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ConfidenceTitle:
ECB holds rates for the fifth consecutive month, a balance between growth and inflation
The European Central Bank Governing Council opted to maintain the benchmark interest rates at 1.0%, the marginal lending facility at 1.75% and the deposit facility at 0.25%, where the bank was not projected to cut rates below 1.0% now as the bank is still waiting more economic indicators to reveal the real current situation in the euro-area region.
The European Central Bank Governing Council most probably left the benchmark interest rate unchanged for the fifth consecutive time as the bank attempts to control inflation and boost growth at the same time, however the question to be asked here is what next for Europe and the euro-area region, where the European Central Bank must provide further easing in the coming period in case the situation remained critical in Spain, the fourth largest ...
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Copper at one-week low as global growth worries weigh
(Reuters) - Copper fell to its lowest in a week on Thursday after mixed U.S. economic data and a bond sale by Spain failed to ease investor concerns that the heavily indebted nation may hinder the bloc's recovery, denting growth and commodities demand.
Three-month copper on the London Metal Exchange was down half a percent to $8,258.50 a metric ton (1.1023 tons) at 1023 GMT, down from a $8,305 close.
Prices, which had rallied by more than 14 percent by early February have shed five percent since then, trimming the year's gains to around 9 pct.
"There's a lot of people asking about Europe and how bad things are. Recent events in the Netherlands and France may have underlined people's concerns, but if you're really looking for something to worry about, Spain is top of the list," metals ...
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Euro dips after Spain auction, ECB eyed
(Reuters) - The euro dipped against the dollar on Thursday as a jump in borrowing costs at a Spanish debt auction highlighted market concerns about Madrid's economic problems, and the shared currency looked vulnerable ahead of a European Central Bank rate decision.
Spain sold 2.5 billion euros of three- and five-year bonds to solid demand, but yields jumped compared with previous auctions. It was the first test of market appetite for Spanish debt since the country slipped into recession and had its credit rating cut.
The euro was last down 0.15 percent at $1.3136, hovering within sight of the 10-day low of $1.3121 hit on Wednesday after weaker-than-expected euro zone manufacturing data and rising unemployment figures.
Immediate support was seen around the 100-day moving average at $1. ...
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European Market Update : 03/05/2012
Markets focus to see whether the ECB paves the way for further easing
Economic Data
(RU) Russia Gold & Forex Reserve w/e Apr 27th: $523.3B v $519.5B prior
(IN) India Apr Markit Services PMI: 52.8 v 52.3 prior
(UK) Apr Nationwide House Prices M/M: -0.2% v +0.5%e; Y/Y: -0.9% v -0.3%e
(IE) Ireland Apr NCB Services PMI: 52.2 v 52.1 prior
(CH) Swiss Q1 UBS Real Estate Bubble Index: 0.95 v 0.80 prior
(HU) Hungary Feb Final Trade Balance: €691.2M v €690.1M prelim
(TR) Turkey Apr Consumer Prices M/M: 1.5% v 1.4%e; Y/Y: 11.1% v 11.0%e; Core CPI Y/Y: 0.1% v 7.9% prior
(TR) Turkey Apr Producer Prices M/M: 0.1 v 0.4% prior; Y/Y: 7.7% v 8.2% prior
(BR) Brazil Apr FIPE CPI: 0.5% v 0.2% prior
(UK) Apr PMI Services: 53.3 v 54.1e
(HK) Hong Kong Mar Retail Sales Value Y/Y: 17.3% v 14.0%e; Retail Sales ...
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The euro continues the decline after downbeat Spanish bond sale ahead of ECB rate decision
The European common currency continued the decline today against other majors, affected by the downbeat Spanish bond sale, which raised fears the instability in the debt market might continue, making the financing operations through issuing debt difficult for other highly indebted European nations.
The volatility and rising borrowing cost reflects fears and doubts in addition to fragile confidence, where European and international investors doubt the ability of Spain to pay back the funds borrowed. Therefore, they demand more return in order to bare the additional risks associated with holding Spanish debt.
The Spanish Treasury auctioned today 2.52 billion euros of bonds maturing after two and five years, slightly above the maximum target of 2.5 billion despite the increase in borrowing ...
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YouTradeFX Daily Market Analysis : 03/05/2012
Fundamental News
Today’s highlights:
· Initial Jobless Claims + Nonfarm Productivity (QoQ) (U.S., 13:30 GMT)
· Interest Rate Decision (EUR., 12:45 GMT)
· ECB Press Conference (EUR, 13:30 GMT)
· ISM Non-Manufacturing Index (U.S., 15:00 GMT)
U.S. Factory Orders fell 1.5 Percent in March to $460.5 billion following a 1.1 percent increase in February, according to figures released Wednesday by the Commerce Department. While, ADP said that U.S private sector employment increased by 119,000 jobs in April following a downwardly revised increase of 201,000 jobs in March.
The euro remained lower following a three-day decline on bets that European Central Bank President Mario Draghi will hint at further stimulus measures to counter the region’s debt crisis after ...
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New Zealand's first quarter jobless rate advances more than expected
New Zealand's jobless rate rose in the quarter ending in March as growth in the workforce outpaced the number of jobs created, leaving the central bank ample time to consider its next move.
New Zealand economy released the first quarter unemployment rate, where it increased to 6.7% compared with the prior reading of 6.3% that was revised to 6.4%, also it came more than expectations of 6.3%.
There's a weak tinge to the report in the sense that full time employment is down, the jobless rate advanced to the highest level in about two years as people failed to get any chances for working, which certainly suggests there's plenty of slack still in the labor market and no reason for the Reserve Bank of New Zealand to worry about wage growth.
Moreover, the first quarter data for the employment ...
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Asian Market Update : 03/05/2012
China shares slump under banks, Aussie and Kiwi weaken; China PMI declines
Economic Data
(CN) CHINA APR NON-MANUFACTURING PMI: 56.1 V 58.0 PRIOR
(NZ) NEW ZEALAND Q1 UNEMPLOYMENT RATE: 6.7% V 6.3%E (5-quarter high); EMPLOYMENT CHANGE Q/Q: 0.4% V 0.3%E; Y/Y: 0.9% V 0.9%E; PARTICIPATION RATE Q/Q: 68.8% V 68.3%E (2nd highest on record and 3-year high)
(AU) AUSTRALIA APR AIG PERFORMANCE OF SERVICE INDEX: 39.6 V 47.0 PRIOR (3-year low; 3rd month of contraction)
(UK) UK APR LLOYDS BUSINESS BAROMETER: 26 V 31 PRIOR
(AU) AUSTRALIA APR VFACTS NEW AUTO SALES M/M: +7.6%
(KR) South Korea Apr Foreign Exchange Reserves: $316.8B v $316.0B prior
Markets Snapshot (as of 04:30GMT)
Nikkei225 +0.3%
S&P/ASX -0.1%
Kospi -0.3%
Taiwan Taiex -0.2%
Singapore Straits Times Index unchanged
Shanghai Composite -0.4%
...
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Fed's Lacker: More easing would be counterproductive
(Reuters) - Further monetary stimulus from the Federal Reserve would boost inflation and do little to improve growth and bring down unemployment, Richmond Fed President Jeffrey Lacker said on Tuesday.
Lacker, an inflation hawk, said he was comfortable with his forecast for economic growth to gradually strengthen into 2013 despite a weaker-than-expected 2.2 percent annualized growth rate for the first quarter.
In particular he pointed to the strong pick-up in consumer spending as a "heartening" sign.
"It suggests (their) confidence in the sustainability of the recovery is growing," Lacker told a panel sponsored by Bloomberg.
Lacker, the lone dissenter at three Fed meetings so far this year, has opposed the central bank's indication that it is likely to leave interest rates near zero ...
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