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Sentiment Stabilizes, But No Sea Change in Appetite

FOREX
  • Markets are reversing course Tuesday, with equities recovering off the Monday low and adding pressure to haven currencies. As a result, the JPY, USD and EUR are the poorest performers ahead of the NY open.
  • At present, the turnaround in sentiment looks more like a stabilisation of investor appetite rather than any sea change, with the e-mini S&P still below 4400 and south of yesterday's highs. Similarly, European indices are a touch firmer but are yet to erase the losses suffered Monday.
  • A bottoming out of commodity markets (WTI, Brent higher by over 1.5% apiece) is assisting the AUD, CAD and NOK strength. This solidifies the 50-dma in USD/NOK as solid resistance at 8.7965 - a level challenged, but not topped, earlier in the week.
  • US housing starts and building permits data is the calendar highlight Tuesday, with the OECD also releasing their interim economic outlook. There are no central bank speakers of note.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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