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The Reserve Bank of Australia leaves interest rate unchanged at 4.75% for the sixth straight meeting
The Reserve Bank of Australia issued today its decision about the benchmark interest rates, where the Bank decided to leave interest rate steady for the sixth consecutive month at the highest level of 4.75% as the Bank aims to support the economy to exit from its recession phase after the first quarter contraction.
Australian monetary policy makers, led by the governor of the Reserve bank of Australia Mr. Glenn Stevens, kept the interest rate unchanged at 4.75% during the month of June to meet analysts' expectations, while the bank sees the global expansion led by strong Asia growth.
On the other hand, the Reserve Bank of Australia noted that higher commodity price is the main reason behind fueling inflation rates, also the Bank said that the RBA private investment is picking up, mainly ...
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Euro hits 3-week high, edges near resistance
(Reuters) - The euro rose to a three-week peak against the dollar on Wednesday, boosted by hopes for an agreement on Greek austerity steps and progress toward an aid package for the debt-hobbled nation, but the currency has approached chart resistance that may cap its near-term gains.
The euro nudged higher in early Asian trade after Greek newspaper Kathimerini said in its online edition that details of the Greek government's mid-term fiscal plan were expected to be finalized by Wednesday night or Thursday morning, traders said.
The common currency rose as high as $1.4438 on trading platform EBS, its highest since early May, adding to gains on Tuesday, but failed to decisively breach immediate resistance at the top of the Ichimoku cloud on the daily chart at $1.4442.
Analysts also said ...
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Japanese Industrial Production Gives Optimism for the Economic Recovery in Japan
The Japanese economy has witnessed some improvements after the March quake, where the industrial sector's activities increased less than market expectations in April, in addition, the Japanese companies began their production process, signaling that the economic recovery will start its upside movement in the second half of 2011.
The Japanese economy issued its Industrial Production preliminary reading (MoM), where the index retreated by 1.0% during April, compared with the pervious drop of 15.5% in March, while analysts' forecasts referred to 2.0%.
Moreover, Japan's Industrial Production preliminary reading (YoY) for the year ended March, slid to -14.0%, compared with a prior -13.1% last year, while the expectations were estimated at -12.4%.
The Japanese industrial sector rebounded ...
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Japan merchandise trade deficit confirms the nation is in recession
The Japanese economy continued its suffering from the devastating quack that damaged the economy, which caused the nation to record the first trade deficit in three months, as Japanese exports dropped to the most along with the increases in commodity prices helped the imports to accelerate.
Japan's exports of goods are still missing demand as the report today showed that merchandise trade exports dropped, while imports improved slightly. Exports in Japan continued dropping in April by 125%, raising concerns about the truth of recovery as it may take much longer than expected.
Japan's trade balance indicator showed contracted worth 463.7 billion yen during the month of April, compared with the previous surplus 196.5 billion yen in March that was revised to 189.4 billion yen, while ...
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Markets Consolidate Before the End of the World
The Week Ahead
Highlights
Markets consolidate before The End of the World
Greek problems get worse before they get better?
The euro hinges on Spain
Japan's economy still in a 'very severe' state
The Loonie may see weakness ahead
Key data and events to watch next week
Markets consolidate before The End of the World
This past week saw most major asset markets and currencies essentially consolidate around recent lows following the sell-off in the first half of May. Incoming data, however, continues to suggest increasing sluggishness in the major economies. In the US, housing data weakened further, both the Philadelphia and Empire manufacturing indexes declined, industrial production flattened, and the index of leading indicators dropped for the first time in 10 ...
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The Japanese Economy Contracts in the First Quarter
The Japanese economy has followed expectations when it recorded another contraction in a decade. However, Japan shrank more than anticipations during the first three months of the year, affected by the March quake, which has massive results on the industrial sector in Japan.
Moreover, Japan contracted for a second consecutive quarter after the devastating earthquake and tsunami which contributed to suspend the production process in many Japanese multi-national companies, and prompted consumers to cut their spending along with the retreats in consumers' confidence.
The Japanese GDP preliminary shrank by 0.9% during for the first quarter, following a contraction 0.3% in the fourth quarter, which was revised to -0.8%, while the analysts' expectations referred to -0.5%.
Moreover, Japan's ...
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Eurozone finance ministers agreed to a rescue package for Portugal
USD
The dollar had a mixed session in Asia, rising against the yen, but weakening against the euro. The AUD was supported by hawkish RBA minutes, which signalled another rate hike is likely in the coming months. EURUSD traded in the 1.4130-1.4244 range, while USDJPY traded between 80.70 and 81.46. The US debt ceiling was reached yesterday as expected, but Treasury Secretary Geithner announced a “debt issuance suspension period” in a bid to avoid breaching the debt limit until August 2. The term is a misnomer – in fact, normal Treasury auctions will continue during this time, as the Treasury will free up some issuance capacity by changing procedures at two government sponsored retirement funds.
US equities closed down about 0.5% and Treasury yields in the longer-end of the curve moved ...
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Japan's current account surplus narrows in March
A report today showed that Japan's current account surplus narrowed in March, more than expectations as the nation's exports were affected by the devastating earthquake that hit the economy on March 11, causing many companies to shut their plants and suspend production.
Japan's current account total slid to 1679.1 billion yen during the month of March, compared with the previous reading of 1641.0 billion yen in February, while the analysts estimated 1750.0 billion yen.
Moreover, Japanese trade balance index for March came out at 240.3 billion yen comparing with a 723.3 billion yen a month earlier, while the actual reading came lower than expectations of 305.0 billion yen.
As for the massive negative results of the earthquake that hit Japanese economy on March 11, the Japanese wages ...
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Dollar near 3-week high on commodities, Aussie tumbles
(Reuters) - The dollar dipped but held near a three-week high against a basket of currencies on Thursday as a rout in commodities and an uncertain outcome on Greece's debt problems lowered risk appetite and prompted traders to expect more unwinding of dollar-funded bets on risk assets, with its break above a trendline pointing to the chance of more gains.
The euro, bruised by concern that the problems in Greece could spin out of control despite policymakers' efforts to support it, hovered just above a three-week low against the dollar after having broken below its 55-day moving average, and touched a 1-1/2 month low against the pound.
Adding momentum to a sell-off in commodity-linked currencies, the Australian dollar tumbled more than 1 percent to a one-week low after surprisingly weak ...
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