| Market Analysis Forex - 22 december 2011 |
 Stocks and commodities rallied when the ECB lent Eurozone banks a record amount for 3 years in an effort to avert a liquidity squeeze during the ongoing debt crisis. The ECB awarded €489bn in 1,134-day loans, the most ever in a single operation and more than estimates of €293bn to a total of 523 Eurozone lenders. GBP/USD rallied to a 3-week high after the Nov UK budget deficit narrowed more-than-expected as net borrowing excluding support for banks was £18.1bn, smaller than expectations of £19.1bn.Asian stocks finished mostly higher as better-than-expected US data on housing starts and the unexpected increase in German business optimism reduces the chances of the global economy falling into recession and boosts the earnings prospects of Asian exporters. Gains in Japanese stocks were limited after Nov Japan exports fell -4.5% y/y, weaker-than-expectations of -4.3% y/y and after the BoJ downgraded its assessment of the economy following its policy meeting when it said the Japanese economy will "remain more or less flat for the time being." Wall Street opened lower as enthusiasm waned after strong bank demand for the ECB's record funding operation and fears over the debt crisis resurfaced. As the Christmas and New Year holidays approach, equities will likely to become more volatile as volume peters out. |
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