You are not logged in.


Index » RTFX daily market comment » 

US sequester takes effect


Pages: 1

#1 ⇑ Haut ⇑ 01-03-2013 10:42:53

Vincent
Trader, Analyst and webmaster for Forex-Tribe
Forex
Registered: 16-07-2008
Posts: 39102
Reputation :   
Website
Rate this member :
  • Currently 2.80/5
  • 1
  • 2
  • 3
  • 4
  • 5


  • Note : 2.8/5 (269 votes)


Share this topic :

US sequester takes effect

Morning Briefing : US sequester takes effect

What’s new:
Forex: US sequester takes effect overnight
Global Markets: US equities closed slightly lower after a 2-day rally, Asian equities closed mixed

Overnight rates and Indices:
EUR/USD      1.3054       1.3084         0.06 %
USD/CHF      0.9359        0.9373           0 %
GBP/USD      1.5153       1.5186         0.05 %
USD/JPY       92.44          92.73           0.06 %
EUR/CHF      1.2227       1.22464      -0.07 %
EUR/JPY       120.75       121.27            0 %
Dow Jones    14050.18   14149.15    -0.14 %
Nasdaq          2738.22     2761.28      -0.09 %
S&P 500        1514.46     1525.34      -0.08 %
Nikkei 225     11464.71   11648.63     0.40 %
Shanghai       2330.86      2369.65     -0.25 %
Gold spot      1577.02       1583.63      0.09 %
Crude Oil       91.43           91.96         -0.27 %

Comments:
The US sequester will finally be taking effect, it means that by the end of the fiscal year the American economy will have gone through no less than $85 Billion of automatic federal budget cuts. Ben Bernanke warned this week during his testimony that such spending cuts could hurt heavily the American economy.

Overnight, we had some disappointing figures in Asia, Japanese capital spending for last quarter of 2012 came in worse than expected; scoring -8.7% against a consensus of -7.0% and a previous reading of 2.2%.  Meanwhile in China PMI figures disappointed as well scoring 50.1 versus an expected figure of 50.5 and a previous reading of 50.4. However, despite the flow of economic data overnight, the impact on the market was limited and the AUD/USD was range-bound. 

NZD/USD lost 30 points in the minutes leading up to the release of the Q4 2012 terms of trade figures, but finding support at 0.8240 and recovering its losses throughout the course of the rest of the session. Indeed terms of trade index for New Zealand came lower than expected with a -1.3% against a consensus of 1.4% and a previous data of -3.2%.

Today we will have a heavy economic calendar with major macro data coming from the euro zone and the US. Amongst the expected data we will watch closely the Michigan confidence index as well as the Personal Income and Personal Spending from the US.

Good day,

Vincent Pellizzari - Junior Trader - RTFX Ltd

http://www.forex-tribe.com/img/logo-rtfx-urlcom-200x70.gif




signature forex
 

Index
  •  » RTFX daily market comment » 

    US sequester takes effect



  • Pages: 1