Currencies

Plenty of speculation but nothing new out of Europe yet. Wall Street bounced around regardless. Dow up 161.

A cancellation of tonight’s finance ministers meeting has forced a delay in final ratification for the European solution and some weak US data added to the mood. Dow down 205.

Strong US earnings, China’s PMI and hints from Europe had Wall Street up again, and commodities off to the races. Dow up 104.

Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.

Merkozy has now declared a definitive agreement on Europe will be announced next Wednesday as copper plummets on a Chinese clampdown. Dow up 37.

While the Australian dollar has bounced against the US currency since late last month the gains are seen as unsustainable given growth concerns and the potential for a rate cut.

The Fed’s Beige Book disappointed Wall Street last night while stalled progress in Europe has markets chewing finger nails. Dow down 72.

Wall Street had already bounced before an E2trn rumour hit the market and was quickly quashed. Fun and games, Dow up 180.

The release today of the minutes of the RBA’s October policy meeting provide little insight given more recent developments and a world now playing the waiting game.

Merkel suggested last night the world is dreaming if it expects all will be resolved in Europe after one summit this weekend. Dow down 246.