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Against The Euro After The PayrollsTitle:
Drop in jobless claims eases labor market fears
(Reuters) - The number of Americans submitting new applications for jobless benefits edged down last week, easing concerns the labor market was deteriorating after surprisingly weak employment growth in April.
Another report on Thursday showed the U.S. trade deficit widened in March, with exports surging to a record high and a rise in imports highlighting the economy's firming underlying demand.
Together, the reports indicated the economy remains on a moderate growth path, despite the softer jobs growth and signs the service sector slowed in April.
"The slowdown we have seen in economic activity and employment growth during in the past two months may be in the rear view mirror," said Millan Mulraine, senior macro strategist at TD Securities in New York.
New claims for state ...
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Jobless claims fall, trade gap widens
The number of Americans submitting new applications for jobless benefits edged down last week, easing concerns the labor market was deteriorating after April's weak employment growth.
While the claims data indicated the economy remained on a moderate growth path, a report from the Commerce Department showing a widening in the trade deficit in March suggested economic growth was much slower in the first quarter than initially believed.
New claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 367,000, the Labor Department said on Thursday. The prior week's figure was revised up to 368,000 from the previously reported 365,000.
Economists polled by Reuters had forecast claims inching up to 369,000 last week. The four-week moving average for new claims, considered a ...
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Slow News Day May Lead to Further Euro Losses
The euro remained relatively unchanged vs. its main rivals throughout the European session yesterday, as political uncertainty in the euro-zone kept the currency near its recent lows. After dropping as low as 1.3000 during early morning trading, the EUR/USD spent most of the day trading around 1.3010. Turning to today, a slow news day may lead to low liquidity in the marketplace. Traders will want to note that a low liquidity environment can often lead to unexpected price shifts for seemingly no reason. Given the euro's recent bearish trend, the possibility for further downward movement for the common currency exists.
Economic News
USD - Dollar Remains Bearish vs. JPY
The US dollar remained below the psychologically significant 80.00 level vs. the Japanese yen throughout yesterday's ...
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Aussie Under Pressure After Trade Deficit
The euro (EUR) rose to 1.3065 rebounding from a three-month low at 1.2954 against the US dollar. The single currency tumbled following the elections in Greece and France as investors are concerned about the countries' ability to apply the austerity measures necessary to tackle the eurozone debt crisis. Political uncertainty in Greece continues to weigh on the euro as a first attempt to form a new Greek government failed while investors fear about the country's ability to avoid bankruptcy and stay in the euro. Shares recovered on Tuesday and sentiment in the market appears improved on hopes about a plan to bolster its troubled banks. Focus turns to today's Industrial Production figures from Germany.
The US dollar (USD) strengthened against a basket of currencies following the elections but ...
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Investor Sentiment Is Taking A Beating From The US And Europe
Local data took a back seat to negative sentiment stemming from the Eurozone as a result of elections in France and Greece which saw pro-European and pro-austerity parties lose ground against their rivals. Adding to the risk-off tone are Friday's payrolls data which showed the US economy was creating fewer jobs than the market expected.
France's socialist party with Mr Hollande at its head swept to victory in France's presidential election, thereby ending the reign of incumbent Sarkozy and bringing to a close the Merkel-Sarkozy crisis fighting team. Investors are now worried that the new President will hamper the ability of European officials to cut government deficits and bring the region back from the brink of collapse. Mr Hollande has made his disdain for austerity clear and has vowed ...
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Euro Testing Key Support Levels
Sunrise Market Commentary
- Fixed Income Weak US payrolls push core bonds higher again
- On Friday, it was weaker US payrolls that helped core bonds eke out more gains, but non-core bonds held up quite well. Spreads even narrowed in the intra-EMU bond markets. We fear that this won't be the case today, as French and Greek election results inject uncertainty into markets.
- Currencies: Euro testing key support levels
- On Friday, trading in the major euro cross rate was rather calm, but the pressure remained to the downside. The US payrolls were unable to change this pattern. This morning, EUR/USD is testing the key 1.2974 support while EUR/GBP is trading south of the 0.8068 level. A sustained break below these levels would raise a red alert for the single currency.
The ...
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Greek, French votes send euro, shares lower
(Reuters) - The euro slumped to a three-month low and shares fell on Monday as election outcomes in Greece and France threatened to derail the region's plans to tackle its debt crisis and after weak U.S. data undermined hopes for global economic growth.
In particular, the apparent failure of two pro-bailout ruling parties in Greece to win a majority in the parliament has put the future of its rescue plan in doubt, bringing back into focus questions over the future of the single currency.
In France, Socialist Francois Hollande claimed the presidential seat from Nicolas Sarkozy. The move was widely expected but investors are watching to see how he might push back against a German-led austerity drive.
"The election results at the weekend are not helpful to calming the worries already in ...
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Euro tanks to three-month low after Greek vote upsets
(Reuters) - The euro tanked on Monday, breaking below its well-worn range from the past three months against the dollar after elections in Greece and France raised fresh concerns that the euro zone's hard-earned bailout and austerity steps could fall apart.
In particular, the apparent failure of two pro-bailout ruling parties in Greece to win a majority in the parliament is throwing the future of the bailout scheme for the country into doubt.
With 95 percent of votes counted, the conservative New Democracy (ND) and socialist PASOK, who have dominated Greece for decades, is seen falling short of the 151-seat threshold needed for even the most fragile majority in parliament.
"The PASOK did unexpectedly poorly in the election ... Until we have more clarity on how the coalition government ...
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Gloom builds for euro zone, United States
(Reuters) - The euro zone economy worsened markedly last month and U.S. employers cut back on hiring, according to two reports on Friday that dampened hopes for gradual recovery on either side of the Atlantic.
In Europe, the purchasing managers indexes (PMIs), which primarily cover services, suggested a recession across the continent's currency union could now extend to mid-year and be deeper than previously thought.
The gloomy surveys clashed with the picture painted by European Central Bank President Mario Draghi, who on Thursday spoke of a gradual recovery taking place in the euro zone during the course of the year - although he did speak about risks.
In the United States, a government report showed employers added a disappointing 115,000 workers to payrolls last month and, ...
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