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Appetite for risk returns as USD falters

Early Asian trading has seen a return for risk appetite as speculation of a 600n euro loan was being prepared by the IMF for much troubled Italy, whose debt currently works out to be 118% of its GDP. The recent rally for the USD proved short lived in Asian markets as investors, buoyed by heavy consumer spending in the US over the Thanksgiving period, including Black Friday; where spending is estimated to have topped $11.4 billion, a 6.6% gain from last year. This has given rise to hopes of further heavy consumer spending over the Christmas and New Year period and suggestions of a consumer-led bounce in the world’s largest economy pushed Indices up and a return for risk. The Nikkei 225 was up 129.16, closing up 1.58% at 8289.17. The Sydney index was up 1.68%, closing the day at 4125.80, whilst the Hang Seng in Hong Kong closed the day up 1.87% a rise of 330.60 at 18020.08.

The USD suffered the most from the renewed appetite as Asian markets have seen a fall across the board against all the majors for the USD. The gains made yesterday are all but wiped out as the USD fell 1.64% and 1.38% against the commodity lined currencies; the NZD and AUD, both of which are regarded as yield currencies and normally the most susceptible in risk trends. Against the Pound, the USD fell by 0.40%, being traded at £0.64490. (5.41 GMT) There was also a fall of 0.42% against the EUR, being traded at 0.75210.

The decline of the USD saw falls in the metals and Oil markets as investors liquidated their positions for riskier positions. Oil fell 1.3%, Gold was down 1.4% and Silver got hit hardest with a fall of 2.2%

The Outlook for the day should see more support for the yield currencies AUD and NZD, and more resistance for precious metals Gold and Silver although, as per most trading days, investors will keep one eye on the soap opera drama that is the Eurozone.

28.11.2011. 23:21

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