November in Figures
November 30, 2010
The second round of Fed quantitative easing was meant to depress long-term interest rates. Many perceived a hidden agenda to weaken the dollar. Neither trend played out in November unless one considers the fact that ten-year Treasury yields rose less than comparable rates in Japan and Canada as a moral victory. Meanwhile, short-term rates barely changed during the month. The dollar’s broad-based appreciation was fairly significant and for a second straight month associated with very little movement in the yuan/dollar relationship. Net equity price movements were trivial in size but meaningful in direction in the United States and Germany. With the euro sputtering against the dollar, it made sense that U.S. stocks would drop while German ones moved higher. The month’s most impressive equity performance belonged to Japan, however. Both oil and gold prices grinded slightly higher in the month.
| 10-Yr Yield | 10/29/10 | 11/30/10 | Chg vs End-Oct |
| U.S. | 2.60% | 2.81% | +21 Basis Points |
| Germany | 2.52% | 2.67% | +15 |
| Japan | 0.94% | 1.19% | +25 |
| U.K. | 3.08% | 3.22% | +14 |
| Canada | 2.80% | 3.06% | +26 |
| Switzerland | 1.54% | 1.61% | +7 |
| 3-month euros | |||
| U.S. | 0.29% | 0.30% | +1 Basis Point |
| Euroland | 0.99% | 0.95% | -4 |
| Japan | 0.20% | 0.19% | -1 |
| U.K. | 0.74% | 0.74% | 0 |
| Canada | 1.22% | 1.22% | 0 |
| Swiss | 0.17% | 0.17% | 0 |
| FX | Pct Chg in USD | ||
| EUR/USD | 1.3926 | 1.2984 | +7.3% |
| USD/JPY | 80.44 | 80.44 | -3.7% |
| USD/CHF | 0.9834 | 1.0043 | +2.1% |
| GBP/USD | 1.6023 | 1.5555 | +3.0% |
| AUD/USD | 0.9816 | 0.9589 | +2.4% |
| NZD/USD | 0.7634 | 0.7425 | +2.8% |
| USD/CAD | 1.0207 | 1.0267 | +0.6% |
| USD/CNY | 6.6718 | 6.6600 | -0.2% |
| Equities | Pct Change | ||
| S&P 500 | 1183 | 1181 | -0.2% |
| Nasdaq | 2507 | 2498 | -0.4% |
| Djia | 11188 | 11006 | -1.0% |
| Dax | 6601 | 6688 | +1.3% |
| Nikkei | 9202 | 9937 | +8.0% |
| Ftse | 5675 | 5528 | -2.6% |
| Canada TSE | 12676 | 12953 | +2.2% |
| Swiss SMI | 6472 | 6312 | -2.5% |
| Commodities | Pct Change | ||
| Oil, $ per brl | 81.43 | 83.71 | +2.8% |
| Gold, $ per oz | 1359.40 | 1385.40 | +1.9% |
Copyright Larry Greenberg 2010. All rights reserved. No secondary distribution without express permission.
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