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Initial Jobless ClaimsTitle:
EU Data Deteriorates
The euro remained under pressure against most of the majors after disappointing economic data and as the EU summit concluded without giving markets any indication of significant progress. European leaders debated the topic of eurobonds and whether or not it would contribute to growth. Germany remaining firmly opposed to the joint bonds saying that it would give countries with already large deficits incentive to continue to spend.
Economic data out of Europe added to the deterioration in sentiment as German, French, and Eurozone May PMI figures printed below expectations. Manufacturing PMI's in Germany, France, and the EZ fell to 44.4 (cons. 47.0), 45.0 (cons. 46.8), and 45.0 (cons. 46.0) respectively. The below 50 readings indicated ongoing contractions in manufacturing. Furthermore, ...
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Jobless claims little changed last week
(Reuters) - New claims for unemployment benefits fell slightly last week, government data on Thursday showed, suggesting the labor market continues to expand at a moderate pace.
Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 370,000, the Labor Department said. The prior week's figure was revised up to 372,000 from the previously reported 370,000.
Economists polled by Reuters had forecast claims unchanged last week. The four-week moving average for new claims, considered a better measure of labor market trends, dropped 5,500 to 370,000.
Claims have barely budged in the past four weeks indicating a marginal improvement in the pace of job creation after April's disappointing 115,000 gain in nonfarm payrolls.
A Labor Department official said there was ...
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Weaker euro zone economy sends dollar higher
(Reuters) - The U.S. dollar climbed to a 20-month high and safe-haven German bonds set record low yields, after data showed Europe's economic woes intensifying as business confidence is undercut by talk of a Greek exit and slow progress in tackling the debt crisis.
Private-sector factory activity in China also faltered in May as demand for exports fell, in a worrying sign the impact of the euro zone crisis could be undermining the global economic recovery. Europe is China's largest export market.
But U.S. stock index futures have edged higher as investors remain hopeful that pending data on durable goods orders and initial jobless claims will show the world's largest economy is staying on track for recovery.
The slowdown in economic activity in Europe's powerhouse Germany sent the euro ...
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European Market Update : 24/05/2012
Major European PMI Manufacturing data misses expectations; German IFO Business Confidence falls for the first time in 7 months
Economic Data
(RU) Russia Gold & Forex Reserve w/e May 18th: $514.3B v $518.8B prior
(DE) Germany Q1 Final GDP Q/Q: 0.5% v 0.5%e; Y/Y: 1.7% v 1.7%e; GDP WDA Y/Y: 1.2% v 1.2%e
(DE) Germany Q1 Private Consumption: 0.4% v 0.2%e; Government Spending: 0.2% v 0.3%e; Domestic Demand: -0.3% v 0.0%e; Capital Investment: -1.1% v -0.3%e; Construction Investment: -1.3% v -0.4%e; Exports: 1.7% v 0.9%e; Imports: 0.0% v 0.3%e
(CH) Swiss Apr Trade Balance (CHG): 1.3B v 1.9Be; Real Exports M/M: -0.9% v +0.2%e; Real Imports M/M: 2.6% v 5.9% prior
(FI) Finland Apr PPI M/M: -0.1% v +0.4% prior; Y/Y: 1.4% v 1.4% prior
(FI) Finland Apr Preliminary Retail Sales Volume Y/Y: -2.0% v ...
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Markets vs. Technocrats
Forex News and Events:
Over the past few days, the media has been relaying comments suggesting leaders are backing the stay of Greece in the EMU. For starters the G8 stressed the importance for Greece to remain in the monetary union regardless of the discord over how to best tackle the crisis. During an interview with CNBC on Tuesday, former Greek PM insisted that an exit would yield “catastrophic” consequences for the country itself and “far reaching” implications for the EU. During yesterday’s European session however, EU officials stated they have agreed over a teleconference call with Eurogroup Work Group (EWG) that each nation in the EMU must prepare an individual contingency plan in case of an exit. The EUR sank against the USD to its lowest level since July 2010 at 1.2544, down 5. ...
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YouTradeFX Daily Market Analysis : 24/05/2012
Fundamental News
Today’s highlights:
- German GDP (QoQ) (GER, 07:00 GMT)
- French Manufacturing PMI (FRA, 07:00 GMT)
- German Manufacturing PMI (GER, 08:00 GMT)
- German Ifo Business Climate Index (GER, 09:00 GMT)
- GDP (QoQ) + Business Investment (QoQ) + BBA Mortgage Approvals (GB, 09:30 GMT)
- Initial Jobless Claims + Core Durable Goods Orders (MoM) (U.S, 13:30 GMT)
- ECB President Draghi Speaks (EUR, 14:00 GMT)
- Treasury Secretary Geithner Speaks (U.S., 19:00 GMT)
Demand for new U.S. homes rose more than forecast in April, indicating residential real estate may contribute to economic growth for the first time in seven years. Purchases rose to a 343,000 annual rate, up 3.3 percent from a revised 332,000 in March, the Commerce Department reported today in ...
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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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Anxious investors send S&P lower for fifth day
U.S. stocks hit a four-month low on Thursday as rising Spanish bond yields increased investor anxiety over that country's banks and another round of weak data undermined hopes for U.S. economic recovery.
Growing worries over developments in the euro zone and lackluster economic data pushed the S&P's losing streak to five consecutive days. The index, which closed at a level not seen since mid-January, has now relinquished more than half of its gains from the first quarter.
"There is not a lot of interest in the equity market," said Jason Weisberg, managing director at Seaport Securities Corp in New York. "The overhang with Europe is so heavy, people are tired of playing whack-a-mole, and their portfolios are the mole."
The Dow Jones industrial average .DJI dropped 156.06 points, or 1.24 ...
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Oil falls on euro zone worries, weak economic data
Brent crude oil slumped more than 2 percent on Thursday, touching the lowest price since December, as investors avoided risky assets due to mounting fears that turmoil in Greece could spread to other stressed euro zone economies.
U.S. crude was down by less than Brent, which reduced Brent's premium against U.S. crude to below $15, from above $19 the previous session, as owners of the U.S. Seaway pipeline announced just after midday that its reversal was completed as expected.
The initial flow of crude that will head for the main U.S. refining center in Houston was to occur by the weekend, a development aimed at easing the supply glut of U.S. crude at the delivery hub in Cushing, Oklahoma. Easing that glut should narrow the premium that Brent has enjoyed over U.S. crude.
But market focus ...
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