We are seeing a return of buying risky assets. However, movements have been choppy and of little significance. Yesterday’s Philly Fed survey positive surprise help give markets the lift they needed after a difficult week. In early Asian trading, Reuters reported that the British Bankers’ Association (BBA) said it will allow more institutions to take part in the daily survey that sets the London… (more…)
In light trading, risk appetite has stabilized with USD weakening, while equities and commodities temporarily halted their downside slide. The S&P closed slightly higher, CRB Commodity Index closed back above its 200d MA on the back of stronger crude, which closed up $2.07 to $69.22bll. However, the rationale for the sudden shift in sentiment for a third time this week is difficult to… (more…)
While the FOMC failed to excite the market, it was SNB’s currency intervention which provided the day’s fireworks. Overall, the Fed stuck to the company line (perhaps a slight hawkish lean) stating “conditions in financial markets have generally improved in recent months” and “the pace of economic contraction is slowing” in regard to growth. In regard to inflation, stated ?substantial resource… (more…)
Thursday?s trading can best be described as ?scrappy?. There was no dominant theme for traders to cling to so they were cautious and reverted to type, following equity markets moves as a signal for risk appetite and as a barometer for the Dollar. The CHF seemed to be the subject of intervention (again there was no official comment from the SNB) as, on two occasions, the Swiss Franc took a sharp… (more…)