Off The Forex Desk from PhillipCapital

Economic News & Releases

US markets closed the Financial year on a negative tone with the Dow falling 115 points or 0.76 % and the S&P500 ending the session down 0.42% at 1608. Volume was the second highest of the year, with about half the day's shares traded in the last 30 minutes. The VIX ended the week down 11% at 16.86. US 10 year bond yield closed at 2.48% with volatility marking a range from 2.46 to 2.55 as traders squared off books at quarter end.

The stronger USD was the dominant quarter end closing theme with continued talk of September 'Tapering'. Traders will be watching the health of the Chinese manufacturing sector with a dismal number factored in as HSBC flash PMI came in at 48.3. The Japanese Economy could be showing expansion on release of the Tankin with China in contraction.