·
Not much headline data or big news
events meant markets were left with the sour taste of rising Spanish and
Italian Bond yields and slowing growth in the US and China
·
But importantly the critical
levels in EURUSD and AUDUSD have crept back up towards the support/resistance
level – EURUSD back up above 1.2300 and AUDUSD inching back towards
1.0220
·
USDMYR opened where is
closed yesterday at 3.1820-3.1880 and expected to be range trading
today again taking queue from the China trade balance and
export-import data later today
·
On the night, European stocks fell modestly, the FTSE down 0.34%, the CAC lost 0.38% and the DAX fell 0.35%.
Italy was the only riser, up 0.59%.
·
Across the Atlantic S&P
dropped 0.16% and the DOW fell 0.28% after late rallies. US treasury
notes rose, sending yields 4bps lower while German and UK
borrowing costs fell 1bps each. Oil bounced 1.5% while gold advanced $5 to $1587
·
Germany continues to pay
negative yields on its debt, last night they
auctioned 6 month paper at a yield of -0.0344% compared to 0.007% in June. France
also went negative overnight, it sold €2bn 6 month bills at a yield of -0.006%
versus 0.0096% last week.
·
Antonis Samaras, Greece’s
new PM, has won a confidence vote in the Parliament
with 179 votes in the 300 strong house. However the Deputy Labour minister
Nikos Nikolopoulos resigned overnight, becoming the 2nd high profile
departure in as many weeks.
·
Slovenian officials have come out aggressively shooting down
suggestions they may need an imminent bailout too. Still their 10yr yield rallied 15pts to 6.94%....how ironic
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