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Labor Market ConditionsTitle:
Another gloomy day for the U.S
Yesterday Fed’s Chairman Ben Bernanke delivered a speech similar to the FOMC members statement; both confirming that the recent revival that is actually taking place at a slower pace temporarily, while that today overall labor and housing data are forecasted to come out depressing to validate that these two key sectors remain deteriorated.
If truth be told yesterday we had the FOMC members and Bernanke attesting that the prior growth lost strength and was weak as well as the labor market despite of the slender signs of enhancement seen this past period since that jobless levels remain high and crucial and keep on weighting down on overall activities of the economy.
Accordingly later on today on one hand the initial jobless claims for June 18 could have faintly and gloomily rose up to ...
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Bernanke speech and new forecasts regarding the superpower present weakened economic conjuncture
A speech was delivered by the Fed’s Chairman Ben Bernanke today regarding the current economical conjuncture of the superpower and mainly the new forecasts concerning the nation's growth, prices pressures and unemployment where the growth forecast was actually slashed, just moments after it was reported that the FOMC left once again its benchmark interest rate unchanged at a record low between 0.00% and 0.25%.
If truth be told with the current weakened economic conditions of the superpower it was highly projected that benchmark interest rates remain untouched and unchanged to support the recent revival that is actually taking place at a slower pace temporarily as described by the FOMC members, explaining accordingly the fact that the superpower's growth forecasts have been gloomily ...
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FOMC Leaves Rates Unchanged and Signals Recovery Continues at a Slower Pace Temporarily
The Federal Open Market Committee decided to leave the benchmark interest rate unchanged at a record low between 0.00% and 0.25% after finishing a two-day meeting, while the FOMC also confirmed that it will continue to reinvest maturing mortgage and debt securities, and the Fed confirmed that the $600 billion QE2program will end as planned.
The Fed signaled that the economic recovery is continuing at a modest pace, nonetheless, the Fed confirmed that the recovery was somewhat weaker than they expected, as labor market conditions remained weak, while unemployment remained elevated, and the housing market is still depressed, however, the Fed still expects the recovery to strengthen over the coming quarters, where they believe that the slowing pace of recovery will be only temporary.
The ...
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IMF says crisis, slow recovery key risks for Spain
(Reuters) - Spain faces considerable risks to its recovery and must deepen and conclude reform work to allay market concerns, the International Monetary Fund said on Tuesday.
In an annual mission report, the IMF said Spain's wide-ranging policy response last year had helped the economy to rebalance, but the repair of the economy was incomplete and risks were considerable.
"There can be no let-up in the reform momentum, including further enhancing the credibility of fiscal consolidation, completing financial sector restructuring," the IMF said.
Spain has been under intense scrutiny since the beginning of the euro zone debt crisis over concerns the bloc's fourth-largest economy would be forced to follow Greece, Ireland and Portugal in seeking a bailout package.
A slew of reforms and ...
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Immediate Greek Debt Crisis Looks to be Averted
The Week Ahead
Highlights
Immediate Greek debt crisis looks to be averted
Global recovery still being marked down
Euro's fate rests with China
New boy at MPC shows his colors
Soft patch to keep Fed policy on hold
What are precious metals secretly telling us?
Key data and events to watch next week
Immediate Greek debt crisis looks to be averted
The short-term risk that Greece will not receive the next installment of the original EUR 110 bio EU/IMF bailout, needed by early July to roll over maturing government debt, is close to being resolved favorably. EU officials have indicated their funding will be available, contingent on the Greek parliament passing additional austerity measures this weekend. And the IMF has relaxed its stance, indicating it will accept ...
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Weekly Economic and Financial Commentary : 17/06/2011
Weekly Economic and Financial Commentary
U.S. Review
Soft Patch Is Here
The U.S. economy got off to a rough start in the second quarter, but just how rough is only now emerging from the economic data. Not only were May employment gains disappointing, but retail sales actually contracted in May for the first time since last summer.
At the same time, the manufacturing slowdown that began to emerge in the May data appears to have intensified in June as the Empire State and Philly Fed surveys indicate contracting manufacturing activity in their regions for the first time since last fall.
How Strong Is the Bounce Back?
The string of disappointing economic data continued this week, but there were a few signs of resilience, which suggest growth could rebound a bit over the next few ...
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Moody's says may cut Italy's credit rating
(Reuters) - Moody's Investors Service on Friday said it may cut Italy's sovereign credit rating from Aa2, citing such challenges as reforming a rigid labor market while also facing the likelihood of rising interest rates.
The review for a possible downgrade of the rating comes amid rising concerns the country will face difficulties in implementing fiscal consolidation plans required to reduce the nation's debt and keep it at affordable levels.
"Moody's review of Italy's sovereign rating will focus on the growth prospects for the Italian economy in coming years, and particularly the prospects for a removal of important structural bottlenecks that could hinder a stronger economic recovery in the medium term," the firm said in a statement.
Standard & Poor's has Italy's long-term sovereign ...
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U.K. recovery slowing with confirmations from abysmal May labor report
The recovery is slowing rapidly in inflation ridden U.K. as conditions in the labor market continued to deteriorate and more than expected, assuring that the outlook for the economy is haunted by high uncertainty.
The U.K. jobless claims in May surged by 19.6 thousand to 1492.7 thousand after a revised rise of 16.9 thousand in April. The rise in unemployment claims was the highest since July 2009 according to the figures by the ONS today, while the claimant count rate remained at 4.5% in May as expected.
According to the ILO survey, unemployment in the three months through April fell by 88 thousand, the most since 2000, as the rate held at 7.7%.
Policy markets are cornered with a stubborn rise in inflation pressures opposed to downside pressures on growth from rising slack capacity ...
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Australia consumer sentiment falls to 2-year low
(Reuters) - A key measure of Australian consumer confidence fell to a two-year low in June as households grew more worried about job prospects, taxes and the economic outlook.
The survey of 1,200 people by Westpac Bank (WBC.AX) and the Melbourne Institute released on Wednesday showed its index of consumer sentiment fell 2.6 percent to 101.2, on top of a 1.3 percent drop in May. This left the index down 0.6 percent on June last year.
Among news most recalled by respondents were economic conditions and taxes, with news on unemployment rated as the most "unfavorable."
The survey was taken in a week when government data showed employment rose by far less than expected in May, while full-time employment fell for a second month.
Households also seemed unnerved by the Labor government's plans ...
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