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U.S. New Orders for Durable Goods Rose 0.2% in April
U.S. New Orders for Durable Goods Rose 0.2% in April; Initial Claims Inched Downward in the Latest Week
- New orders for durable goods inched up 0.2% in April 2012 following a revised 3.7% decline (previously reported as -3.9%) in March. The gain in April matched market expectations.
- Transportation orders unexpectedly rose 2.1% as rising motor vehicle orders offset falling orders for defence aircraft. Excluding the transportation component, orders fell 0.6% following a 0.8% decline (previously was -1.3%) in March and well below market expectations for a 0.8% gain.
- Orders of non-defence capital equipment excluding aircraft, a commonly used proxy for future business investment, fell 1.9% following a revised 2.2% decline (previously was -3.9%) in March. The corresponding ...
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Jobless claims little changed last week
(Reuters) - New claims for unemployment benefits fell slightly last week, government data on Thursday showed, suggesting the labor market continues to expand at a moderate pace.
Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 370,000, the Labor Department said. The prior week's figure was revised up to 372,000 from the previously reported 370,000.
Economists polled by Reuters had forecast claims unchanged last week. The four-week moving average for new claims, considered a better measure of labor market trends, dropped 5,500 to 370,000.
Claims have barely budged in the past four weeks indicating a marginal improvement in the pace of job creation after April's disappointing 115,000 gain in nonfarm payrolls.
A Labor Department official said there was ...
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EUR/USD Falls to 21-Month Low
The EUR/USD fell as low as 1.2614 yesterday, a 21-month low, after investors grew increasingly concerned regarding Greece's fate in the euro-zone and shifted their funds to safe-haven assets. The currency pair staged a mild upward correction later in the day, eventually stabilizing around the 1.2655 level. Turning to today, euro traders will want to pay attention to several potentially significant news events. Specifically, the German Manufacturing PMI and Ifo Business Climate may help the euro recoup some of yesterday's losses if they come in above expectations.
Economic News
USD - Dollar Sees Significant Gains amid Risk Aversion
The US dollar moved up against several of its main currency rivals yesterday, as ongoing fears regarding Greece's future in the euro-zone have led to risk ...
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U.K. retail sales drop to record low, Miles maintains his call for further stimulus
U.K. retail sales unexpectedly dropped the most in more than two years in the month of April, reflecting the weakness in consumer spending that did not improve despite the drop in prices.
The reading with auto fuel tumbled 2.3% in April from a revised of 2.0% and median expectations of -0.8%, while the reading excluding auto fuel also plunged 1.0% from a revised of 1.6%.
On the yearly basis, the reading with auto fuel plummeted 1.1% from a revised of 3.1%.
The drop is attributed to the heavy rainfall which slashed demand for clothing while fuel sales retreated.
Still, the economy is unable to get on the right path of recovery due to the ongoing weakness in household spending and the escalating European debt crisis.
The most recent data showed that the British economy fell back into ...
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Dukascopy Afternoon Forex Overview : 22/05/2012
Fundamental Analysis
EUR
Gold extended previous gains in Asian session on Tuesday as concerns over Greek exit from the single currency union eased. At G8 summit leaders of eighth largest economies stated that they would do everything possible to retain Greece in the Euro Zone. COMEX gold June contract traded at 1,592.35 US Dollars per troy ounce on the New York Mercantile Exchange, advancing by 0.23%.
USD
The US Senate has passed a bill aimed at tightening sanctions imposed on Iran to force the country to cease its nuclear program. The new sanctions imply investigation of role of Iran's Revolutionary Guard in oil exports as well as obliging the US companies to disclose any business activities with Iranian partners. The move came ahead of negotiations between Iran and six major ...
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EUR/USD Rebound On Profit Taking
Sunrise Market Commentary
- Fixed Income: limited profit taking on core bond markets
- Global core bond markets fell prey to some profit taking in a thin, dull trading session. However, given the strength of equities, bond losses were very limited and occurred at the onset of trading. Today, the eco calendar remains thin and the profit taking might go some further in the run-up to tomorrow's informal EU Summit.
- Currencies EUR/USD rebound on profit taking
- The correction in EUR/USD was prolonged, but the euro gains were modest and mostly technical in nature. The UK inflation report is the eye-catcher of the day as it may influence sterling. However, overall trading might again be thin ahead of tomorrow's euro Summit.
The Sunrise Headlines
- US Equities rose for a second ...
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U.S. swing states' jobless rates dive in April
(Reuters) - Jobless rates in all but two U.S. states dropped in April from a year before, and were sharply lower in battleground states that could decide November's presidential contest.
Sharp drops in unemployment rates were registered in Florida, Nevada and Ohio, while joblessness in Michigan, a key state in the election four years ago, hit its lowest since 2008.
According to Labor Department data released on Friday, New York's rate rose to 8.5 percent, marking the third month in a row in which New York was the sole state with an unemployment rate higher than the year before. Rhode Island's was the same as in April 2011, 11.2 percent.
Compared with March, jobless rates fell in 37 states and the District of Columbia, rose in five, and were unchanged in eight states. North Dakota again ...
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Facebook IPO Fails to Make a Dent in the Marketplace
Following weeks of speculation regarding how Facebook's debut on the New York Stock Exchange would turn out, investors were mildly disappointed with the social media site's performance on Friday night. Facebook closed out the week at 37.96, slightly below its opening price. What direction Facebook takes from here is a hotly debated topic among market analysts. Some are warning that the site may be overvalued already, and Friday's disappointing performance could be a sign of things to come. That being said, any moves by Facebook to expand its already massive subscribership could generate excitement in the marketplace which could help boost the value of this site.
Economic News
USD - Dollar Comes off 4-Month High vs. Euro
The US dollar turned bearish against most of its main currency ...
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Job growth seen accelerating this year, 2013: NABE
(Reuters) - The labor market will strengthen significantly next year, with monthly job growth expected to average 200,000, according to a new survey published on Monday.
The National Association for Business Economics forecast the unemployment rate at 7.5 percent by the end of 2013.
The survey of 54 economists painted a fairly upbeat picture of the labor market, which has slowed in recent months after job creation surged early in the year.
"Economists continue to see things pick up, even if it's just slightly from pretty low levels," said Shawn DuBravac, NABE outlook survey and chief economist at the Consumers Electronics Association.
The survey, conducted between April 19 and May 2, forecast nonfarm payroll increases averaging 188,000 per month this year and the unemployment rate at 8. ...
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