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Day In Europe Is The MinimumTitle:
Focus of Greek response
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
USD
The euro suffered overnight as fears over the situation in Greece have resurfaced. While the market is hoping for a clinching of a debt swap deal today with private sector creditors, securing cross-party support for further austerity measures and securing further funding from the troika is proving far more difficult. According to political leaders in Athens, the main parties have until noon today (local time) to respond to the troika’s demands, and so far there appears some distance between where the national unity government lies and the IMF’s targets. Talks continued late into the evening on Sunday and will resume today between the troika and the local authorities. Reports suggest that the main point of contention lies in private sector ...
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The Weekly Bottom Line : 05/02/2012
The Weekly Bottom Line : 05/02/2012
HIGHLIGHTS OF THE WEEK
United States
U.S. economic indicators for January point to renewed momentum in early 2012. Non-farm payrolls expanded by a vigorous 243K, and the unemployment rate fell to 8.3%.
Vehicle sales rose 4.6% to 14.1 million (SAAR) in January, reaching the highest level in over three and half years and surpassing the one-time shot in the arm provided by the cash for clunkers stimulus program.
ISM manufacturing and non-manufacturing indexes posted strong gains and, as leading indicators, give hope that January's performance could be maintained in the month's ahead.
Despite the positive turn in the data, 2012 will remain a challenging year for economic growth. The housing market and European recession present key ...
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Better Data Drives Risk On, Fed QE3 Off
The Week Ahead
Highlights
Better data drives risk on, Fed QE3 off
Still waiting on a Greek debt deal
Central banks' decisions on tap
Better data drives risk on, Fed QE3 off
The past week ended with a string of better-than-expected data releases from key major economies, suggesting the global recovery may avoid a more worrisome downturn. Mostly better than expected PMI's from Europe, UK, China and the US were supplemented on Friday by a much stronger US employment report than was expected. We're cautiously optimistic that the better US jobs report is a valid signal that the US recovery is improving, but we're also aware that January employment numbers are especially volatile due to seasonal factors, and subject to major revision. The decline in the unemployment rate in the ...
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Dollar up versus yen on U.S. jobs data, holds steady versus euro
Robust U.S. jobs data spurred investors to buy the U.S. dollar and sell yen on Friday with the rosier economic report curtailing some expectations the U.S. Federal Reserve will hold off raising interest rates until 2014.
The strong jobs data diminished the greenback's safe haven status as investors took on more risk. The main beneficiary was the euro where initial losses on the report were erased by the end of trade despite the overhang of Europe's sovereign debt crisis.
Data from the U.S. Labor Department showed 243,000 non-farm jobs were created in January, its fastest pace in nine months, pulling the unemployment rate to an unexpected three year low of 8.3 percent.
Friday's data erodes the argument for more economic stimulus by the U.S. Federal Reserve and for some investors even ...
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Dukascopy Afternoon Forex Overview : 02/03/2012
Dukascopy Fundamental Analysis
EUR
Royal Dutch Shell announced it plans to invest more to boost production. The company reported it would invest 30 billion US Dollars into the new gas and oil projects in 2012 as compared to 24 billion US Dollars invested in 2011. The move came after the company announced the annual rise in net income by 50% to 28 billion US Dollars in 2011.
USD
US employment surged more than predicted in January while the unemployment level dropped to the lowest reading in last three years, confirming the US labour market is recovering and raising doubts about Fed's pledge to maintain interest rates down by the end of 2014. The number of payrolls increased by 243 000 and the jobless rate decreased to 8.3% in January. Economists earlier predicted the unemployment level ...
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Dollar gains versus euro and yen on strong U.S. jobs data
The dollar gained against the yen and euro on Friday, sending both to session lows after a report showed a larger-than-expected gain in U.S. jobs, which investors perceived as reducing the likelihood of further stimulus by the Federal Reserve anytime soon.
To some investors it even suggested the U.S. central bank may raise interest rates sooner than it has indicated in recent days. Higher rates will raise the attractiveness of dollar-denominated securities and demand for the dollars to buy them.
The report showed a rise of 243,000 jobs in U.S. nonfarm payrolls in January, while the unemployment rate unexpectedly fell to 8.3 percent from 8.5 percent . Analysts were forecasting a gain of 150,000 jobs in January and the unemployment rate to hold steady, according to a Reuters poll.
A ...
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Yen intervention risks mount before U.S. jobs data
The dollar teetered near three-month lows versus the yen on Friday, as risks for a move towards record lows mounted before U.S. jobs data, keeping alive the threat of official intervention to weaken the Japanese currency.
Japanese Finance Minister Jun Azumi said on Friday speculative yen buying had gathered pace since last week and repeated that he was ready to act decisively to counter "one-sided" moves.
The euro and the Australian dollar struggled to make much headway as a dip in Chinese non-manufacturing data weighed on sentiment.
The dollar bought 76.19 yen, off this week's three-month low of 76.027. It was in a tight range but within easy reach of a record low around 75.31 set on October 31, when Japan launched a massive round of intervention to weaken the yen.
The U.S. jobs ...
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China’s PMI non-manufacturing expands at a slower pace
The Chinese non-manufacturing expanded at a slower pace in January, as the nation’s growth cooled and the government initiated a campaign to cool property prices.
The Chinese economy released the data for the non-manufacturing purchasing managers’ index for the month January, where it retreated to 52.9 compared with the prior reading of 56.0.
The central bank’s premier Wen Jiabao pledged to expand consumer spending and services to boost jobs along with backing up the nation’s growth, as the European debt crisis threatens the nation’s exports.
Also, the government announced that it will increase credit to the small companies, including some service providers, and local authorities are raising minimum wages, pensions and welfare payments.
On the other hand, the government needs to ...
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Risk currencies struggle on China data; U.S. jobs eyed
The euro and the Australian dollar struggled to make much headway in Asia on Friday as a dip in Chinese non-manufacturing data weighed on sentiment ahead of a key jobs report in the United States.
China's non-manufacturing purchasing managers index fell to 52.9 in January from 56 the month before, prompting traders to lighten positions in risk currencies. That sent the euro to an intraday low of $1.3114, while the Aussie nudged down 0.2 percent to $1.0692.
They recouped most of the losses after the HSBC China Services PMI showed the country's services sector expanded at a steady pace in January as new orders rose, but traders said flows were light ahead of the U.S. figures.
"Today's rather mixed data suggests China will likely avoid a hard landing, but there are few reasons to be ...
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