US Morning Notes – USD lower as stocks rebound and US yields dip

Tuesday, October 27th, 2009 at 8:15 am

FX Highlights The USD is trading mixed to lower as stocks stabilize and US bond yields fall from a two-month high, GBP supported by report of better than expected CBI retail sales, Swiss consumption index posts modest rise, AUD supported by report of a sharp rise in Q3 business confidence, BOC Governor says strong CAD will not lead to a double dip recession, his comments reduce risk of intervention, JPY supported by month-end repatriation flows Focus turns to today’s release of Case Shiller Home Price Index and consumer confidence Japan’s Finance Minister Fujii says new bond issuance for fiscal 2010/11 must be below ¥44 trln, JPY higher Australia’s Q3 NAB business confidence index rises to its highest level in seven years at +16, RBA watcher McCrann says 50 bps rate hike from the RBA less certain, AUD higher UK CBI retail sales rise to +8, a reading of +5 was expected, BOE’s Posen says the weak UK Q3 GDP does not imply anything for November forecasts, GBP higher EU September M3 rises 1.8%, private sector loans fall 0.3%, EUR higher Swiss UBS September consumption index rises to 63 from 62 in August, CHF higher BOC Governor Carney says he does not expect a double dip recession in Canada despite strong CAD, CAD mixed Mark Faber says USD will be worthless when people eventually realize the US fiscal situation is a disaster Soros says the global economic crisis will have serious and lasting impact, withdrawing stimulus will be a difficult process US equity markets set to open mixed, European equities 0.5% higher, Nikkei closed 150 points lower Upcoming Events US – Tuesday, August Case Shiller Home Price Index will be released expected at -11.9 compared to -13.3 last month along with October consumer confidence expected unchanged at 53.1 CAN – Tuesday, no major reports are due for release today

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US Morning Notes – USD lower as stocks rebound and US yields dip