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Improving Labor MarketTitle:
The Weekly Bottom Line : 19/05/2012
The Weekly Bottom Line : 19/05/2012
HIGHLIGHTS OF THE WEEK
United States
- Global economic concerns ratcheted up this week. Widespread discussion of a Greek exit continued, Spanish banks faced rating downgrades and periphery sovereign debt yields moved higher.
- Financial markets have responded to these global worries with increased risk aversion. The S&P is poised to end the week 3% lower, and 10-year treasuries are yielding just 1.7%.
- U.S. economic data has proved somewhat more encouraging, but growth is still struggling to breakout beyond a moderate pace. This has kept the possibility of additional monetary stimulus alive even if the threshold remains quite high.
Canada
- Recent economic indicators are showing a resurgence of strength in the Canadian economy. Strong ...
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Dukascopy Afternoon Forex Overview : 05/16/2012
Dukascopy Fundamental Analysis
EUR
Stoxx Europe 600 index have dropped for third consecutive day and reached the lowest level since the start of this year as specialists speculate that elections in Greece could take place as early as 10 of June. The index lost 0.5% of its value by noon in London and around 10% from its peak this year in mid-March.
USD
Facebook increases the share offering by 25% to 421.2M shares to collect near $16B. At the offering's price of $34-$38 per share Facebook is rushing towards the largest technology IPO in the history. Production of utilities, mines and factory's in the U.S. surpassed expected 0.6% level and increased by 1.1% in April.
GBP
The number of unemployed people for January-March decreased to 2.63 million, 45,000 down on the quarter, the Office for ...
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Another mixed week for the superpower…
Ahead of the U.S elections we watch another mixed week be drown regarding the current economical conjuncture of the world`s leading economy with a worsened and widened trade deficit along with better labor and confidence data, yet the recovery is on a slow gradual pace and accordingly a full efficient healing is still far from being witnessed.
In fact throughout the week we watched mixed sentiments getting spread as on one hand the superpower`s trade gap widened more than forecasted on higher imports and on the other hand the country`s jobless claims cheerfully and unexpectedly declined faintly to confirm once again that the labor conditions are improving gradually but remain far from a full recovery and that the gap between imports and exports continue on being immense.
Actually the U.S ...
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Drop in jobless claims eases labor market fears
(Reuters) - The number of Americans submitting new applications for jobless benefits edged down last week, easing concerns the labor market was deteriorating after surprisingly weak employment growth in April.
Another report on Thursday showed the U.S. trade deficit widened in March, with exports surging to a record high and a rise in imports highlighting the economy's firming underlying demand.
Together, the reports indicated the economy remains on a moderate growth path, despite the softer jobs growth and signs the service sector slowed in April.
"The slowdown we have seen in economic activity and employment growth during in the past two months may be in the rear view mirror," said Millan Mulraine, senior macro strategist at TD Securities in New York.
New claims for state ...
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Weekly Economic and Financial Commentary : 04/05/2012
U.S. Review
Modest Growth on a Broadening Base
- The underlying tone of the recent economic reports remains consistent with modest economic growth. Consumer spending ended the first quarter on a solid note and spending is now on track to grow at a 2 percent pace in the second quarter.
- Reports from the regional manufacturing surveys showed some weakness but the National ISM report came in stronger than expected. The nonmanufacturing survey, however, came in below expectations.
- Nonfarm employment rose by 115,000 jobs in April and the unemployment rate fell 0.1 percent to 8.1 percent.
Modest Growth on a Broadening Base
This week's ISM report came in better than expected, rising 1.4 points to 54.8 in April, which greatly relieves fears built up from the weaker factory orders ...
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Draghi Supports The Euro
The euro (EUR) recorded gains against most of its major counterparts as the European Central Bank (ECB) announced its lending rate unchanged at 1.00%. As this was what the market expected, investors immediately turned their attention to the press conference that followed. ECB President Mario Draghi was less dovish than anticipated and promoted a sense of unanimity within the central bank, improving market sentiment. Against the Brittish pound, the single currency had a volatile ride plunging to 0.8102 – a near 2-year record low - from its open at 0.8120 but managed to close in a slightly positive area at 0.8124.
The US dollar (USD) appeared strong versus a basket of currencies ahead of the Non-Farm Payrolls (NFP) release later today at 12:30 GMT. Following a disappointing ADP employment ...
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ADP Employment Report, Greece, Factory Orders At U.S. Front
Traders are switching the focus on April' employment situation with the ADP employment report due at 08:30 a.m. on Wednesday, and then the government will the release the final estimates of manufacturing activity in March.
Before we dip into the daily calendar, Standard & Poor's Ratings Services said this morning that it has raised its long-term local and foreign currency sovereign credit ratings on Greece to "CCC" from "Selective Default" and assigned a "stable" outlook for the long-term rating.
The world's leading rater moved in response to the successful completion of a debt exchange offer as well as balancing its view of the government's stated commitment to improving its fiscal track record against the economic and political challenges.
Nonetheless, S&P expressed concerns about the ...
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Dukascopy Morning Forex Overview : 02/05/2012
Fundamental Analysis
EUR
"The likelihood of inflation falling below 2 percent in the short run remains low, putting the ECB in a difficult situation."
- Peter Vanden Houte, an economist at ING
Inflation in the euro zone rose by more than expected in April, mounting pressure on the European Central Bank to take action against price pressures.
USD
"Manufacturing is still in pretty good shape."
- Scott Brown, chief economist at Raymond James & Associates Inc.
Manufacturing in the U.S. expanded in April at the fastest pace in 10 months, showed Institute for Supply Management data on Tuesday.
GBP
"The good news is that manufacturing clocked up a fifth straight rise, whilst cost pressures have eased a little and some firms are still recruiting."
- Lee Hopley, chief economist at EEF
U.K. ...
Title:
Personal Income Rises Modestly in March
Personal income rose a solid 0.4 percent in March and the prior month's gain was revised 0.1 percentage point higher. Spending rose just 0.3 percent, which allowed the saving rate to rise to 3.8 percent.
Personal Income Growth Rises Modestly
Personal income rose 0.4 percent in March, with most major components making positive contributions during the month. Wages and salaries, which account for a little more than half of overall personal income, rose 0.3 percent in March and climbed at a 4.3 percent annual rate during the first quarter. While most of the increase in wages and salaries continues to come from the service sector, manufacturing came in with another strong gain during the quarter, with wages and salaries in that sector climbing at a 7.9 percent annual rate. The real surprise, ...
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