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Conference Board ConfidenceTitle:
Bernanke warns lawmakers on looming fiscal risks
(Reuters) - Federal Reserve Chairman Ben Bernanke reminded lawmakers at a closed-door meeting on Thursday that failing to address automatic spending cuts and tax increases at the end of the year could damage an already fragile economic recovery, congressional aides said.
The Fed chairman has repeatedly sounded a warning that congressional inaction on what has come to be known as "the fiscal cliff" could dent growth if left untended.
"It is very important to say that if no action were to be taken by the fiscal authorities, the size of the fiscal cliff is such that there is, I think, absolutely no chance that the Federal Reserve could or would have any ability whatsoever to offset that effect on the economy," he said at a news conference last month.
Bernanke spoke to Senate Democrats at a ...
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JPY Advances ahead of Bank of Japan
USD remains soft after Bernanke indicated that the door was open for more stimulus if necessary at yesterday's press conference. Markets seemed to focus on this despite the upward revisions to the growth outlook and downward estimates of the unemployment rate this year. Weekly initial jobless claims today came in higher than consensus with a print of 388k from the prior 389k which was revised higher from 386k. The 4-week moving average in initial claims rose by over 6k for the third straight week - not an encouraging sign for the labor market. With employment struggling to gain traction and mixed interpretations of yesterday's FOMC meeting, markets are likely to focus on data surprises and price action will be impacted by QE3 speculation as it is still on the table.
UST yields are lower ...
Title:
Fed Doesn't Help The Dollar
Sunrise Market Commentary
- Fixed Income: Small changes after volatile trading
- Core bonds traded volatile due to economic data and bond auctions. The Fed had the final saying. The FOMC statement showed that the Fed was slightly more optimistic on growth and the governors more hawkish in their rate forecasts. However, policy remains unchanged and Bernanke kept the door for more QE open.
- Currencies: Fed doesn't help the dollar
- On Wednesday, trading in most major currency cross rates was confined to recent ranges. EUR/USD is holding near the recent highs. The Fed kept a soft tone and this was a slightly negative for the dollar. Sterling lost temporary ground as Q1 GDP data showed that the UK has slipped back into recession. However, the EUR/GBP 0.8222 resistance did its job. ...
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Asian Market Update : 26/04/2012
RBNZ leaves rates unchanged; Equities get a little boost from Fed meeting
Economic Data
(NZ) RESERVE BANK OF NEW ZEALAND (RBNZ) LEAVES OFFICIAL CASH RATE UNCHANGED AT 2.50% (AS EXPECTED)
(SG) SINGAPORE MAR INDUSTRIAL PRODUCTION M/M: +2.7% V -1.4%E; Y/Y: -3.4% V -5.8%E
(KR) SOUTH KOREA Q1 PRELIMINARY GDP Q/Q: 0.9% V 0.9%E; Y/Y: 2.8% V 3.0%E
(JP) JAPAN FEB ALL INDUSTRY ACTIVITY INDEX M/M: -0.1% V -0.2%E
(AU) AUSTRALIA FEB CONFERENCE BOARD LEADING INDEX M/M: 0.0% V 1.0% PRIOR
(UK) UK MAR NATIONWIDE CONSUMER CONFIDENCE: 53 V 43E (9-month high)
(AU) AUSTRALIA MAR DEWR INTERNET SKILLED VACANCIES M/M: 0.8% V 0.3% PRIOR
(HK) Hong Kong Monetary Authority (HKMA) keeps base rate unchanged at 0.5%, as expected
(JP) Japan investors sold ¥1.2T in foreign bonds last week v ¥116B bought in prior week
...
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Dukascopy Morning Forex Overview : 25/04/2012
Fundamental Analysis
EUR
"Equities are stronger than in the fall, as central banks have moved to support the market with liquidity and removing the structural risks to banks"
- Hans Peterson, the chief investment officer of SEB Private Bank
Industrial new orders in the euro zone declined by more than forecast in February, Eurostat data showed on Tuesday. Orders decreased by a seasonally adjusted 1.3 per cent, after declining 2.9 per cent in January.
USD
"Overall, consumers are more upbeat about the state of the economy, but they remain cautiously optimistic"
- Lynn Franco, director of the Conference Board Consumer Research Center
U.S. consumer confidence declined in April as consumers became slightly less optimistic on the outlook of the country’s economy, the Conference Board Inc. ...
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YouTradeFX Daily Market Analysis : 25/04/2012
Fundamental News
Today’s highlights:
ECB President Draghi Speaks (EUR, 08:00 GMT)
GDP (YoY) (GB, 09:30 GMT)
Core Durable Goods Orders (MoM) (U.S., 15:30 GMT)
Interest Rate Decision + FOMC Statement (U.S., 17:30 GMT)
Fed Chairman Bernanke Speaks (U.S., 19:15 GMT)
According to figures released by the Commerce Department on Tuesday, new sales of single-family houses in the U.S came in at a seasonally adjusted annual rate of 328,000 in March but nevertheless came in substantially higher than most economists had predicted. While, Consumer confidence in the U.S. was virtually unchanged in the month of April, according to a report released by the Conference Board on Tuesday.
Spain's borrowing costs continued to increase at a debt sale on Tuesday as the economy returned to ...
Title:
Euro Slightly Higher As Tensions Ease
Sunrise Market Commentary
- Fixed Income: Core bonds hit by profit taking, non-core bonds gain
- Risk aversion ebbed away following Monday's rout, leading to some modest profit taking in core bonds. Non-core bonds did well and yield spreads versus Germany narrowed. Spain and the Netherlands outperformed yesterday. Investors will stay largely sideways today, ahead of this evening's FOMC statement and press conference of Mr. Bernanke.
- Currencies: Euro slightly higher as tensions ease
- On Tuesday, most markets saw a setback on Monday's sharp sell-off in risky assets. In this move, EUR/USD returned to the 1.32 area, but a technically significant break didn't occur. EUR/GBP came near the 0.8143 August 2010 low. Today, the focus of currency trading will be on the Fed.
The ...
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Dow, S&P up on earnings, but tech hits Nasdaq
Stocks rose on Tuesday after strong earnings from big manufacturers and AT&T, but the Nasdaq declined on weakness from large-cap tech companies.
The results continued the season's strong performance. With 153 S&P 500 components reporting, more than three-fourths have topped expectations, according to Thomson Reuters Proprietary Research.
AT&T Inc, 3M Co and United Technologies Corp, all Dow components, advanced after profits topped estimates, extending the trend of this season's robust results.
"These results serve as a reminder that while near-term volatility is all but certain, the strength of corporate America remains intact, and valuations remain attractive," said Mark Martiak, senior wealth strategist at Premier/First Allied Securities in New York.
AT&T advanced 3.8 percent to $31. ...
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A slight weaker consumer confidence but better new home sales for the U.S…
Although this overall past period and present economical conjuncture showed enhancement in most of the superpower's sectors activities yet confidence lost some strength mainly as the present growth is not fast enough to reduce unemployment while that the weak housing sector showed better-than-projected data today.
In fact on one hand we watch the world's leading economy consumer confidence of this month, which as we know is released on a monthly basis and assesses consumers' sentiment regarding business conditions, employment and personal income, shed and plunge to 69.2; worse and lower than the prior reading of 70.2 and the market projections of 69.7.
This slight weakening of the confidence of Americans is mainly explained by the recent slow gradual growth expansion that is considered ...
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