| Market Analysis Forex - 28 december 2011 |
 European futures are mixed as Italian 10-year bonds inch back to 7%, increasing fears that the debt auctions over the next few days will drag on the Eurozone. Most futures remain unchanged after the holidays but the FTSE MIB futures are off nearly 1% this morning as Italy auctions 179-day bills and zero-coupon notes later today. Italian bank stocks are the culprit as rising debt yields raise concerns about the banking sector’s liquidity. The ability to implement austerity while keeping ballooning deficits under control also have investors wary of tomorrow’s debt auctions for longer dated maturities. The EURUSD and GBPUSD are mostly unchanged, at 1.3064 and 1.5658 respectively.Asian markets are trading lower as deflation and weaker than expected manufacturing data from Japan caused skittish investors to move out of equities. While the Nikkei 225 is mostly unchanged after Japan experienced a sharp -2.60% contraction in industrial production, the Yen is increasing its strength against the dollar, trading up .1406% at 77.7705. This strength further increases the possibility of another Bank of Japan intervention. The Hang Seng Index is down over 0.66% and the Aussie dollar also weakened -0.0381% today as a note from Goldman Sachs mentioned that BRIC (Brazil, Russia, India and China) nations’ growth expectations have diminished after weaker than expected data and massive capital outflows. Mixed economic data from the U.S. yesterday left U.S. Indices largely unchanged. Consumer confidence figures leapt pass expectations, coming in at 64.5 versus 58.2 estimated, as increased employment eased consumers concerns after months of government impasse on budget measures. The Case-Shiller House Price Index came in weaker than expected as housing prices continued to fall across the States. Gold continued yesterday’s slide, down now -0.33%, but crude has risen dramatically from below $100 to over $101.33/barrel as Iranian war games in the Strait of Hormuz threaten the world oil supply. |
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