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Day In Europe Is The MinimumTitle:
Dukascopy Morning Forex Overview : 26/12/2011
Fundamental Analysis
EUR
"The move in itself will not lead to any improvement in credit ratings"
- Scott Bugie, S&P's Managing Director
S&P top official warned Friday that record 489 billion euros allotted between 523 European banks by the ECB will not protect them from threatened rating downgrades.
USD
"All of the housing numbers have looked a lot better recently"
- Mark Vitner, a senior economist at Wells Fargo Securities LLC
Sales of new U.S. homes advanced to a seven month high in November, according to the data published by the Census Bureau. The number of new houses sold rose 1.6 per cent to an annualized rate of 315 thousand from 310 thousand in October.
GBP
"Households and businesses lack the confidence needed to seek credit for spending or investment"
- David Dooks, BBA ...
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Weekly Gains of Aussie on Good US Economy
The Australian dollar rallied this week as optimism returned to the Forex market on the positive signs from the United States. The flow of bad news from Europe paused for a time, easing concerns about the sovereign debt crisis.
Worries about Europe persisted in the first half of the week, weakening commodity currencies. The attempts of the European central bank to inject capital into the European banking systems through loans didn’t helped market sentiment at first. Later, traders looked at the actions of the ECB in a more positive light. In the absence of any major news from Europe, market participants turned their attention to the United States. The economy of the USA continued to provide positive data and supported confidence of investors.
The Australian dollar profited from the ...
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Dukascopy Afternoon Forex Overview : 23/12/2011
Dukascopy Fundamental Analysis
EUR
France's economy expanded by 0.3% in Q3 as compared to 0.4% previously estimated. The disposable income also decelerated, reported France's Insee statistics. Moreover, the country's credit rating was placed on a pessimistic outlook by Fitch agency signaling probable downgrade in the next 12-18 months.
USD
After struggling for several months Congress is ready to approve payroll tax reduction. Lawmakers agreed to extend payroll tax of 4.2% for two months. Obama praised the decision, emphasizing tax cut extension is crucial for US economy. Obama predicts every employed American to save around $1000 a year due to tax cut.
GBP
UK services output dropped to 6-month low in October. Services that account for about 75% of the nation's economy tumbled 0.7% ...
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Brent steady above $107
(Reuters) - Brent futures were steady above $107 a barrel on Friday, supported by fresh signs of a strengthening U.S. economy and the prospect of supply disruptions from the Middle East.
U.S. government data showed new claims for unemployment benefits dropped to their lowest in 3- years, while consumer sentiment at the world's biggest oil consumer improved in December to its highest level in six months.
Brent crude slipped 5 cents to $107.84 a barrel by 0550 GMT after settling Thursday 18 cents higher at $107.89 a barrel. For the week, Brent is poised to rise 4.6 percent, reversing losses in the previous week.
U.S. crude rose 28 cents to $99.81 a barrel. The benchmark is set for a 6.8 percent weekly gain, after falling the week before.
"The highlight is the continuation of good data on ...
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Dukascopy Afternoon Forex Overview : 22/12/2011
Dukascopy Fundamental Analysis
EUR
Greece's creditors are struggling against IMF pressure to accept greater losses on government bonds, said three persons familiar with matter. Lenders require government to issue new bonds worth €70 bn ($91 bn) with a coupon at around 5%. However, IMF is forcing creditors to take smaller coupon to cut Greek GDP ratio to 120% by 2020. Without write-downs Greece's debt burden will be nearly twice the amount of nation's GDP next year, said IMF spokesperson.
USD
Jobless claims unexpectedly declined previous week reaching the lowest level since April 2008 indicating that US labour market is recovering. Unemployment claims dropped by 4000 to 364 000 last week, reported Labor Department. Economists questioned by Bloomberg predicted an increase to about 380 000. ...
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Dukascopy Afternoon Forex Overview : 21/12/2011
Dukascopy Fundamental Analysis
EUR
The ECB awarded €489 bn ($645 bn) in three-year loans, compared to previous expected estimate of €293 bn. In total 523 Euro Zone banks called for cash which will be provided at a cost equal current benchmark 1%. European debt turmoil has amplified risk of bank and government defaults, therefore financials became more reluctant to lend driving up borrowing costs. By providing cheap cash, ECB expects banks to expand lending.
USD
US court may call off the tariffs imposed on the Chinese goods to protect domestic production. However, the changes in legislation can last for years, admitted George Thompson, a lawyer at Neville Peterson LLP. At the moment China's exports to the US are subject to over 100 anti-dumping duties as China's goods are perceived to be ...
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Dukascopy Morning Forex Overview : 21/12/2011
Fundamental Analysis
EUR
"The German economy seems to be successfully countering the downturn in Western Europe"
- Hans-Werner Sinn, Ifo President
German business sentiment improved in December, indicating the largest economy in the European Union remains resilient to regional debt crisis. Ifo business climate index rose to 107.2 points from 106.6 points in November, said the Ifo Institute for Economic Research.
USD
"Demand is coming off the lows"
- Sean Incremona, an economist at 4CAST
Housing starts and building permits rose more than forecast in November, indicating the market is stabilizing heading into 2012. Starts and permits increased 9.3 and 5.7 per cent to seasonally adjusted annual rates of 685 and 681 thousand respectively, said the Census Bureau on Tuesday.
GBP
"Small ...
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Dukascopy Afternoon Forex Overview : 20/12/2011
Dukascopy Fundamental Analysis
EUR
German consumer climate index remained steady this month, according to industry data. The indicator remained unchanged at 5.6 not meeting the expectations of a decline to 5.5. However, despite better financial expectations, willingness to purchase decreased. After the data release, the Euro gained in value relative to the USD and the pair EUR/USD is currently traded at 1.3010, gaining 0.08%.
USD
HTC was found guilty of Apple Inc.'s patent infringement. All phones that contain the technology stipulated by the Apple Inc. patent will be prohibited for sale at the US territory starting from 19 April, 2012. Initially Apple Inc. submitted 10 patent infringement claims but the court satisfied only one claim and the HTC is pleased with the court decision.
GBP
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Dukascopy Afternoon Forex Overview : 19/12/2011
Fundamental Analysis
EUR
Despite strong pessimism among analysts, European finance ministers will try to do as much as possible in order to resolve debt crisis until the Christmas. As reported before, European officials are seeking additional EUR 200B of emergency funding from the IMF. Fitch put additional pressure on European officials by lowering France’s credit outlook and putting other countries up for review.
USD
US Treasuries appreciated touching 6-week record high as fading optimist about European officials' ability to solve debt crisis boosted demand for safer assets. Benchmark 10-year borrowing costs hit 2-month low on Friday after Fitch lowered France's credit outlook and placed 6 other nations including Italy and Spain for revisit of downgrade. 10-year yields dropped 10 b.p. ...
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