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Forex Market News - Trade the News - US Market Update US Market Update
Dow +31 S&P +3.8 NASDAQ +4.6
- Indices attempt to claw higher as commodity prices rebound. After a couple of sessions that saw some profit taking, oil and metals futures are ticking higher giving a boost to the related stocks. Dec gold is up 1% to $746 helping the XAU +2.2% re- approach 1-year highs. Nov crude has ticked back above $80 leading to some gains for the OIH +1%. The DJ Transportation Average +0.8% has shrugged off some slightly lower Q3 guidance from NSC to post solid gains. Other notable pre-announcements have continued to trickle in as the official earnings season looks to kick-off today with Alcoa. MCHP is off 10% after guiding lower leading to some relative weakness in some of the other semis SMH -0.9%. PLCE -6.5% is weak after cutting guidance also. Treasury futures are holding near modest session highs. The Benchmark yield sits at 4.614% while the 2-year offers 4.07%. The Treasury confirmed it would be auctioning off $6B in 10-year TIPS on Thursday, but markets are mostly quiet as participants await this afternoons FOMC minutes.
- The EUR/USD held above the 1.40 level in early NY trading as rumored Sovereign, Middle East and Asian bids were alleged to be in effect. The USD was initially firmer as ECB's Trichets noted that FX would be discussed at upcoming G7 next week. Trichet reiterated the Ecofin view that Europe will engage in a dialog with China about improving its FX flexibility. Lastly, Trichet stated that the ECB would continue to monitor FX developments closely. The Euro firmed during the NY morning on the back of higher commodity prices. Oil climbed back towards $80 after Turkish Prime Minister stated that orders would be given for any measures including North Iraq operation to curtail rebel PKK attacks. Recall that in July, Turkey amassed 50K troops along the Northern Iraq border in response to Kurdish safe haven camps of PKK rebels. The EUR/GBP tested session highs as GBP weakened after Chancellor Darling lowered 2008 GDP growth forecast, to 2.0% - 2.5% range from prior 2.5% - 3.0% expectations. A White House Homeland security report noted that Al Qaeda is likely to intensify efforts to place operatives inside US hurt the US Dollar sentiment. Qatari Oil Minister stated that Oil prices would remain in USD despite its recent soft tone. These comments come on the back that on Sept 26th Saudi Arabia announced that it intended to stick to its USD peg.
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