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GrowthTitle:
EU worries keep euro near 2-year lows, shares edge up
(Reuters) - The euro wallowed near two-year lows early on Friday while European shares edged up, as uncertainty over the fate of Greece coupled with this week's disappointing euro-zone and Chinese economic data curbed any appetite for riskier assets.
The euro was down 0.1 percent at $$1.2540, but has lost 1.78 percent this week after on Thursday touching its lowest level since July 2010, at $1.2515. The U.S. dollar index .DXY measured against key currencies benefited from safe-haven demand to touch a fresh 20-month peak of 82.411.
"Markets have priced in a very negative scenario for Greece as well as deteriorating growth prospects in the euro zone, but with them very much focused on the tail risk of Greece leaving the euro bloc, the euro remains highly vulnerable," said Masafumi Yamamoto, ...
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Dukascopy Morning Forex Overview : 25/05/2012
Fundamental Analysis
EUR
"The euro zone is being buffeted by major headwinds."
- Howard Archer, chief European economist at IHS Global Insight
European manufacturing and services industries contracted in May. A composite index based on a survey of purchasing managers in manufacturing and services sectors declined to 45.9 from 46.7 in April, said the Markit Economics on Thursday.
USD
"It looks more and more like businesses are hesitating to invest in the face of worsening uncertainties in the and global economy."
- Pierre Ellis, a senior economist at Decision Economics
The number of Americans claiming for unemployment benefits declined slightly by 2,000 to a seasonally adjusted 370,000 in the week ended May 19 from the week before, said the Department of Labor on Thursday.
GBP
" ...
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German Data Leads to Additional Euro Losses
Disappointing German data sent the euro to fresh lows against the USD during European trading yesterday. In a sign that even the euro-zone's biggest economy was not immune from the region's debt crisis, the German Flash Manufacturing PMI and Ifo Business Climate both came in significantly below expectations. As a result, the EUR/USD dropped as low as 1.2515, close to a two-year low. As we close out the week, traders will want to continue monitoring any developments out of the euro-zone. Any new negative developments could send the common currency below $1.2500 before markets close for the week.
Economic News
USD - Safe-Haven USD Sees Additional Gains
The US dollar was able to extend its gains against the euro yesterday, following the release of several disappointing economic indicators ...
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Asian stocks drop on worries over China’s growth and the deepening debt crisis in Europe
The MSCI Asia Pacific Index dropped 0.7% at 12:47 in Tokyo as Asian stocks are heading towards the fourth week of losses on worries China’s economy is slowing and business conditions are deteriorating while Europe’s debt crisis is deepening.
The MSCI Asia Pacific Index fell 1.2% this week, heading for its longest weekly losing streak since November, mainly on fears from the impact of Greece`s possible exit from the eurozone and China’s slowing economy since it threatens Asian trade.
One day after China reported lackluster data from the manufacturing sector, three bank officials with knowledge of the matter said that China’s largest banks may miss their lending targets for the first time in seven years.
As Europe’s debt crisis curbs exports, manufacturing shrinks and demand on new homes ...
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Euro Remains Under Pressure
The euro (EUR) dropped to a two year low falling to 1.2515 from 1.2619 against the US dollar as uncertainty in the market grows. The single currency is under pressure as investors are worried about a problematic banking sector in the eurozone and a messy Greek exit from the euro. Economic figures from Germany further weighed on sentiment after German manufacturing data was weaker than expected. Failure by EU leaders to take decisive steps to tackle the eurozone debt crisis has curbed risk appetite, while growth in the region appears to be deteriorating. Against the Swiss franc, the single currency spiked higher to 1.2075 on rumors that the Swiss National Bank will impose a tax on deposits.
The US dollar (USD) strengthened against a basket of currencies as heightened risk aversion in the ...
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Asian Market Update : 25/05/2012
Monti thinks Greece will remain in the EU; China slowdown fears return to front and center
Economic Data
(JP) JAPAN APR NATIONAL CPI Y/Y: 0.4% V 0.4%E; NATIONAL CORE CPI Y/Y: 0.2% V 0.1%E; TOKYO MAY CPI Y/Y: -0.5% V -0.3%E; TOKYO CORE CPI Y/Y: -0.8% V -0.5%E (20-month low)
(KR) SOUTH KOREA MAY CONSUMER CONFIDENCE: 105 V 104 PRIOR (15-month high)
(SG) SINGAPORE APR INDUSTRIAL PRODUCTION M/M: -3.5% V +0.6%E; Y/Y: -0.3% V +4.1%E
(TH) THAILAND APR CUSTOMS TRADE BALANCE: -$2.9B V -$2.9BE
(PH) PHILIPPINES MAR TRADE BALANCE: -$1.05B V -$562M PRIOR; TOTAL IMPORTS: $5.4B V $4.99B PRIOR
Markets Snapshot (as of 05:00GMT)
Nikkei225 +0.1%
S&P/ASX -0.4%
Kospi +0.6%
Singapore Straits Times Index -0.3%
Shanghai Composite -0.4%
Hang Seng -0.3%
June S&P Futures -0.2% at 1,320
June gold -0.3% $ ...
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Yuan declined to the lowest in 10 weeks regarding China’s flash PMI
China’s Yuan declined to the lowest level in 10 weeks after the data signaled China’s manufacturing may decline for the seventh month in May during the uncertainty of global environment and European debt crisis.
Moreover, China’s economy released its HSBC flash manufacturing PMI for the month of May, where the actual reading dropped to 48.7 compared with a previous of 49.3. Chinese government announced yesterday that it must proactively take policies and measures to expand demand and create a favorable policy environment for stable and relatively fast economic growth.
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Japan’s inflation target remains distant as the CPI rises 0.4%
Japan’s consumer price index rose in April by 0.4%, keeping the 1% inflation target sent by the central bank distant. BoJ expects inflation to rise 0.7% for the year starting in April 2013 while the 1% target may only be achieved in two years.
The actual reading matched analysts’ expectations by 0.4% which came lower than the previous reading of 0.5%. Meanwhile the index that excludes fresh food rose 0.2% in April, matching the previous, while the index that excludes food and energy its fell to -0.3% from -0.5% previous.
The rise in energy prices may help BoJ to control inflation, as the country became nuclear free for the first time in more than four decades after nuclear plants were shutdown after last year’s earthquake.
Moreover, this week Bank of Japan decided to keep the interest ...
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Analysis: China's new privatization plan faces push-back risk
(Reuters) - China's new push to open state controlled industries may look bold after a decade of stuttering privatization progress, but Beijing faces stiff resistance from vested interests in its effort to extend its World Trade Organisation dividend.
Beijing's leaders, its top think-tanks, the World Bank and private sector economists all largely agree that for China to build on reform-fired growth after its first decade of WTO membership, state firms must be more competitive and capital better allocated.
The question is whether publication this week of detailed plans to allow private investment in highways, health care and railways will really help dilute state involvement in a range of industries where top executives enjoy ministerial level status and firms get preferential access to ...
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