Geopolitical tension in Syria remains the the dominant theme today as Asian equities drop sharply following the sharp -170 pts decline in DOW overnight. Also weighing on sentiments was the better than expected consumer confidence data from US which suggests a solid NFP report next week. And, that would solidify the case for the Fed to taper the asset purchase in September. The worries over Syria's situation sent crude oil above 112 level, which is the highest since 2011. Safe haven flow also pushed gold above 1420, hitting the highest level since May. In the currency markets the yen remained the strongest currency this week, while the Aussie, Kiwi and Sterling are the weakest. The Swiss Franc was the second strongest currency so far. The dollar and euro, on the other hand, are mixed with dollar having a slight upper hand.
A UK led military strike against the Syrian government could happen within days in reaction in reaction to the chemical weapons attacks last week. US Defence Secretary Hagel also said US is "ready to go" if president Obama gives order. Market concerns have moved further from the possibility of military strikes by the US and its allies to the aftermath of these attacks, i.e., reaction of Syrian President al-Assad's response and his allies, and possibility of regime change in Syria.
On the data front, Swiss UBS consumption indicator, German Gfk consumer sentiment, Eurozone M3 money supply and UK CBI reported sales will be released in European session. US will release pending homes. The main focus though, will be mainly on BoE governor Carney's speech in a event hosted by the Confederation of British Industry. Carney is expected to be questioned on topics like BoE's forward guidance and rate outlook.
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Syria Worries Continue, Risk Aversion Supports Yen
Published 08/28/2013, 04:58 AM
Updated 03/09/2019, 08:30 AM
Syria Worries Continue, Risk Aversion Supports Yen
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