MORNING BRIEFING: Better indicator encourages investors to switch to currencies with higher returns.

[RTFX-Trading]

MORNING BRIEFING: Better indicator encourages investors to switch to currencies with higher returns.

What’s new:
United States: consumer confidence up in August.
United States: further rise in the Case Shiller index in June
Germany: confirmed growth of 0.3% in Q2 2009.
Switzerland: Employment barometer down 0.4% in Q2 2009.

Today



Rates in Asia and Indices:
EURUSD: 1.4320 - 1.4280.
USDCHF: 1.0628 - 1.0610.
EURUSD: 1.6351 - 1.6305.
EURJPY: 134.95 - 134.08.
USDJPY: 94.29 - 93.88.
DowJones: 9'539 +0.32%.
NASDAQ: 2'024 +0.31%.
S & P 500 1,028 +0.24%.
Nikkei: 10'666 +1.61%.
Shanghai: 2'992 +2.63%.
GOLD: $ 947.70.
Oil: $ 72.19.
 
Comments:

The U.S. dollar is losing ground against the euro and the yen, the indicator published yesterday, the consumer confidence, better than expected encourages investors to switch to currencies with higher returns.

Despite claims by the Thomas Jordan from the Swiss National Bank yesterday, the Swiss franc remains stable. He said that the SNB will fight an appreciation of the franc, the SNB will continue its highly expansionary policy and that unemployment will reach a record high in 2010, since the postwar period.

Today at 10.00 CET, the Ifo will give us an indication of the business climate in Germany, while at 16.00 CET, sales of new homes in the United States will give us an indication of the health of the American housing market.

Have a nice day.

Nicolas Longchamp, Head of Trading desk.

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