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Analysis Firm DayTitle:
Dukascopy Afternoon Forex Overview : 22/05/2012
Fundamental Analysis
EUR
Gold extended previous gains in Asian session on Tuesday as concerns over Greek exit from the single currency union eased. At G8 summit leaders of eighth largest economies stated that they would do everything possible to retain Greece in the Euro Zone. COMEX gold June contract traded at 1,592.35 US Dollars per troy ounce on the New York Mercantile Exchange, advancing by 0.23%.
USD
The US Senate has passed a bill aimed at tightening sanctions imposed on Iran to force the country to cease its nuclear program. The new sanctions imply investigation of role of Iran's Revolutionary Guard in oil exports as well as obliging the US companies to disclose any business activities with Iranian partners. The move came ahead of negotiations between Iran and six major ...
Title:
Top anti-money laundering enforcer dismissed: sources
ST. LOUIS, May 21 (Thomson Reuters Accelus) - The head of the Treasury Department bureau responsible for issuing anti-money laundering and counter-terror finance regulations has been dismissed, sources said.
James Freis, who took the reins at Treasury's Financial Crimes Enforcement Network (FinCEN) in March 2007, was dismissed by Under Secretary for Terrorism and Financial Intelligence David Cohen after refusing to resign, a source with knowledge of the firing confirmed.
He will reportedly remain in his post until a replacement is found.
Moneylaundering.com first reported Freis' firing and said his staff had been informed of his pending departure last Thursday.
Freis declined comment on Monday through FinCEN spokesman Steve Hudak, and referred Thomson Reuters to Treasury Department ...
Title:
Dukascopy Morning Forex Overview : 05/17/2012
Fundamental Analysis
EUR
"We expect euro-region inflation to normalize in 2013"
- Michael Schubert, an economist at Commerzbank AG
Inflation in the seventeen nation bloc eased to 2.6 per cent in March from 2.7 per cent the previous month, said the European Union’s statistics office in Luxembourg on Wednesday.
USD
"Uncertainty about Greece and the effects a potential exit out of the euro would have on Europe, the global economy and the financial system in general is driving investors out of stocks into safe havens"
- Markus Huber, head of German sales trading at ETX Capital
The Standard & Poor's 500 lost 0.44%, or 5.86 points, to 1,324.80. The Dow Jones Industrial Average declined by 0.26%, or 33.45 points, to 12,598.55.
GBP
Unemployment figures are a "welcome step in the right ...
Title:
Dukascopy Afternoon Forex Overview : 05/14/2012
Dukascopy Fundamental Analysis
EUR
Industrial production in the 17 countries that use the euro fell unexpectedly in March, leaving little doubt the region contracted for a second straight quarter in the first three months of the year and returned to recession, data by Eurostat showed Monday.
USD
Stocks fell, commodities declined to their cheapest level this year and the euro weakened to a three- month low on concern that Greece will exit the single European currency and after German Chancellor Angela Merkel’s party lost a state election.
GBP
The government, and many economists, say the U.K.'s austerity plan has succeeded in reassuring financial markets that the government is focused on wrestling down the country's debt, which had ballooned to the highest levels since World War II. As a ...
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The Bank of England's Next Move
The Week Ahead
■The Bank of England's next move
■Is this the beginning of the end for the Eurozone?
■Fed officials reluctant to signal more easing
■Broader risk environment outweighs Japanese rhetoric
The Bank of England's next move
The BOE kept rates on hold when it concluded its May meeting last week; it also allowed the asset purchase program to come to an end. Since the UK slipped back into recession in Q1 2012 and the growth figures at the start of the second quarter have continued to look weak, the decision to hold interest rates was mostly down to the sticky outlook for inflation. The attention now turns to Wednesday's Inflation Report.
The focus will be on the Bank's growth and inflation forecasts. The growth forecasts are likely to be revised lower. Even ...
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U.S. Trade Deficit Widened in March
U.S. Trade Deficit Widened in March
-The US trade deficit was $51.8 billion in March 2012, which was larger than the expected $50.0 billion shortfall; February's gap was revised to $45.4 billion from $46 billion.
-Exports rose 2.9% in March and imports jumped by 5.2%.
-The widening in the trade gap in March was in line with that assumed by the Bureau of Economic Analysis (BEA). Recent data showing that inventory growth and construction spending were less than assumed by the BEA, however, raise the prospect that the growth rate will be nudged lower than the 2.2% pace originally reported. The prospect of the US economy growing at a faster pace in the second quarter of 2012 remains intact. The US economy continued to generate jobs in April, albeit more slowly than forecasters ...
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No tax reform plan yet: Obama aide
(Reuters) - President Barack Obama's nominee to be the top tax official at the U.S. Treasury Department said on Tuesday that the administration is not actively working on a plan to revamp the tax code, frustrating some of Obama's fellow Democrats.
"We'd be negligent if we weren't doing foundational work ... But at this point there is no plan that has been developed," Mark Mazur, Obama's nominee for Treasury's top tax job, said at a Senate panel hearing on his confirmation. "We'll see how this plays out."
Both Republicans and Democrats, including Obama, call revamping the complicated tax code a top priority, but acknowledge this will not happen until after the November 6 elections.
Mazur, currently deputy assistant secretary for tax analysis, will lead Treasury tax policy if he is ...
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Home prices rise for first time in 8 months: Corelogic
Home prices rose in March for the first time since last July, helped by tighter housing inventory, data analysis firm CoreLogic said on Tuesday.
CoreLogic's home price index gained 0.6 percent from February, but was still down 0.6 percent compared with March a year ago.
Excluding sales of distressed properties, prices climbed 0.9 percent on a yearly basis. Homeowners in danger of foreclosure, or in "distress", often sell their homes at significantly reduced prices.
"This spring, the housing market is responding to an improving balance between real estate supply and demand, which is causing stabilization in house prices", Mark Fleming, chief economist at CoreLogic, said in a statement.
Of the top 100 statistical areas measured by population, 57 showed year-over-year declines, down from ...
Title:
Dukascopy Morning Forex Overview : 08/05/2012
Fundamental Analysis
EUR
" show that despite the crisis in the euro area, Germany is growing and benefiting from a revival in international trade."
- Klaus Baader, senior economist at Societe Generale SA
German factory orders rose by more than forecast in March, a sign Europe’s largest economy is weathering the debt crisis.
USD
"From where we sit right now, we think the economy looks fundamentally stronger."
- Marisa Di Natale, an economist at Moody’s Analytics in West Chester
U.S. stocks closed mixed on Monday after Francois Hollande was elected as a French president and Greek voters turned to antibailout parties.
GBP
"… the challenging economic backdrop suggests that a significant acceleration in prices or activity is unlikely in the near term."
- Robert Gardner, Nationwide’s ...
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