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Opening Comment 05.26

Opening Comment 05.26

2010-05-26 04:38:00
Joel Kruger, Technical Strategist
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The buying back into risk was also seen in the equity markets, with US stocks staging a strong rebound into the close. However, the general feel at this point is that the latest rally will be unsustainable and the demand to sell currencies into rallies, in favor of safer haven USD and Yen investments, is still very much alive. 
 
Fed Chair Bernanke has been on the wires and has not helped risk appetite after saying that the Fed should not be providing US$ swaps as a permanent service for financial markets. Additionally, market participants remain focused on the EU and UK debt crisis, with the added strain of having to deal with a Chinese central bank that will most likely move to tighten in the near future. 
 
On the data front, the BOJ Minutes were released and showed a balanced view with regard to the downside and upside risks to the Japanese economy. Meanwhile, in Australia, Westpac-MI’s leading index of economic activity showed much better times ahead for the Australian economy. The data was better than expected, but was somewhat offset by a softer than anticipated value of construction release
 
Looking ahead, all is quiet on the European calendar for Wednesday, with the only key economic releases coming in the form of German GfK consumer confidence (3.6 expected) at 6:00GMT, and UK BBA loans for house purchases (37000 expected) at 8:30GMT. US equity futures remain bid ahead of European trade, while oil is also bid and gold trades flat.  
 
 
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 
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