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Thread: Re: Daily Market Overview by IFC Markets

  1. #21

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    Only two weeks remaing for the US shutdown deadline, still no signs of any solutions to avert the deadline extension.

  2. #22
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    US Default Avoided for Now, US dollar Weakens after Political Crisis

    Senate passed yesterday a shot-term deal by 81 votes for and 18 against, to end partial government closure and safe the biggest economy from debt default. US House also approved the agreement by 285-144 votes. However, that is short-term plan and there are chances for the political impasse risk to return soon in the markets as the government is funded until January 15 2014 and borrowing limit is raised until February 7 2014.

    Risk appetite improved during US session with US equities closing in green, the S&P 500 gained 1.38%, Dow Jones industrial Average was up by 1.36% to 15,373.83 and NASDAQ advanced by 1.20%. Asian equities followed with the NIKKEI 225 climbing by 0.83% to 14,586.51 and S&P/ASX 200 rose by 0.38%.

    See more: US Default Avoided for Now, US dollar Weakens after Political Crisis | IFC Markets

  3. #23
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    US Employment Report on Oct.22, Currencies Enter Steady Mode

    The US dollar has been losing broadly against its major counterparties during yesterday session despite that a fiscal deal was concluded avoiding default. The greenback is under heavy selling pressure due to the short-term postpone of the political impasse since lawmakers would have to face it again early in 2014. US treasury yields reduced as the default risk removed, all the maturities from 1 month to 30 year have seen their yields falling on Thursday. Equities were on the upside with S&P 500 advancing by 0.67%, NASDAQ gaining 0.62%, Dow Jones was flat due to lower revenue for Goldman Sachs.
    Main drivers of the FX market at the moment are the Non-Farm Payrolls and the coming meeting of the Federal Reserve.

    See more: US Employment Report on Oct.22, Currencies Enter Steady Mode | IFC Markets

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    Risk Sentiment Remains Strong, Most Currency Pairs Steady Ahead of NFP

    Concerns over the economic cost of the U.S government shutdown still weigh on the US dollar which inched to a more than 8-month low at 79.45 late on Friday session but earlier today recovered slightly to 79.69. The greenback collapsed after an eventful week that brought biggest economy to default brinkmanship and now is looking ahead for the September employment data, released tomorrow because they were postponed due to fiscal impasse.

    At the same time, risk appetite gets stronger as Federal Reserve chances for tapering are fading even for early in 2014 and that was coupled by upbeat earnings report with biggest surprise up to now the Google earnings. Today we look ahead for McDonald’s (S-MCD) earnings release with EPS consensus standing at $1.51. Asset tapering would also greatly depend on tomorrow’s NFP report, market participants are expecting a 180K increase during September.

    See more: Risk Sentiment Remains Strong, Most Currency Pairs Steady Ahead of NFP | IFC Markets

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    US Sep. Employment Report Looms, Major Currency Pairs in Consolidation

    Major currency pairs go into consolidation mode ahead of September Non-Farm Payrolls and market participants speculate over the number the report would reveal. Consensus stands at 180K increase in employment, slightly above the August reading at 169K while the unemployment rate is anticipated to remain unchanged at 7.3%. On the 1st of October the ADP Employment report registered an increase from a downward revised figure at 159K in August to 166K in Sep. coupled by ISM Employment report increasing to 55.4 in Sep. from 53.3 in August, thus we expect this trend to continue over the NFP as well.
    Furthermore, in case of a weaker than projected NFP we would expect to see a greater harm on the US dollar than a benefit by stronger than projected reading.

    See more: US Sep. Employment Report Looms, Major Currency Pairs in Consolidation | IFC Markets

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    Euro Remains Bullish Against USD, UK GDP Ahead

    The common currency maintained its ground overnight against the US dollar near resistance at 1.3821, pushing to continue it’s up trend. Euro-zone initial Manufacturing PMI reports for October were below expectations although still above previous readings while Services PMI has disappointed projections and failed previous month figures as well. Despite that the EURUSD remains mildly bullish, partly underpinned by positive quarterly Spanish GDP growth for the first time after 2-years.

    Furthermore, the greenback is still under selling pressure due to concerns over the 2013 US economic growth amid 16-day shutdown as well as on asset tapering moved to March 2014. Pressure intensified yesterday after US Jobless Claims stood at 350K the previous week above estimates of 343K, coupled by a weaker expansion than projected for Flash Manufacturing PMI.

    See more: Euro Remains Bullish Against USD, UK GDP Ahead | IFC Markets

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