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Euro Sold Amid Bailout Uncertainty, Yen Slumps as Stocks Advance

Euro Sold Amid Bailout Uncertainty, Yen Slumps as Stocks Advance

2010-04-26 05:13:00
Ilya Spivak, Sr. Currency Strategist
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Key Overnight Developments

Euro Sold as Canada’s FinMin Reveals G20 Doubts of Greek Bailout
• UK House Prices Rise the Least in Three Months, Says Hometrack
Japanese Yen Slumps as Asian Stocks Soar on Toyota Outlook



Critical Levels
euro open 04262010 1

The Euro and the British Pound diverged in overnight trade, with the single currency down 0.2 percent while the UK unit added 0.3 percent against the US Dollar after Canada’s Finance Minister said G20 officials meeting in Washington DC were concerned that a 45 billion EU/IMF bailout package was insufficient to stave off default in Greece while Germany’s Finance Minister alluded that his country had not made a final decision on supporting the rescue effort. The spreads on Greek credit-default swamps rose 37.3 basis points to a new record high. We remain short EURUSD at 1.4881.


Asia Session Highlights

euro open 04262010 2

A survey from Hometrack Ltd showed that UK House Prices grew at the slowest pace in three months, adding 0.2 percent in April. Oversupply seems to be behind the outcome as the increase in listed properties (3.7 percent) outpaced that of new registered buyers (1 percent) for the second consecutive month. Hometrack director of research Richard Donnell also linked the outcome to “public spending cuts and the prospect of tax rises” in the aftermath of the general election set to take place on May 6 as the incoming government tackles the UK’s soaring budget deficit.

The Japanese Yen declined against all of its major counterparts as stocks raced higher in Asian trade, weighing on the standby funding currency. The MSCI Asia Pacific regional benchmark equity index rose 1.5 percent, on pace to register the biggest daily rally in over five weeks. Japanese shares led the way higher after the Nikkei newspaper reported that Toyota, the world’s largest carmaker, would post an annual operating profit rather than the loss that the firm itself had forecast.


Euro Session: What to Expect

euro open 04262010 3

With nothing on the economic calendar, currency markets are likely to look to risk sentiment as the primary driver of directional momentum. Stock index futures look inconclusive, with much still hanging on commentary regarding Greece coming out of the G20. First-quarter earnings figures from Caterpillar Inc are due late into the session and may prove to set the one ahead of the opening bell on Wall St.


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