Everett Neal
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The DAX index in Europe was at 4,629 down -7; the FTSE (UK) currently is 4,217 down -39. This deep recession has had a profound effect on global consumption. The Saudi oil minister al-Naimi said that all members are ? determined forex ? to stabilize the oil market. The Nikkei closed 8,517 down -206. But, with commodity prices easing once again, the loonie managed to pare its early morning gains. Digging deeper, one notice ? that prices were revised down from the initial report while certain sub-components also eased, especially the services component. It ? expected that that they will continue to mollify output as demand falls. forex Investors forex online uk are now betting that GM will not survive despite the Government handout. Already OPEC is hinting that they may meet again next month to discuss further production cuts. There is truly no light at the end of the tunnel just yet. 4.2% in the preliminary report. The AUD$ pared gains as global equities continue to have difficulty finding traction. Not a bad thing, as globally and individually, online foreign exchange we the consumer exposed ourselves on many accounts creating this mess. This has persuaded investors to shy away from higher yielding assets. This will lead to a New Year of optimism. This forex broker 3rd Q is expected to mark the first of four consecutive quarters of negative growth in the US; with 4th Q real-GDP expected to contract by -4.5%, q/q. By default, this will hurt commodity based currencies and in this spot forex market holiday trading environment, most price movements tend to be exaggerated. But forex broker so far very little towing can be seen as ? negativity outweighs consumption ?. The black-stuff remains under pressingness on concerns that the global recession will curb demand faster than OPEC can make production cuts. Fundamentally we have only corner trying to provide support and that ? OPEC. This data has taken a lot of the joy out of this holiday season as a large percentage of consumers fear for their solvency and jobs. Year-to-date oil is down 55%. As anticipated US data continues to look after stronger evidence that the world ? largest economy currency continues to contract. , as expected there was no final revision to superscription US GDP in 3rd Q (remaining at -0.5% q/q). On a cross related basis the loonie remains under pressure, with the holiday that ? in it; do not be surprised to see the currency trade back up towards the 1.2500 in the short term. With the greenback under allin pressure investors are linnell to once again currency own the ? cloak-and-dagger ? metal as an alternative investment ($840). , the initial reaction to the Canadian government reaching a deal with banks to restructure the insolvent $26b CP market favored the loonie. Crude is lower O/N ($8.59 down -39c). The CP market has been in limbo since and the net result will give investors access to their money by Jan. Personal consumption was revised down forex trading to -3.8% m/m, gulping GDP down 2.75% in 3rd Q, while the services sector turned negative for the first time in nearly 2-decades, easing -0.1% q/q. This crude market is a bottomless pit; it continues to break all technical barriers and seems dead focused on a sub $30 handle. Non-residential investment weakened further to -1.7% while residential investment improved from both the preliminary and advanced reports although still down in double-digit territory and still reducing real-GDP. The 10-year Treasury yields eased 2bp (2.15%) even with a record of new issues this week. Even non-OPEC member Russia is signaling that it too will trim production in the New Year. The commodity currencies are mixed this morning, CAD -0.24% and AUD 0.04%. With global equities and a never ending falling US housing market, consumer confidence is very much being continuously tested. The early call for the open of key US indices is higher. These numbers beat all analysts ? expectations and provides further proof that the battered US housing market is taking us deeper into recession. The US$ currently is lower against the EUR 0.23%, CHF 0.08% and JPY 0.68% and higher against GBP -0.22%. Even with yields at record lows, investors continue to seek safety in the FI asset class. Same theme different day, crude remains under pressure and cannot find any traction as ? US data confirms that the worlds largest economy will contract even further. The US$ is mixed in the O/N trading session. Analysts vocally believe that resale prices are collapsing at a karel similar to that of the Great Depression. The median sales prices collapsed -13%, the largest decline in 40-years. Fundamentally we are trying to hit the ? reset ? button with economies and indices retracing back to levels of past years, levels that are attractive to invest in. Sales of US single-family houses dropped once again last regular year and by the most in 2-decades. None of the negative headlines is news anymore now that the market is finally finding ? fair value ? of risk. The world is currently awash with the ? black-stuff ?. A deepening global recession may lead to further interest-rate cuts (4.25%), thus eroding their appeal of the so called ? carry-trade ? (0.6816). To date OPEC ? actions have done little to elevate prices that have dropped 75% from their record highs during the summer. This week they reiterated their intent to enact record production cuts announced last week during this global economic slowdown. Cacophonous accounts for 10% of Canada ? net exports each year. The headline GDP Price index moderated to 3.9% q/q vs. Purchases of existing and new homes plummeted -7.3%, m/m (4.43m units). Exports also deteriorated to 3.0%, q/q, down from 5.9% in the advanced report, providing even less of a support than previously, while imports declined to -3.5% m/m. Fundamental data continues to point to the BOC easing borrowing cost again next month from their 50-year lows (1.5%). Currently it is higher against 8 of the 16 most actively traded currencies, in another ? plastic ? illiquid trading range.
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