- Euro-Zone Industrial Orders Advances for a Sixth Month in September Tue, 24 Nov 2009 11:54 GMT
- German Economic Growth Accelerates in the 3rd Quarter Tue, 24 Nov 2009 09:48 GMT
- USD Graphic Rewind Tue, 24 Nov 2009 06:15 GMT
- Opening Comment Tue, 24 Nov 2009 05:59 GMT
- Overnight Interest Rate Update 11.24.09 Tue, 24 Nov 2009 05:13 GMT
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- Nov, 24 Euro-Zone Industrial Orders Advances for a Sixth Month in September
- Nov, 24 German Economic Growth Accelerates in the 3rd Quarter
- Nov, 24 USD Graphic Rewind
- Nov, 24 Opening Comment
- Nov, 24 Overnight Interest Rate Update 11.24.09
- Nov, 23 New Zealand Dollar Outperforms on Risk Appetite, Japanese Yen Loses Ground
- Nov, 23 Existing Home Sales Increase Sharply in October
- Nov, 23 Overnight Interest Rates Update 11.23.09
- Nov, 23 USD Graphic Rewind
- Nov, 23 Opening Comment
- Nov, 20 USD Graphic Rewind
- Nov, 20 Opening Comment
- Nov, 20 Overnight Interest Rate Update 11.19.09
- Nov, 19 Japanese Yen Benefits on Risk Aversion, New Zealand Dollar Falters
- Nov, 19 U.K. Public Budget Posts Highest Short-Fall Since 1993
- Nov, 19 Overnight Interest Rate Update 11.19.09
- Nov, 18 Swiss Franc Strengthens on U.S. Dollar Weakness, British Pound Falters
- Nov, 18 Canadian Consumer Prices Expand for the First Time in 5 Months
- Nov, 18 Opening Comment
- Nov, 18 Overnight Interst Rate Update 11.18.09
OPENING COMMENT
Friday’s impressive close in US equities, despite the surge in the unemployment rate, has done a good job setting the tone in early trade on Monday thus far, with the Yen and USD getting hit hard as investors once again trade back into riskier and higher yielding currencies. Also adding fuel to the fire has been a jump in gold prices to yet another record high beyond $1100, while oil prices have also followed suit on talk of hurricane threats. Meanwhile, an upgrade to China’s outlook from Moodys and an IMF report stating that the Yuan is grossly undervalued, while the USD and Euro are on the strong side, has not helped the Greenback’s cause.
It is no surprise then that the antipodeans are the outperformers on the day, with Aussie and Kiwi rallying sharply on these themes. Aussie has found some additional bids on the back of the stronger overnight housing data, while Kiwi is propped to the top spot after NZ dairy giant Fonterra announced that it had raised its 2009/10 payout by 19%. Looking ahead, data in the European session is light with the only key releases coming from German trade at 7:00GMT, and Eurozone Sentix at 9:30GMT.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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