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Concern For The Global RecoveryTitle:
Dukascopy Afternoon Forex Overview : 17/04/2012
Fundamental Analysis
EUR
The 17-nation currency depreciated versus its US counterpart and Japanese currency ahead of Spanish debt sale on Tuesday. The Euro shed 0.2% versus US Dollar to USD 1.3110 and gave up also 0.2% against Yen to JPY 105.42. Currently EUR/USD is trading at USD 1.3110 and EUR/JPY is trading at JPY 105.41.
USD
China has raised its US debt holding for the second consecutive month as country's foreign exchange portion continued to advance. China purchased 12.7 billion US dollars of the US Treasuries in February thus boosting the debt holding to 1,178.9 billion US Dollars, according to the US Treasury Department. Chinese foreign exchange reserves gained 3.9% in Q1 on an annual basis.
GBP
FTSE 100 index rallied on Tuesday as Spanish successfully auctioned bonds and US ...
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Bank of Canada leaves its benchmark rate unchanged
As already strongly expected the Bank of Canada left its benchmark rate unchanged as it did for this long past period to continue on supporting its stable and gradual growth and present economical conjuncture since that overall global and local conditions remain mixed and weak and the global recession continue on limiting its sectors activities enhancement.
In fact the present global economic conjuncture continue on creating fears and signs of economic instability with its major trading partner and territorial neighbor; the world's leading economy, still suffering mixed trading conjuncture and of course concerns regarding the ongoing unsolved debt crisis that is endlessly taking place on the EU soil and accordingly weights down on the global financial market including the Canadian one.
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Dukascopy Morning Forex Overview : 17/04/2012
Fundamental Analysis
EUR
"It is looking more and more likely that Spain is going to have some form of a bailout"
- Lyn Graham-Taylor, Rabobank strategist
Spain's cost of borrowing on the international debt markets breached the level of 6 per cent for 10-year bonds on Monday, mounting pressure on the European Central Bank to conduct new round of bond purchases.
USD
"There is no sign that higher fuel prices have damaged consumer sentiment and spending"
- Jeremy Lawson, a senior U.S. economist at BNP Paribas
U.S. month on month retail sales rose by more than expected in March, said the Census Bureau on Monday. Total retail sales increased 0.8 per cent the previous month after increasing 1.0 per cent in February.
GBP
" is not a universal signal of a housing-market recovery"
- Miles ...
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Gold falls on euro jitters, silver stocks soar
(Reuters) - Gold prices fell on Monday, following losses in a number of other commodity markets, as worries about Spain's ability to repay its debt and a resurgent euro zone debt crisis dent investors' appetite across the board.
Silver also fell as stockpiles in exchange warehouses hit record highs, showing plentiful near-term supplies of the industrial metal as the global economic recovery struggles for traction.
Bullion was on track for a second day of loss as Spanish 10-year government bond yields broke through the 6 percent mark for the first time since December, overshadowing optimism generated by encouraging retails sales data.
The metal has dropped about 8 percent from near $1,800 an ounce at the end of February as a strong run of positive economic data reduced market hopes about ...
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Dukascopy Morning Forex Overview : 16/04/2012
Fundamental Analysis
EUR
"Market stresses will eventually force the ECB to restart the bond program"
- Market stresses will eventually force the ECB to restart the bond program
The European Central Bank is expected to restart government bond purchases rather than proceed with another round of long term refinancing operation.
USD
"Disposable incomes of consumers are still being squeezed. That does make it difficult for consumption to accelerate from here"
- Jeremy Lawson, an economist at BNP Paribas in New York
U.S. consumer confidence deteriorated slightly in April. The Thomson Reuters/University of Michigan’s preliminary index of sentiment declined to 75.7 from 76.2 in March.
GBP
U.K. "has a wealthy, open, and diversified economy"
- S&P
Standard & Poor's reaffirmed the U.K.'s triple ...
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Analysis: China currency move nails hard landing risk coffin
(Reuters) - China's weekend reform of its currency regime nails shut the coffin on the last remains of doubt about whether the world's second biggest economy has successfully steered a course past a hard economic landing.
Investors were questioning whether the worst sequential slowdown in China's economy since the 2008-09 global financial crisis could enter a sixth quarter after data on Friday revealed the weakest three months of annual growth in three years and a run rate below the official 7.5 percent 2012 target.
Shifting the yuan trading rules is about the strongest signal Beijing could give that growth downside has diminished and potential pitfalls are manageable. Few reforms are as replete with risk as tinkering with the currency because faith in its soundness directly correlates ...
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Weekly Economic and Financial Commentary : 13/04/2012
Weekly Economic and Financial Commentary
U.S. Review
A Rough Start To April
Another week of softer U.S. economic data weighed on market sentiment this week. More hints of slower economic growth are appearing in the data, consistent with our forecast that U.S. GDP growth slows to a 2.8 percent annualized pace in the first quarter and continues slowing to a sub 2 percent annualized pace in the second.
Initial jobless claims jumped by 13,000 in the first week of April. February imports plunged 2.7 percent, small business confidence fell in March for the first time in seven months and core inflation is on the rise.
A Rough Start to April
United States economic data releases so far this month have not been kind to the bulls on Wall Street. The poor March payroll report rattled some ...
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Inflation outpaces earnings, threatens spending
(Reuters) - Consumer prices rose modestly in March amid signs a spike in gasoline costs was ebbing, but inflation still outpaced workers' earnings and threatened to undermine spending.
The Labor Department said on Friday consumer prices increased 0.3 percent last month. Gasoline prices rose 1.7 percent, a sharp slowdown from February when costs at the pump rose more than three times as quickly.
Still, workers' earnings fell 0.4 percent in March after adjusting for the increase in prices.
Other data showed consumer sentiment slipped in April as higher gasoline prices hit household budgets.
"The underlying problem of inflation outstripping wage gains remains. That is the danger for the economy in the long run," said Joseph Trevisani, a market strategist at Worldwide Markets in Woodcliff ...
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Will the Great Britain Pound Strengthen Further?
Great Britain pound is showing weakness against the US dollar right now, but it is higher against the euro — and many think that the pound is likely to continue making gains against the the 17-nation currency in the near future.
Sterling is struggling against the US dollar, along with other high beta currencies today. Risk appetite is hard to come by with the latest news out of China encouraging concerns about the global economic recovery. However, even though the pound is down against the greenback, it is gaining against the euro.
Part of the risk aversion in the markets is that focus is once again including Spain, and what could be next for the embattle country. Bond yields have risen again, and talk of sovereign debt contagion is pressuring the euro. As a result, the UK pound is ...
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