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Swedish Krona Falls on Growth & Interest Rates Outlook
The Swedish krona today fell against all its most-traded peers as the government slashed its growth forecast for the nation’s economy, spurring speculation that the central bank won’t be able to increase lending rates.
Sweden cut its growth forecast for this year from 4.6 percent to 4.1 percent. The forecast for the next year was slashed from 3.8 percent to 1.3 percent. The Riksbank will announce its decision on interest rates after the meeting on September 7.
The OMX Stockholm 30 Index, the nation’s key stock index, dropped 0.4 percent. The index has declined 13 percent this month. Arne Lohmann Rasmussen, chief foreign-exchange analyst at Danske Bank A/S said that pension funds may sell the krona after the decline of stocks, making an ”excellent buying opportunity”.
USD/SEK climbed ...
Title:
Dukascopy Morning Forex Overview : 31/08/2011
Fundamental market overview
EUR: European economic confidence index declines to 98.3
"The risk of recession in the euro area has clearly increased"
- Daniel Hartmann, an economist at Bantleon Bank AG
European economic confidence decreased the most since December 2010 in August, the European Commission in Brussels announced on Tuesday. Specifically, the index slid from revised 103 points in July to 98.3 points this month.
"The risk of recession in the euro area has clearly increased as demand from Asia is flagging and governments' efforts to cut fiscal deficits are curbing domestic consumption," said Daniel Hartmann, an economist at Bantleon Bank AG. "I expect the indicator to decline further in the coming months."
USD: US consumer confidence plunged in August
Weak US consumer ...
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Uncertainties are spread throughout the currencies market ahead of the FOMC minutes
So far investors are away from high-yielding currencies due to the uncertainties spread to witness the rising U.S. dollar against most major currencies since that their eyes are actually on more low-yielding currency, knowing that investors are quite confused and worried in a way ahead of the minutes of the FOMC that will be released later on the day.
Plus further uncertainties and pessimism got spread after that we saw that house prices have declined during the month of June, while we have seen low levels of confidence during this month; its lowest level since April / May 2009.
As for the dollar index, which measures the performance of the dollar against six major currencies including the euro and the Japanese yen and the pound sterling, currently trading at levels of 73.98 since the ...
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Swiss franc softer, commodity currencies shine
(Reuters) - The Swiss franc and other safe-haven currencies remained under pressure on Tuesday while commodity currencies held firm after a solid performance by riskier assets the previous day, although persistent worries about the global economy mean the tide could turn at any moment.
The euro also held near a two-month high hit on Monday and some traders think it may have broken above its holding pattern of the last few months, although many market players said overwhelming debt problems in the euro zone were likely to keep the single currency in check.
"Looking at the tension in the dollar money market, it's hard to see risk asset prices continuing to rise," said Minori Uchida, senior analyst at Bank of Tokyo-Mitsubishi UFJ. "The market is essentially in a lull."
A combination of ...
Title:
Dukascopy Morning Forex Overview : 30/08/2011
Fundamental market overview
EUR: Inflation in Germany falls
"We've probably seen the peak in German inflation"
- Lothar Hessler, an economist at HSBC Trinkaus & Burkhardt AG
Year on year consumer price index, calculated using a harmonized European Union method dropped from 2.6% in July to 2.4% in August, announced the German Federal Statistical Office on Monday. Economists expected the figure to drop to 2.5%. A decrease in consumer prices is mainly attributed to lower costs of energy and food.
"We've probably seen the peak in German inflation," said Lothar Hessler, an economist at HSBC Trinkaus & Burkhardt AG. "The ECB can sit back for now and wait and see. Slower inflation in Germany suits them quite well at the moment."
USD: Pending home sales decline
"Housing is still on the ...
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YouTradeFX Daily Market Analysis : 30/08/2011
www.youtradefx.com
GBP/USD
This morning, for the fourth day in a row, the financial markets are showing very nice price increases thanks mainly to the strong positive trend exhibited yesterday on Wall Street which closed deep in positive territory following steep rises that were led by the NASDAQ index. Investors have also been encouraged by the consumption figures coming from the United States that beat the analysts' predictions. Also, good news from Europe, coming from the direction of Greece helped contribute to a lowering of anxiety levels amongst investors. As another positive factor, we can refer to Hurricane Irene that threatened the US East coast but which, after all said and done, caused far less damage than had been expected.
So, the positive atmosphere in the markets can be ...
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Dollar climbs vs yen and franc on U.S. economic data
(Reuters) - The dollar rallied against the yen and Swiss franc on Monday as strong U.S. consumer spending data reduced fears of another U.S. recession.
U.S. consumer spending, which accounts for about 70 percent of economic activity, rebounded strongly in July from June. Weak pending sales of existing homes, however, showed the housing sector remains soft.
"This morning's U.S. economic reports will make Fed officials feel slightly better about the outlook for the U.S. economy but the slower rise in incomes relative to spending means that they cannot take their hands off the 'go' button," said Kathy Lien, director of currency research at GFT Forex.
Federal Reserve Chairman Ben Bernanke last week opted to postpone a decision on more stimulus, giving the central bank more time to assess ...
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Oil rises on equities rally, relief after Irene
(Reuters) - Oil prices rose on Monday as equities rallied on the possibility of fresh economic stimulus from the Federal Reserve and relief that damage from Hurricane Irene to the New York area was less severe than expected.
Consumer spending rose at its fastest pace in five months in July, a Commerce Department report said, helping the S&P 500 stocks index rise more than 2 percent in early trading on Wall Street.
But the risk of recession was underscored by a separate report on Monday showing pending home resales fell 1.3 percent last month.
"The spending data helped Wall Street take off, and oil rose on the hope some of that spending will be on gasoline," said Phil Flynn, analyst at PFGBest Research in Chicago.
"The weaker dollar index also was supportive, along with the fact that ...
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Dollar struggles on expectations for Fed action
(Reuters) - The dollar came under light pressure against a basket of major currencies in Asia on Monday, with traders speculating the Federal Reserve may offer more stimulus next month in the face of an uncertain growth outlook.
While Fed Chairman Ben Bernanke gave no details of further action to boost the U.S. recovery at an eagerly awaited speech on Friday, he said the central bank would extend its September policy meeting to two days to consider its options.
"If the economy were to fall into recession, we believe the Fed would initiate another round of quantitative easing," Michael Carey, chief economist for North America for Credit Agricole, said in a note to clients.
Analysts added, however, that the hurdle is high for introducing more monetary easing due to a rise in core ...
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