off 3% after inventory data while Crude is near session highs up 1.8% at $81.80
- The USD again exhibited broad base weakness between its European and commodity trading counterparts. The USD woes were attributed to FX chatter ahead of the NY open that the August US New Homes sales data has been 'leaked' and would be worse than the -5.2% forecasted. The actual data release was -8.3% but provided a 'relief rally' for the USD as it was below the whisper number of a 10.0% decline. The US Dollar Index hits all-time low below 78.19. EUR/USD is ending the NY morning at the 1.4150 level after testing 1.4189. GBP/USD trades at 2.0225 after hitting session highs of 2.0285. JPY remains soft in relation to its currency pairs. Dealers note the anticipation of the Japanese Toshin funds being launched on Thursday and Friday. Some chatter that the Toshin Fund launch could amount to between $13B-$19B. Dealers will evaluate if these funds are well subscribed. USD/JPY is seeing offers on the approach of 115.70-80, and USD Buy-stops rumored to be above 116.05 level. AUD/JPY extends gains to fresh 6-week highs of 101.90, its highest level since August 9th.expectation of Uridashi demand as well. NZD/JPY hit 6-m highs of 86.95. Commodity currencies remain firm as CAD continues to cling to parity and AUD reproaching its August highs of 0.8880. OECD noted that the Bank Of England may Need To Cut Interest Rates because recent market Turmoil May Weaken UK Economic Growth. ECB's Trichet reiterated views from the Sept 6th press conference that the Baseline scenario remains unchanged despite recent market turmoil. Trichet stressed that the ECB will continue to gather data and evaluate conditions ahead of the next monetary policy meeting. And that the ECB will do whatever is necessary to anchor inflationary expectations.
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