via MarketBeat by Matt Phillips on 5/2/11
Here's a quick roundup of what market watchers are writing about the the death of Osama bin Laden.
Marc Chandler, Brown Brothers Harriman Currency Strategy: The dollar is consolidating some recent losses, driven by crowded longs and stretched technical levels. The euro nears a 16-month high ahead of this week's ECB meeting while sterling is stable near $1.67 in quiet trade. So-called safe havens were on the defensive as news of Osama Bin Laden's death benefited risk appetite. Crude oil prices, for instance, fell more than 1% followed by a retreat in gold prices.
Camilla Sutton, Scotia Capital: EUR is entering the North American session on a stronger footing, but off of Friday's highs. Last week's stronger than expected flash CPI (2.8%) and today's above consensus 58.0 reading on PMI have helped to support EUR, even as the USD attempts to get a bid on the back of Bin Laden's death.
David Ader, CRT Capital: We are somewhat mesmerized by the death of Bin Laden but don't see that as a market event and, indeed, somewhat after the fact. That's not some political judgment or critique but rather a sigh of exhaustion recognizing that 9/11 was nearly 10-yrs ago and Osama, guilty as sin and deserving of what might come next, seems to have lost his relevance to our culture and Middle East policies and activity.
William O'Donnell, RBS Securities: Treasuries are modestly weaker (intermediates at least) after yesterday's announcement of Bin Laden's death in a firefight with US special forces gave a boost to risk assets overnight.
