Later in the day the euro is exchanged for 150

The North Korean nuclear tests no doubt contributed yesterday to strengthen the uncertainty on the markets. However, stakeholders have treated as a regional event. Actually, only the Seoul stock exchange suffered yesterday of the new, without giving in to panic. The Kospi index lost 2.41, to 1.319,40 points. Closed, the Japanese market should display its reaction this morning. But European stock indices, increased last week, at worst, stalled, the image of DAX 30 German ( 0.02, to 6.084,40 points) or the CAC 40 ( 0.05, to 5.284,74 points). At best, they took 0.49, as the Futsee in London, at 6.030,40 points. A Wall Street, the mi-séance, the Dow Jones evolved around its Friday evening levels, to 11.857,81 points.

The rebound in the price of oil yesterday at the meeting, 60,25 $ per barrel of WTI in New York, under the combined influence of nuclear testing and, especially, of the apparent determination of OPEC to act to stem the decline in prices, however, was not to encourage equity markets. The President of OPEC, the Nigerian Edmund Daukoru, proposed to reduce by 1 million barrels per day production ceiling.

On the foreign exchange market, currency traders have also opted for regional treatment of North Korea's record, by weakening the won and the yen. Therefore, operators have not recovered their reflexes of yesteryear, when they are hiding on large values shelters as the bond market, the gold or the Swiss franc (stable). However, the Bond Market Association had recommended yesterday the total judgment of exchanges on the debt denominated in dollars in Columbus Day. Later in the day, the euro is exchanged for 150.02 yen (0.10). As the dollar, it stood at 119,08 yen ( 0.19).

Progression of the dollar

"This nuclear test could have a negative impact on the economies of the region, because international investors may not be as concerned with the security of the region," commented yesterday economists for Barclays Capital Julian Callow and Toru Umemoto. The Japan might be tempted to upgrade. And the possibility of American military action cannot be excluded. In this context, "the dollar should appreciate to 121,40 yen, its highest year in the month, and the euro should renew its recent record set at 150,73 Yen in near future".

In contrast, the euro remained stable yesterday against the dollar. By end of day, resumed its downward trend of end of last week, at 1,2599 ( 0.11). Last Friday, the greenback had already benefited from employment figures. "Even if we believe that the Fed should maintain in the State policy for the moment, the message sent by the employment figures made less likely expectations of market-rate cuts next year, and we continue to expect a next move on the rise", said Barclays. Market has also revised downwards its expectations of easing of monetary policy in the United States. The rate of 3-month Eurodollar futures contract deadline December tense 13 points of base Friday, 4.85.

Strong correction observed since August on the price of oil also goes in this direction. "It should provide boost to consumption in the fourth quarter," commented yesterday on Jens Nordvig, Goldman Sachs. In this regard, two statistics attention will be paid Friday: retail sales and consumer confidence calculated by the University of Michigan.