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Pending homes sales near two-year high in March
(Reuters) - Contracts to purchase previously owned homes increased solidly to a near two-year high in March, suggesting the spring selling season got off to a firmer start and offering hopes of a pickup in housing.
The National Association of Realtors said on Thursday its Pending Home Sales Index, based on contracts signed in March, jumped 4.1 percent to 101.4, the highest level since April 2010.
Economists polled by Reuters had expected signed contracts, which lead existing home sales by a month or two, to rise 1.0 percent after a previously reported 0.5 percent fall.
March's strong rise in signed contracts pointed to a pick up in home resales after they stumbled in the past two months.
The housing market, saddled with an oversupply of unsold properties, has struggled to regain its ...
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Euro Struggles on Weak Sentiment Data
Euro is struggling this morning, thanks in large part to weak sentiment data. Losses have been limited, though, by the information out of the United States about what could happen next with the Federal Reserve. As a result, the euro is hovering around the level of its open, and struggling to move much higher.
Earlier, the euro got a solid boost from the announcement from the Federal Reserve that bond buying was an option if the US economy continued to slow. With Ben Benanke keeping quantitative easing on the table, the US dollar quickly weakened against the euro.
However, the euro is experiencing problems of its own. After seeing such strength against the US dollar, the 17-nation currency has fallen back somewhat on disappointing sentiment data in the eurozone. Once again, fears about ...
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Oil steady above $119; Fed comments support
(Reuters) - Oil inched above $119 a barrel on Thursday, as optimism over a recovery in the U.S. economy offset the impact of rising global supplies.
The U.S. Federal Reserve said on Wednesday it would support growth in the world's top oil consumer if necessary as it left the door open for another round of monetary easing, raising hopes of higher energy demand.
"Although yesterday's Fed comments put QE3 on ice for some time, it helped yesterday and it is helping today," Commerzbank's head of commodity research Eugen Weinberg said.
"This is even despite the somewhat negative environment given the strong increase in inventories yesterday and possibly the lower geopolitical premium on ongoing talks with Iran."
Brent crude gained 12 cents to $119.24 a barrel by 0817 GMT after settling up 55 ...
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RBNZ kept its policy rate unchange
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
WORLD
The RBNZ kept its policy rate unchanged at 2.5%, but implicitly raised the prospect of a future interest rate cut. The short overnight policy statement warned that continued strength of theNew Zealanddollar may force the bank “to reassess the outlook for monetary policy”. Previously, only a deferral of interest rate hikes was being considered in the case of persistent currency strength, but now two-way risk has been injected into the policy language. Surprisingly, theNew Zealanddollar did not weaken in response, and soon gained 30 pips in line with a more supportive backdrop for risk appetite.
Meanwhile, FX investors continue to digest the FOMC’s latest policy announcement and forecast revisions. Near-term GDP growth and inflation ...
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Technical analysis of the USD/JPY pair on April 26th, 2012
Commentary of the USD/JPY pair :
The pair USD/JPY made yesterday a new pullback on 81.50 and is going to test the support at 81.06.
Indicators are neutral.
The pair got out again of its bearish channel (black lines).
We continue to advise short positions as far as 81.50 is resistance.
The breakout of 81.06 will give a new sell signal and open the way towards 80.37
In case of return above 81.50, we will wait the breakout of 81.81 to advise long positions.
See the previous analysis of the USD/JPY pair of April 25th, 2012
USD/JPY Analysis
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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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Australian dollar to claw back all losses
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
WORLD
Surprisingly-strongUS earnings reports released after the NY close generated an upbeat tone in Asia, allowing the Australian dollar to claw back all losses it has suffered since Tuesday’s soft CPI reading. Asian equities also got a boost, and USDJPY is still looking firm ahead of tonight’s Fed policy announcements. There are three FOMC-related events to watch out for.
The policy statement will be published first, but our US economists doubt the Fed will alter its view that economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014.
Ninety minutes later the quarterly forecasts may show some modest upward revisions to inflation and growth projections, and some Fed officials may ...
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Technical analysis of the GBP/JPY pair on April 25th, 2012
Commentary of the GBP/JPY pair :
The pair GBP/JPY took up yesterday its bullish movement and got back above 131.21, comforting our bullish feeling.
All indicators are bullish.
We continue to advise long positions as far as 130.15 is support.
The breakout of 132.23 will give a new buy signal and open the way towards 133.
In case of return below 130.15, we will wait the breakout of 129.59 to advise short positions.
See the previous analysis of the GBP/JPY pair of April 24th, 2012
GBP/JPY Analysis
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Technical analysis of the USD/JPY pair on April 25th, 2012
Commentary of the USD/JPY pair :
The pair USD/JPY made yesterday a false breakout of the support at 81.06 and is currently testing a pullback on 81.50.
Indicators are globaly bullish.
The pair got out again of its bearish channel (black lines).
We continue to advise short positions as far as 81.50 is resistance.
The breakout of 81.06 will give a new sell signal and open the way towards 80.37
In case of return above 81.50, we will wait the breakout of 81.81 to advise long positions.
See the previous analysis of the USD/JPY pair of April 24th, 2012
USD/JPY Analysis
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