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Reuters
Stocks rise and dollar down as Fed minutes loom
Tuesday August 29, 6:09 am ET
By Gerrard Raven
LONDON (Reuters) - European stocks moved higher and government bonds and the dollar eased on Tuesday, but trading was overshadowed by the imminence of minutes of the meeting at which the U.S. Federal Reserve paused in its tightening cycle.
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The impression those minutes will give as to whether that pause will continue or could prove temporary will have a major impact on currencies and U.S. Treasuries, and influence the mood on stock markets across the globe, traders said.
One of the few pieces of data to move markets ahead of the 1800 GMT release of the Fed minutes was the forward-looking German consumer sentiment indicator from the GfK market research group which rose for September to a near five-year high.
"The GfK number knocks Bunds (German government bonds) down a bit, although I don't think people will do much ahead of the Fed minutes," said a bond trader at a European bank in London.
Position squaring ahead of the minutes saw the dollar pulling back from last week's one-month highs against the yen and weakening against the euro.
"The market is perhaps expecting to see the Fed today in the minutes to at least give further indication that we are at the peak in U.S. rates," said Mitul Kotecha, head of global foreign exchange research at Calyon.
U.S. rates rose for 17 consecutive meetings to 5.25 percent before the meeting on August 8 at which they were held unchanged with one member of the Federal Open Markets Committee voting for a rise.
By 0910 GMT, the dollar was down 0.3 percent against the euro at $1.2816. Against the yen, it lost ground to trade at 116.71 yen, retreating from last week's one-month high of around 117.40 yen.
The euro retreated to 149.57 yen after Japanese Finance Minister Sadakazu Tanigaki said he would monitor currency movements closely in the wake of the euro's rise to a record high against the Japanese currency.
SHARES HIGHER
European shares moved higher, taking their cue from Wall Street and Asian markets overnight as London traders returned after a public holiday.
Mining stocks led the way after Chile's Antofagasta beat forecasts with a 78 percent jump in first half net profit buoyed by higher copper prices. Its shares rose 1.44 percent.
The FTSEurofirst index of 300 leading European shares was 0.38 percent higher.
Monday's sharp drop in oil prices on relief that tropical storm Ernesto had veered away from Gulf of Mexico oil installations boosted Wall Street overnight, with the Dow Jones industrial average rising 0.60 percent.
Expectations that there will be no further Bank of Japan rate rise for a while enabled the Nikkei average to break a run of four straight daily falls, and it ended up 0.81 percent.
The oil price arrested its decline on Tuesday, with U.S. crude for October delivery rising 25 cents to $70.86 a barrel after a $1.90 drop the previous day.
The GfK indicator and a Financial Times Deutschland report saying the European Central Bank will raise its forecasts for euro zone economic growth and inflation led euro zone government bonds to extend Monday's losses.
The September Bund future was down 18 ticks at 117.79.
"Yields have come down a long way in a very short period of time," said Michael Every, strategist at RBC Capital Markets.
"If we get any indication (from the meeting minutes) that the Fed is still very worried about inflation, then there's room for big retracement on that."
secondo me ha influenzato di più quella postata da quick&silver su thread "mercati"
Stocks rise and dollar down as Fed minutes loom
Tuesday August 29, 6:09 am ET
By Gerrard Raven
LONDON (Reuters) - European stocks moved higher and government bonds and the dollar eased on Tuesday, but trading was overshadowed by the imminence of minutes of the meeting at which the U.S. Federal Reserve paused in its tightening cycle.
ADVERTISEMENT
The impression those minutes will give as to whether that pause will continue or could prove temporary will have a major impact on currencies and U.S. Treasuries, and influence the mood on stock markets across the globe, traders said.
One of the few pieces of data to move markets ahead of the 1800 GMT release of the Fed minutes was the forward-looking German consumer sentiment indicator from the GfK market research group which rose for September to a near five-year high.
"The GfK number knocks Bunds (German government bonds) down a bit, although I don't think people will do much ahead of the Fed minutes," said a bond trader at a European bank in London.
Position squaring ahead of the minutes saw the dollar pulling back from last week's one-month highs against the yen and weakening against the euro.
"The market is perhaps expecting to see the Fed today in the minutes to at least give further indication that we are at the peak in U.S. rates," said Mitul Kotecha, head of global foreign exchange research at Calyon.
U.S. rates rose for 17 consecutive meetings to 5.25 percent before the meeting on August 8 at which they were held unchanged with one member of the Federal Open Markets Committee voting for a rise.
By 0910 GMT, the dollar was down 0.3 percent against the euro at $1.2816. Against the yen, it lost ground to trade at 116.71 yen, retreating from last week's one-month high of around 117.40 yen.
The euro retreated to 149.57 yen after Japanese Finance Minister Sadakazu Tanigaki said he would monitor currency movements closely in the wake of the euro's rise to a record high against the Japanese currency.
SHARES HIGHER
European shares moved higher, taking their cue from Wall Street and Asian markets overnight as London traders returned after a public holiday.
Mining stocks led the way after Chile's Antofagasta beat forecasts with a 78 percent jump in first half net profit buoyed by higher copper prices. Its shares rose 1.44 percent.
The FTSEurofirst index of 300 leading European shares was 0.38 percent higher.
Monday's sharp drop in oil prices on relief that tropical storm Ernesto had veered away from Gulf of Mexico oil installations boosted Wall Street overnight, with the Dow Jones industrial average rising 0.60 percent.
Expectations that there will be no further Bank of Japan rate rise for a while enabled the Nikkei average to break a run of four straight daily falls, and it ended up 0.81 percent.
The oil price arrested its decline on Tuesday, with U.S. crude for October delivery rising 25 cents to $70.86 a barrel after a $1.90 drop the previous day.
The GfK indicator and a Financial Times Deutschland report saying the European Central Bank will raise its forecasts for euro zone economic growth and inflation led euro zone government bonds to extend Monday's losses.
The September Bund future was down 18 ticks at 117.79.
"Yields have come down a long way in a very short period of time," said Michael Every, strategist at RBC Capital Markets.
"If we get any indication (from the meeting minutes) that the Fed is still very worried about inflation, then there's room for big retracement on that."
secondo me ha influenzato di più quella postata da quick&silver su thread "mercati"
