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Fed's Dudley: New policy actions unlikely: CNBC
(Reuters) - The Federal Reserve likely will not need to ease monetary policy further but it cannot rule it out if the economy were to take a turn for the worse, New York Federal Reserve Bank President William Dudley said on Thursday.
"My view is that, if we continue to see improvement in the economy, in terms of using up the slack in available resources, then I think it's hard to argue that we absolutely must do something more in terms of the monetary policy front," he said in an interview on CNBC.
However, Dudley, a voting member of the U.S. central bank's monetary policy committee, said if Europe's debt crisis or a potentially sharp tightening of U.S. fiscal policy at the end of the year began to threaten the recovery, the Fed might need to act.
"If employment gains were to falter, if ...
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European Manufacturing And Services Resume Contraction Amid Worries Of A Greek Exit From The Euro Ar
European manufacturing and services showed contraction in May, adding to concerns the economy is heading towards a recession in the second quarter amid the escalating European debt crisis.
Euro area manufacturing and services remained to record contraction in May as manufacturing posted 45.0 from 45.9 in April while services reported 46.5 from 46.9. Accordingly, the PMI composite index came in at 45.9 from 46.7.
The reading in Germany showed a drop in PMI manufacturing to 45.0 this month, the lowest in 35 months, from 46.2 in April. In France, the manufacturing gauge slipped to 44.4 in May from 46.9 a month earlier.
On the other hand, German services lingered at 52.2 while French services index was unchanged at 45.2.
In fact, the 0.5% expansion recorded by the German economy saved the ...
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U.K. GDP expected unrevised as recession keeps weight on BoE
The United Kingdom today continues to release more important fundamentals that only reassure the lingering hurdles ahead of policy makers` next decision. The second reading for the first quarter GDP is expected unrevised today as the economy contracts with slowing capital investment and exports that were hit by weak global growth.
The ONS is expected to report the unrevised quarterly contraction of 0.2% in the first three months of the year and hold flat on the year as the BoE suffers to support growth. With the deterioration in the jobs market and high inflation Britons remain under pressure and so far policy makers.
As the MPC said it, we are against a tough task, especially after they raised short term inflation expectations and revised lower growth estimates in the May inflation ...
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U.K. Retail Sales Slump in April
The Office for National Statistics today reported U.K.’s April Retail Sales which reported a steep drop on the month as Britons suffer from inflation and contraction in the jobs market.
Retail Sales excluding auto fuel dropped 1.0% after 1.6% revised gain the previous month from 1.5% and deeper than the expected 0.7% drop. From April 2011 sales fell 0.3% after a revised 2.7% the previous month from 2.8% and also missed expectations for 0.7% rise.
The volume of Retail sales with auto fuel on the month slumped 2.3% after 2.0% revised gain the previous month from 1.8% reported and was worse than the expected 0.8% drop. On the year sales are down 1.1% after a revised 3.1% the previous month opposed to the expected rise of 1.0%.
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U.K. Retail Sales Slump in April
The Office for National Statistics today reported U.K.’s April Retail Sales which reported a steep drop on the month as Britons suffer from inflation and contraction in the jobs market.
Retail Sales excluding auto fuel dropped 1.0% after 1.6% revised gain the previous month from 1.5% and deeper than the expected 0.7% drop. From April 2011 sales fell 0.3% after a revised 2.7% the previous month from 2.8% and also missed expectations for 0.7% rise.
The volume of Retail sales with auto fuel on the month slumped 2.3% after 2.0% revised gain the previous month from 1.8% reported and was worse than the expected 0.8% drop. On the year sales are down 1.1% after a revised 3.1% the previous month opposed to the expected rise of 1.0%.
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Although Informal, Eyes Are Still On EU Summit As Euro Sinks
The tension is gripping markets still with the uncertainty over the stability in Europe and expectations for a Greek euro exit. The common currency is still trading sharply lower as hope dims ahead of the informal EU summit in Brussels today, where previous hopes for any action evaporated as Germany confirmed that its stance did not drastically change!
Investors are still pushing the euro lower amid fear that Greece might be forced to default and exit the euro after the inclusive May 06 elections confirmed the wide rejection to the deep austerity measures. The market still sees high risks that the June 17 election might bring anti-austerity parties into the lead that will opt against austerity and refuse the bailout terms as Syriza did and that will cost Greece its membership.
Investors ...
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Home resales rise, boding well for economy
(Reuters) - Home resales rose in April to their highest annual rate in nearly two years and a falloff in foreclosures pushed prices higher, hopeful signs for the country's economic recovery.
The National Association of Realtors said on Tuesday that existing home sales increased 3.4 percent to an annual rate of 4.62 million units last month, the highest since May 2010.
"The housing market is showing some signs of life," said Gary Thayer, a macro strategist at Wells Fargo Advisors in St. Louis.
Nationwide, the median price for a home resale jumped to $177,400 in April, up 10.1 percent from a year earlier. That was the biggest year-over-year increase since January 2006.
Prices rose in large part because a drop in foreclosures led to fewer distressed sales, said NAR economist Lawrence Yun.
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Asian Market Update : 22/05/2012
Short-covering momentum builds on China infrastructure spending hopes
Economic Data
(NZ) NEW ZEALAND Q2 RBNZ 2-YR INFLATION EXPECTATIONS: 2.4% V 2.5% PRIOR (11-quarter low and 4th consecutive quarter of decline)
(CN) CHINA APR CONFERENCE BOARD LEADING ECONOMIC INDEX M/M: 0.8% V 0.8% PRIOR
(TW) TAIWAN APR UNEMPLOYMENT RATE: 4.2% V 4.1%E
(KR) SOUTH KOREA Q1 EXTERNAL SHORT TERM DEBT: $136.3B V $136.1B PRIOR
Markets Snapshot (as of 04:15GMT)
Nikkei225 +1.0%
S&P/ASX +0.8%
Kospi +1.2%
Shanghai Composite +0.5%
Hang Seng +0.8%
June S&P Futures flat at 1,315
June gold flat at $1,589/oz
July Crude +0.1% at $92.96
Overview/Top Headlines
Asian equity markets have extended the overnight rally with another session of moderate gains, as hopes for progress in European talks took a back- ...
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Markets extend gains on value hunt, hopes for EU summit
(Reuters) - Markets extended gains in Asia on Tuesday with investors hunting for bargains in shares beaten down to 2012 lows late last week, as hopes grew that Europe could agree on fresh action to tackle its debt crisis while promoting growth.
A Chinese media report saying Beijing will accelerate infrastructure investments to combat slowing growth lifted Hong Kong and Chinese shares by 1.2 percent .HSI and 0.6 percent .SSEC respectively.
European shares looked likely to extend gains, with financial spreadbetters predicting that major European markets .FTSE .FCHI .GDAXI would open as much as 1.0 percent higher. U.S. stock futures were up 0.1 percent. .EU .L .N
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS climbed 1.4 percent, having recovered on Monday from a ...
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