From Marc Chandler at Bannockburn Global Forex:
Overview: The markets are calmer after yesterday's post-US election drama. A consolidative tone has emerged in the foreign exchange market, and the dollar is softer against all the G10 currencies, led the 1% gain in the Norwegian krone, after the central bank left rates on hold. Sweden's Riksbank delivered the expected half-point cut and the krona is up 0.5%. Japanese officials warned against excessive moves, and the PBOC set the dollar's reference rate almost 1% lower to limit its rise. Emerging market currencies also are mostly firmer today.
Equities are higher today. All the large bourses in Asia Pacific advance, with China's CSI300 up 3%. India is the main exception, and main index is off 1%. Europe's Stoxx 600 is recouping most of yesterday's 0.55% decline, and US index futures are posting modest gains. Most European 10-year yields are jumping 8-9 bp today. The UK Gilt is an exception. The yield is off almost two basis points. The 10-year Treasury is flat near 4.43%. The Federal Reserve is anticipated to cut the Fed funds target by 25 bp. This is nearly taken for granted, and there is much interest in what Chair Powell says about the next administration. He will likely be circumspect, avoid hypotheticals, and be ready to respond to policies not rhetoric. Gold extended yesterday's sharp sell-off and reached $2643.50 today but is recovering and now traded near $2667, a new session high in European turnover, even though Chinese reserve figures show no new gold buying for the sixth consecutive month. December WTI is trading inside yesterday's range, consolidating near $71....****
....Europe
Four European central banks meet today....
....MUCH MORE
