| Market Analysis Forex - 30 11 2011 |
 Global stock markets rallied for a second day. The main bullish factor was strong demand for an Italian government debt sale where Italy sold €7.5bn of 3-year notes with a 1.5 bid-to-cover ratio, up from a 1.35 bid-to-cover at a previous sale. ‘Limiting’ gains in European stocks was the -1.1 point decline in Nov Eurozone economic confidence to 93.7, greater-than- expectations of a -0.9 point decline to 93.9 and its lowest level in 2 years. The ECB failed to fully sterilize their SMP bond purchases. They say 85 banks bid a total of €194.2bn in 7-day term deposits, but they had aimed to drain €203.5bn; the total of their SMP bond purchases.Strong Japanese retail sales lifted Japanese stocks after Oct Japan retail trade increased +1.4% m/m and +1.9% y/y, stronger-than-expectations of +0.6% m/m and +0.7% y/y. Rising joblessness limited stock gains however, after unemployment in Japan rose more-than-expected when the Oct Japan jobless rate jumped +0.4 to 4.5%, higher than expectations of +0.1 to 4.2%. Wall Street opened little changed as a strong rally in the previous session limited upside even as Italian bond yields fell from session highs. Optimism over progress in Europe contributed to gains of 2.9% in the S&P in Monday's session. American Airlines has filed for Chapter 11 bankruptcy. The JPY was trading weaker against the US dollar on Tuesday morning as Japan’s officials reminded markets that Japan remains guard against sharp rises in the yen, setting pressure on its currency. The Japanese finance minister pledged on Tuesday to achieve “more appropriate” yen levels even as the currency moved away from its record highs hit last month. The US dollar rose up to the 78.20 yen early on Tuesday, remaining in an uptrend which began the previous week. |
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