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Dollar drops vs yen on U.S. jobs data; euro lower
(Reuters) - The dollar slipped against the yen in volatile trading on Friday after a government report showed U.S. employers added fewer jobs in April than expected, providing further evidence the economic recovery was losing momentum.
The euro edged lower, while the Australian and New Zealand dollars tumbled as the data prompted investors to shed riskier, growth-linked currencies for safer investments such as Treasuries.
U.S. employers added 115,000 workers last month, well below expectations of 170,000. The unemployment rate fell to 8.1 percent but only because more people left the workforce.
Jobs growth in previous months was revised upwards. The data followed a string of weak readings on the economy that fueled speculation of more monetary stimulus from the Federal Reserve.
"On ...
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Global shares, oil slide on U.S. payrolls
(Reuters) - Global stocks and crude oil fell on Friday after a bleak U.S. payrolls report for April and economic data from Europe that pointed to a deeper recession across the euro zone than previously thought heightened concerns about slowing economic growth.
U.S. employers cut back on hiring in April and the jobless rate fell as Americans gave up the hunt for work. Employers added just 115,000 workers to their payrolls last month, the Labor Department said.
The second straight monthly decline in hiring growth kept fears alive that the U.S. economy is losing momentum and doused hopes that a stretch of strong winter hiring had signaled a turning point for the U.S. recovery.
"The U.S. economy is not growing fast enough to improve the job market. When all is said and done that is the most ...
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A gloomy rather than cheerful jobs report for the U.S
Today's long awaited jobs report of the month of April came in surprisingly mixed but along with more sentiments of pessimism rather than hopefulness as on one hand we see that employers throughout the superpower added fewer jobs than projected by the market, indicating clearly a slowdown in hiring, while that the jobless rate of the country declined faintly to 8.1 percent; confirming that unemployment is healing only slowly.
In fact the current jobless rate of April plunged to 8.1 percent, which was unexpected by the market whom projected unchanged unemployment levels of 8.2 percent, showing clearly that companies gained confidence but also remain worried regarding the local and global economic conditions of this year, sentiments that can this time actually corrode President Barack ...
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U.S. Economy Probably Added 165K to NFP In April
It is indeed the most anticipated report from world's largest economy, showing employers in April probably added slightly more jobs than in March as well as a a steady unemployment rate in the same period, the Commerce Department may show at 08:30 a.m. in Washington on Friday.
Markets will be all eyes and ears for the U.S. economy and its infamous jobs report, as hiring in the U.S. probably built up. Payrolls probably rose 160 thousand last month, after climibing 102 thousand the month ago. Jobless Rate in the U.S. probably steadied at 8.2 percent from 8.3 percent.
U.S. Stocks futures were little changed ahead of the report, where Dow Jones Industrial Average futures expiring in June added 3 points to 13,146 as of 06:51 a.m. in New York, while Standard & Poor's 500 Index added 0.1 ...
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NFP Fever Heats Up
The markets have managed to shrug off some fairly dismal services sector PMI data from the Eurozone, as the US non-farm payrolls data comes into focus. Arguably the most important economic data release of the month, the markets expect 160k but our prop model suggests a slightly weaker reading of 136k. Labour market data in April was fairly mixed but the overall bias was to the downside with the 4-week moving average of initial jobless claims rising more than20k over the month.
Payrolls reports have the power to set the tone for how markets, and the dollar in particular, trade for the rest of the month. The weaker March NFP report stopped the rally in USDJPY in its tracks, for example. So what can we expect from today's report? Essentially the magic number is 200k – this is the amount of ...
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European Services Data to Confirm the Coming Recession Ahead of U.S. Jobs Report
Another week is to end today, while markets are fluctuating heavily with the start of the final session, where markets are waiting services data from the euro zone for more confirmations whether the region is slipping into another phase of recession, ahead of the closely watched jobs report from the world's largest economy.
The European common currency as seen yesterday was able to recover most of the losses incurred earlier, where after the European Central Bank rate decision and Draghi's press conference the euro rebounded supported by the downbeat services data from the world's largest economy, which sent the dollar south supporting high yielding currencies to rebound.
Mario Draghi, the European Central Bank President, reassured yesterday that downside risks to growth remain evident, ...
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Oil drops sharply on U.S. economic data, technicals
(Reuters) - Crude oil futures dropped for a second straight day on Thursday as more signs of slowing U.S. economic growth and swelling U.S. inventories sparked a wave of selling that sent prices crashing through key support levels.
U.S. crude ended 2.6 percent lower, the biggest one-day percentage loss since December 14, while Brent crude finished down 1.8 percent, racking up a 3 percent loss in two straight days, its biggest two-day percentage loss since February 28.
Slower-than-expected growth in the massive U.S. service sector dragged on markets as traders awaited the April U.S. payrolls data on Friday. Oil markets have been balancing supply concerns stemming from a string of disruptions across the globe and the potential loss of Iranian crude due to Western sanctions against fuel ...
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Euro drops as uncertainty weighs before U.S. jobs data
(Reuters) - The euro slid against the dollar for a fourth day on Thursday as European Central Bank chief Mario Draghi gave a more upbeat assessment of the region's economy but left the door open for policy easing, keeping investors cautious a day before key U.S. labor market data.
Trade was choppy, with the euro temporarily bouncing from a two-week low, after Draghi said the euro zone economy was likely to recover this year, although the outlook remained vulnerable to downside risks. He spoke after the ECB kept rates unchanged at 1 percent.
While the euro initially rose after Draghi's comments, the "market reaction soon became muted because the ECB really did not change anything, and it was pretty much status quo," said Mark McCormick, G-10 currency strategist at Brown Brothers Harriman ...
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U.S. Non-Manufacturing Sector Continued to Expand in April but at a Slower Pace
- The ISM non-manufacturing index dropped to 53.5 in April 2012 from 56.0 in the previous month.
- The drop in the headline measure in April was the result of less robust growth in most of the index's sub-components, with readings for "business activity," "new orders," and "employment" moving lower. The only component that saw an increase was "supplier deliveries."
- Today's report indicated that economic activity in non-manufacturing industries continued to expand during April, although at a slightly slower pace than in March. In terms of the details of the report, the decline in the employment index is somewhat discouraging; however, as this component saw one of its stronger quarterly readings ever in the first quarter of 2012 (possibly supported by unusually warm winter weather) ...
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