Dollar, Yen Weaker On Europe Debt Plan
The U.S. dollar and the yen are weaker across the board as the global markets digest this weekend's 750 billion euros stabilization plan by Europe.
The Scandies were the strongest performers in the G10 world (with the SEK and NOK up 2.8% and 2.6%, respectively) while the euro pushed to a high of $1.3094 by the middle of the European session but lost momentum since, falling back just below the $1.30 mark.
Cable was firmer approaching $1.50 resistance despite the fact that we still don't have a U.K. government in place. Coalition talks are ongoing, with hope that a David Cameron-led coalition government will be formed in the very near future. The Bank of England left policy on hold, a non-event.
Global equity markets were surging after the euro stabilization mechanism program, with European bourses up substantially mid-morning (the DAX in Frankfurt rose 4.5%, the CAC in Paris was up over 8%).French banks -- highly exposed to Greek debt -- outperformed in Europe. This comes after a strong Asia session, with the MSCI Asia Pacific index up by 1.4%, the first daily increase in six days, and rises seen across the board. The Nikkei was trading 1.6% higher by the end of the session and higher closes were also recorded on the Hang Seng, up 2.5%, and in Shanghai, up 0.5%.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV