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Claims For Unemployment BenefitsTitle:
Dukascopy Afternoon Forex Overview : 05/17/2012
Dukascopy Fundamental Analysis
EUR
Mario Draghi, the ECB President, insisted on Greece to stay in the Euro bloc during his public speech on Wednesday regarding the possibility of Greece withdrawal from the Eurozone. Nevertheless, according to him, the ECB will stick to its anti-inflation mandate. The ECB President's comments came after Irish and Belgian central banks reported that Greek exit would not be disastrous for the Eurozone.
USD
Jobless claims in the U.S. didn't live up to the expectations that it will decrease by 5K and remained unchanged, at 370K level, in the week from 6th to 12th of May. Amount of people on rolling unemployment claims increased by around 18K while the number of people on prolonged payments decreased by around 45K. 31 out of 52 states or territory's reported ...
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Gold off 4-1/2 month low on increased physical buying
Gold rose more than 1 percent on Thursday, bouncing off a 4-1/2 month low, as weaker prices attracted new physical buyers, but gains were likely to be limited as the euro was undermined by fears of a deepening debt crisis in Greece.
Spot gold rose 1 percent to $1,553.80 an ounce by 09.07 a.m. EDT, from $1,538.30 late in New York on Wednesday, when it plunged to $1,527 - its weakest since December 29.
The precious metal rose to a high of $1,557.56 earlier, helped by the approaching expiry of gold options in the COMEX futures market.
U.S. gold futures hit a high of $1,557.90 an ounce and were at $1,554.30, up 1.1 percent. The contract had plunged to a multi-month low of $1,526.70 on Wednesday.
Gold, traditionally a safe-haven asset, has been moving in tandem with riskier assets such as ...
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Jobless claims hold steady at 370,000
New claims for unemployment benefits were unchanged last week, according to government data on Thursday that will do little to ease concerns about a recent slowdown in jobs growth.
Initial claims for state unemployment benefits held steady at a seasonally adjusted 370,000, the Labor Department said.
The prior week's figure was revised up to 370,000 from the previously reported 367,000.
Economists polled by Reuters had forecast claims falling to 365,000 last week. The four-week moving average for new claims, considered a better measure of labor market trends, fell 4,750 to 375,000.
The data comes on the heels of three straight months of slowing employment gains. Companies added 115,000 new jobs to their payrolls in April, the fewest in six months.
Thursday's report on claims covered ...
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U.K. Unexpectedly Surprises Markets with Upbeat Jobs Report
The sentiment improved today after the United Kingdom provided markets with the jobs report, where unemployment has unexpectedly dropped in the three months ending in March, raising optimism that the "balanced budget" previously provided by the Chancellor of Exchequer, George Osborne, might have a positive impact on the royal economy and the labor market as well, despite speculations joblessness will peak 8.7% this year before falling again.
Unemployment in the United Kingdom unexpectedly fell to 8.2% from the previous of 8.3%, beating estimates of 8.4%, the thing that raised positivity in the market, supporting the sterling pound to erase most of the losses incurred earlier today; however, the sentiment is still mixed after Greeks found no common grounds regarding the creation of the ...
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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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Euro snaps 8-session drop, up from 3-1/2-month low
The euro gained against the dollar on Thursday, snapping eight straight sessions of declines and bouncing from its recent 3-1/2-month low as stress in Spanish debt markets eased and Greece secured funds to repay its bondholders.
The tempering of the dual threats of a Greek insolvency and the country's potential exit from the euro also had the single currency rebounding from a mid-February low against the Japanese yen.
Greece averted an imminent funding crisis after the board of the European Financial Stability Facility agreed to release a scheduled payment. The allocation allows the country to meet near-term bond redemptions, helping the euro stabilize after an eight-day sell off.
"The EFSF agreement could be viewed as euro-positive, and data in the U.S. and overseas was not negative, ...
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Stocks, euro advance on Europe, jobs data
Global stocks advanced for the first time in seven sessions on Thursday on relatively encouraging U.S. jobs data and improved investor sentiment regarding Europe's festering debt crisis.
U.S. and European equity markets rose after data showed U.S. claims for unemployment benefits edged lower last week, a sign of comfort after April's weak employment growth was perceived as a harbinger of a worsening U.S. labor market.
Investors also used a recent streak of declines to buy beaten-down assets, lifting the euro against the dollar for the first time in nine sessions and snapping a six-day losing streak for the Dow Jones industrial average.
"You are seeing traders and investors come into some of these very oversold sectors and buying on the dips. Then suddenly, the people who are scared ...
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Copper pushes up despite weaker Chinese data
Copper rose for the first time in six sessions Thursday, recovering from the prior day's three-week low below $8,000 a tonne after a double-dose of upbeat data from the United States helped draw in buyers.
Copper rose in tandem with global equities, which were up for the first time in seven sessions, after data showing a fall in weekly claims for jobless benefits and a record surge in exports in March offset weak trade data from top copper consumer China.
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Euro rebounds from multi-month lows
The euro rose against the dollar for the first time in nine sessions on Thursday, bouncing from its recent 3-1/2-month low as stress in Spanish debt markets eased slightly and after Greece secured funds to repay its bondholders.
The tempering of the threat of a Greek insolvency and the country's possible exit from the euro also had the single currency rebounding from a mid-February low against the Japanese yen.
Greece averted an imminent funding crisis after the board of the European Financial Stability Facility agreed to release a scheduled payment. The allocation allows the country to meet near term bond redemptions, helping the euro stabilize after an eight day sell off.
"The EFSF agreement could be viewed as euro-positive, and data in the U.S. and overseas was not negative, but ...
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