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Dollar On Increasing GrowthTitle:
Euro and Kiwi Trading Higher
The euro is stronger versus both the dollar and in the crosses as Thursday's EU summit approaches. Traders may be looking for a “buy the rumor, sell the fact” type scenario with the euro. The kiwi is now trading at a 30-year high versus the dollar on better terms of trade and growth expectations.
Yesterday's failure of the EUR/USD to breach below the 1.4000 level has helped the euro rebound during the European trading session. A softening of the ECBs position against a default was perhaps hinted at by Ewald Nowotny, the governor of the Austrian Central Bank and a member of the ECB governing council. Nowotny said a “selective default” by Greece might not have “major negative consequences”. The euro later reached an intraday high at 1.4216 following mixed ZEW surveys. The German ZEW ...
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ZEW Confidence a Signal of What Comes Next?
News of debt contagion spreading across the euro zone has several economists worried that a toppling of consumer confidence may be up next, followed by additional ratings downgrades that lead into an ever deepening spiral of debt and default. With today's ZEW reports on economic sentiment expected at 10:00 GMT, forex traders may catch a glimpse into the early evolution of the investment landscape as it turns towards another crisis.
Economic News
USD - USD Rising as Safe-Havens Soar
The US dollar (USD) was seen increasing yesterday as traders began to seek shelter following speculation that growth forecasts across Europe will become further depressed as traders flee risk. The value of safe-haven assets like the greenback and Swiss franc (CHF) have been buoyed by a shift away from higher ...
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Gold rises above $1,600/oz as debt fears simmer
Gold prices rallied to record highs above $1,600 an ounce in Europe on Monday as investors spooked by the euro zone debt crisis and the threat of a U.S. default bought into the metal as a haven from risk.
Spot gold rose as high as $1,600.40 an ounce and was up 0.4 percent at $1,598.76 an ounce at 0845 GMT. Gold rose more than 3 percent for a second straight week to Friday, a feat it has not achieved since February 2009.
Data from U.S. futures regulator the Commodity Futures Trading Commission showed on Friday that managed money sharply raised bullish bets in U.S. gold futures and options in the week ended July 12 as bullion prices rallied.
"CFTC data shows a surge into gold, so despite the higher levels the professionals have returned to gold with a vengeance," said Saxo Bank analyst ...
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New Zealand Consumer Price Index Advances More Than Expected in the Second Quarter
The strengthening recovery in New Zealand helped the consumer price index rise more than the market’s expectations in the second quarter due to the surge in fuel and food costs supported the RBNZ to raise borrowing costs in the coming months.
The New Zealand consumer price index for the second quarter rose 1.0% compared with a previous quarter’s 0.8% which was expected to hold at the same pace. Moreover, the annualized consumer price index (CPI) soared to 5.3% from 4.5% last month, while the expectations estimated 5.1%.
The New Zealand economy has faced natural disaster that hit the nation in the first half of the year, but we see that the NZ economy has many resources that help the economic recovery. The nation’s GDP expanded more than expected during the first quarter as milk and ...
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Weekly Economic and Financial Commentary : 17/07/2011
Weekly Economic and Financial Commentary
U.S. Review
Mixed Economic Data Points to Moderate Growth
Retail sales came in slightly higher than expected in June as higher sales at automobile dealers offset reduced spending at gasoline stations. With household budgets stretched thin, discretionary spending in most major categories remained weak.
Inflation measures over the past week indicated that the pace of inflation is slowing; however, core inflation measures are still picking up.
The trade deficit widened in May as crude oil imports jumped on both higher prices and volumes while exports were pulled down by weak industrial supplies demand.
Mixed Economic Data Points to Moderate Growth
It was a mixed week for economic data, with inflation concerns subsiding somewhat and the ...
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Crunch Time in US Debt Negotiations
The Week Ahead
Highlights
Crunch time in US debt negotiations
QE3 - not so fast
Europe's stress test results with a caveat
CHF and JPY strength prompts jaw-boning
Divergent economic performance in Oceania
Key data and events to watch next week
Crunch time in US debt negotiations
US congressional leaders and the White House appear far from reaching any sort of comprehensive ‘grand bargain' to cut the US deficit and raise the government's debt ceiling. Talks are ongoing, but the rhetoric on both sides seems to be deteriorating, suggesting that compromise may be falling out of reach. Time is tight and a deal needs to be reached by the end of next week to allow for legislative passage before the drop dead date of Aug. 2. At this point, we see three main potential ...
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Consumer prices record largest drop in a year
(Reuters) - Consumer prices fell slightly more than expected in June to post their biggest drop in a year on weak gasoline costs, but underlying inflation pressures remain elevated.
The Consumer Price Index fell 0.2 percent, the Labor Department said on Friday, the largest drop since June 2010, after rising 0.2 percent in May. Economists had expected prices to fall 0.1 percent.
But stripping out food and energy, core CPI rose 0.3 percent after a similar gain in May and above economists' expectations for a 0.2 percent increase.
"We are getting a very, very sharp rebound in core inflation and much more than the Fed had bargained for. We will be at price stability and possibly through it before the end of this year," said Eric Green, chief economist at TD Securities in New York.
Separate ...
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Gold hits record after Moody's warning, easing hints
Gold prices hit record highs for a second day on Thursday after hints of further policy easing from the Federal Reserve and a Moody's warning the United States may lose its top-notch credit rating hurt the dollar and sparked buying of safe-haven assets.
The precious metal was also strengthened by concerns over euro zone debt levels, which have intensified over delays to policymakers' plans to discuss the crisis and after Greece's credit rating was downgraded by Fitch late on Wednesday.
Spot gold touched a record $1,594.16, and was up 0.6 percent at $1,590.66 an ounce at 1120 GMT. U.S. gold futures for August delivery were up $5.60 an ounce at $1,591.30.
The precious metal has risen more than 6 percent so far this month and is on track for its ninth straight daily rise, its longest run ...
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Dollar soft on QE3 speculation, debt hangover
The dollar hit a record low against the Swiss franc and a four-month trough versus the yen on Thursday on expectations of further monetary easing by the Federal Reserve and a credit warning on U.S. debt.
Ratings agency Moody's issued a warning on the United States' credit rating just hours after Fed Chairman Ben Bernanke sent the dollar tumbling by suggesting to Congress that the central bank could provide more stimulus if the economy weakened further.
The dollar's slide against the yen raised the possibility of Japanese intervention, although many expect any such action is unlikely to have the blessing of other major central banks, like the coordinated action in March.
The euro pared gains against the dollar after an Italian bond auction in which the Treasury had to pay the highest ...
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