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Far As The Price Is BelowTitle:
U.S. factories rack up best growth in 10 months
(Reuters) - U.S. manufacturing grew in April at the strongest rate in 10 months, easing concerns the economy had lost momentum at the start of the second quarter.
The Institute for Supply Management said on Tuesday its index of national factory activity rose to 54.8 from 53.4 in March. The figure bested expectations for a decline to 53.0 and came in above the top end of forecasts in a Reuters poll.
A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion.
"The view on the economy has swung from optimism to pessimism of late and this could bring us back to the middle," said Nick Bennenbroek, head of FX Strategy for North America at Wells Fargo.
"ISM suggests there's no real reason to get too concerned about the path of the U.S. ...
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RBA Slashes 50 Basis Points - AUD/USD Slides Below Short-term Support Factors
The Reserve Bank of Australia slashed the Official Cash Rate from 4.25% to 3.75%. The 50 basis point cut was more than the 25-bps cut the market has expected. In Glenn Steven’s (Governor of the RBA) statement, he mentioned slowdown in China as well as the challenge in the Eurozone. He also noted a slowing domestic economy despite a growth in demand:
“In Australia, output growth was somewhat below trend over the past year, notwithstanding that growth in domestic demand ran at its fastest pace for four years. Output growth was affected in part by temporary factors, but also by the persistently high exchange rate. Considerable structural change is also occurring in the economy. Labour market conditions softened during 2011, though the rate of unemployment has so far remained little changed ...
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YouTradeFX Daily Market Analysis : 01/05/2012
Fundamental News
Today's highlight;
- Interest Rate Decision. (AUD, 5:30, GMT)
- RBA Rate Statement. (AUD, 5:30, GMT)
- ISM Manufacturing Index. (USD, 15:00, GMT)
- Unemployment Rate. (NZD, 23:45, GMT)
The EUR/USD is trading at 1.3233 having retraced Friday’s gains, at the close of the European session down 0.2%, but still trading above 1.32. European bond yields are generally stable and EUR volatility is trading near its lows at 8.4. News flow has generally been negative, with Spain entering a recession (GDP came in at ‐0.3% in Q1), S&P downgrading 11 banks and the March central bank data revealing a lack of foreign demand for Spanish debt.
As expected, S&P has downgraded 11 Spanish banks and put a further 6 on watch; while taking the opposite tact, Moody’s has announced that ...
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China data helps Australia shares amid U.S., Europe worries
(Reuters) - Asian shares inched up on Tuesday as Australia's larger-than-expected rate cut and firm Chinese factory data boosted Australian equities, but concerns about the U.S. economy and the euro zone capped prices in holiday-thinned trade.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.2 percent, after posting just a 0.4 percent gain in April. Most markets in Asia and Europe were closed on Tuesday to mark the May Day holiday.
Financial spreadbetters predicted Britain's top share index .FTSE to open up 0.2 percent.
In Asia, Japan's Nikkei stock average .N225 fell 1.4 percent as a stronger yen hurt exporters. .T Australian shares .AXJO rose 1.1 percent after the Reserve Bank of Australia slashed rates by 50 basis points against a 25 bps cut forecast. ...
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Stocks head for monthly loss; euro slips
(Reuters) - Global shares edged lower on Monday, heading for their first monthly loss this year as Spain sank into recession and the U.S. economy showed signs of slowing.
Treasury prices rose, while the euro fell and the dollar slipped to a more than two-month low against the yen as anxiety over economies on both sides of the Atlantic led investors to favor lower-risk investments over stocks and other risky assets.
Spain, the euro zone's fourth-largest economy, slipped into recession in the first quarter as domestic demand fell, joining Italy, Portugal, Ireland, Greece, Belgium and the Netherlands on the list of countries with shrinking economies.
In the United States, consumers boosted spending only modestly last month and a gauge of Midwestern business activity fell sharply in April, ...
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Data points to weaker economic momentum
(Reuters) - U.S. consumers boosted spending only modestly last month and a gauge of Midwestern business activity fell sharply in April, suggesting the economy entered the second quarter with less steam.
The Commerce Department said on Monday consumer spending rose 0.3 percent last month, just below the median forecast in a Reuters poll.
When taking into account inflation, which has been fed in recent months by higher gasoline prices, spending barely rose, advancing just 0.1 percent.
"The spending number is an indication that the higher gas prices we saw last month are taking their toll," said Todd Schoenberger, managing principal at the Black Bay Group in New York.
The Commerce Department report also showed consumer income rose 0.4 percent last month. Analysts had expected a gain of 0. ...
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Europe's economic gloom hits shares, euro
(Reuters) - European shares snapped a four-day rally and the single currency was under pressure on Monday as signs of a deepening euro zone recession raised suggestion that the region's governments could soften their approach to tackling budget deficits.
U.S. shares were also set for a weaker start on the renewed euro zone concerns but investors were also focused on the weaker-than-expected reading on domestic economic growth. .N
In the euro area trading was light ahead of May Day holidays on Tuesday, elections in France and Greece at the weekend and a European Central Bank meeting on Thursday where policymakers will have to consider the region's worsening economic health.
"Market stresses have re-emerged in the euro area on concerns that deficit reduction targets may be sabotaged by a ...
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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
EUR/USD
No significant changes from last Friday, when the pair reached fresh 4-week high at 1.3269. Overnight price action moved within narrow range , hovering around 1.3250. Positive tone on short-term studies keeps the upside favored, with immediate targets at 1.3269 and 1.3277, 02 Apr low, above which to expose psychological barrier at 1.3300. Overnight’s low at 1.3230 offers initial support, ahead of 1.3200, figure support / 55 day MA, while only break below 1.3157/64, last Friday’s low / Fib 38.2% of 1.2993/1.3269 ascend, would delay bulls.
Res: 1.3269, 1.3277, 1.3300, 1.3366
Sup: 1.3229, 1.3211, 1.3200, 1.3157
GBP/USD
Maintains strong bullish tone, with gains accelerating after clearance of 1.6200 barrier. Overnight’s gap higher opening confirms upside action towards 1.6300, ...
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Dollar Tumbles Following Disappointing GDP Figure
A worse than expected Advance GDP figure sent the dollar tumbling to multi-week lows against several of its main currency rivals on Friday. The EUR/USD closed out the week at 1.3249, up close to 100 pips for the day. Against the JPY, the greenback was down 115 pips to finish the day at 80.27. Turning to this week, the US Non-Farm Payrolls figure should be closely watched when it is released on Friday. In addition, Tuesday's US ISM Manufacturing PMI and Wednesday's ADP Non-Farm Employment Change may lead to significant activity in the marketplace. The dollar may extend its losses should any of the indicators come in below expectations.
Economic News
USD - Dollar Volatility Expected Ahead of Non-Farm Report
A disappointing US GDP figure resulted in heavy losses for the dollar to close out ...
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