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Euro Continues To BenefitTitle:
Yen drops to 1-month lows hurt by Japan trade gap
(Reuters) - The yen dropped to one-month lows against the dollar and the euro on Wednesday, as speculators and investors took data showing Japan had logged its first annual trade deficit since 1980 as a cue to unwind bullish bets in the Japanese currency.
The euro inched up against the dollar with the focus now on the Federal Reserve. The U.S. central bank is expected to begin a new practice of announcing policymakers' interest rate projections when a two-day meeting ends later on Wednesday.
Economists polled by Reuters expect the Fed will signal that it is unlikely to start hiking interest rates until the first half of 2014, more than five years after chopping them to near zero. Any surprise on the dovish side could see the dollar come under pressure against the euro and the yen, ...
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Oil slips on revived euro zone debt concern
(Reuters) - Oil prices fell on Tuesday in choppy trading on revived concerns about the euro zone region's debt problems and their potential to slow the global economy, even as tensions between Iran and the West helped limit losses.
Europe's policymakers are struggling to come up with a plan to prevent a Greek default, which would harm the global economy and depress demand for energy.
Euro zone finance ministers on Monday rejected as insufficient an offer made by bondholders to help restructure Greece's debts, sending negotiators back to the drawing board and raising the threat of a default.
The euro zone debt crisis is escalating and could derail the global economic recovery, the International Monetary Fund warned on Tuesday, calling for urgent action to restore confidence.
Europe's ...
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Weekly Economic and Financial Commentary : 21/01/2012
Weekly Economic and Financial Commentary : 21/01/2012
U.S. Review
Good News on Manufacturing, Inflation and Housing
The manufacturing sector remains on solid footing. Manufacturing output rose more than expected in December. Furthermore, the New York Fed manufacturing index showed the sector gained strength in January and the outlook improved further.
Headline inflation continues to moderate. Producer and consumer prices both declined in December on falling food and energy prices. However, the recent rise in core inflation could tie the Fed's hands on monetary policy.
Existing home sales, the housing market index and mortgage applications rose, while housing starts fell.
Manufacturing on Solid Footing
Industrial production rose 0.4 percent in December following a 0.3 ...
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How a Deficit in Capitalism Helped Engender the Financial Crisis Read more: How a Deficit in Capita
The Financial Times continues its series on “Capitalism in Crisis.” We’re getting a little tired of it. We were hoping at least one of the writers might tell us what the crisis was. Instead, we’ve gotten a variety of opinions; none offering much light on the nature of the crisis and several offering more darkness about how to make it worse.
In yesterday’s installment, for example, we discover that in 2008, “leaders of rich and rising nations sidestepped their differences to avert a worldwide slump.”
Really? If the writer had any appreciation for capitalism at all he’d know that the politicians did no such thing. Instead, they sidestepped their differences to prevent capitalism from doing its job. In 2008, after the fall of the House of Lehman, capitalism was aiming its wrecking balls at ...
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Economy improves but recovery hurdles persist
(Reuters) - The number of Americans filing for new jobless benefits dropped to an almost four-year low last week, and factory activity in the mid-Atlantic expanded moderately, suggesting the economy carried some momentum into the new year.
But the pace of growth probably will slow. Analysts cautioned the drop in jobless claims likely was exaggerated by seasonal factors, and the slow pace of new orders in the factory report along with a drop in new home building and permits in December showed that obstacles to a strong recovery remain.
Still, the employment and factory data added to a rash of stronger-than-expected economic signals, with growth in the fourth quarter forecast at an annual pace of about 3 percent - a step up from the prior quarter's 1.8 percent rate.
"It's not a robust ...
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Weekly Economic and Financial Commentary : 15/01/2012
Weekly Economic and Financial Commentary
U.S. Review
Week Two Brings a Little Less Enthusiasm
Some of the optimism about housing, consumer spending and the broader economy eased back a bit this week, amid a smattering of softer economic reports.
Retail sales rose just 0.1 percent in December and core retail sales fell by the same amount. Holiday sales came in right in line with our expectations, rising 5.1 percent.
Weekly first-time jobless claims spiked up to 399,000 and job openings listed in the JOLTs survey fell slightly.
Data on international trade and inventories also point to a more modest gain in 2011 Q4 real GDP growth.
Optimism Already Appears to be Fading
The New Year always seems to usher in an air of optimism and this year has been no exception. Better ...
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A mixed rather than optimistic second week for the U.S throughout this new year
This week unlike the past cheerful one was mixed and mostly pessimistic as most of the data released regarding several sectors and activities of the world's leading economy came out worse than forecasted watching a fall of the country's retail sales, gloomy jobless claims and a widened trade deficit regardless of previous clear strong signs of economic enhancement and a cheerful start of a new year, still growth continues on expanding at a moderate pace.
In fact this week we had the Fed's Beige Book prepared at the Federal Reserve Bank of Minneapolis was released and showed that overall economical growth expansion remained spotted and actually gained momentum and has improved this past period to accordingly spur optimism regarding the prior annual transition phase and this new year with ...
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Hurdels Remain as LTROs Ease Euro Tension
Economic Data Analysis
Hurdels Remain as LTROs Ease Euro Tension
Euro area developments have been positive so far, but Greek PSI deal looms in week ahead.
Wider globe more upbeat. January's US business surveys and Chinese GDP due.
Some UK positives this week including retail sales, but short-lived with Q4 contraction likely.
A soft Italian debt sale ended an otherwise solid week for Euro area sovereign issuance. ECB President Draghi tentatively pointed to the positive impact of the ECB's 3-year cash injection. How much this is supporting bond purchases remains unclear and our Strategy team has shown how bond payments (coupons and redemptions) will outpace issuance in January. Either way today's auction undid some of the more positive tone in Euro area markets, reversing euro ...
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The Bullion Report For January 11, 2012: China's Gold Bling
Developing nations are frequently the focus when it comes to commodity demand. Amidst the chaos of the Euro zone crisis, and the uncertainty facing other Western powers, it's not unusual that the spotlight should fall on them again. As dealers ramp up their bullion sales ahead of the Lunar New Year, let's take a fresh look at China's gold demand.
Past performance is not indicative of future results.
***chart courtesy of Gecko Software
China’s importance to the world economy is demonstrable. The Chinese economy has fueled a lot of global business with annual growth near the 10% range. The current pace of growth has slowed, with many economists now predicting China's rate of real GDP growth will be closer to 5%. This slowdown is no surprise considering the current global economy. The ...
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