FX Weekly: 5th September 2011
On the whole, global macro data point to a widespread global manufacturing slowdown in recent months
US equities remain above their recent lows with inflation still elevated; this suggests the Fed will avoid QE3 for the time being and extend duration of securities holdings instead at their Sep meeting
There are no bond auctions in the periphery this week. Upcoming auctions are Italy on Sep 13th
SNB and BoJ intervention seems to be more or less futile as is the case historically when a central bank intervenes against a prevailing tide – EUR/CHF and USD/JPY remain in sell-rallies mode
Barack Obama’s highly anticipated speech is likely to be mostly rhetoric and political spin with almost nothing tangible/market moving being said. FX is unlikely to be affected although US equities will probably react in intra-day trade
US equities remain above their recent lows with inflation still elevated; this suggests the Fed will avoid QE3 for the time being and extend duration of securities holdings instead at their Sep meeting
There are no bond auctions in the periphery this week. Upcoming auctions are Italy on Sep 13th
SNB and BoJ intervention seems to be more or less futile as is the case historically when a central bank intervenes against a prevailing tide – EUR/CHF and USD/JPY remain in sell-rallies mode
Barack Obama’s highly anticipated speech is likely to be mostly rhetoric and political spin with almost nothing tangible/market moving being said. FX is unlikely to be affected although US equities will probably react in intra-day trade
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