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Canadian Dollar Gets a Boost in Forex Trading
Canadian dollar is getting a boost today in forex trading, receiving some help from disappointing US economic data. Indeed, a lot of the loonie’s gains today are coming as a result of disappointing news, and less about solid advances made by the Canadian currency.
US GDP data for Quarter 1 came in below expectations. Analysts had expected an annualized rate of 2.7 percent, but instead saw 2.2 percent. The disappointment is an indication that economic growth in the United States is slowing. Given that the Federal Reserve policy statement indicated that Ben Bernanke and company are ready to engage in more quantitative easing if necessary, this slowing economic growth is seen as a possibility of more easing.
The result is that the loonie is getting a boost against the greenback. Canadian ...
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SunBirdFX Daily Market Analysis : 04/27/2012
www.sunbirdfx.com
The US stock markets continued the bullish rally and the indices looks as if they are one the track back to the annual highs. The investors concentrated on the improving pending home sales data instead of the disappointing continuing jobless claims, as today the focus will be on the annualized GDP.
AUD/USD
The rising in Wall Street helped weakened the USD against most of the major currencies, although the weakening is not as sharp as the rising of the stocks. The Australian dollar managed to break-through the channel that it has been moving through for several weeks and this might be the opportunity for the AUD to start a strengthening session against the USD. The current resistance is around 1.04 and if the Aussie manages to cross the 50 EMA, it might continue rising ...
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Asian Market Update : 27/04/2012
S&P cuts Spain; BOJ increases JGB facility by net ¥10T, reduces fixed-rate ops by ¥5T
Economic Data
(KR) SOUTH KOREA MAR CURRENT ACCOUNT: $3.0B V $557M PRIOR; GOODS BALANCE: $3.00B V $1.31B PRIOR
(UK) UK APR GFK CONSUMER CONFIDENCE SURVEY: -31 V -30E
(JP) JAPAN APR MARKIT/JMMA MANUFACTURING PMI: 50.7 V 51.1 PRIOR
(JP) JAPAN MAR JOBLESS RATE: 4.5% V 4.5%E; JOB-TO-APPLICANT RATIO: 0.76 V 0.76E PRIOR
(JP) JAPAN MAR NATIONAL CPI Y/Y: 0.5% V 0.4%E; NATIONAL CORE Y/Y 0.2% V 0.1%E (6-month high); APR TOKYO CPI Y/Y: -0.3% V -0.1%E; TOKYO CORE Y/Y: -0.5% V -0.3%E (5-month low)
(JP) JAPAN MAR OVERALL HOUSEHOLD SPENDING Y/Y: 3.4% V 4.1%E (2-year high)
(JP) JAPAN MAR PRELIMINARY INDUSTRIAL PRODUCTION M/M: 1.0% V 2.3%E;
(JP) JAPAN MAR RETAIL TRADE M/M: -1.2% V -0.5%E ; Y/Y: 10.3% V 10.0%E (multi-year ...
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Aussie Gets a Boost Amidst Concerns
Aussie is getting a boost today, amidst concerns plaguing other currencies around the world. Australian dollar is moving higher, with a little help from higher gold prices, as well as comparisons to other currencies.
Right now, there is a lot of uncertainty surrounding some of the major currencies. Aussie is heading higher against all of these currencies today, as economic concerns take precedences. Australian dollar is higher against the Great Britain pound as the sterling reacts to the British economy slipping into recession.
Against the euro, Aussie has the upper hand as concerns persist about the eurozone economy and the sovereign debt crisis. Australian dollar is also up against the US dollar as the Federal Reserve expresses a commitment to asset purchases if necessary. The latest ...
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Global shares rise on Apple, Bernanke's comments
Global shares jumped on Wednesday after stellar earnings from Apple Inc bolstered optimism over corporate earnings and Federal Reserve Chairman Ben Bernanke said the central bank was prepared to do more to aid the U.S. economy if necessary.
The dollar slipped and U.S. stocks extended gains in late trade after Bernanke said the Fed "would not hesitate" to launch another round of bond purchases to drive borrowing costs lower, though he made no suggestion further support was in the works.
Bernanke's news conference following the Fed's latest policy meeting capped a see-saw session. Earlier, the Fed reiterated its expectation that interest rates would not rise until late 2014 at the earliest, a statement that briefly drove bond yields up and led gold to sell off before recovering.
The broad ...
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Oil up with Wall Street despite U.S. crude stocks build
Crude oil futures rose in choppy trading on Wednesday, getting a lift from U.S. equities despite pressure from a larger-than-expected increase in U.S. crude inventories and a report that Iran may consider a halt to its nuclear program.
Prices moved little after the U.S. Federal Reserve, as expected, said at the end of a two-day policy meeting that it will keep interest rates exceptionally low at least through late 2014.
"Oil got support from equities, which are on a rally mode and as support developed after the day's lows around $103 was not violated," said Hamza Khan, analyst at the Schork Group in Villanova, Pennsylvania.
The central bank said the U.S. economy had been expanding moderately and that the labor market had improved in recent months. It noted, however, that while the ...
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Canadian Dollar Receives Boost on Better News
Canadian dollar is getting a boost today, thanks to better sentiment in the financial markets. Loonie is heading higher on better earnings news, as well as reduced fears about what’s next for the eurozone.
Loonie is heading higher today, thanks to a jolt from Apple. AAPL earnings are helping market sentiment, as well as adding to a growing list of companies whose Quarter 1 earnings beat expectations. The good news is helping many high beta currencies, including the Canadian dollar.
Also helping sentiment and boosting the loonie is the reduced fear about what’s next for the eurozone. A German bond auction saw weak demand, and many are assuming that’s because investors aren’t looking for safe, low-yielding investments. In the search for better yields, investors are turning to higher beta ...
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UK Dips Back into Recession and the Markets Wait for the FOMC
UK Dips Back into Recession and the Markets Wait for the FOMC
Risk assets are generally higher again today; however it's getting harder to explain why. Perhaps the markets don't believe that the UK is back in recession and experiencing the first double-dip since the 1970'S (more on that later) or maybe the latest results from Apple is buoying markets. The tech giant sold more than 35m iPhones in the first quarter and it sold 150% more iPads than at the same point last year. This has dispelled fears that the company that represents 7% of the entire S&P 500 is reaching its peak sales growth.
Can the market get one more bite of the Apple?
Even though the Chinese economy is slowing, Tim Cook and co will be happy that consumers in China are still buying up the latest iPhone products. This is ...
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Technical analysis of the EUR/JPY pair on April 25th, 2012
Commentary of the EUR/JPY pair :
The pair EUR/JPY has validated yesterday a return above 107, comforting our bullish feeling.
Indicators are getting bullish.
We continue to advise long positions as far as 106.50 is support.
The breakout of 107.50 and 108 will both give a new buy signal.
In case of return below 106.50, we will wait the breakout of 106 to advise short positions.
See the previous analysis of the EUR/JPY pair of April 24th, 2012
EUR/JPY Analysis
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