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ActionTitle:
China flash PMI helps lift shares, eyes on Europe
(Reuters) - European shares were set to follow Asian gains on Tuesday after a survey of Chinese factory output soothed fears of a hard landing for the world's No.2 economy, but gold hit a record on persistent concerns about the health of the developed world.
Asian markets took heart from HSBC's China flash purchasing managers' index (PMI), which, although showing the factory sector was likely to slow slightly for a second consecutive month in August, indicated the motor of the global economy in recent years was still growing robustly.
"It suggests there's still plenty going on and it's business as usual," said Martin Angel, a dealer at Patersons Securities in Australia.
European stock index futures pointed to gains, with futures for the Euro STOXX 50 up 0.8 percent, Germany's DAX up 1 ...
Title:
Analysis: Stocks' volatility keeps forecasters busy
(Reuters) - Nobel Laureate Paul Samuelson is famous for saying the stock market predicted nine of the last five recessions.
This joke by the first American to win the Nobel Memorial Prize in Economic Sciences is not lost on economists as they repeatedly downgrade U.S. growth forecasts in response to the exceptional turmoil in financial markets.
In a space of two weeks, Goldman Sachs and JPMorgan have twice cut their GDP projections.
Others have also joined in the fray and many Wall Street firms now see the odds of a second recession in the world's largest economy as high as 50 percent.
"The main driver is the hit that confidence is taking because of the market volatility and the belief that the hit to confidence is going to start showing up in real economic data in the next couple of ...
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SunBirdFX Daily Market Analysis : 23/08/2011
www.sunbirdfx.com
Wall Street opened the week on the green territory. Indices were up 2.5% on the beginning of the day, but the investors saw it as an opportunity to sell more stock, and the indices closed on the bottom. All indices are now close to their daily lows, and a break-down might cause panics again. On the other hand, if Wall Street rises above yesterdays’ high, there might be a short-squeeze of 2-5 percents.
USD/CAD
The Canadian dollar showed few weeks ago, signs for possible strengthening against the USD. However, it failed to break-down 98.0 and the USD went up again. The negative momentum in the US stock markets supports the USD, and therefore the CAD has difficulties to gain power.
The 200 SMA supports the US dollar at 0.982 and set a new significant support there. Long ...
Title:
Gold breaches $1900, Euro Zone growth in focus
Morning Briefing : Gold breaches $1900, Euro Zone growth in focus
What's new:
China: Manufacturing PMI buoys risk sentiment, yet investors remain cautious
US: Will Bernanke lay ground for QE3, at the Jackson Hole?
Gold: New highs at $1912.40 this morning
Switzerland: Trade Surplus continues to widen
Forex rates in Asia and Indices:
EURUSD: 1.4353- 1.4401.
USDCHF: 0.7911 – 0.7872.
GBPUSD: 1.6495 - 1.6447.
EURJPY: 110.54 – 110.25.
USDJPY: 76.93 – 76.74.
DowJones: 10’854.65 +0.34%
NASDAQ: 2'345.38 +0.15%
S & P 500: 1'123.82 +0.03%
Nikkei: 8’733.01 +1.22%
Shanghai: 2’532.60 +0.67%
Gold: $ 1,903.70
Crude Oil: $ 84.12
Comments:
US equity indices closed marginally positive yesterday, Asian indices were in the green but advances seemed wary. Chinese PMI Manufacturing data came out at 49.8 ...
Title:
Daily FX Market Outlook by AceTrader
Market Review - 03/09/2011 00:05 GMT
Dollar recovers after weak U.S. jobs data
Although dollar weakened broadly after release of worse-than-expected U.S. non-farm payrolls report as the gloomy data fuelled expectations of possible quantitative easing by the Federal Reserve at its next FOMC meeting later this month. The selloff in U.S. stocks triggered renewed risk-aversion activities and led to short-covering purchase of the greenback across the board in New York afternoon.
U.S. non-farm payrolls were much worse than market expectation as no new jobs were added vs street forecast of a 75k increase and July's figure was revised sharply down from 117k to 85k. Private payrolls came in at 17k vs forecast of 105k whilst the unemployment rate remained unchanged at 9.1%.
Versus the ...
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NZ Dollar Climbs on Expectations of QE3 in US
The New Zealand dollar jumped today on the speculation the US Federal Reserve will perform additional actions to support the faltering nation’s economy.
Federal Reserve Chairman Ben S. Bernanke will speak on August 26 in Jackson Hole, Wyoming. It’s there last year he has told about the second round of quantitative easing. Some traders speculate this year we would see a third round of stimulus.
Kengo Suzuki, manager of the foreign bond department at Mizuho Securities Co. explained:
The second round of quantitative easing was part of the reason behind a jump in commodity prices, so a third round would cause a similar situation.
The New Zealand currency was falling on two previous trading sessions. During the first half of the current trading session the kiwi (as the currency is ...
Title:
Dukascopy Afternoon Forex Overview : 22/08/2011
Previous session overview
Currency markets were relatively subdued during European trading hours Monday with the euro locked into a trading range against the dollar, while the yen held steady against the buck as traders braced for fresh action by Japan to tame the currency's strength.
Japan's Finance Minister, who controls decisions on intervention, stepped up his rhetoric against the yen's strength Monday, saying recent "one-sided yen moves" have been accelerating.
At 1046 GMT, the dollar was at JPY76.790 against the yen, compared with JPY76.54, while the euro was at JPY110.827 compared with JPY110.20.
More broadly, the picture was mixed with the dollar losing ground against the commodity-linked currencies of Australia, New Zealand and Canada.
Elsewhere, the euro was mostly higher ...
Title:
Analysis: Gold shines as Swiss franc's haven appeal dims
(Reuters) - Moves by the Swiss National Bank to curb strength of the Swiss franc will fuel investors' insatiable demand for gold, adding to its relentless rise to new record highs as confidence in the franc as a safe store of value dwindles.
Analysts say this could help gold vault $2,000 an ounce within the coming weeks, with the potential for very large spikes if risk aversion on financial markets gains momentum.
The Swiss franc has fallen sharply from record highs since the SNB bank vowed on August 10 to take steps to curb franc strength. The Swiss central bank has flooded the franc market with liquidity and sold the currency via swaps on the forward market to dim its appeal.
Since that date, gold priced in Swiss francs has spiked. This reversed a trend over recent months when Swiss ...
Title:
Thoughts to Begin the Forex Trading Week
A much needed quiet Monday morning allows for a rundown of the major happenings in the markets. PMI surveys from Europe and the Bernanke speech at Jackson Hole highlight the week. European politicians don't seem to be on the same page while traders are anticipating further action from Japan.
Market sentiment is currently in the dumps when a 1.50% decline in the S&P is considered a calm day. Fear of a double dip recession in the US and a dramatic slowing of growth in Europe have fueled an equity sell-off across global bourses. This morning European equities have stabilized somewhat today with the FTSE 100 up 1.59%. The ECB continues to buy the sovereign debt of Italy and Spain and has succeeded in stabilizing the falling euro zone bond market. A total of EUR 22 Mn has been purchased. ...
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