MORNING BRIEFING: Fiscal year end in Japan

[RTFX-Trading]

MORNING BRIEFING: Fiscal year end in Japan

What’s new :
United States: The U.S. Treasury prepared to sell its stake in City Bank
Great Britain: EU rules too costly
Ireland: 81 billion Euro bad loan bank
Greece: First borrowing after the Europe Agreement
France: 0.6% of GDP growth for the 2009 fourth quarter   
Japan: The end of the fiscal year in Japan continues to support the JPY
China: Let the Yuan to revalue, Central Bank
Australia: Rumors of rate hike support the AUD

Today:


Rates in Asia and Indices:
EURUSD: 1.3495 - 1.3470.
USDCHF: 1.0636 - 1.0614.
GBPUSD: 1.5018 - 1.4974.
EURJPY: 124.76 - 124.18.
USDJPY: 92.55 - 92.12.
DowJones: 10'895 .86 +0.42%
NASDAQ: +0.39% 2'404 .36
S & P 500: +0.57% 1'173 .22
Nikkei: 11'065 .87 +0.42%
Shanghai -0.19% 3'117 .93
Gold: $ 1'110 .00
Crude Oil: $ 81.27

Comments:
The U.S. Treasury announced the sale of its 27% stake in City Bank, or 7.7 billion shares, during 2010, which should enable it to achieve a profit of 7 billion USD.

Despite a return double that offered by German Bunds, the 7 years bond for EUR 7 billion placed by the Greek state, the first of its kind after the European agreement to support Greece in case of need, met less interest in the markets, demand remained well below that seen in the two previous operations.

Despite a GDP growth of 0.6% for the fourth quarter of 2009 and a global figure of -2.2% for the year 2009, the French GDP has recorded its largest decline since 1945. INSEE, the National Institute of Statistics forecasts growth for the first quarter of 2010 of 0.2% only.

The JPY is still supported by the end of the Japanese fiscal year end of March, but beware of upcoming change!

An official with the Central Bank of China said it had to return as soon as possible to the conditions before the crisis, with a system of floating exchange rate for the yuan.

Rumors of a new rate hike next week by the Central Bank of Australia have propelled the Australian dollar, which did its largest daily gain in 6 weeks.
Have a good Day

Pascal Bovay

RTFX Ltd
Trading desk
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