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Trade the News - U.S. Market Update
U.S. Market Update
Dow +3 S&P +1.8 NASDAQ -6
- Indices slip into negative territory weighed down by higher energy prices and continued worries about Goldman Sachs. Even after Goldman denied fresh write down rumors yesterday towards to close of trade, chatter resurfaced today opening the door for more selling in some of the fragile financials. Citigroup is off another 2%. Commodity futures are as much the story today as anything else though. Dec crude is making new all-time highs nearing $97. Heating Oil and gasoline are higher by 2.5%. Dec gold has gained nearly $15 to $826 while the silver contract has added another 4.5% to $15.42. The XAU has made new all- time highs on back of this strength. The NASDAQ has been the noticeable laggard in the early going hurt by several Q3 earning's reports and weakness in MSFT -2%. CTSH -17% CECO -7% ASEI -10% JAVA -7% LOCM -10% MCCC -12%. Treasury futures pared early losses when equity futures moved to new lows. The long bond future is down 5 ticks after trading off more than half a point early in the session. The 10-year is holding near 4.33%.
- Overall sentiment remains bearish for the USD against a broad range of currency pairs. The EUR/USD hit fresh life-time highs at 1.4570 and is deemed as a 'synthetic pre-Euro launchâ high when calculated on a Deutsche mark only basis. USD/CHF probed the 1.1425 area for its lowest level since Jan 2005. GBP/USD briefly tested the 2.09 handle for fresh 26- year highs. The firm tone in the Euro was attributed to demand from Eastern European names. In a move similar to last month, dealers noted that the impact of higher domestic Russian inflation is aiding the Euro. The Russian Central bank has in the past purchased Euros after strong inflation numbers to offset USD/RUB intervention as the e Ruble rises after high CPI data. Oct CPI for Russia rose M/M 1.6% v 1.4%e and Y/Y was up 9.3% v 9.0%e. EU's Juncker reiterated the European view that a strong EUR is better than a weak one, but added that the Euro cannot continue to rise forever. The CAD rose to its best level since the currency was fixed against the USD back in 1962. USD/CAD tested 0.9235 in early NY trading on Tuesday. Other commodity-related currencies firmed in the session as Oil again hit fresh all-time highs at $96.20 and spot Gold hit its best level since its Jan 21st, 1980 fixing of $850 per oz. Gold tested $824.15 in the NY session. Dealer chatter is focusing on the potential trifecta of obtaining EUR/USD 1. 50 level, Oil at $100 per barrel and Gold hitting the $1,000 level. The NOK/USD is trading at multi-decade highs of 5.34 against the USD as oil prices firms. European fixed -income futures were unable to make headway into positive territory after soft EU retail sales data for Oct was released just ahead of the US interbank open. Firmer global equity markets weighed upon debt futures as some funds exhibited a rotation from fixed- income into equities. Near the European close a rumor that Goldman may announce a writedown of level 3 assets helped to move equities off their best levels and fixed-income futures off session lows.
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