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Swiss econony minister sees franc weakening midterm: paper
(Reuters) - Switzerland's economy minister Johann Schneider-Ammann expects the Swiss franc to weaken to about 1.40 francs per euro in the medium term, he told a Swiss newspaper on Sunday.
"My minimum expectation is that the Swiss National Bank keeps the lower boundary of 1.20 (francs per euro)," he told SonntagsZeitung. "In the midterm I expect purchasing parity to be reestablished. It lies at about 1.40 francs per euro."
The SNB set a cap at 1.20 francs per euro on September 6 to put a halt to the appreciation of the Swiss currency that threatened to tip the Alpine country into recession.
"The risk of a deindustrialization is still there at 1.20. Smaller and midsized companies cannot invest or replace staff," Schneider-Ammann said in the interview.
The franc has been trading in a ...
Title:
Dukascopy Afternoon Forex Overview : 20/01/2012
Dukascopy Fundamental Analysis
EUR
German court ruled in favor of Apple in the global lawsuit against Apple regarding the technological patents. The court also announced that Samsung will have the opportunity to appelate the court's decision; however, the company has not yet decided Whether the apellation will be submitted.
USD
Stock futures traded neutrally on Friday, as the company results were awatted by investors. GE and Google Inc. were in the spotlight after rather sisappointing bottom line results presented recently.
GBP
Office for National Statistics released the UK retail sales data - the sales volumes increased by 0.6% in November-December. The y/y change of retail sales was +2.6%, indicating a decent growth. November retail sales figure was revised to -0.5%.
CHF
The official ...
Title:
Dukascopy Morning Forex Overview : 20/01/2012
Fundamental Analysis
EUR
"Spain is showing the market there’s ample demand for their paper"
- Padhraic Garvey, head of developed markets debt strategy at ING Bank NV
France and Spain, both downgraded by Standard & Poor’s last week, paid lower borrowing costs on Thursday, compared to their previous auctions, a sign the ECB’s refinancing operation alleviated market concern over the Europe’s debt crisis.
USD
"You’ve got a gradual improvement in the labor market"
- Brian Jones, a senior U.S. economist at Societe Generale
The number of Americans claiming for unemployment benefits dropped by 50,000 to 352,000 in the week ended January 14, the lowest level in nearly four years, said the Department of Labor on Thursday.
GBP
"Right to the end, 2011 was an extremely tough year for UK consumers"
...
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Dukascopy Afternoon Forex Overview : 19/01/2012
Dukascopy Fundamental Analysis
EUR
Germany lessened its GDP growth prediction for 2012 from 1% to 0.7%, said Philipp Roesler, German Economics Minister, in statement yesterday. Roesler suggested that the German economy may slow down in the first months of 2012 but strengthen later fuelled by increase in employment, and stronger growth. Domestic consumption is predicted to surge 1.1% this year compared to 2.2% in 2011.
USD
Kodak announced that the company and its subsidies located in the US filed for chapter 11 in the US Bankruptcy Court. The chapter 11 stipulates business reorganization intended to boost liquidity and to provide the company with a possibility to concentrate on the most viable business lines. Kodak has got $950 million credit facility that will enable company to operate ...
Title:
Dukascopy Morning Forex Overview : 19/01/2012
Fundamental Analysis
EUR
"The biggest challenge is to respond to the crisis in an adequate manner"
- Christine Lagarde, the IMF Managing Director
The International Monetary Fund is aiming to increase its lending capacity by 500 billion dollars to protect economies from the escalating euro zone debt crisis.
GBP
"Unemployment could become one of the main economic and political issues this year"
- Peter Dixon, an economist at Commerzbank AG
The number of people claiming unemployment benefits rose by 1.2 thousand to 1.6 million in December and the unemployment rate increased to 8.4 per cent, the highest rate in 16 years, said the Office for National Statistics on Wednesday.
USD
"Builders are seeing greater interest among potential buyers as employment and consumer confidence slowly ...
Title:
Dukascopy Afternoon Forex Overview : 18/01/2012
Dukascopy Fundamental Analysis
EUR
Germany's economic sentiment increased essentially more than expected this month, hitting the highest level over the last half a year. ZEW index added 32.2 points to minus 21.6 this month as compared to minus 53.8 in the preceding month, reported the ZEW Centre for Economic Research. Analysts projected the index to gain 4.6 points to minus 49.2 in January.
USD
Goldman Sachs reported a profit drop of 58% today, and the fall in revenues was followed by a deep cut in employee compensation. Q4 net income slid to USD 1.01B, or $1.84 per share. The employee compensation was reduced by 21%, and the international growth was boosted in order to gain more revenues for trading.
GBP
UK unemployment increased by 118 000 during three months until November, Office for ...
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Oil slips, IMF optimism fades, demand outlook weak
Oil retreated on Wednesday as optimism spurred by talk the IMF may do more to help resolve the European debt crisis proved shortlived, with a gloomy demand outlook pressuring prices.
Front-month Brent crude was down 40 cents at $111.13 a barrel by 1432 GMT, after touching an intraday peak of
$112.20. U.S. oil gained 46 cents $101.17 a barrel.
Brent futures hovered in backwardation, just above parity, as prompt oil was priced comparably to forward futures, illustrating weaker demand at the front of the curve.
"The market is soft, the Brent curve is flirting with contango and the distillate market is being crushed, with heating oil margins in the United States collapsing," said Seth Kleinman, analyst at Citigroup.
"We've lost a lot demand from warm temperatures."
Oil was supported by ...
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Brent oil up, IMF talk supports risk appetite
(Reuters) - Oil gained on Wednesday as demand-sensitive assets got a boost from talk the IMF may do more to help resolve the European debt crisis, helping to temper worry about the outcome of crucial Greek debt restructuring.
Front-month Brent crude was 32 cents higher at $111.85 a barrel by 1214 GMT, after touching an intraday peak of
$112.20. U.S. oil gained 46 cents $101.17 a barrel.
Brent futures hovered in backwardation, just above parity, as prompt oil was priced comparably to forward futures, illustrating weaker demand at the front of the curve.
It dipped briefly again into contango, getting down to -2 cents this morning for the first time in almost six months.
Oil was supported by weakness in the dollar .DXY, as oil priced in the U.S. currency becomes more affordable to ...
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Canadian Dollar Gains as Commodities Rise
Canadian dollar is gaining today, drawing strength from rising commodities. Canada is especially seeing some support from rising oil prices. With oil supply in question, prices are up and the loonie is following suit.
Additionally, commodity currencies and other riskier currencies are in demand, despite the downgrade of nine eurozone countries — including France — after the markets closed on Friday. The big downgrades by S&P weren’t much of a surprise, and, besides, Moody’s hasn’t downgraded France.
For now, Forex traders are interested in higher yielding assets, and that means that the US dollar is heading lower. Indeed, greenback is dropping as commodities, which often move inversely to the dollar, head higher. This is proving helpful to the Canadian dollar, which has been hovering ...
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