RTFX-Trading
08-06-09, 07:43 AM
MORNING BRIEFING: Investors carefully study U.S. retail sales statistics and the Fed beige book
What's new:
United States: 345'000 job cuts in May, unemployment rate 9.40%.
United States: six million jobs lost since December 2007.
Switzerland: Inflation year on year drops to its lowest since 1959.
United Kingdom: Producer prices index lowest in 7-1/2 years.
Russia: Russian President Medvedev said that the world was able to avoid the worst.
IMF: considers efforts to revive the euro area sufficient.
Aujourd'hui:
07h45 Switzerland: adjusted unemployment rate in May, exp 3.50%, previous 3.40%.
10h30 Euro zone: June Sentix Index, exp -31, previous -34.3
12h00 Germany: Factory orders in April, exp -0.30%, previous 3.30%.
16h00 United States: Index of employment in May, previous 89.5.
Overnight Rates and Indices:
EURUSD: 1.4002 ? 1.3926.
USDCHF: 1.0896 ? 1-0835.
GBPUSD: 1.5981 ? 1.5923.
EURJPY: 138.02 ? 137.40.
USDJPY: 98.86 ? 98.27.
DowJones: 8'763 +0.15%.
NASDAQ: 1?849 -0.03%.
S&P 500: 940 -0.25%.
Nikkei: 9?860 +0.94%.
Gold: $958 +0.33%.
Comments:
The market is relieved, as "only" 345'000 Americans lost their jobs in May while the unemployment rate rises to 9.40%. However, skepticism, even pessimism, could regain the upper hand, especially as the price of oil is rising again to around $ 70 and the surge in bond market rates are a cause for concern. In this context, investors will study carefully the statistics of U.S. retail sales and the Fed beige book to try to measure more accurately the changing conditions. The market is awaiting the first estimate for consumer confidence which is expected on Friday.
The dollar regained some of its previous losses late last week, but the trend is expected to resume, a lower U.S. dollar. The dollar?s current status of global reserve currency which it still benefits from could be in jeopardy. This week, the return of optimism on the global economy is expected to push investors towards more appetite for risk; the Pound, the Euro, Australian dollar and New Zealand dollar should be supported, while the Japanese yen should weaken.
Have a nice week.
Emman Xuereb
RTFX Ltd
Head Office
Level 2, Suite 2, The Cornerstone Complex, 16th September Square | Mosta MST 1180 | Malta
Tel: +356 23 31 00 00
Fax: +356 21 41 24 58
Web: www.rtfx.com
This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender. Any use not in accordance with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except with formal approval. The internet cannot guarantee the integrity of this message. RTFX Ltd (and its subsidiaries) shall (will) not therefore be liable for the message if modified. Do not print this message unless it is necessary, consider the environment. RTFX Ltd holds a Category 3 license issued by the Malta Financial Services Authority.
What's new:
United States: 345'000 job cuts in May, unemployment rate 9.40%.
United States: six million jobs lost since December 2007.
Switzerland: Inflation year on year drops to its lowest since 1959.
United Kingdom: Producer prices index lowest in 7-1/2 years.
Russia: Russian President Medvedev said that the world was able to avoid the worst.
IMF: considers efforts to revive the euro area sufficient.
Aujourd'hui:
07h45 Switzerland: adjusted unemployment rate in May, exp 3.50%, previous 3.40%.
10h30 Euro zone: June Sentix Index, exp -31, previous -34.3
12h00 Germany: Factory orders in April, exp -0.30%, previous 3.30%.
16h00 United States: Index of employment in May, previous 89.5.
Overnight Rates and Indices:
EURUSD: 1.4002 ? 1.3926.
USDCHF: 1.0896 ? 1-0835.
GBPUSD: 1.5981 ? 1.5923.
EURJPY: 138.02 ? 137.40.
USDJPY: 98.86 ? 98.27.
DowJones: 8'763 +0.15%.
NASDAQ: 1?849 -0.03%.
S&P 500: 940 -0.25%.
Nikkei: 9?860 +0.94%.
Gold: $958 +0.33%.
Comments:
The market is relieved, as "only" 345'000 Americans lost their jobs in May while the unemployment rate rises to 9.40%. However, skepticism, even pessimism, could regain the upper hand, especially as the price of oil is rising again to around $ 70 and the surge in bond market rates are a cause for concern. In this context, investors will study carefully the statistics of U.S. retail sales and the Fed beige book to try to measure more accurately the changing conditions. The market is awaiting the first estimate for consumer confidence which is expected on Friday.
The dollar regained some of its previous losses late last week, but the trend is expected to resume, a lower U.S. dollar. The dollar?s current status of global reserve currency which it still benefits from could be in jeopardy. This week, the return of optimism on the global economy is expected to push investors towards more appetite for risk; the Pound, the Euro, Australian dollar and New Zealand dollar should be supported, while the Japanese yen should weaken.
Have a nice week.
Emman Xuereb
RTFX Ltd
Head Office
Level 2, Suite 2, The Cornerstone Complex, 16th September Square | Mosta MST 1180 | Malta
Tel: +356 23 31 00 00
Fax: +356 21 41 24 58
Web: www.rtfx.com
This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender. Any use not in accordance with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except with formal approval. The internet cannot guarantee the integrity of this message. RTFX Ltd (and its subsidiaries) shall (will) not therefore be liable for the message if modified. Do not print this message unless it is necessary, consider the environment. RTFX Ltd holds a Category 3 license issued by the Malta Financial Services Authority.