The Banking and Strategy Initiative

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Global moves: Singapore production outshines, Dollar retreat from Asia begins?

100 US Dollar bill Series 2001

The Singapore Dollar has come back from below $1.2650 to above $1.28 to the US Dollar in the last 5 days as the Asian currencies have given to the US Dollar and the Dollar Index gets ready for a big move up as the Euro makes 40% of the index. The Aussie of course has seen thru it and may ant to weaken the Dollar but by and large speculative positions and Exports are riding Asian currencies down

Singapore manufacturing indices reported a large positive 6.6% growth in June even as South Korean markets started a ride down in the morning despite the South Korean consumer Confidence reporting above 100 and French and German Consumer Confidence helped Europeans to a positive open just an hour ago. German Consumer climate is above expectations at 5.8 and French confidence at near highs at 90 ahead of the non performing Top EU summit at the weekend. Tomorrow French and German leaders meet in a huddle before the Thursday meetings.

European Council

European Council (Photo credit: The Prime Minister’s Office)

Italian Retail Sales were down a big 1.6% in the meantime and the Spanish Letras tripled auction yields at 3.2% and 2.3% for the 6 month and 3 months auctions Italian 2 Y CTZs reported a more respectable yet higher 4.7% yield as the afternoon began with a 6.03% Yield on the 10 yr bond Hongkong reported a large $35B trade deficit as markets debate its saturation and China walks away with the IPO business. china is also firming up relationships with Macau and Taiwan

The US morning begins with retail sales and the Composite home price index ans the markets try to close the first half of 2012 on a positive note.

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