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Data Hit MarketsTitle:
Global shares, euro slip as data casts doubt on recovery
(Reuters) - Asian shares slipped on Thursday and the euro languished near a 2-week low after disappointing economic data from both sides of the Atlantic rekindled concerns about the strength of global growth.
Commodities and the Australian dollar - all sensitive to growth expectations - also struggled as the data put investors on the defensive and limited appetite for riskier assets.
The euro had fallen nearly 1 percent to $1.3122 on Wednesday, and European stocks also dropped, after a survey showed euro zone factories sank further into decline last month, with the downturn hitting Italy and Spain hard and appearing to take root among core members France and Germany. .EU
With recently-downgraded Spain looking to raise funds in the bond market on Thursday, the European Central Bank will ...
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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 ...
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Brent holds above $118, caution ahead of U.S. data
(Reuters) - Brent crude steadied above $118 a barrel on Thursday, reflecting caution among investors ahead of a key U.S. employment report after dismal data from the United States to Europe renewed doubts about the state of the global economy.
Oil slid the most in two weeks on Wednesday as investors sold off commodities and equities after data showed hiring by U.S. private firms in April was the slowest since September, new orders for U.S. factory goods suffered the steepest drop in three years and the euro zone's manufacturing sector index marked its lowest reading since June 2009.
"Risk markets are overall very cautious ahead of this nonfarm payroll data, that's why we're seeing reduced volumes and a few bets being taken off the table," said Ben Le Brun, market analyst at OptionsXpress ...
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Is Germany Starting To Crack?
The European morning session has been fairly volatile for FX markets, with the euro starting off looking fairly well supported at 1.32 and then falling through the floor on the back of some weak Eurozone economic data. The first blow to the single currency came from Germany where it was reported that the unemployment rate jumped by 19,000 in April and the unemployment rate had been revised up to 6.8% from 6.7% for March, which is where it remained last month. This is the largest increase in German unemployment for three years. Although a German labour market official said the decline could be down to the timing of Easter, it was enough to spook the markets.
Not such a two-speed economy?
The other blow to hit the market was the fall in the German manufacturing PMI survey to 46.2, the ...
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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 ...
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Oil turns higher on strong U.S. factory growth
(Reuters) - Oil prices turned higher on Tuesday after data showing the U.S. manufacturing sector expanded in April at its fastest pace in 10 months eased concerns about slowing economic growth.
The supportive U.S. factory data from the Institute of Supply Management (ISM) helped U.S. crude end at its highest settlement in five weeks and lifted equities on Wall Street, sending the S&P 500 index up 1 percent and the Dow to its highest level since December 2007. .N
Technical buying kicked in after U.S. crude moved above the 50-day moving average at $105.21 a barrel. Crude had hit formidable resistance at that level in recent sessions.
"The ISM data pushed crude up and strong equities are helping, and when crude moved above the 50-day moving average that triggered some technical buying," ...
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Stocks, dollar rise as growth fears ease
(Reuters) - U.S. stocks and the dollar rallied on Tuesday after data showed U.S. manufacturing grew in April at the strongest pace in 10 months, soothing recent worries about the economy.
Safe-haven Treasuries prices fell, while gold retreated from two-week highs as the data dampened speculation the Federal Reserve would adopt fresh monetary easing measures to boost growth.
Overseas trading was limited, with many markets in Asia and Europe closed for the May Day holiday.
The S&P 500 index soared 1 percent and the Dow Jones industrial average hit its highest level since December 2007 after the Institute for Supply Management said its index of national factory activity rose to 54.8 from 53.4 in March, exceeding expectations of 53.0.
"The view on the economy has swung from optimism to ...
Title:
Dukascopy Afternoon Forex Overview : 01/05/2012
Fundamental Analysis
EUR
Anti-austerity protestors are likely to hold massive demonstrations in May Day. Demonstrations in Athens that involve private and public sector strikes have already disrupted the public transport. However, the traditional violence is not expected as Greeks are likely to show their protest against austerity measures on Sunday when the general elections are due.
USD
Crude and Brent oil dropped as lifted US energy inventories outweighed supply concerns caused by export disruptions in Yemen, Sudan and North Sea.
GBP
Manufacturing sector in the UK performed worse than initially expected in April, reported research group Markit. UK's manufacturing PMI declined to 50.5 last month on a seasonally adjusted basis as compared to a March reading of 52.1. Experts ...
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Dollar jumps vs euro, yen after U.S. factory data
(Reuters) - The dollar rose from a one-month low against the euro and a 2-1/2-month trough versus the yen on Tuesday in thin trading, after a key U.S. manufacturing gauge showed factory activity unexpectedly picked up last month, offsetting recent weak economic reports.
The Institute for Supply Management's factory data was one of the rare instances of positive U.S. economic news in recent weeks. Traders used the stronger-than-expected ISM manufacturing report to rebuild long dollar bets that had grown stale as the economy's outlook weakened.
"The view on the economy has swung from optimism to pessimism of late and this could bring us back to the middle," said Nick Bennenbroek, head of FX strategy for North America at Wells Fargo in New York. "ISM suggests there's no real reason to get ...
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