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1 Oct 2013
Flash: GBP and AUD the winners post US Gov Shutdown - Societe Generale
FXstreet.com (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale notes that the US Federal Government is in shutdown for the first time in 17 years, 800k workers in furlough.
Key Quotes
“Markets seem unbothered by that, In Asia, we had a strong Tankan in Japan, DI at 12 ip from 4. Mr Abe is pushing ahead with plans to hile consumption tax to 8pct, offset by other fiscal measures.”
“In China, the official PMI came in at 51.1, vs 51 in August. Mkt expected 51.6. In Australia retail sales rose a solid 0.4pct. And just now, the RBA left rates on hold. The RBA statement looks very neutral, which will disappoint those looking for further easing.”
“In FX, GBP and AUD are winners, the latter in recent minutes. Risk sentiment seems unphased by the shutdown news. Estimates suggest it costs USD 300mln a day, which is a monumental waste of money but that's democracy for you.”
“Go on receiving short-dated (2y1y) euros, go on buying GBP, I'm neutral to wary on credit and peripheral European bonds, and surprised goldbugs haven't inundated me with bullish views.”
Key Quotes
“Markets seem unbothered by that, In Asia, we had a strong Tankan in Japan, DI at 12 ip from 4. Mr Abe is pushing ahead with plans to hile consumption tax to 8pct, offset by other fiscal measures.”
“In China, the official PMI came in at 51.1, vs 51 in August. Mkt expected 51.6. In Australia retail sales rose a solid 0.4pct. And just now, the RBA left rates on hold. The RBA statement looks very neutral, which will disappoint those looking for further easing.”
“In FX, GBP and AUD are winners, the latter in recent minutes. Risk sentiment seems unphased by the shutdown news. Estimates suggest it costs USD 300mln a day, which is a monumental waste of money but that's democracy for you.”
“Go on receiving short-dated (2y1y) euros, go on buying GBP, I'm neutral to wary on credit and peripheral European bonds, and surprised goldbugs haven't inundated me with bullish views.”