· Treasuries fell as Federal Reserve Chairman Ben S. Bernanke said an agreement to reduce long-term U.S. deficits may remove an impediment to economic growth and crimp haven demand. U.S. 10-year note yields rose to a one-week high after a report showed housing starts unexpectedly increased last month to a four-year high.
· Ben Bernanke says there could be a very good year ahead if an agreement is struck to tackle the fiscal cliff, still early days but headlines are powerful market movers these days. The benchmark 10-year yield increased five basis points, or 0.05%, to 1.67 percent at 4:59 p.m. in New York.
· USDMYR still pretty muted opening at 3.0580, I’d like to quote a colleague of mine yesterday “December and X’mas came early to the markets this year” for those who are unfamiliar, December is typically a quiet month but this year November have already kick started the quiet period. USDMYR trading range 3.0300-3.0800.
· France’s government bonds fell, with 10-year yields rising the most more than in six weeks, after Moody’s Investors Service lowered the nation’s top credit rating, citing a worsening economic growth outlook. Greek and Portuguese debt advanced as European finance ministers prepare to meet in Brussels today to discuss aid for Greece.
· RBA, did hint of one more 25bps cut to the Aussie benchmark rates and personally I think they are not calling a bluff. I reckon the cut should come in December and that would pretty much be if for the short term from RBA as we wait and see how 2013 turns out to be. Current Aussie rate is at 3.00%
· For those following the Israel Gaza dispute, it seems there is little signs of a truce as the missles continue to pour and Israelsays they favour a peaceful settlement but they are all ready to invade if required.
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