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AfternoonTitle:
U.S. jobs data lift world stocks
(Reuters) - U.S. and European stocks advanced on Wednesday after promising U.S. jobs data, and the euro rebounded after hitting a three-week low on renewed optimism that Greek will complete its debt restructuring after major banks and pension funds pledged their support.
Completion of the debt restructuring is crucial for Greece to secure 130 billion euros in international rescue funds needed so it can avert a chaotic default.
Some traders are hoping Greece will clinch a debt restructuring before Thursday's deadline. This outlook helped revive appetite for stocks, oil and gold and kept a lid on safe-haven demand for U.S. and German government debt.
A report from payrolls processor ADP showing that U.S. private-sector hiring increased more than expected in February helped cement views ...
Title:
Euro-Zone Worries Bring EUR/USD to Two-Week Low
The euro dropped to a two-week low against the US dollar during European trading yesterday, as ongoing fears regarding Greece's upcoming debt swap have boosted safe-haven assets. Other riskier currencies, like the AUD, tumbled throughout the day as well. The AUD/USD dropped over 100 pips yesterday, to reach a one-month low at 1.0571. Today, in addition to any announcements out of the euro-zone, traders will want to pay attention to the US ADP Non-Farm Employment Change figure. A better than expected figure could help the USD extend its recent gains.
Economic News
USD - US ADP Non-Farms Figure Likely to Generate Volatility Today
The US dollar shot up against most of its main currency rivals yesterday, as an increase in risk aversion helped boost the safe-haven currency. Fears regarding ...
Title:
Greek Debt Swap Fears Continue to Weigh on EUR
Ongoing concerns regarding the Greek debt swap later this week, weighed down on the euro throughout yesterday's trading session. Risk aversion kept the EUR/USD close to the 1.3200 level, while the EUR/JPY dropped some 100 pips before staging a slight recovery during the evening session. Today, traders will want to continue monitoring any announcements out of the euro-zone for clues as to the level of risk appetite in the marketplace. Positive news may help the euro recoup some of its recent losses.
Economic News
USD - US Indicators Signal Further Growth in US Economy
Confidence in the US economic recovery was boosted yesterday, following the release of a better than expected ISM Non-Manufacturing PMI. The PMI, which came in at 57.3, was seen as further evidence that the US economy is ...
Title:
Service sector expands at fastest pace in year
(Reuters) - The U.S. services sector expanded at its fastest pace in a year in February, helped by a gain in new orders and as the housing market shows signs of stabilizing.
The Institute for Supply Management said its services index rose to 57.3 in February last month from 56.8 in January, in sharp contrast to economists' expectations for a drop to 56.1.
It was the index's highest level since February 2011. The services sector accounts for about two-thirds of U.S. economic activity. A reading above 50 indicates expansion.
Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York, highlighted the gain in the forward-looking new orders component.
"At this level of ISM, this is not really changing our view that you're still looking at around a 2.0 percent year in terms of GDP ...
Title:
Wall Street slips; S&P tries for 3rd straight weekly gain
Stocks slipped on Friday as a session with sparse economic data gave investors little reason to push indexes higher, but the S&P 500 and Nasdaq remained on track for their eighth positive week in the last nine.
The S&P 500 has traded in a tight range in the past two weeks, mostly holding on to a gain of nearly 9 percent since the beginning of the year.
Even though both the Nasdaq and S&P were on track for their third straight weekly advance, gains were limited as economic data throughout the week cast some doubt on the strength of the economic recovery.
"The news continues to be conflicted. That is why you see this market. We are not racing away any more. We are stuck right at" these numbers, said Ken Polcari, managing director of ICAP Equities in New York.
"You just have the markets ...
Title:
Dukascopy Afternoon Forex Overview : 02/03/2012
Dukascopy Fundamental Analysis
EUR
According to State data the number of unemployed in Spain increased to 4.7% million in February or by 112,269 from January. On yearly basis the unemployment level has surged by 412,835. With current monthly jobless rate of 23.3% Spain is maintaining the unemployment record high among 27 EU member countries.
USD
Dow Jones Industrial Average has lost 0.04% since opening, driven down by Travelers Cos Inc. with -1.35% and Coca Cola Co with -0.78%. Exxon and Chevron, major oil companies are losing 0.85% and 0.55% respectively on Saudi oil pipe speculation.
GBP
Barclays revealed that it borrowed EUR 8.2B from the ECB through central bank’s LTRO. Thus, Barclays has become the third bank after HSBC and Lloyds that had accepted the low-interest loan ...
Title:
EURUSD Falls on Concerns over EU Bailout Delay
Forex News and Events:
A slew of important developments hit the market and all in all, traders took them as a sign to pare down risk. Initially from the EU summit there was little new information as even European leaders are waiting on the March 9th deadline. However, it was later reported that Eurozone members had actually delayed approval of more than half of the €130bn bail-out for Greece after requesting from Greece more evidence that austerity measures and privatization would be implemented. EU Finance Ministers are now requesting "detailed assessment" by EU and IMF officials by next week before the additional funds will be released. Thursday afternoon, ISDA announced that in regards to Greece's $3.25bn default swaps, there would be no credit event triggered and therefore no payout. ...
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ECB Move Continues to Weigh on Euro
The euro took further losses against its main currency rivals in trading yesterday, as pessimism in the euro-zone economic recovery caused investors to revert their funds back to the US dollar. The EUR/USD fell as low as 1.3281, while against the GBP, the common currency dropped close to 50 pips. Turning to today, traders will want to continue monitoring any announcements out of the euro-zone for clues regarding risk appetite in the marketplace. Negative news could continue to weigh down on the euro.
Economic News
USD - USD Extends Bullish Trend amid Positive US News
The US dollar largely maintained its bullish trend throughout yesterday's trading session, as signs of an improving US economy sent investors to the greenback. A positive US Unemployment Claims figure, along with recent ...
Title:
Dukascopy Afternoon Forex Overview : 01/03/2012
Dukascopy Fundamental Analysis
EUR
The jobless rate in the Euro Area accelerated to 10.7% in January compared to 10.6% in December said Eurostat on Thursday. The released figure marks the highest unemployment rate in the region since the enforcement of common currency in 1999. The number of jobless in 17-country region climbed by 185 000 to 16.925 million.
USD
Market value of Apple Inc. approached 500 billion US Dollars for the first time, positioning Apple as the most valuable company in the world. Only such companies as Exxon, Microsoft, Cisco Systems, Intel and General Electric were capable to reach this level. Experts predict the company's profits to amount 40 billion US Dollars in 2012. The Apple's share closed at 542.44 US Dollars on the Nasdaq on Wednesday.
GBP
British ...
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