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Euro Zone grows 0.8% in the first quarter, boosted by the superb German and French expansion
Euro economy recorded robust expansion in the three months ended March, boosted by the vigorous growth figures in Germany and France.
GDP advanced reading for the 17-nation region came in at 0.8% relative to the 0.3% expansion recorded in the fourth quarter and expectations of 0.6%, while the annual reading showed 2.5% expansion from the previous 2.0%.
Germany, the largest economy in the euro area, continued to uplift growth in the region as it reported 1.5% expansion in the first three months of the year in the first three months of the year, almost quadrupling from the previous quarter’s 0.4% expansion. The expansion was the strongest since the second quarter of last year when the economy expanded 2.1%.
By extension, the French economy expanded 1.0% in the first three months of ...
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Strong growth from Europe boosts the sentiment
The euro area was the talk of the town today with strong expansion reported across major economies and even with Greece leaping back into expansion, easing some of the jitters in the market.
Equities moved higher and the commodities rout found its bottom as the market turned bullish since the early hours of European trading with the stream of strong growth figures. The euro area expanded a strong 0.8% beating forecasts for 0.6% and the previous 0.3% expansion, growth was bolstered surely by Germany that expanded 1.5% and France that also expanded a strong 1.0%.
Austria expanded 1.0% and Holland grew 0.9% alongside Spain that saw a slight improvement with 0.3% growth from 0.2%. Greece was great relief with 0.8% expansion following 2.8% contraction offsetting Italy’s stalling growth at 0.1% ...
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Euro climbs after French and German GDP data
(Reuters) - The euro climbed against the dollar on Friday after strong growth data in Germany and France bolstered expectations a healthy euro zone economy will keep interest rates in the region higher than their U.S. equivalents.
A report showing U.S. consumer prices rose as expected in April on higher food and energy prices added to the dollar's weakness, as there was little sign of a broader pick-up in inflation that would trouble the Federal Reserve.
But some analysts said the euro's rebound from recent losses could prove short-lived as concerns about debt problems in peripheral euro zone states may outweigh rate differentials.
"If the U.S. inflation number had come in worse than expected it would have pressured the Fed but that didn't happen and the market is a little bit short ...
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Drip, drip from the euro debt crisis
(Reuters) - The euro zone debt crisis is a story that just will not go away, a drip-drip water torture that investors and financial markets cannot ignore.
So while investors may want to focus in the coming week on issues as diverse as UK interest rates, highly volatile global commodity prices and U.S. capital flows, they are likely instead to find Europe's debt conundrum forcibly distracting them.
The week brings with it a series of meetings that will be dominated by the question of Greek bond restructuring and the overall problem of out-of-control debt in euro zone economies including Ireland and Portugal.
Euro zone finance ministers meet on Monday before a gathering of the full European Union contingent on Tuesday.
These are followed a day later by an economic forum attended by a ...
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Bank of Korea holds rates, stunning markets yet again
(Reuters) - The Bank of Korea held rates steady on Friday on concerns about depressed domestic demand and uncertain global economic recovery, stunning markets for the third time this year and risking a further erosion in the central bank's inflation-fighting credentials.
Analysts maintained their view the Bank of Korea would raise the policy rate for at least two more times the rest of the year, a Reuters survey conducted late in the day showed.
Governor Kim Chong-soo provided few clues as to why the Bank of Korea decided against a raise the market expected, although the close ally of growth-oriented President Lee Myung-bak listed a few risk factors requiring a very cautious consideration.
"The board decided to take a cautious decision given external and internal risk factors such as ...
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Consumer prices rise on food and gasoline
(Reuters) - Consumer prices rose in April on higher food and energy prices, but continued to exhibit little sign of a broader pick-up in inflation that would trouble the Federal Reserve.
The Labor Department said on Friday its Consumer Price Index increased 0.4 percent after rising 0.5 percent in March. The increase was in line with economists' expectations.
Core CPI -- excluding food and energy - gained 0.2 percent after edging up 0.1 percent in March and also in line with economists' expectations.
The monthly increase in core CPI has been bouncing around 0.1 percent and 0.2 percent since November. The core reading is closely watched by the U.S. central bank as a guide to monetary policy.
In the 12 months to April, core CPI was up 1.3 percent, the biggest rise since February 2010, ...
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Forex - German Growth Rejuvenates EURO
Forex News and Events:
For most of Asian trading the USD consolidated its gains, however in the early hours of European trading risk appetite started to improve. The primary catalyst was the unexpectedly strong German Q1 GDP data which printed at 1.5% q/q vs 0.9% exp, 0.4% prior; 5.2% y/y 4.5% exp, 4.0% prior (French data was also good). The data was also able to offset some negative Greek comments by the ECB’s Nowotny were he stated that Greece has not adequately satisfied its bailout package commitments. EURUSD rallied off the 1.4184 lows to 1.4295 while AUDUSD continued to climb out of the cellar, rising to 1.0703. The sudden rush of confidence has pushed up expectations of a solid EU GDP figure, due to be released in a few hours. A strong growth number will surely discourage the EU ...
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German GDP Supports Euro while Sterling Struggles
On the back of stronger than expected German GDP data the euro found support as did commodities and European Equities prior to the US CPI release.
German Preliminary GDP q/q rose 1.5% from 0.4%, on consensus expectations of 0.9%. The strong output from Germany, the engine of the EU economy helped to increase risk appetite for commodities and stocks as well as supporting the euro.
Global equities are higher with the Hang Seng up 0.88% and the FTSE 100 up 0.79%. Silver reached as high as $36.44 before trading back to $35.50. Gold is higher as well at $1510.
The story remains the same with the German economy continuing to grow while the peripheral Europe continues to stumble amid sluggish growth and high unemployment. Spanish GDP rose a measured 0.3% as unemployment remains staggeringly ...
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Hedge funds stay positive after commodity rout
(Reuters) - Some hedge funds have been left vulnerable to further falls in the oil price after last week's rout, as they continue to bet on a long-term bull run in a market that has seen them rake in billions of dollars in gains in recent years.
Funds were badly caught out after going into last week's sell-off with big long positions, having ridden a bull market in oil that began in early 2009.
The sell-off, in which oil lost as much as $13 a barrel at one point on Thursday last week and silver posted its biggest one-day drop since 1980, saw big-name funds such as Astenbeck and BlueGold suffer double-digit losses over the week.
Nevertheless, many managers are still upbeat because they think the drivers behind oil's rally -- growing global demand and a lack of spare production capacity -- ...
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