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DollarTitle:
Pairs narrow trading after a strengthening of the dollar
So far the major pairs are consolidating mainly on technical movements after that the green Benjamin gained considerable throughout the prior EU session as fears were boosted since that the Federal Reserve Chairman Ben S. Bernanke signaled yesterday that the central bank would not actually add to stimulus measures.
As a result of these technical movements the euro-dollar pair is narrow trading on several time charts as neutral signs are witnessed throughout the momentum indicators at different time scales with the Union currency now trading around 1.4190 recording a high of 1.4355 and a low of 1.4126.Trading range for today is among the major support 1.4235 and the major resistance 1.4545
As for the pound-dollar pair, is consolidating and is forecasted to start inclining to the upside ...
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IEA releases oil reserves to prop up economy
(Reuters) - Industrialized oil consumer nations on Thursday announced the release of 60 million barrels of oil from strategic government stockpiles in a bid to push down crude prices and underpin the global economy.
The 28-member International Energy Agency said it would release 2 million barrels a day (bpd), mostly crude, over an initial 30 days to fill the gap in supplies left by the disruption to Libya's output.
The United States will provide half the volumes from its huge 727-million barrel reserve, about 1.5 days of U.S. consumption, with Europe supplying 30 pct and the rest from Pacific OECD nations.
The announcement comes after the Organization of the Petroleum Exporting Countries failed to raise production at a meeting on June 8 and despite assurances from OPEC's biggest ...
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Jobless claims point to weak labor market
(Reuters) - The number of Americans filing new claims for unemployment benefits rose last week, suggesting little improvement in the labor market this month after employment stumbled in May.
Initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 429,000, the Labor Department said on Thursday. Economists had expected claims to come in at 415,000.
The report covers the survey period for the government's closely watched data on nonfarm payrolls for June, which will be released on July 8.
Claims increased 15,000 between the May and June survey periods, implying another soft month for jobs in June after a modest 54,000 increase in payrolls in May.
"Again no quick rebound in employment. We're still in the soft patch that we have had for a couple of months now," ...
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Dollar Higher as Central Bank Policy Steals the Show
The dollar built on yesterday's late gains following Ben Bernanke's press conference.
The USD was stronger versus the G7 currencies as the rally in the greenback continued into today's European session. Yesterday's FOMC statement was overlooked as the 2nd press conference given by Ben Bernanke following a Fed Funds Rate release stole the show. Bernanke was adamant in the Fed's expectations of a pickup in future growth numbers though the Fed did lower current year forecasts to 2.9% from 3.3% citing temporary factors. The Fed chief all but ruled out QE3 given the recent increase in inflation levels. Following the press conference the dollar began to gain and equities sold-off.
This environment continued today into the European trading session with the EUR/USD hitting a new low for the ...
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Dollar strength across the board on prevailing pessimism
The market continues to ponder upon the prevailing negativity and rising uncertainty which is inflicting nothing but agony on global markets. Fears of the deepening debt crisis and slowing global recovery dominate the scene today with the dollar the sole winner so far!
Investors are growing more cautious and more pessimistic about the outlook for the global recovery. Bernanke’s downbeat comments on the economy and the downside revision to growth projections affirmed the lingering sluggish status of the recovery that is only worsening by the debt woes in Europe.
Risk aversion and haven demand remain evident with the dollar the last standing winner. The market continued to trade the downbeat aftermath of the FOMC decision and press conference, while Trichet’s “red” alert on the debt crisis ...
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Dollar climbs after Fed fuels risk aversion
(Reuters) - The dollar firmed on Thursday and could rise further as investors unwound bullish bets in high-yielding currencies after the U.S. Federal Reserve gave no hint of further monetary easing.
Sterling slid against the U.S. currency to three-month lows of $1.6017, selling off further after the Bank of England, by contrast, raised the prospect of offering more stimulus.
The dollar index .DXY, which tracks the greenback against six major currencies, was up 0.6 percent at 75.21 with near term resistance at its 100-day moving average at 75.630.
Market players said they were eyeing the June 16 high of 76.020, with many suggesting a break through that level would lead to further gains in coming months.
"It's similar to last summer with flatter U.S. yield curves and a strengthening ...
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Fed, euro zone crisis depress demand for risk
(Reuters) - Investors reacted with caution on Thursday to a relatively downbeat outlook from the U.S. Federal Reserve, sending world stocks lower and boosting the dollar in a search for safety.
Europe's debt crisis added to the mood, with a summit of European leaders beginning later in the day due to focus on the Greek bailout.
On the economic front, Germany's manufacturing growth eased in June.
The Fed said on Wednesday that while longer-term the U.S. economy should pick up, it was taking longer than predicted.
"The economic recovery is continuing at a moderate pace, though somewhat more slowly than (we) had expected," it said.
Financial markets responded by shifting away from riskier assets.
World stocks as measured by MSCI .MIWD00000PUS were down 0.6 percent, barely in positive ...
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Euro zone manufacturing and services expansion ease add to slowdown signals, eyes on EU Summit
The Euro zone released today its advanced manufacturing and services data for the month of June, where the release added to worries the pace of growth is slowing down in the second quarter.
Purchasing Manager Index (PMI) manufacturing retreated to 52.0 from 54.6 in May while services slipped to 54.2 from 56.0. Accordingly PMI composite fell to 53.6 from 55.8.
Expansion in manufacturing has plunged from 58.0 in April and services also dropped from 56.7 two months earlier.
After a robust 0.8% expansion recorded in the first quarter, it seems that the recovery path is easing as despite the drop in the euro versus the dollar in May and June, exports did not show improvement due to the sluggish demand worldwide.
This month, the ECB revised up growth forecasts for the euro area for 2011 to ...
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FOMC decision boosts the dollar
USD
The dollar found some consolidation in the wake of yesterday’s FOMC decision. The statement itself confirmed that QE3 will finish on schedule at the end of June, and Fed Chairman Bernanke cited inflation as a reason why further stimulus would not be forthcoming. The key policy language pledging to keep the policy rate “exceptionally low&for an extended period” was unchanged. However, it is notable that no pledge was given to keep the balance sheet at its current elevated level for an extended period. Given that allowing the balance sheet to contract passively is likely to be the first normalisation step, this suggests at least some members of the FOMC want to maintain an ability to tighten should the need arise, and potentially at short notice. On the other hand, Bernanke warned any ‘ ...
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