02 July 2009
Search
Latest Market Commentary
Most Popular Commentary
Who's Online?
We have 9 guests onlineDisclaimer | Copyright © 2009 Baiduri Bank Group, Brunei. All rights reserved. Powered by Brudirect.com.
FX REVIEW
The dollar climbed from a three-week low versus the euro after falling yesterday when Reuters reported that China had asked to debate proposals for a new global reserve currency at the G-8 summit in Italy. The yen strengthened versus 14 of the 16 major currencies as today’s U.S. employment report may show the jobless rate increased to the highest level since 1983, suggesting the global recession will be prolonged. The Australian dollar fell against the U.S currency and the yen after the trade deficit widened more than economists forecast, signaling the central bank may keep interest rates as a 49-year low for an extended period. The yen advanced on speculation a U.S. report today will show job losses increased last month, spurring demand for the safety of Japan's currency.
OUTLOOK
The market will focus on the most significant data for U.S. non-farm payrolls figures and the market is expected the U.S. economy to have shed 363,000 jobs in June after losing 345,000 in May.
REVIEW
US stocks climbed higher Wednesday on slightly rosier prospects for manufacturing and housing. The stock market was buoyed by figures showing the manufacturing sector shrank at its slowest pace in 10 months, the latest sign that the US economy is stabilizing. Pending home sales in the U.S also rose for the fourth month in May, suggesting the housing crisis may also be easing. U.K. stocks advanced, extending the FTSE 100 Index’s best quarterly gain since 2003, as Marks & Spencer Group Plc reported its smallest sales decline in almost two years and mining shares followed metals prices higher. Japan’s Nikkei 225 Stock Average fell 63.78, or 0.6 percent, to 9,876.15 as of the close in Tokyo.
OUTLOOK
The Institute for Supply Management's index climbed in June to 44.8. Any figure below 50 indicates a contraction. Investors hope major US stock indices will continue their surge of the last three months.