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Quiet Morning Reveals Mixed Bag!
By Mike Conlon | February 3, 2010
Quiet Morning Reveals Mixed Bag!
This morning the markets can’t seem to decide which way they want to go. News out of the Euro Zone that Greece’s debt reduction plan has been accepted caused the Euro to rise above 1.40, though it has backed off and is now trading below. The US ADP Jobs report came out this AM, showing better than expected job loss numbers, yet the stock market futures sold off and the dollar advanced.
Tomorrow’s big news is from across the pond, with both the UK and the EU coming out with their interest rate decisions.
Here’s how the individual currencies are faring this morning:
Aussie (AUD): The Aussie is up this morning vs. all currencies, as mild risk-taking is the general theme this morning, despite a bit of US dollar strength.
Kiwi (NZD): The Kiwi is mixed this morning, down against the Dollar and Loonie, but up against Japanese yen.
Loonie (CAD): The Loonie is showing a bit of weakness, paring back recent gains as commodities, particularly oil, traded higher.
Euro (EUR): As mentioned earlier, the Euro is showing strength as the Greek debt reduction plan was viewed as acceptable. However, rumors still persist that a bailout may be forth-coming, which is preventing institutions from flocking back as an alternate to the Dollar.
Pound (GBP): The pound is trading down slightly as all eyes will be on the rate decision tomorrow as well as the BOE’s actions regarding its quantitative easing program.
Dollar (USD): The Dollar is showing mild strength on the heels of the ADP jobs report. Stock futures are down, high-lighting the inverse relationship.
Yen (JPY): The yen is weak this morning across the board, as risk-aversion is abating and yen carry trades are in higher demand.
So expect sideways trading throughout the day as the market oscillates back and forth waiting for the next piece of news that will cause one risk theme to dominate the other.
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