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Afternoon Forex OverviewTitle:
Dukascopy Afternoon Forex Overview : 23/12/2011
Dukascopy Fundamental Analysis
EUR
France's economy expanded by 0.3% in Q3 as compared to 0.4% previously estimated. The disposable income also decelerated, reported France's Insee statistics. Moreover, the country's credit rating was placed on a pessimistic outlook by Fitch agency signaling probable downgrade in the next 12-18 months.
USD
After struggling for several months Congress is ready to approve payroll tax reduction. Lawmakers agreed to extend payroll tax of 4.2% for two months. Obama praised the decision, emphasizing tax cut extension is crucial for US economy. Obama predicts every employed American to save around $1000 a year due to tax cut.
GBP
UK services output dropped to 6-month low in October. Services that account for about 75% of the nation's economy tumbled 0.7% ...
Title:
Dukascopy Afternoon Forex Overview : 22/12/2011
Dukascopy Fundamental Analysis
EUR
Greece's creditors are struggling against IMF pressure to accept greater losses on government bonds, said three persons familiar with matter. Lenders require government to issue new bonds worth €70 bn ($91 bn) with a coupon at around 5%. However, IMF is forcing creditors to take smaller coupon to cut Greek GDP ratio to 120% by 2020. Without write-downs Greece's debt burden will be nearly twice the amount of nation's GDP next year, said IMF spokesperson.
USD
Jobless claims unexpectedly declined previous week reaching the lowest level since April 2008 indicating that US labour market is recovering. Unemployment claims dropped by 4000 to 364 000 last week, reported Labor Department. Economists questioned by Bloomberg predicted an increase to about 380 000. ...
Title:
Dukascopy Afternoon Forex Overview : 21/12/2011
Dukascopy Fundamental Analysis
EUR
The ECB awarded €489 bn ($645 bn) in three-year loans, compared to previous expected estimate of €293 bn. In total 523 Euro Zone banks called for cash which will be provided at a cost equal current benchmark 1%. European debt turmoil has amplified risk of bank and government defaults, therefore financials became more reluctant to lend driving up borrowing costs. By providing cheap cash, ECB expects banks to expand lending.
USD
US court may call off the tariffs imposed on the Chinese goods to protect domestic production. However, the changes in legislation can last for years, admitted George Thompson, a lawyer at Neville Peterson LLP. At the moment China's exports to the US are subject to over 100 anti-dumping duties as China's goods are perceived to be ...
Title:
Dukascopy Afternoon Forex Overview : 20/12/2011
Dukascopy Fundamental Analysis
EUR
German consumer climate index remained steady this month, according to industry data. The indicator remained unchanged at 5.6 not meeting the expectations of a decline to 5.5. However, despite better financial expectations, willingness to purchase decreased. After the data release, the Euro gained in value relative to the USD and the pair EUR/USD is currently traded at 1.3010, gaining 0.08%.
USD
HTC was found guilty of Apple Inc.'s patent infringement. All phones that contain the technology stipulated by the Apple Inc. patent will be prohibited for sale at the US territory starting from 19 April, 2012. Initially Apple Inc. submitted 10 patent infringement claims but the court satisfied only one claim and the HTC is pleased with the court decision.
GBP
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Title:
Dukascopy Afternoon Forex Overview : 19/12/2011
Fundamental Analysis
EUR
Despite strong pessimism among analysts, European finance ministers will try to do as much as possible in order to resolve debt crisis until the Christmas. As reported before, European officials are seeking additional EUR 200B of emergency funding from the IMF. Fitch put additional pressure on European officials by lowering France’s credit outlook and putting other countries up for review.
USD
US Treasuries appreciated touching 6-week record high as fading optimist about European officials' ability to solve debt crisis boosted demand for safer assets. Benchmark 10-year borrowing costs hit 2-month low on Friday after Fitch lowered France's credit outlook and placed 6 other nations including Italy and Spain for revisit of downgrade. 10-year yields dropped 10 b.p. ...
Title:
Dukascopy Afternoon Forex Overview : 16/12/2011
Fundamental Analysis
EUR
The Euro Zone will experience refinancing problems in February, reported Ewald Nowotny, Governing Council member of the ECB. Refinancing eliminating deficit financing will reach about EUR1.3 trillion next year coupled with EUR1 trillion for refinancing of banking industry. It is crucial to work out short-and long-term measures to solve financial difficulties and further fine-tuning in the policies is necessary, he stressed.
USD
In November US consumer price level was flat, mainly due to dropping energy costs, said the Labor Department on Friday. Core prices excluding energy and food costs added 0.2%. The real readings mostly match with analysts' expectations. Inflation adjusted hourly salary declined 0.1%. Unadjusted Consumer prices rose 3.4% on yearly basis.
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Title:
Dukascopy Afternoon Forex Overview : 14/12/2011
Fundamental Analysis
EUR
The pace of economic expansion of Germany is expected to decrease to 0.4% next year due to weak world's economy and debt crisis in the euro-zone, reported Ifo Institute. The institute predicts the GDP to expand by 3% in 2011 after 3.7% increase last year. The company outlined high instability in the euro-zone as the major factor that may severely impact Germany.
USD
US stock index futures climbed higher after investors absorbed the results from German and Italian bond auctions. Futures on the Standard & Poor's 500 Index rose 3.9 points at 1,224.1, while those on Nasdaq 100 traded almost flat at 2,268.2. Dow Jones Industrial Average futures gained 24 points reaching 11,919.
GBP
In the UK, the number of residents applied for unemployment benefits increased much ...
Title:
Dukascopy Afternoon Forex Overview : 13/12/2011
Fundamental Analysis
EUR
On Tuesday Spanish central bank sold €4.94 bn ($6.51 bn) of 12 and 18-month notes, more than the Treasury had intended to attract. Central bank sold €3.44 bn 12 month notes at an average yield of 4.05%, compared to 5.02% in November. 18-month bonds created average borrowing cost at 4.2%, or 1 percentage point less than in November.
USD
US retail sales increased less than expected last month, according to official data. The indicator increased by 0.2% on a seasonally adjusted basis in November as compared to 0.6% previously expected, reported the U.S. Census Bureau. On the yearly basis, retail sales rose 6.7% last month after 7.5% increase in October.
GBP
Yearly UK CPI for November was in line with the expectations at the level of 4.8%, slightly lower than the ...
Title:
Dukascopy Afternoon Forex Overview : 09/12/2011
Fundamental Analysis
EUR
The member of the ECB, Ewald Nowothy, reassured today that there will not be deflation in the Eurozone. The inflation rate in the euro-zone is decreasing slower than expected and despite weak economic growth there are no signs of ‘deflation scenario', he added. The HICP inflation is likely fall to 2% in 2012 and to 1.5% in 2013, according to the ECB forecast.
USD
US shares opened up on Friday morning on news that European officials reached consensus on tighter fiscal ties. Dow Jones Industrial Average added 0.92% or 110.69 points to 12,108.39, Nasdaq Composite ascended 0.8 or 20.83 points to 2,617.21 and S&P 500 Index gained 13.43 points reaching 1,248.04.
GBP
UK's exports reached a record of £26.5bn while the import declined to £34.1bn in October from £34.6bn ...
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