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Currency Ending LowerTitle:
ECB Press Conference Helps Euro Recover
After falling throughout the morning session, the euro was able to stage a partial recovery during afternoon trading yesterday, following comments from ECB President Draghi who reiterated his earlier predictions of euro-zone economic growth during the second half of the year. Turning to today, investors will be carefully monitoring the US Non-Farm Payrolls, set to be released at 12:30 GMT. Analysts are forecasting today's news to come in at 173K. While that number would represent a significant increase over last month's Non-Farm figure, it is not considered high enough to signal strong growth in the US labor sector. Still, should today's news come in at or above expectations, the greenback could see gains to close out the week.
Economic News
USD - All Eyes on Today's US Non-Farm ...
Title:
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 ...
Title:
Awful EMU PMI Data Hit The Euro
Sunrise Market Commentary
- Fixed Income: German yields set record lows
- Depressing April PMI's and unemployment data in the EMU set the tone for a risk off session. Core bonds surged higher and the German Bund future reached a new record high. In the US session, US equities rebounded and triggered profit taking in US treasuries. German bonds stayed near the highs however.
- Currencies: Awful EMU PMI data hit the euro
- The focus in currency trading shifted from the US to Europe. On Tuesday, EUR/USD declined due to dollar strength in the wake of the ISM release. On Wednesday, an awful set of EMU data triggered a next selling wave. EUR/GBP continues to set new lows, too. We doubt that the Draghi press conference will be able to change the course of events
The Sunrise ...
Title:
Gold under pressure from weak data; ECB eyed
(Reuters) - Gold was under pressure on Thursday after disappointing data from both sides of the Atlantic fueled concerns about global growth, while investors awaited a rate decision by the European Central Bank later in the day for more trading cues.
The dollar strengthened slightly against a basket of currencies .DXY, as worries about a faltering euro zone economy offset concerns over a slower momentum in the U.S. recovery. A stronger greenback weighs on dollar-priced commodities including gold.
"With the euro zone debt crisis threatening to flare up again, we can see some pressure on gold if the dollar rises," said Lynette Tan, an analyst at Phillip Futures in Singapore.
"So far investors are still quite confident in the U.S. economy, because over the past few months we have seen some ...
Title:
Dukascopy Afternoon Forex Overview : 02/05/2012
Fundamental Analysis
EUR
German jobless rate unexpectedly climbed first time in last six months as debt turmoil curbed economic growth. The number of unemployed people increased by 19 000, reaching 2.87 million, compared to an expected drop by 10 000 people. The adjusted unemployment rate was 6.8%.
USD
Mitt Romney announced that Yuan's 23% appreciation versus U.S. Dollar in last five years is not enough and branded world's second largest economy as currency manipulator. Romney promised in his campaigns to put more pressure on China as he claimed Obama hasn't done enough to boost stronger Yuan. Economists questioned by Bloomberg expected Yuan to climb versus greenback to CHY 6.15 by the end of 2012.
GBP
FTSE 100 index traded lower on Wednesday as record high unemployment level and ...
Title:
Euro Loses Ground on Recession Fears
Euro is losing ground today as recession fears once again come into focus. Disappointing economic data in the eurozone, as well as a growing gap between Germany and the peripherals, are weighing on the euro. Additionally, it’s not helping risk appetite that the data coming out of the United States has turned out to be disappointing as well.
In the eurozone, the news continues to worsen. The unemployment rate in the 17-nation currency region is up to 10.9%. However, it is a matter of concern to many that there is a growing gap between the employment rate in Germany (6.8%), and the unemployment rate in eurozone peripheral countries, like Spain, Portugal, and Italy. Indeed, in Spain, the unemployment rate is at 24.1%. This huge disparity only highlights the imbalances, and underscores ...
Title:
European Market Update : 02/05/2012
Major European PMI Manufacturing data disappoints; Weak German jobs data blamed on Easter holiday
Economic Data
(EU) ECB: €606M borrowed in overnight loan facility v €619M prior; €789.3B parked in deposit facility v €794.0B prior (Monday)
(IN) India Apr Markit Manufacturing PMI: 54.9 v 54.7 prior
(DE) Germany Mar ILO Employment (Seasonally Adj): 41.459 v 41.406M prior; Unemployment Rate: 5.6% v 5.6% prior
(SE) Sweden Apr Swedbank PMI Survey: 50.2 v 50.5e
(PL) Poland Apr Manufacturing PMI: 49.2 v 49.5e
(HU) Hungary Mar Producer Prices M/M: +0.2% v -1.3% prior; Y/Y: 6.4% v 6.7%e
(NO) Norway Apr PMI: 53.7 v 57.0e
(TR) Turkey Apr Manufacturing PMI: 52.3 v 49.6 prior
(ES) Spain Apr Manufacturing PMI: 43.5 v 43.6e (three-year low)
(TH) Thailand Central Bank leaves Benchmark Interest Rate ...
Title:
YouTradeFX Daily Market Analysis : 02/05/2012
Fundamental News
Today’s highlights:
· French Manufacturing PMI (FRA, 08:50 GMT)
· German Manufacturing PMI + German Unemployment Rate (GER, 08.55 GMT)
· Manufacturing PMI (EUR, 09:00 GMT)
· Unemployment Rate (EUR, 10:00 GMT)
· ADP Nonfarm Employment Change ( U.S., 13:15 GMT)
U.S manufacturing grew in April at the fastest pace in almost a year. The Institute for Supply Management’s factory index climbed to 54.8 last month. In addition, U.S. construction spending was slightly up in March, according to figures released Tuesday by the Commerce Department. The overall construction spending was at a seasonally adjusted annual rate of $808.1 billion.
According to an article published by Bloomberg, the odds of more Federal Reserve stimulus diminished ...
Title:
Asia shares rise as U.S. data soothes slowdown fears
(Reuters) - Asian shares rose and the dollar recovered against the yen on Wednesday after strong U.S. factory activity data raised hopes that the world's biggest economy remained on a recovery track while growth in Asian manufacturing improved broader sentiment.
European shares were expected to open mixed, with most exchanges reopening after the May Day holiday on Tuesday. Financial spreadbetters predicted that major European markets .FTSE .FCHI .GDAXI would open between down 0.3 percent and up 0.7 percent. U.S. stock futures were up 0.2 percent. .EU .L .N
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 0.9 percent to a six-week high, after the Dow Jones Industrial Average closed on Tuesday at its highest level in more than four years.
Japan's Nikkei ...
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