FX back in the doldrums
Following decidedly ‘risk-on’’ Asian and European morning sessions, momentum ground to a halt in the New York session and FX markets have been treading water ever since. US stocks traded and closed in positive territory but gains were meagre compared to earlier European market strength. In contrast, US credit markets continued to drink heavily from the New Year party punchbowl, with massive oversubscriptions being noted for debt offerings from the likes of Macy’s and SAB Miller. With the data calendar bare, Asian markets have been quiet and directionless as Chinese stocks paused for breath after a 7% run-up since Friday afternoon.
Click here to read the full report: Daily FX Str_Europe_11 Jan 2012