Currency Thoughts: Global Traded Market Update - Feb 8 10 9:11 EST
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Currency Thoughts:
Global Traded Market Update
The second week of February got off to a fairly quiet start. The weekend meeting in Canada of G-7 finance ministers and central bankers did not release a formal statement, says Larry Greenberg of CurrencyThoughts.com. Catch Larry, and TheLFB trade team on ForexTV Live.
The second week of February got off to a fairly quiet start. The weekend meeting in Canada of G-7 finance ministers and central bankers did not release a formal statement. Europeans attending that meeting made reassuring comments about the Greek government’s commitment to reducing its deficit. U.S. Super Bowl won Sunday by New Orleans Saints was a distraction.
The dollar is unchanged against the euro, Swiss franc and Australian dollar. The greenback strengthened 0.4% against the beleaguered pound, which slid below $1.5600 and shows gains of 0.2% relative to the yen and kiwi. The yen is 0.2% firmer against the dollar.
Asian stocks suffered some scattered additional losses, with Japan’s Nikkei closing down 1.1% and below 10,000 for the first time since December 10. Stocks fell 1.7% in Indonesia, 0.9% in South Korea, and 0.6% in Hong Kong. In contrast, the Paris Cac, German Dax, and British Ftse have traded up 1.0%, 0.8%, and 0.8%.
The 10-year JGB yield is steady, whereas bund and gilt yields slid a little.
Oil and gold prices advanced 1.0% and 1.8% to $71.87 per barrel and $1071.50 per troy ounce.
Japanese bank lending fell 1.7% in the year to January, the biggest on-year decline since September 2005. Twelve-month gains of 2.9% in M2 and 2.1% in M3 were lower than December on-year results and a bit below consensus forecasts.
The Japanese current account surplus of Y 901 billion in December was 453% wider than a year earlier but below expectations. The Y 13.28 trillion surplus in 2009 was 18.9% smaller than the 2008 surplus. Merchandise exports were 11.7% higher than a year earlier in December but plunged 34.3% in 2009 as a whole.
The seasonally adjusted current account and trade surpluses in December were 15.7% and 13.9% smaller than in November. Seasonally adjusted exports ticked 0.2% lower on the month. Direct and portfolio investment recorded outflows in December of Y 169 billion and 1.82 billion, resulting in a Basic Balance of negative Y 1.65 trillion. Full Article...
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