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Dollar falls vs. euro and yen after GDP data
(Reuters) - The dollar fell to multi-week lows against the euro and the yen on Friday after a report showed U.S. economic growth cooled in the first quarter, raising the prospect of further stimulus from the Federal Reserve.
The weaker-than-expected growth showed businesses cut back on investment and restocked shelves at a moderate pace at a time when investors are worried that lack of job creation will stem consumer spending.
The euro was already higher after a smooth Italian bond auction eased concerns over peripheral euro-zone debt markets and offset jitters sparked by a downgrade of Spain's sovereign debt and dismal Spanish economic data.
The U.S. economic data added to the dollar's woes, sending it to its lowest since mid-April against the yen.
"GDP was worse-than-expected, and ...
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Euro dips, German debt rises after Spain downgrade
(Reuters) - The euro dipped and investors sought safety in German government bonds on Friday as a two-notch downgrade of Spain's credit rating ahead of a key Italian bond auction increased nervousness about the struggling economies in the euro zone.
European shares stabilized at 1,040.70 points after three straight days of gains following the move by Standard & Poor's - it cut Spain to BBB plus - and fresh data showing Spain's jobless rate rising.
The rating downgrade took the gloss off markets supported this week by the U.S. Federal Reserve's commitment to support growth, and shifted the focus back to the euro zone.
"This downgrade shows that governments in Europe are still struggling to get their budgets in balance. We are probably going to see more downgrades from other rating ...
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Spain Downgraded, Eyes On US GDP
The euro (EUR) slid against its major counterparts yesterday after credit rating agency Standard & Poor's cut Spain's credit rating to BBB+ from A. Spain is now on a negative outlook as S%P is expecting the country's economy to contract during 2012 and 2013. Risk aversion in the market is heightened as investors fear that the downgrade is likely to push Spanish bond yields higher. Versus the dollar, the euro fell from a three-week high at 1.3262 to 1.3159.
The US dollar (USD) strengthened against a basket of currencies after US reports showed stronger than expected company earnings. Economic data from the US also supported the greenback following surprisingly strong home sales figures. Against the Japanese yen (JPY) the greenback jumped as high as 81.44 from 80.66 following the Bank of ...
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Shares edge up; Spain downgrade caps gains
(Reuters) - Asian shares edged higher on Friday on firm U.S. data, but a two-notch downgrade of Spain's credit rating capped gains, while fresh easing measures by the Bank of Japan briefly pushed Tokyo stocks up over 1 percent and the dollar above 81 yen.
European shares were likely to fall, with financial spreadbetters predicting that major European markets would open as much as down 0.5 percent. U.S. stock futures were down 0.5 percent.
Japan's central bank moved as expected to help fight deep deflation, sparking a jump in the Nikkei stock average which helped temporarily drag the broader Asian stock higher.
MSCI's broadest index of Asia-Pacific shares outside Japan last stood up 0.2 percent, set for a weekly drop of 0.1 percent. The technology sector and Korean shares outperformed, ...
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JPY Advances ahead of Bank of Japan
USD remains soft after Bernanke indicated that the door was open for more stimulus if necessary at yesterday's press conference. Markets seemed to focus on this despite the upward revisions to the growth outlook and downward estimates of the unemployment rate this year. Weekly initial jobless claims today came in higher than consensus with a print of 388k from the prior 389k which was revised higher from 386k. The 4-week moving average in initial claims rose by over 6k for the third straight week - not an encouraging sign for the labor market. With employment struggling to gain traction and mixed interpretations of yesterday's FOMC meeting, markets are likely to focus on data surprises and price action will be impacted by QE3 speculation as it is still on the table.
UST yields are lower ...
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Global stocks, euro choppy on U.S. jobs data
(Reuters) - Stocks seesawed and the euro slipped on Thursday as investors turned to safe-haven government debt and the dollar after U.S. jobless claims data disappointed and weak European sentiment fueled fears around the euro zone debt crisis.
The number of Americans lining up for jobless benefits fell only slightly last week and a trend measure rose, the latest sign of a weaker pace of healing in the still-struggling labor market.
Jobless claims "came in a lot higher than expected, which probably is raising a bit of concern again," said Phil Flynn, senior market analyst with PFG Best in Chicago. "We'll be in the slog for a while and obviously stocks took a little tumble on it. This could take some momentum away."
U.S. stocks seesawed shortly after opening. The Dow Jones industrial ...
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Euro hit by poor data, dovish Fed limits losses
(Reuters) - The euro retreated from a three-week high against the dollar on Thursday as weak sentiment data increased concerns about the economic outlook for the euro zone, though losses were limited by the Federal Reserve pledging to be open on more stimulus.
Following a two-day policy meeting that finished on Wednesday Federal Reserve Chairman Ben Bernanke said policymakers were ready to launch another round of bond buying if the U.S. economy weakened.
The statement weighed broadly on the dollar, pushing it to a three-week low against the euro of $1.3263, before the common currency slipped on data showing euro zone economic sentiment fell more than expected in April.
U.S. initial weekly jobless claims showing a weaker pace of healing in the labor market sent the dollar to a one-week ...
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GBP/USD Higher as Consumer Confidence Improves
The Great Britain pound rose today against the US dollar after a report showed that confidence of Britons unexpectedly improved last month, muting speculations about quantitative easing from the Bank of England. The currency was down against the Japanese yen.
Nationwide Building Society reported that the index of consumer confidence rose to 53 in March from 44 in February. The median forecast was 42. The report warned that the improvement of sentiment may be short-lived. Nevertheless, analysts started to speculate that the BoE would refrain from stimulating the economy. Tomorrow’s report from GfK is also expected to show an improvement of confidence.
GBP/USD climbed from 1.6162 to 1.6207 before trading at 1.6184 as of 11:45 GMT today. GBP/JPY fell from 131.47 to 130.96.
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Dollar hits 3-week lows after Fed says ready to act if needed
(Reuters) - The dollar fell to a three-week low against a basket of major currencies on Thursday after the Federal Reserve said it was ready to launch another round of bond buying if the U.S. economy weakens.
The dollar's weakness boosted the Canadian dollar and pushed the British pound to a seven month high against the U.S. currency, as the central banks of Canada and Britian, in contrast to the Fed, are seen moving away from further stimulus.
A tightening of peripheral euro zone spreads lifted the euro, but with debt problems still brewing large and the threat of a recession and political instability hanging over the euro zone, the common currency was unlikely to break above its recent highs, analysts said.
The dollar index .DXY was at 78.849, having fallen as low as 78.823 its lowest ...
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