Why The Yen Was The Only Weak Currency Against The Dollar
The Equity markets dictated
the direction of the other markets
today, as investors prepare for earnings announcements.
Equities
US stocks fell as concern that earnings
growth is slowing overshadowed optimism that the toppling of a Saddam Hussein
statue in central Baghdad means the war in Iraq is ending. The Nasdaq
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finished down 24.50 to close at 1026.00. The S&P
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11.50 to finish at 866.75; and the Dow
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at 8180.
Fixed Income
US Treasuries rose for a
second day as the equity markets fell. The 10 year contract
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was up 0-095, closing at 114-175; the 30 year
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closing at 112-02; and the five year note finished
up 0-075 to close at 113-105
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Metals
Copper was down .35 on the back of weaker
equities to finish at 71.90
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was stronger by 3.30 to finish at 326.20
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Energy
Crude oil was higher on concern OPEC will agree
to reduce production at a meeting later this month.. Crude was up .85 cents to close at
28.85
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Currencies
The US dollar finished lower against the major
currencies except the Yen, as the Japanese Finance Minister announced that
further intervention by the Bank of Japan in the currency markets is a
possibility. The USD index
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finished at 100.53.