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Above The Market PessimisticTitle:
Dukascopy Morning Forex Overview : 07/05/2012
Fundamental Analysis
EUR
"The U.S. labor-market report will further erode investor confidence"
- Markus Allenspach, head of bond research at Julius Baer Group Ltd.
European stocks extended weekly losses, after a report showed U.S. companies added fewer jobs than expected in April. The Stoxx Europe 600 Index erased 1.76 per cent to 253.00. Germany’s DAX Index tumbled 1.99 per cent and France’s CAC 40 Index contracted 1.90 per cent. The U.K.’s FTSE 100 Index lost 1.93 per cent to 5,655.06.
USD
"We’re still very much on the recovery path, but we’ve got a huge amount of ground to make up in the labor market"
- Scott Brown, chief economist at Raymond James & Associates Inc.
The number of Americans, who have found a job in the private sector in April, tumbled to 115,000 from 154,000 the ...
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Wall Street posts worst week of 2012 as job growth slows
(Reuters) - Wall Street ended its worst week this year with a sharp selloff on Friday after a slowdown in job creation in the world's top economy raised the biggest question mark yet about the prospects for U.S. growth.
Employers reduced hiring for the third straight month, adding 115,000 workers in April, well below forecasts of 170,000. Traders' expectations had fallen during the week, but the softer jobs number missed even more pessimistic forecasts.
Energy shares were the worst performers, with the S&P energy index .GSPE down 2.2 percent on fears a worsening economy would sap demand. U.S. crude oil fell 4 percent, dropping below $100 a barrel for the first time since February.
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Euro weighed by sour economic data; ECB meeting in focus
Forex Morning Briefing : Euro weighed by sour economic data; ECB meeting in focus
What’s new:
Forex: Euro hurt by downbeat euro zone data; forex investors brace for more dovish ECB
Global Markets: Asian shares weighed by sour data from both sides of Atlantic
New Zealand: Sharp rise in jobless rate to 6.7% from 6.3% drives kiwi lower
Euro zone: Spanish bond sale, ECB meeting in focus
Euro zone: Unemployment rate edges to 15-year high
United States: Treasury Secretary Geithner repeats call for stronger Chinese yuan
United States: ADP employment report shows lowest gain in 7 months
Rates in Asia and Indices:
EUR/USD 1.3135 1.316 -0.07 %
USD/CHF 0.913 0.9148 -0.08 %
GBP/USD 1.6171 1.6203 -0.04 %
USD/JPY 80.1 80. ...
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Unofficial Manufacturing PMI Data Supports The Increase In The Official PMI Figures For China
The positive jump in ISM manufacturing data from the US and China kept risk assets on the front foot, albeit only slightly. Overall, price action was fairly muted with investors still reeling from yesterday’s surprise 50 bps rate cut by the RBA.
Unofficial Chinese manufacturing PMI printed at 49.3 for April, slightly better than the flash figure of 49.1. Yet, this still far from the 53.3 reading given by the official figure, but we know the unofficial figure is more representative of more pessimistic parts of the economy than the official data, which is overweight the public sector. Thus, we take both figures with a grain of salt and analyse them as a pair instead of alone. And, the fact of the matter is both figures are now heading the same direction, which is higher, so we can assume ...
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METALS-Copper highest in more than 2 weeks, demand eyed
(Reuters) - Copper prices rose on Thursday to their highest levels in more than two weeks, overlooking a slight retreat in the euro versus the dollar and climbing with global equities on the back of the U.S. Federal Reserve's commitment to support growth.
Copper extended gains from the previous session during which the U.S. Federal Reserve forecast U.S. growth to "remain moderate over coming quarters and then pick up gradually," and said it was ready to launch another round of bond buying if the U.S. economy weakens.
Disappointing U.S. jobless claims data seemed to muddy the Fed's bullish growth outlook, but traders said the central bank's more accommodative tone will likely help to keep a floor under prices of copper and other risk assets.
"The data has been a little bit softer lately, ...
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Dukascopy Morning Forex Overview : 26/04/2012
Fundamental Analysis
EUR
"There’s a bit of risk back on after some positive company numbers helped stocks and improved the tone of the markets"
- Eric Wand, a fixed-income strategist at Lloyds Banking Group Plc
Demand for Spanish and Italian debt rose, pushing Spanish and Italian bonds higher, as investors turned to higher-yielding assets after companies from Apple to Swedbank reported better than forecast earnings.
USD
"The committee expects economic growth to remain moderate over coming quarters and then to pick up gradually"
- Federal Open Market Committee
U.S. durable goods orders tumbled below forecast in March, a sign the manufacturing sector may be losing momentum. Bookings for long lasting goods dropped 4.2 percent, said the Commerce Department on Wednesday.
GBP
" could be ...
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Dukascopy Morning Forex Overview : 25/04/2012
Fundamental Analysis
EUR
"Equities are stronger than in the fall, as central banks have moved to support the market with liquidity and removing the structural risks to banks"
- Hans Peterson, the chief investment officer of SEB Private Bank
Industrial new orders in the euro zone declined by more than forecast in February, Eurostat data showed on Tuesday. Orders decreased by a seasonally adjusted 1.3 per cent, after declining 2.9 per cent in January.
USD
"Overall, consumers are more upbeat about the state of the economy, but they remain cautiously optimistic"
- Lynn Franco, director of the Conference Board Consumer Research Center
U.S. consumer confidence declined in April as consumers became slightly less optimistic on the outlook of the country’s economy, the Conference Board Inc. ...
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Dukascopy Morning Forex Overview : 23/04/2012
Fundamental Analysis
EUR
"Ifo index paints a too positive picture of the growth prospects for the German economy"
- Carsten Brzeski, senior economist at ING Group
German business confidence unexpectedly improved in April, a sign the euro zone’s largest economy is weathering Europe’s debt crisis. Ifo business climate index, which is based on a survey of 7,000 businesses, rose to 109.9 points from 109.8 points in March.
USD
"A strong Germany helps the euro massively, and helps other assets too"
- Neil Jones, head of European hedge-fund sales at Mizuho Corporate Bank Ltd.
U.S. stocks closed mixed on Friday while German investor confidence unexpectedly improved and blue chip companies from General Electrics to Microsoft reported better than expected earnings.
GBP
"While the month of March ...
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Euro climbs vs. dollar, yen in volatile trade
(Reuters) - The euro climbed against the dollar on Thursday in volatile trading, snapping two days of losses, with the single currency boosted by institutional buying to adjust short positions following generally solid Spanish bond auctions this week.
News that the International Monetary Fund has secured commitments of about $320 billion in funding to help shield member economies from the debt crisis in Europe gave the euro additional support, some analysts said.
Analysts also talked of large repatriations of euros by European banks to increase capital, which also bolstered the currency.
Spain has ordered its battered banking sector to reinforce balance sheets as a correction in the housing market continues and the central bank forecasts lenders will need some 53.8 billion euros ($70.7 ...
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