Yesterday, the Dow Jones fell a second day in a row, by 0.5%, to 9496. Oil prices fell throughout the day. And this despite the positive data output in the U.S. session, all 3 indices of industrial index (Chicago, Milwaukee and Dallas) yesterday came out better than forecast. Today stock markets again in the red zone, futures on the Dow Jones shows -0.63%, DAX Germanic falls to 1.59%. And this despite the exit of positive statistics this morning. In the final assessment of PMI in Germany and the Eurozone have been revised upward somewhat, Germany's unemployment rate in August remained at 8.3%, against forecasts of growth, euro area unemployment rate for July in line with forecast increased from 9.4% to 9.5%. Prices for crude oil WTI, however, hold above 70 dollars per barrel. And the euro-dollar generally behave independently of adjacent markets, last night drew a pair of momentum up and showed a maximum at 1.4366, early this morning the euro once again went up and showed a mark 1.4378. Later the day the euro still gave universal pessimism and dropped to 1.43.
In general, convolution of optimism due to the collapse in the Chinese stock market (last -6.7%), as well as expectations that the Chinese economy could not support a satisfactory rate of recovery, and the Shanghai index dropped even more. However, it should be noted that from the standpoint of common sense, the problems of the Chinese economy have a very indirect relation to the euro-dollar, not to mention the fact that often observed for long periods, when the fall in world stock index was accompanied by a fall in the dollar. Generally speaking, if China, the main buyer of U.S. Treasuries, there are problems, it is unclear why this should lead to an increase in the dollar. Raskorellyatsiya euro-dollar and stock indices, by and large, can generally occur at any time. We prefer to focus on phenomena that have a dollar of direct relevance. So, today the U.S. Treasury offers at the weekly auction of 4-week bills only $ 26 billion four weeks ago, the Treasury offered similar securities in the $ 31 billion, has actually been receiving applications for 34.7 billion dollars and this amount will be repaid the placed against this issue. As we see here will have a net repayment of allegedly at 34.7-26.0 = 8.7 billion dollars, it plays against the dollar, we have already noted reduction proposals for the regular bill. But on the day after the Treasury announced the release of the cache of a bill of 29 billion dollars with the date of calculation on 10 September, most likely this amount will be used to pay issuance of $ 20 billion on September 15. We already wrote that in September, the Treasury will have topay only two cache, Bill, this and the issue, repayable on September 24 at $ 35 billion, so in September, favorable period for the dollar's decline.
Euro-dollar shows resistance to negativity in adjacent markets
Yesterday, the Dow Jones fell a second day in a row, by 0.5%, to 9496. Oil prices fell throughout the day. And this despite the positive data output in the U.S. session, all 3 indices of industrial index (Chicago, Milwaukee and Dallas) yesterday came out better than forecast. Today stock markets again in the red zone, futures on the Dow Jones shows -0.63%, DAX Germanic falls to 1.59%. And this despite the exit of positive statistics this morning. In the final assessment of PMI in Germany and the Eurozone have been revised upward somewhat, Germany's unemployment rate in August remained at 8.3%, against forecasts of growth, euro area unemployment rate for July in line with forecast increased from 9.4% to 9.5%. Prices for crude oil WTI, however, hold above 70 dollars per barrel. And the euro-dollar generally behave independently of adjacent markets, last night drew a pair of momentum up and showed a maximum at 1.4366, early this morning the euro once again went up and showed a mark 1.4378. Later the day the euro still gave universal pessimism and dropped to 1.43.
In general, convolution of optimism due to the collapse in the Chinese stock market (last -6.7%), as well as expectations that the Chinese economy could not support a satisfactory rate of recovery, and the Shanghai index dropped even more. However, it should be noted that from the standpoint of common sense, the problems of the Chinese economy have a very indirect relation to the euro-dollar, not to mention the fact that often observed for long periods, when the fall in world stock index was accompanied by a fall in the dollar. Generally speaking, if China, the main buyer of U.S. Treasuries, there are problems, it is unclear why this should lead to an increase in the dollar. Raskorellyatsiya euro-dollar and stock indices, by and large, can generally occur at any time. We prefer to focus on phenomena that have a dollar of direct relevance. So, today the U.S. Treasury offers at the weekly auction of 4-week bills only $ 26 billion four weeks ago, the Treasury offered similar securities in the $ 31 billion, has actually been receiving applications for 34.7 billion dollars and this amount will be repaid the placed against this issue. As we see here will have a net repayment of allegedly at 34.7-26.0 = 8.7 billion dollars, it plays against the dollar, we have already noted reduction proposals for the regular bill. But on the day after the Treasury announced the release of the cache of a bill of 29 billion dollars with the date of calculation on 10 September, most likely this amount will be used to pay issuance of $ 20 billion on September 15. We already wrote that in September, the Treasury will have topay only two cache, Bill, this and the issue, repayable on September 24 at $ 35 billion, so in September, favorable period for the dollar's decline.
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