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Fact Signaled ThatTitle:
Guessing game begins over next Treasury chief
(Reuters) - Wanted for the Treasury Department: a new boss who can fix trillion-dollar-plus budget deficits, overhaul the tax system and spur a reluctant Europe into fixing its debt crisis.
It's a tall order, especially when the new Treasury chief also must deal with a fractious Congress - and all for a salary lower than that paid to many junior Wall Street bankers.
Economists, investors and veterans of past administrations are appraising potential successors to Treasury Secretary Timothy Geithner, either in a new Obama administration, if President Barack Obama is re-elected, or under Mitt Romney.
Geithner has made it clear that he is leaving the post he has held since January 2009 even if Obama, a Democrat, beats Romney, the presumptive Republican presidential nominee, in the November ...
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Dukascopy Afternoon Forex Overview : 05/17/2012
Dukascopy Fundamental Analysis
EUR
Mario Draghi, the ECB President, insisted on Greece to stay in the Euro bloc during his public speech on Wednesday regarding the possibility of Greece withdrawal from the Eurozone. Nevertheless, according to him, the ECB will stick to its anti-inflation mandate. The ECB President's comments came after Irish and Belgian central banks reported that Greek exit would not be disastrous for the Eurozone.
USD
Jobless claims in the U.S. didn't live up to the expectations that it will decrease by 5K and remained unchanged, at 370K level, in the week from 6th to 12th of May. Amount of people on rolling unemployment claims increased by around 18K while the number of people on prolonged payments decreased by around 45K. 31 out of 52 states or territory's reported ...
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Wall Street Seen Green Before Jobless Claims, Manufacturing Reports
U.S. Stock-index futures pointed to a green start for Wall Street on Thursday, as traders await a governmental report that may show fewer jobless claims in the week ago and manufacturing in the Philadelphia region grew at a faster pace in May.
As of 06:07 a.m. New York Time, Dow Jones Industrial Average futures expiring in June 12 rose 0.16 percent to 12,594, Standard & Poor`s 500 index futures gained 0.25 percent to 1,325.80, and NADSAQ 100 Futures rose less than 0.1 percent to 2,559.50.
A convincing down turn in the U.S jobless claims would likely seal early expectations for a strong May employment report. Analysts expect a median estimate around 365 thousand last week, slightly down from 367 thousand in the week ended May 5.
The general business conditions index of the Philadelphia ...
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Weak Outlook for Australia
Forex News and Events:
The S&P GSCI Index reversed its 2011 gains in the last six consecutive trading sessions. As a matter of fact, the index tracking 24 commodities broke down 7.6% from a high of 684.15 on April 30th to a more than four-month low low of 634.25 during yesterday’s trade session. This downturn in commodity prices can be explained on the one hand by headlines from the Euro area, as markets seem to be pricing in a second round of elections in Greece as well as a probable EU exit. On the other hand, the marked slowdown of commodity-intensive economies such as China -see Newsletter May 14- pushed prices lower in light of atrophied demand and lower infrastructure investments. From the foreign exchange perspective, the Australian dollar having experienced a 34% appreciation ...
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Bye bye expensive oil prices !
Crude oil continued in its biggest decline this year amid high uncertainty in Europe due to elections in several countries, and signs of a weakening recovery in the world’s biggest oil consumer. Also, the world leaders led by Saudi oil minister try to push crude prices downwards as it is much expensive than it should be.
By assembling many factors together, a very strong downside pressure has been formed on crude, after it declined last week below $100 level on a bad U.S. jobs report which triggered fears over its weak recovery pace and a high uncertainty in Europe with a new French president and dark outlook for Greece.
However, the downside pressure on crude has intensified after a failure in Greece’s parliamentary vote for a new coalition government, which called fears back to cover ...
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U.S. April hiring slows, jobless rate falls to 8.1 percent
(Reuters) - Employers cut back on hiring in April and the jobless rate fell as people gave up the hunt for work, a somber note on the economy that could hurt President Barack Obama's re-election chances.
Employers added just 115,000 workers to their payrolls last month, the Labor Department said on Friday.
It was the third straight month in which hiring slowed, keeping fears alive that the U.S. economy is losing momentum. It also dampens hopes that a stretch of strong winter hiring signaled a turning point for the recovery.
"It shows sluggish growth," said John Doyle, currency strategist at Tempus Consulting in Washington.
The unemployment rate ticked a tenth of a point lower to 8.1 percent, a three-year low, as people left the workforce. The jobless rate is derived from a separate ...
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ECB Press Conference Helps Euro Recover
After falling throughout the morning session, the euro was able to stage a partial recovery during afternoon trading yesterday, following comments from ECB President Draghi who reiterated his earlier predictions of euro-zone economic growth during the second half of the year. Turning to today, investors will be carefully monitoring the US Non-Farm Payrolls, set to be released at 12:30 GMT. Analysts are forecasting today's news to come in at 173K. While that number would represent a significant increase over last month's Non-Farm figure, it is not considered high enough to signal strong growth in the US labor sector. Still, should today's news come in at or above expectations, the greenback could see gains to close out the week.
Economic News
USD - All Eyes on Today's US Non-Farm ...
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April hiring seen picking up
(Reuters) - Employers likely increased hiring in April, although not enough to lower the country's 8.2 percent jobless rate, keeping pressure on President Barack Obama ahead of his November re-election bid.
Employers likely added 170,000 workers to their payrolls last month, according to a Reuters survey of economists, up from March's meager print of 120,000.
That would allay fears the economy is losing momentum. But it also could dampen hopes that a stretch of strong winter hiring signaled a turning point for the economic recovery.
"We're still growing just gradually," said Nigel Gault, an economist at IHS Global Insight in Lexington, Massachusetts.
"Hiring is coming back into line with what you would expect with sluggish growth."
The Labor Department will release the April ...
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Asian stocks advance on eased worries over growth following strong manufacturing data
Asian stocks advanced on Wednesday as the better than expected manufacturing data from the US and China supported the outlook for exports and boosted sentiment. The MSCI Asia Pacific Index rose 0.6% at 12:41 in Tokyo.
As volumes are getting back to normal following the Labor Day holiday, fears over growth in the world’s biggest economy eased after the US reported an unexpected expansion in the manufacturing sector, raising hopes that recovery is still on track.
Meanwhile in China, the HSBC manufacturing index for April rose to 49.3 from 48.3, one day after the official PMI manufacturing index signaled the strongest expansion in 13 months, signaling the economy is heading for a soft landing.
As the US and China are moving in the right direction, the worries over Europe’s debt crisis were ...
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