| G10 Advancers and Decliners vs USD |
| EUR | 0.28 |  |
| CHF | 0.28 | |
| JPY | 0.15 | |
 | GBP | -0.06 | |
| Buoyant risk sentiment has continued into today’s Asian session after European and US equity indices managed to close with big gains yesterday. The Nikkei is up around 1.4% on the day, whilst the Hang Seng is up almost 4% after yesterday’s public holiday kept the exchanges shut.
Ahead of Friday’s non-farm payrolls, yesterday’s ADP report hinted at better than expected labour market growth in... |
| G10 Advancers and Decliners vs USD |
| EUR | 0.39 | |
| GBP | 0.33 | |
| CHF | 0.19 | |
| JPY | 0.17 | |
| Risk appetite is starting on a subdued tone today after Moody’s cut Italy’s sovereign credit rating by three notches to A2, outlook negative. The credit ratings agency cited downside risks to growth, general funding issues threatening to dog countries with high levels of debt, and the risks to Italy’s fiscal consolidation plan as the key reasons behind their decision to downgrade. Whilst this... |
| G10 Advancers and Decliners vs USD |
| JPY | 0.04 | |
| GBP | -0.16 | |
| EUR | -0.38 | |
| CHF | -0.46 | |
| As expected, the RBA left overnight interest rates unchanged at 4.75% this morning, citing heightened uncertainty on global growth prospects and a weaker domestic backdrop as the reasons for their cautious approach. It was also noted that lowered expectations for near-term growth and decreased risk of labour costs rising would allow the central bank to take a more lenient approach to inflation.... |
| G10 Advancers and Decliners vs USD |
| JPY | -0.02 | |
| GBP | -0.34 | |
| CHF | -0.35 | |
| EUR | -0.48 | |
| Asian equity markets are in deeply negative territory at the start of this week as concerns over the Eurozone debt crisis continue to nag at investor confidence. The Nikkei is trading -1.8% whilst the Hang Seng is sharply lower at -4.6%. Today’s public holiday on mainland China means that the Shanghai bourse is closed and temporarily shielded from the losses; but unless there are some surprise... |
| G10 Advancers and Decliners vs USD |
| JPY | 0.19 | |
| CHF | -0.15 | |
| EUR | -0.20 | |
| GBP | -0.20 | |
| The big news overnight has been the unexpected downgrade of New Zealand’s credit rating by Fitch, stripping the country of its AAA standard and instating an AA+ rating with outlook stable. Fitch cited high levels of external debt as the key concern which prompted the move, but given the market’s preoccupation with Europe in recent weeks and minimal commentary even suggesting this scenario, the... |
| G10 Advancers and Decliners vs USD |
| CHF | 0.16 | |
| EUR | 0.16 | |
| GBP | 0.04 | |
| JPY | -0.06 | |
| The Greek debt saga continues to evolve slowly, with the latest attention focused on Merkel’s challenge in passing the EFSF vote through Germany’s parliament. The ballot is scheduled to begin at 9am GMT today and we believe the vote should pass without incident; after all, the opposition have already pledged their support and the market’s interest in this event seems to be exaggerated by the... |
| G10 Advancers and Decliners vs USD |
| JPY | 0.07 | |
| GBP | -0.03 | |
| EUR | -0.19 | |
| CHF | -0.39 | |
| Another day has passed with the markets focused squarely on Greece’s debt crisis, and without any official progress made. An article in the FT overnight suggests that a split has emerged among Eurozone member states about the terms of Greece’s bailout, with several countries calling for private sector bond holders to take even bigger losses on their holdings. Further discord in European policy... |
| G10 Advancers and Decliners vs USD |
| EUR | 0.74 | |
| CHF | 0.50 | |
| GBP | 0.48 | |
| JPY | 0.08 | |
| Equity markets have quickly reversed higher overnight as expectations rise that a Eurozone rescue package announcement is imminent. Both European and US major indices managed to close higher yesterday, with the DAX +2.9% and Dow Jones +2.5%; in turn the Asian session has enjoyed a strong session, and at present the Nikkei is +2.8%, Hang Seng +3.0% and Shanghai Composite +0.8%. Although public... |
| G10 Advancers and Decliners vs USD |
| JPY | 0.31 | |
| GBP | -0.01 | |
| CHF | -0.88 | |
| EUR | -0.92 | |
| Risk appetite has started the week on a bad footing as troika talks in Washington over the weekend failed to produce any clear news or solutions for the ongoing debt crisis. Asian equity indices are trading in the red, with the Nikkei -2.2%, Hang Seng -3.2% and Shanghai Composite -1.5%. In the currency space, EURUSD has slid quickly lower throughout the session, dropping from a high of 1.3583... |
| G10 Advancers and Decliners vs USD |
| JPY | -0.51 | |
| CHF | -1.14 | |
| GBP | -1.18 | |
| EUR | -1.40 | |
| The much anticipated FOMC meeting last night turned out to be a rather underwhelming event for investors, as the official unveiling of Operation Twist failed to inspire. The Fed revealed their intention to buy $400bn of long term debt, funding the strategy by simultaneously selling $400bn in short-term securities; however investors were clearly positioned for something more dramatic, and in turn... |
| G10 Advancers and Decliners vs USD |
| JPY | 0.28 | |
| EUR | 0.10 | |
| GBP | -0.02 | |
| CHF | -0.52 | |
| Troika talks in Greece are said to have been productive, and encouragingly, the suspended review of Greece’s austerity implementation is expected to resume next week. As such, the Greek Finance Ministry expressed confidence that the next tranche of badly needed bailout cash would be forthcoming – a development that has allowed the market to breathe a collective sigh of relief. European equity... |
| G10 Advancers and Decliners vs USD |
| GBP | 0.11 | |
| JPY | -0.07 | |
| EUR | -0.15 | |
| CHF | -0.16 | |
| The headlines this morning are dominated by news that ratings agency S&P has downgraded Italy’s long-term debt to A from A+, maintaining an outlook negative. This comes as an additional blow to confidence as critical talks between the troika (EU, ECB and IMF) and Greece are already putting pressure on EURUSD and equity markets. The government announced that a further conference call between... |
| G10 Advancers and Decliners vs USD |
| JPY | -0.09 | |
| GBP | -0.49 | |
| CHF | -0.69 | |
| EUR | -0.85 | |
| Risk appetite has suffered at the start of this week, as the market grows more and more concerned about Greece’s ability to secure the next instalments of funding from the EU/IMF, and greater speculation of a default swirls. Greek Prime Minister Papandreou cancelled a planned visit to the US in response to the growing domestic tension, as talks with the troika to release the next tranche of... |
| G10 Advancers and Decliners vs USD |
| EUR | -0.05 | |
| JPY | -0.07 | |
| GBP | -0.10 | |
| CHF | -0.28 | |
| It’s been a very strong session for risk appetite as markets have been appeased by the news that numerous European central banks and the BoJ were opening dollar swap lines with the Fed. The ECB announced yesterday afternoon that they would provide new dollar loan facilities to European banks, as precaution to ensure that funding issues do not hamper the financial system going into year end. The... |
| G10 Advancers and Decliners vs USD |
| EUR | 0.10 | |
| GBP | -0.01 | |
| JPY | -0.03 | |
| CHF | -0.19 | |
| Yesterday's conference call between the leaders of Germany, France and Greece offered few new developments about the debt crisis solution, and yet market sentiment has managed to stabilize; with European and US equity markets closing strongly higher and the Nikkei trading +1.8% today. Much like previous statements, Merkel, Sarkozy and Papandreou committed to implementing the bailout agreements as... |
| G10 Advancers and Decliners vs USD |
| JPY | -0.09 | |
| GBP | -0.49 | |
| CHF | -0.73 | |
| EUR | -0.74 | |
| Market sentiment has taken some considerable steps backward overnight, as Moody’s downgraded the credit rating of 2 French banks, emphasizing the fears of debt crisis contagion within Europe. Credit Agricole was cut from Aa1 to Aa2, whilst Société Générale went from Aa2 to Aa3. Adding further worry to the outlook, Chinese PM Wen suggested that developed nations needed to cuts... |
| G10 Advancers and Decliners vs USD |
| EUR | 0.61 | |
| CHF | 0.60 | |
| JPY | 0.33 | |
| GBP | 0.24 | |
| Risk appetite has managed to stabilize overnight after a report in the FT suggested that China may start purchasing Italian debt. Sovereign debt markets have been in turmoil for a number of weeks now as the uncertainty about Greece’s ability to avoid default sparks contagion fears within the Eurozone. This China news, if true, would be a welcome balm to soothe frayed consumer sentiment and slow... |
| G10 Advancers and Decliners vs USD |
| JPY | 0.70 | |
| GBP | -0.50 | |
| CHF | -0.68 | |
| EUR | -0.76 | |
| EURUSD has slid dramatically lower since Friday morning, as murmurs of a Greek default have grown louder and risk appetite has vaporized in the market place. German press reports out over the weekend suggested that the German Economics Minister was already looking at contingency plans to protect domestic banks should there be a Greek default, increasing the number of official sources shown to be... |
| G10 Advancers and Decliners vs USD |
| CHF | 0.10 | |
| JPY | -0.02 | |
| EUR | -0.24 | |
| GBP | -0.24 | |
| Overall it’s been a mixed session in Asia, with major stock indices slightly lower (Nikkei -0.6%, Hang Seng -0.3%), but economic data managing to avoid any downside shocks. In Japan, Q2 GDP came out at -2.1% annualized (-0.5% QoQ); although these absolute figures are incredibly unhealthy, they are at least identical to what the market was expecting and so no further drop in risk appetite was... |
BoE Restarts QE While ECB Holds Rates; Today’s Focus On NFP
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