Other Markets
Bonds Analysis
German government bonds are trading lower into the New York session Thursday amid market talk of a high acceptance level of PSI in Greek debt swap deal. The last update on Greek language website (greekbanking.gr) suggests PSI take-up currently stands at between 77% and 79%, with some rumour that the take-up could be as high […]
Crude Oil Analysis
Nymex crude prices picked up yesterday on a combination of the possibility that the Fed may buy bonds, optimism on the Greek PSI deal finally being sealed, and a smaller than expected build in crude oil inventories reported by the EIA.
Bonds Analysis
German government bonds are opening moderately lower Wednesday, taking cue from weaker US Treasuries and ahead of 5-year supply from Germany and the U.K. Volumes are seen dominated by roll trading in Eurex ahead of the expiry of the Bund, Bobl and Schatz futures contracts.
Gold Analysis
Spot Gold prices are holding steady this morning in Asia, but remain under the 200 day MA at $1677.40 having been as low as $1663.35 in NY last night. The sell-off has been attributed to concerns over the Greek PSI, weaker PMI data and lower crude prices.
Crude Oil Analysis
Nymex crude prices are holding steady this morning in Asia with the April contract trading around $105.00 ahead of the European open. Yesterday saw the pair slip under the $105.00 level from highs of $107.34 after news that Europe was offering to re-open talks with Iran to discuss it’s nuclear intentions.
Gold Analysis
Spot gold prices are opening lower this week with the metal coming under some pressure as risk aversion following China’s cut of growth prospects weighs on general market sentiment.
Crude Oil Analysis
Nymex crude prices slipped on Friday and are holding around $107.00 in Asia this morning from highs above $110.00 last week seen after talk of a pipeline explosion in Saudi Arabia. Latest CFTC data suggests money managers increasing net length of contracts by around 5% despite a reduction in producer shorts by around 4%.
USTB Analysis
US Treasuries prices opened New York higher, cash 10-year note at 2.005%, after UK session gains. In TOKYO, Treasuries declined mildly, but then Japanese names did dip buying in longer-dated Tsys. Asian accounts also bought the dip as cash 10-year notes looked cheap, while US fast money covered 10Y shorts.
Bond Analysis
German government bonds are opening higher Friday on risk-aversion after the Eurogroup delayed full payment of Greece’s second bailout package. The Eurogroup decided to hold back half of Greece’s E130bln bailout funds yesterday until it is satisfied Athens has implemented 38 austerity measures it agreed to.
Gold Analysis
Spot gold is consolidating around $1720 in Asia this morning but still reeling from Wednesday’s massive 5% drop and receiving no help from recent comments from Fed Bernanke’s dampening hopes of further QE.
Crude Oil Analysis
Nymex crude prices are steady this morning in Asia trading in a tight $108.41-109.00 range ahead of the european open in a subdued session ahead of the weekend, with traders pausing ahead of EU leaders decision on the 2nd Greek bailout program.
Bond Analysis
German government bonds are trading lower into the New York session Thursday, amid risk-on trades with stocks higher and Italian & Spanish spreads tighter. However, Greek spreads are wider as markets trade cautiously amid ‘the ISDA (ides) of March’.