MARKET CURRENTS
real-time news and commentary for investors
MARKET CURRENTS
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Today - Thursday, June 20
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3:17 AM While the dollar rises following the FOMC's various statements and comments yesterday, commodities (DBC) sell off, with gold -3.3% (GLD) to 1,328.85 per ounce, well below the key support level of $1,349. Silver (SLV) -4.3%, Oil -1.8% (USO), copper -1.6% - also dragged down by the poor Chinese PMI print - palladium -1.6% and natural gas (GAZ) -0.8%. Comment!
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3:09 AM The dollar strengthens across the board following the Ben Bernanke Show yesterday. "Bernanke was more explicit than markets had expected. Rising U.S. yields will spur broad dollar buying. The dollar's direction is now set," says Credit Agricole's Yuji Saito. USD-JPY (FXY) +1.1%, USD-EUR +0.3%, USD-GBP (GBB) +0.3%, USD-AUD +0.6%. 1 Comment
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2:43 AM HSBC Chinese manufacturing PMI has fallen to a nine-month low of 48.3 in June from 49.2 in May and vs consensus of 49.4; manufacturing output index 48 vs 50.7. "Manufacturing sectors are weighed down by deteriorating external demand, moderating domestic demand and rising de-stocking," says HSBC. Beijing's preference for reform over stimulus will have a limited impact in the short term, so HSBC expects "slightly weaker growth in Q2." (PR) Comment!
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