Some good risk sentiment for the markets today

October 9, 2013

The proposed nomination of Janet Yellen as new Fed Chief is giving some good risk sentiment for the markets today. The news broke out after the US markets closed on Tuesday and after US President Obama’s press conference on the US government shutdown issue and looming debt ceiling.   The mood was down after Obama offered no news on any progress in the stalled negotiations in Congress in the US budget but the news of the Yellen nomination gave investors some much needed relief from doom and gloom. The reason is that Yellen is seen to be someone who would continue with current Chairman Ben Bernanke’s stimulus program.    While this loose monetary policy tend to be dollar-negative since bond buying tends to weaken a currency, the fact that some see the US economic recovery is still fragile means that delaying tapering would be good for now. This helped boost the US dollar today, and it has been gaining against its major peers ever since the news broke out. The safe havens like yen and Swiss franc fell.   USDJPY rose 0.4 percent to 97.30 yen towards the end of the European trade, bouncing after a sharp drop to 96.57 yesterday, the lowest level since August 12.   Yen was little changed against euro ,with EURJPY around 131.52 yen.   Dollar rose against the euro by around 0.4 percent to $1.3516. Stronger than expected German industrial production data did not help the euro since the predominant theme was the US dollar strength  driving markets today.    Sterling was hurt by disappointing UK manufacturing data, pushing GPUSD down to $1.5951, near a September 18 low.

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