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Oil edge above $104, Iran sanctions support
(Reuters) - Oil prices edged above $104 on Friday, consolidating after a heavy sell-off earlier in the week, supported by a weaker dollar and concern over U.S. sanctions against Iran, but the eurozone debt crisis continued to weigh.
Brent crude, which rolled over to February as the prompt month, was up 50 cents to $104.10 a barrel by 1210 GMT. U.S. crude rose 42 cents to $94.29 a barrel, after falling $1.08 to settle at $93.87 on Thursday.
"Support is still coming from the usual suspects, the weaker U.S. dollar and some strength from the equity markets," said Eugen Weinberg, an analyst at Commerzbank in Frankfurt.
"Also, after the sell-off over the last couple of days it is not surprising that prices are stabilizing. We might see some bargain hunting and possibly even a technical ...
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GBP/USD Daily technical analysis - December 2011
A strong correction occured on the pair GBP/USD who is going to test its long term slant (black line).
The pair is currently moving into a medium term bearish channel (purple lines). However, the trend will remain bullish as far as 1.5345 is support. A return on 1.5919 and 1.61 is expected.
However, if 1.5345 is broken (and so the bullish slant), the trend will become bearish. The objective will be then at 1.5138 and 1.4955 in extension.
Previous GBP/USD Daily Analysis - November 2011
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Weekly Economic and Financial Commentary : 10/12/2011
Weekly Economic and Financial Commentary : 10/12/2011
U.S. Review
Good From Far, but Far From Good
A run of better-than-expected U.S. economic data in recent weeks raises hopes that the domestic economy might somehow defy gravity and expand quickly, even as the rest of the world seems to be coming to terms with an environment of slower growth. At the risk of ruining the party, in this week’s U.S. Review, we point out what we consider to be a few chinks in the armor.
The ISM Non-Manufacturing Index shows continued expansion, albeit at a slower pace.
The trade deficit narrowed in October to its lowest level of the year, supporting fourth-quarter GDP growth.
Lookin’ Good, Just Don’t Look Too Close
Over the past several weeks we have seen flare-ups in the sovereign debt crisis ...
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Reality Trumps Shop in Euro Saga
Economic Data Analysis
Reality Trumps Shop in Euro Saga
Markets disappointed with European package and surveys suggest recession.
UK growth outlook dependent on Euro area, weakness to be highlighted in domestic indicators.
US Federal Reserve to keep policy unchanged on signs of improving outlook.
At the time of writing, the details on the EU Summit are scarce, but the direction of a broad ‘fiscal compact' seems to be clearly emerging. Yet markets are underwhelmed by what appears to be a reaffirmation of the Stability and Growth Pact principles. They also remain disappointed following ECB President Draghi's press conference yesterday, where he appeared to go out of his way to close off the possibility of using the ECB's balance sheet to help prevent contagion across the Euro ...
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Gold falls 2 percent as ECB disappoints, eyes EU meet
Gold fell around 2 percent on Thursday, its biggest one-day drop in nearly three weeks, after the European Central Bank dashed hopes of more-dramatic action to fight the region's debt crisis.
Gold initially rose 1 percent after the ECB cut interest rates and said it would offer banks long-term funds. However, the rally quickly fizzled after ECB President Mario Draghi doused expectations the bank would ramp up its bond buying.
"If the ECB can't figure out a way to provide liquidity, that creates deflation fears. If deflation takes hold, gold is not an attractive asset," said Jeffrey Sherman, commodities portfolio manager of DoubleLine Capital, a Los Angeles-based investment manager with $20 billion in assets.
Bullion investors will now closely monitor Friday's European Union summit, ...
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Exclusive: Many Americans already done with holiday shopping
(Reuters) - More than a third of U.S. shoppers are already done with most of their holiday shopping, a survey showed on Monday, signaling that retailers need to offer bigger incentives to win sales in the few weeks before Christmas.
The findings underscore the fragility of the U.S. recovery, since consumer spending accounts for about 70 percent of the nation's economy.
About 32 percent of people surveyed by America's Research Group said they finished a majority of their Christmas shopping in November. Last month included Black Friday, the day after Thanksgiving when stores pulled out all the stops on discounts to woo shoppers during their biggest season of the year.
More than 6 percent completed most of their holiday shopping in the first weekend of December.
The questions were asked ...
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Weekly Economic and Financial Commentary : 02/12/2011
Weekly Economic and Financial Commentary : 02/12/2011
U.S. Review
Moderate Improvement in Economic Data
The November employment report showed a big drop in the unemployment rate. However, the overall pace of job growth remains constrained.
Housing market data this week indicated that new home sales rose modestly in October, while home prices continued their downward trajectory.
The latest read on manufacturing sentiment from the ISM-manufacturing survey indicated that output continued to expand at a moderate pace despite the ongoing European debt crisis.
Data Supports Stronger Growth in Q4
This week's data continued to reinforce our view for stronger fourth-quarter economic growth. The housing market data showed sales and new home construction have bottomed, while the ISM- ...
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The Weekly Bottom Line : 02/12/2011
The Weekly Bottom Line : 02/12/2011
HIGHLIGHTS OF THE WEEK
United States
Markets posted a spectacular rally this week. As of noon Friday, the Dow was poised to rise a cool 831 points (or 7.4%) from last week.
Policy makers provided much of the fuel for the rally. In the developing world, China and Brazil both cut their policy rates in a bid to combat slowing economic growth.
This biggest policy maneuver, however, came when leading developed world central banks announced plans to expand and enhance their currency swap lines.
Meanwhile, the stream of decent U.S. data continues to trickle in, bucking the global trend of slower growth.
Canada
A decisively positive week for equity markets was driven by several international developments to support Europe's troubled ...
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Factories growing despite global slowdown
(Reuters) - Factories shrugged off weakness in the global economy during November as manufacturing activity rose to its highest level in five months, giving a fresh sign that the American economy could be accelerating.
Also pointing to stronger growth, U.S. construction spending increased more than expected in October.
"We could see an acceleration in the momentum ... in the manufacturing sector and the economy more generally," Millan Mulraine, a macro strategist at TD Securities in New York, said on Thursday following the data's release.
The Institute for Supply Management said its index of national factory activity rose to 52.7 from 50.8 the month before. The reading topped expectations of 51.5, according to a Reuters poll of economists.
Separately, the Commerce Department said ...
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