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Forex Market News - Trade the News - U.S. Market Update U.S. Market Update
Dow -35 S&P -4.1 NASDAQ -9
- Rising commodity prices and the falling U.S. Dollar continue to set the tone for most markets. The U.S. Dollar Index broke to new all time lows trading below 78 for the first time. December Gold has spent much of the morning at or above $750 pushing the XAU back within striking distance of its highs for the year made just last month. The EUR has hit fresh all-time highs above the 1.42 handle. This is the seventh straight day of all-time highs in the EUR/USD pair.
Dealers noted that they have seen fresh long Euro positions established above the 1.42 level. The GBP shrugged off reports that financial firm Northern Rock (NRK.UK) borrowed another Â£5B from the BoE. NRK.UK has incurred indebtedness to BoE of Â£8B. GBP is recovering from 2. 0200 lows to probe the 2.04 area. EU's Almunia noted that he was a bit more worried by the USD fall in value, but reiterated the inflation protection from a higher Euro. The USD also hurt by softer prices paid component released in the Chicago PMI report. Fed's Lockhart added to the USD woes in late NY trading after noting that Q3 growth is likely in range of 2.5% and that Q4 would likely fall below 2.5%. USD/JPY is trading at 114. 80, and USD/CHF at 1.1665. IMF noted that in Q2 the USD share as the world's reserve currency fell to 64.8% to 64.9% prior. Euro's share rose by 0.1% to 25.6%. USD/CAD hit fresh 31-year lows as it broke below the 0.933 level on the back of higher commodity prices. Along with the strength in gold, front month crude has been holding near $83.50. U.S. equity indices are holding in moderately negative territory but digesting the recent move up reasonably well as decliners lead advancers by less than a 2:1 margin. Treasury futures have ticked higher led by the 30-year, which is up nearly half a point. The long bond yields 4.79% and the benchmark has slipped back to 4.53%.
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