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Expectation The Euro ContinuesTitle:
Dukascopy Morning Forex Overview : 04/04/2012
Fundamental Analysis
EUR
"It is very hard to see how Spain can have a sustainable recovery"
- Frances Hudson, global strategist at Standard Life Investments
European stocks closed lower on Tuesday hit by concerns over Spain’s ability to tackle its deficit.
USD
"As the economy continues to strengthen, more of the pent-up demand will be released"
- Don Johnson, U.S. sales chief for General Motors Co.
U.S. factory orders rose for the third month in February, boosted by desire for business equipment. Bookings increased 1.3 per cent, Commerce department data showed on Tuesday.
GBP
"The UK economy is still facing huge challenges"
- John Longworth, director general at the British Chambers of Commerce
U.K. construction activity jumped to a 21-month high in March, reinforcing hopes that the ...
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Fed minutes drive stocks, gold down
(Reuters) - World stocks fell and gold prices dropped 2 percent on Tuesday as minutes from the latest U.S. central bank meeting showed policymakers may be less willing to launch further economic stimulus.
The dollar rose 1 percent against the yen, while safe-haven bonds slid.
Federal Reserve policymakers, in their March meeting minutes, noted recent signs of slightly stronger growth but remained cautious about a broad pick-up in U.S. economic activity.
Still, the minutes suggested the appetite for another dose of stimulus via quantitative easing, so-called QE3, has eased.
The MSCI world equity index .MIWD00000PUS dropped 0.4 percent, while the benchmark S&P 500 had its worst day in a week.
"There have been signs of strength in manufacturing and employment. That has the Fed taking a ...
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Dollar jumps versus euro, yen as Fed softens stimulus talk
(Reuters) - The dollar rose 1 percent against the yen on Tuesday as minutes from the U.S. Federal Reserve's March meeting weakened expectations of more stimulus measures.
Fed policymakers appeared less keen to launch a new round of monetary stimulus through a third round of bond buying, or quantitative easing. QE is tantamount to printing money, and while diminished expectations of QE3 buoyed the dollar against the yen, the greenback remained in its weeks-long trading range against the euro.
"What the minutes have done was essentially take the market off guard because the members have indicated that there is no need for additional stimulus, unless the economy lost momentum or inflation was slower to pick up," said Alexander Chepurko, foreign exchange analyst at Forex Club in New York.
" ...
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Dukascopy Afternnon Forex Overview : 03/04/2012
Fundamental Analysis
EUR
The jobless rate in Spain advanced by 0.8% or 38,769 in March reaching 4.75 million, government officials said on Tuesday. Annual unemployment level added 9.6% in March. In February Spain's jobless rate of 23.6% was the top level in the European Union. Spain currently works on massive reforms in its labour market. Economists expected the unemployment my surge even more before it will begin to decline.
USD
US manufacturing PMI expanded more than expected last month, indicating growth for the 32th month in line. The PMI measured by the Institute for Supply Management jumped by 1.0 point attaining 53.4 last month as compared to a February figure of 52.4. Experts had predicted the manufacturing PMI in the US to expand by 0.6 points to 53.0.
GBP
UK manufacturing ...
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Oil rises 2 percent on North Sea delays, U.S. data
(Reuters) - Oil prices rose a second day on Monday, gaining 2 percent as loading delays for North Sea crude cargoes added to concerns about global supply disruptions and as supportive U.S. manufacturing data countered disappointing economic figures from Europe.
Crude futures extended gains on news that BP (BP.L) had shut in oil output at the Valhall platform last week for compressor maintenance and that, according to trade sources, the shutdown would delay loading of seven North Sea Ekofisk cargoes in April.
The Institute for Supply Management's index of U.S. factory activity rose to 53.4 in March from February's 52.4, topping economists' expectations and keeping the reading above 50, indicating expansion in the sector.
"Oil prices rose on the better-than-expected ISM manufacturing ...
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Oil rallies on U.S. data, North Sea delays
(Reuters) - Oil prices edged higher in tug-of-war trading on Monday as supportive data showing the U.S. manufacturing sector picked up in March and loading delays for North Sea crude cargoes helped counter disappointing economic figures from Europe.
The Institute for Supply Management's index of U.S. factory activity rose to 53.4, from 52.4 in February, topping economists' expectations and keeping the reading above 50, indicating expansion in the sector.
"Oil prices rose on the better-than-expected ISM manufacturing reading as the strength of the U.S. economy continues to offset deteriorating conditions in Europe and concerns over China's slowdown," said John Kilduff, partner at Again Capital LLC in New York.
Crude futures added to gains on news that BP (BP.L) had shut in oil output at ...
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On Balance Eurozone Data is Negative
Forex News and Events:
This event laden week started out with a bang. China's official manufacturing PMI released over the weekend printed at 53.1 vs. 50.8, significantly outpacing consensus opinion. The number provided markets a sense of relief as there has been lingering concerns over the prospect of a hard landing. While this single print does not end the debate, it does give reason for optimism. That said there is the fear that seasonality skewed the result as the HSBC flash PMI released over a week ago was considerably softer. From Europe, data continues to show divergent economic paths between nations and an overarching worrying trend in unemployment. The string of PMI manufacturing from Euro zone members remained under the 50 threshold, with Germany, Italy and France showing ...
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Weekly Economic and Financial Commentary : 30/03/2012
Weekly Economic and Financial Commentary : 30/03/2012
U.S. Review
Mixed Signals
Housing data released this week were a bit disappointing but also offered some signs of optimism. Pending home sales fell in February but remained near a one-year high. The decline in the S&P Case-Shiller Home Price Index in January was the smallest since July, although the index did reach a new cyclical low.
Personal spending rose in February by the most since July, as consumers dipped into savings to spend more on services. However, consumer confidence slipped in March due to a decline in the expectations index amid rising gas prices, although purchase plans improved.
Mixed Signals
Housing data released this week were slightly disappointing but also provided some signs of optimism. Pending home ...
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Global stocks rise on U.S. data, euro gains on Spain
World equity markets advanced on Friday, pushed higher by a spate of data that showed the U.S. economy and sentiment still on the road to recovery as investors cheered double-digit gains at the end of the quarter.
While the pace of business activity in the Midwest slowed more than expected in March as employment and new orders dropped from elevated levels, U.S. consumer confidence rebounded to its highest in more than a year in March and U.S. consumer spending increased by the most in seven months in February.
Despite a slowdown in manufacturing, as seen by data from Institute for Supply Management-Chicago, business activity continues to grow, although at a slower pace, said David Song, a currency analyst at DailyFX in New York.
"When we take everything into account, it really suggests ...
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