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Home price decline eases, but consumers gloomy
(Reuters) - The pace of decline in home prices moderated in April, while consumers this month turned more gloomy amid jitters about the labor market and economic outlook, data showed on Tuesday.
The housing data suggested the start of the spring buying season helped, though economists cautioned home prices will likely continue to crawl along at low levels, and could have further to fall, as the battered housing market works through a slew of headwinds.
Average home prices fell from a year ago and were still at levels seen in the summer of 2003.
"The pace of decline seems to be slowing some, so that is good. We have to do that before you can actually start increasing," said Mike Feroli, economist at JP Morgan in New York.
"I would expect prices are flattish in the second half (of 2011), ...
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Forex - Positive News Flow & Optimistic Expectations Support EUR
Forex News and Events:
Greece and the Euro received some much needed support yesterday in the form of private sector's positive contribution to voluntary debt restructuring. France's Finance Minister Lagarde announced that French banks were moving forward with the Sarkozy initiative, with 70% of French banks looking at voluntarily rolling over Greek debt. French banks are estimated to hold nearly 14% of outstanding Greek sovereign debt so the number is not trivial. Obviously the key is the term "voluntary", which French officials state will not trigger a credit event, however, it’s unclear if the rating agencies feel the same way. Risk appetite received a respectable boost on the new lead by US stocks.
EURUSD rally gained momentum at the end of the day, rising 1.53% to 1.4331 while the ...
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Forexpros.com Daily Analysis - 28/06/2011
ForexPros Daily Analysis June 28, 2011
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GBP/CAD Long-Term Direction Still Unclear
The British Pound is typically a rather volatile currency. Most of its crosses have large daily ranges and easily identifiable trends. The GBP/CAD is not much different with ...
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YouTradeFX Daily Market Analysis : 28/06/2011
www.youtradefx.com
FTSE :
Yesterday the financial markets exhibited nice rises in exchange rates due to the agreement between the French Government and the Greek banks regarding the rollover of the country's debts under conditions that are much more favourable to Greece's creditors. The positive winds blowing from the direction of Greece also provided support for the British index that closed above its last Friday's opening price and so created the reverse Japanese pattern - BULLISH ENGULFING – that hints at the index's continued movement upwards in a northerly direction.
We can also add to this positive sign the fact yesterdays price closed above the trend line that had accompanied the wave of price drops and was used as reliable resistance level all the way along. Yesterday the FTSE ...
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Inflation, high rates batter Vietnam's small businesses
(Reuters) - As Vietnam fights to beat back raging inflation, many of its small and mid-sized businesses -- disadvantaged even in good times -- are struggling to survive the battle.
Just ask Ngo Thi Bau, general director of Nguyen Tam Foci Garment Co Ltd, which a Vietnamese consumer magazine for years dubbed one of Vietnam's 100 strongest brands.
This year, plunging revenue has led Bau to lay off 60 percent of her Ho Chi Minh City-based firm's 400 workers. Her business has been battered by sharply higher consumer prices and the sky-high interest rates -- up to 20 percent -- that borrowers now face.
"It's impossible to make a profit in manufacturing," said Bau.
Small businesses matter, as in the past decade they have become a key part of Vietnam's economy. They account for 96 percent of ...
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Gold steady; currency, Greece vote eyed
(Reuters) - Spot gold held steady on Tuesday as investors watched moves in the currency market while waiting for a vote by Greece's parliament later this week on an unpopular austerity plan needed to avoid a sovereign debt default.
Gold had traded in a narrow range of barely $6, as the euro steadied and the dollar index .DXY weakened slightly as Greece's parliament debates the austerity plan ahead of an expected vote on Wednesday.
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SunBirdFX Daily Market Analysis : 28/06/2011
www.sunbirdfx.com
USD/JPY
The YEN broke through the descending trend line and is now facing the resistance of the 50 EMA. As it was mentioned in Sunbird's analysis few days ago, as long as the price remains under 81.0, the signal is still bearish. If the USD successfully breaks through the resistance of 81.0, it might rise to 82.5-83.0 but it is hard to tell at the moment. Remember that the Yen is a powerful currency, and therefore you should not rush to the conclusion that the bulls are taking over here.
AUD/USD
The Australian has been weakening against the USD during the pass 2 month. It broke the descending triangle at 1.045 and it looks like the AUD wants to keep sliding. However, the general trend here is bullish, and the last two-month declines might be nothing but a technical ...
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Euro manages to hold on to most of yesterday’s gains
USD
The euro drifted off its highs but managed to hold on to most of yesterday’s gains ahead of the European session while risk appetite was fairly mixed. The S&P 500 closed up +0.9% on the day while the Nikkei was up +0.66% at the time of writing. EURUSD traded 1.4255-1.4330 and USDJPY 80.72-80.98. Our analysts are in line with consensus and expects the final estimate of Q1 GDP to be confirmed at 0.5% q/q. However, FX investors will likely focus more intently on parliamentary testimony by BoE Governor King and MPC members Tucker, Dale, Posen, and Miles, especially after the June minutes revealed the possibility that more QE is being entertained. The ECB’s Trichet will also be on the wires and will likely sound hawkish ahead of the ECB meeting in two weeks..
EUR
The euro received a ...
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GBP Breaking Out of Long-Term Bullish Channel
Regional investors are expecting a technical downturn for the pound this week after several reports showed the currency breaking out of a long-term bullish channel. Lying behind the turning point is several months' worth of bearish manufacturing reports and a concern that inflation may become flattened out through the summer with analysts calling for a sluggish second quarter.
Economic News
USD - USD Dips as Investors Await CB Consumer Confidence Data
The US dollar was seen in decline in trading yesterday as traders began to seek risk after a solid US stock market open. The EUR/USD was seen moving towards 1.4275 yesterday before settling mildly below this mark at day's close. The GBP/USD was also in a bullish channel, with a high of 1.6002 touched prior to getting tested by technical ...
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