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Dollar Fell SlightlyTitle:
Gold eases ahead of euro zone rate decision
(Reuters) - Gold eased on Thursday, under pressure from a decline in the euro ahead of a rate decision from the European Central Bank, while concern about Spain's ability to finance itself simmered after yields shot up at a debt auction.
The ECB meets in Barcelona to discuss monetary policy and is expected to resist pressure to do more to fight the debt crisis by maintaining its bond-buying program to help Spain, which has fallen into recession.
Spain attracted solid demand for its three- and five-year bonds at auction, but saw its borrowing costs jump, reflecting investors' concern about Madrid's ability to finance itself and avoid a more protracted economic slowdown.
Gold has fallen by about 1 percent so far this week, having dropped for three out of the last five weeks, prompting ...
Title:
Dukascopy Morning Forex Overview : 03/05/2012
Fundamental Analysis
EUR
"The grim unemployment figures for March will likely encourage talk about a long overdue ‘growth pact’ for the euro zone"
- Martin van Vliet, an economist at ING Group
Euro area unemployment rose to the highest level since 1997 in March and manufacturing contracted in April, adding to signs the economy is still far from out of the woods.
USD
"Employment growth is slowing"
- David Sloan, an economist at 4Cast Inc.
The number of Americans, who have found a job in the private sector fell to 119,000 in April from a revised 201,000 in March, the ADP Employer Services said on Wednesday.
GBP
" points to clear, decent construction expansion in April"
- Howard Archer, chief UK economist at IHS Global Insight
U.K. construction sector expanded slower in April, compared ...
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:
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:
Dukascopy Morning Forex Overview : 02/05/2012
Fundamental Analysis
EUR
"The likelihood of inflation falling below 2 percent in the short run remains low, putting the ECB in a difficult situation."
- Peter Vanden Houte, an economist at ING
Inflation in the euro zone rose by more than expected in April, mounting pressure on the European Central Bank to take action against price pressures.
USD
"Manufacturing is still in pretty good shape."
- Scott Brown, chief economist at Raymond James & Associates Inc.
Manufacturing in the U.S. expanded in April at the fastest pace in 10 months, showed Institute for Supply Management data on Tuesday.
GBP
"The good news is that manufacturing clocked up a fifth straight rise, whilst cost pressures have eased a little and some firms are still recruiting."
- Lee Hopley, chief economist at EEF
U.K. ...
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 ...
Title:
USD Mixed in Holiday Trade
USD is trading mixed with a softer tone as sentiment appears to be stabilizing. Overnight, China's official April manufacturing PMI ticked higher to 53.3 from the prior 53.1 indicating continued expansion and the RBA delivered a surprising 50bps rate cut. Golden Week holidays continue which is keeping activity relatively light and the dollar index is slightly lower today, reaching lows that have not been seen since late Feb. UST yields are broadly lower, US equity futures are relatively flat, and European bourses are closed for May Day. On the data front, March construction spending and the April ISM manufacturing report are due at 1000ET. Regional manufacturing surveys released in the month of April have disappointed suggesting the potential for a soft ISM manufacturing report. ...
Title:
European Market Update : 01/05/2012
UK PMI Manufacturing comes in below expectations but holds above the 50 level
Economic Data
(AU) Reserve Bank of Australia (RBA) cuts Cash Target by 50bps to 3.75%; more than expected
(PE) Peru Apr Consumer Price Index M/M: 0.5% v 0.4%e; Y/Y: 4.1% v 3.9%e
(JP) Japan Apr Vehicle Sales Y/Y: 92.0% v 78.2% prior
(IN) India Mar Trade Balance: -$13.9B v -$13.9Be; Exports Y/Y: -5.7% v + 4.3% prior; Imports Y/Y: 24.3% v 20.7% prior
(IE) Ireland Apr NCB Manufacturing PMI: 50.1 v 51.5 prior
(AU) Australia Apr RBA Commodity Price Index Au: 99.5 v 99.1 prior; Commodity Index SDR Y/Y: -4.2% v 2.1% prior
(DK) Denmark Mar Retail Sales M/M: 0.2 v 0.1% prior; Y/Y: +1.2% v -0.2% prior
(UK) Apr PMI Manufacturing: 50.5 v 51.5e (lowest since Dec 2011)
(DK) Denmark Apr PMI Survey: 61.8 v 53.0 prior (12-month ...
Title:
UK Economic Woes Continue To Mount
After plunging back into recession in the first quarter of 2012, UK data at the start of the second quarter hasn't been particularly encouraging. Today the manufacturing PMI survey for April was weaker than expected at 50.5 down from a revised 51.9 in March, which was the lowest level since December. The biggest decline was in the export sector, as the UK's largest trading partner, the Eurozone, suffers from its own economic and sovereign woes. However, what was worrying is that new orders to Asia and the US also fell sharply, which is concerning as they may not be able to balance out the weak growth coming from Europe.
Could the BOE expand QE?
This report is the first of three April PMI surveys released over the coming days and the results for the construction and services sectors will ...
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