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Forex Market Update - Trade the News - US Market UpdateDow - 57 S&P -4.1 NASDAQ +3.6
- Indices are mixed in trading on Wednesday.
Aerospace names were weighing upon the Dow after BA announced that it would delay the deliveries of it 787 Dreamliner by 6 months until Nov/Dec 2008.
- Energy names were initially softer after lower guidance were issued by Valero and Chevron.
- US bonds stated the session on a soft tone in follow through selling related to the FOMC minutes as dealers rethought the potential of any additional FED ease. The US 10 year yielding 4.632%, while the 2-year offered at 4.124%. Former Fed Chairman Greenspan reiterated his cautious tone noting that the credit cruch will eventually takes it toll on US economy and the consumer.
- The USD remained on the defensive against the European currencies on Wednesday. The soft tone attributed to various government officials not expressing overly concern about the USD's decline. UK's Chancellor Darling bluntly stated that G7 should concentrate on long-term structural reforms, not currencies. Fed's Rosengren stated that a weaker USD has both benefits and drawbacks. The fed member noted that a weak Dollar is "potential concern" for inflation; yet can be helpful for exports.
The EUR/USD broke above its recent resistance area of 1.4160 on chatter that Eastern Europe names have a strong appetite for Euros. Note that the Russian Central Bank stated in today session that they were raising FY inflation forecast at end of September. Last Friday after US payroll data, the Russian central bank was stated to be good Euro buyers to counter the actions taken to curb RUB appreciation.
CHF price action was mixed at the currency firmed against the USD to test 1.1800, but weakened to a fresh 10 Â½ year low against the Euro at 1.6729.
BOE says no bids received again at Â£10B 3 month auction . The two-year yields rose by 16bp, the largest rise in over 4 years to 5.27%.
Dealers noting that Yield curves flattened among the major industrial powers in today's session. GBP/USD tested 2.0476 before retracing its session gains to hover around the 2.0430 area.
Bank of Intl Settlement (BIS) stated that central banks have sold 476 tons of gold during the past year as per prior accord. Gold was firmer throughout the session on the weaker USD sentiment.
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