November in Figures
November 30, 2011
November had uncanny parallels to October. Most of October had seen a rise in risk appetite and associated weakness in the dollar and strength in equities, and in most of November just the opposite had occurred. Former Greek Prime Minister Papandreou’s proposal to submit the October 26 EU rescue package to a referendum caused that month’s market moves to be substantially reversed on the final day of October, and the announcement of coordinated action by six central banks today likewise trimmed a large portion of market movements that had occurred between October 31 and November 29.
End-October to End-November changes in short- and long-term interest rates were mixed. The dollar’s net changes for the whole month shown below mask the extreme volatility of the period that saw the dollar trade in high-low ranges of more than 9.0% against the Australian and New Zealand dollars and of more than 4.5% versus key European currencies. Likewise, share prices ended up posting modest net changes for the month despite six sessions when they tumbled very sharply. Oil prices racked up a 27% jump in the two months between the end of 3Q11 and end-November, and gold climbed in both months as well.
| 10-Yr Yield | 10/31/11 | 11/30/11 | Chg vs End-Oct |
| U.S. | 2.11% | 2.08% | -3 Basis Points |
| Germany | 2.03% | 2.28% | +25 |
| Japan | 1.05% | 1.07% | +2 |
| U.K. | 2.44% | 2.31% | -13 |
| Canada | 2.28% | 2.14% | -14 |
| Switzerland | 1.05% | 0.91% | -14 |
| 3-month euros | Chg vs End-Oct | ||
| U.S. | 0.43% | 0.53% | +10 Basis Points |
| Euroland | 1.59% | 1.47% | -12 |
| Japan | 0.19% | 0.20 | +1 |
| U.K. | 0.99% | 1.04% | +5 |
| Canada | 1.28% | 1.32% | +4 |
| Swiss | 0.04% | 0.05% | +1 |
| FX | Pct Chg in USD | ||
| EUR/USD | 1.3840 | 1.3440 | +3.0% |
| USD/JPY | 78.15 | 77.56 | -0.8% |
| USD/CHF | 0.8775 | 0.9136 | +4.1% |
| GBP/USD | 1.6081 | 1.5692 | +2.4% |
| AUD/USD | 1.0538 | 1.0283 | +2.5% |
| NZD/USD | 0.8085 | 0.7805 | +3.6% |
| USD/CAD | 0.9967 | 1.0193 | +2.3% |
| USD/CNY | 6.3547 | 6.3689 | +0.2% |
| Equities | Pct Change | ||
| S&P 500 | 1253 | 1247 | -0.5% |
| Nasdaq | 2684 | 2620 | -2.4% |
| Djia | 11955 | 12046 | +0.8% |
| Dax | 6141 | 6089 | -0.8% |
| Nikkei | 8988 | 8435 | -6.2% |
| Ftse | 5544 | 5505 | -0.7% |
| Canada TSE | 12252 | 12204 | -0.4% |
| Swiss SMI | 5731 | 5652 | -1.4% |
| Commodities | Pct Change | ||
| Oil, $ per brl | 93.19 | 100.36 | +7.7% |
| Gold, $ per oz | 1724.20 | 1745.50 | +1.2% |
Copyright Larry Greenberg 2011. All rights reserved. No secondary distribution without express permission.
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