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DataTitle:
Investors await EU summit
MORNING BRIEFING: Investors await EU summit
What’s new:
Asia: US equities swing into positive Asia in green territory as well
United States: CFNAI swings back into positive territory
Forex: GBP/USD trending higher ahead of CPI data
Rates in Asia and Indices:
EUR/USD 1.2783 1.282 -0.18 %
USD/CHF 0.9371 0.9397 -0.18 %
GBP/USD 1.5811 1.5837 -0.00 %
USD/JPY 79.27 79.5 -0.18 %
EUR/CHF 1.2009 1.20136 0.00 %
EUR/JPY 101.44 101.77 0 %
Dow Jones 12367.72 12508.11 1.09 %
Nasdaq 2478.36 2547.69 2.69 %
S&P 500 1295.73 1316.39 1.60 %
Nikkei 225 8690.47 8740.48 1.10 %
Shanghai 2354.867 2373.823 1.05 %
Gold spot 1586.21 1594.65 -0.33 %
...
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YouTradeFX Daily Market Analysis : 22/05/2012
Fundamental News
Today’s highlights:
· CPI (MoM) (GB, 09:30 GMT)
· BOE Inflation Letter (GB, Tentative)
· Existing Home Sales (U.S., 15 :00 GMT)
The U.S. labor market is set to strengthen this year, a survey published by the National Association for Business Economics said Monday. The survey of 54 economists said non-farm payroll increases will average 188,000 per month this year, up from the prior projection of 170,000. The jobless rate is expected to fall to 8 percent by the fourth quarter of 2012.
Japan’s foreign investments and assets grew to the second-highest level on record as companies used the high yen to make acquisitions abroad, a trend that may help them cope with stagnant demand at home. Investments abroad grew 3.3 percent to 582 trillion yen ($7. ...
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Asia Session: Europe, Europe And More Europe
Nervousness underpinned price action today. Despite voices from throughout Europe attempting to reassure the market that Greece will remain in the euro, stock markets in Asia didn't significantly build on their opening gains and the euro slowly drifted lower throughout the session.
Why is the market behaving like this? In one word – caution. Investors are acutely aware that the talk from Europe may just be that, and when push comes to shove nothing may happen. And, in this case that is a very bad thing considering the fate of so many economies (both in Europe and elsewhere) hang in the balance.
Whilst there are many different views, most economists agree that letting Greece slipe away may prove to be more costly than keeping it in the Eurozone. Thus, the market wants reassurances that ...
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Asian Market Update : 22/05/2012
Short-covering momentum builds on China infrastructure spending hopes
Economic Data
(NZ) NEW ZEALAND Q2 RBNZ 2-YR INFLATION EXPECTATIONS: 2.4% V 2.5% PRIOR (11-quarter low and 4th consecutive quarter of decline)
(CN) CHINA APR CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 0.8% V 0.8% PRIOR
(TW) TAIWAN APR UNEMPLOYMENT RATE: 4.2% V 4.1%E
(KR) SOUTH KOREA Q1 EXTERNAL SHORT TERM DEBT: $136.3B V $136.1B PRIOR
Markets Snapshot (as of 04:15GMT)
Nikkei225 +1.0%
S&P/ASX +0.8%
Kospi +1.2%
Shanghai Composite +0.5%
Hang Seng +0.8%
June S&P Futures flat at 1,315
June gold flat at $1,589/oz
July Crude +0.1% at $92.96
Overview/Top Headlines
Asian equity markets have extended the overnight rally with another session of moderate gains, as hopes for progress in European talks took a back- ...
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Eyes on U.K. inflation as slowing pressures support QE expectations
The tension remains across the board and the focus shifted to leaders and central bankers to end the uncertainty over the outlook from slowing growth to a Greek exit. The U.K. is one of the biggest economies in harm’s way and Cameron expressed this fear in the G8 and the BoE is stuck between a rock and a hard place amid a frail recovery and elevated inflation.
Since April conditions took a strong turn in the UK progress. One of the arch MPC doves Adam Posen shifted stance and stopped the calls for more QE amid the general view that inflation might be more persistent; the economy unexpectedly entered recession, and the debt crisis in the euro area resurfaced with a vengeance.
The latest May Inflation Report reflected the tough task ahead of the policy makers to balance to risk between ...
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Euro rebound stalls, focus shifts to EU summit
(Reuters) - The euro's rebound from four-month lows stalled on Tuesday, failing to break above technical resistance, though traders said selling could be limited at least until an informal meeting of European leaders this week.
Traders have been reducing their massive bets against the common currency in the past couple of days, taking note of prospects - however slender - that EU leaders may agree measures to bolster investor confidence in the euro zone on Wednesday.
With speculators' short positions on the euro at a record high, traders were wary of the potential for short-squeeze, despite worries about stability of the banking system in Spain and political gridlock in Greece.
"If someone is selling the euro now, I would rather use that as a chance to take profits (from euro short ...
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U.S. swing states' jobless rates dive in April
(Reuters) - Jobless rates in all but two U.S. states dropped in April from a year before, and were sharply lower in battleground states that could decide November's presidential contest.
Sharp drops in unemployment rates were registered in Florida, Nevada and Ohio, while joblessness in Michigan, a key state in the election four years ago, hit its lowest since 2008.
According to Labor Department data released on Friday, New York's rate rose to 8.5 percent, marking the third month in a row in which New York was the sole state with an unemployment rate higher than the year before. Rhode Island's was the same as in April 2011, 11.2 percent.
Compared with March, jobless rates fell in 37 states and the District of Columbia, rose in five, and were unchanged in eight states. North Dakota again ...
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Top anti-money laundering enforcer dismissed: sources
ST. LOUIS, May 21 (Thomson Reuters Accelus) - The head of the Treasury Department bureau responsible for issuing anti-money laundering and counter-terror finance regulations has been dismissed, sources said.
James Freis, who took the reins at Treasury's Financial Crimes Enforcement Network (FinCEN) in March 2007, was dismissed by Under Secretary for Terrorism and Financial Intelligence David Cohen after refusing to resign, a source with knowledge of the firing confirmed.
He will reportedly remain in his post until a replacement is found.
Moneylaundering.com first reported Freis' firing and said his staff had been informed of his pending departure last Thursday.
Freis declined comment on Monday through FinCEN spokesman Steve Hudak, and referred Thomson Reuters to Treasury Department ...
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Inertia Will Sink The Euro Again
The G8 Summit achieved very little in public which was no real surprise, but there was also an apparent lack of urgency surrounding the Euro-zone situation which was a much greater surprise given a sharp deterioration in the financial sector last week. Where was the urgency for fresh action to help support the Euro banking sector? The absence must surely indicate that Euro-zone and G8 leaders, while paying lip-service to the current strategy, have effectively moved on and are actively planning the next stage of the crisis.
Fear is likely to dominate in the short term and this is likely to keep strong defensive demand for the dollar and yen. In these circumstances, there is no real chance of a sustained Euro rally with 2012 lows likely to be seen. Bond markets will be watched very closely ...
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