FX Weekly: 24th January 2011
The Dow rose for an 8th straight week as stronger equities/weaker Dollar mantra continues. Positive USD/equities correlation at the beginning of the year has dissipated
Strong earnings results from several bellwethers such as Apple, Intel and Google pushed indices across the globe higher
Q4 earnings are proving robust – so far, approx 70% of all earnings reports have beat estimates
Elevated inflation in the UK is gaining traction with hawkish elements of the BoE as well as market participants. Probability of policy tightening before year-end has increased substantially
Oscillating sentiment towards future Chinese growth rates continues to cap short-term gains in global equity markets. Additional policy action by the PBOC is expected to weigh on global growth rates and AUD, NZD, CAD given their sensitivity to commodities
Strong earnings results from several bellwethers such as Apple, Intel and Google pushed indices across the globe higher
Q4 earnings are proving robust – so far, approx 70% of all earnings reports have beat estimates
Elevated inflation in the UK is gaining traction with hawkish elements of the BoE as well as market participants. Probability of policy tightening before year-end has increased substantially
Oscillating sentiment towards future Chinese growth rates continues to cap short-term gains in global equity markets. Additional policy action by the PBOC is expected to weigh on global growth rates and AUD, NZD, CAD given their sensitivity to commodities
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