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Yen Rose TodayTitle:
Asian Market Update : 03/05/2012
China shares slump under banks, Aussie and Kiwi weaken; China PMI declines
Economic Data
(CN) CHINA APR NON-MANUFACTURING PMI: 56.1 V 58.0 PRIOR
(NZ) NEW ZEALAND Q1 UNEMPLOYMENT RATE: 6.7% V 6.3%E (5-quarter high); EMPLOYMENT CHANGE Q/Q: 0.4% V 0.3%E; Y/Y: 0.9% V 0.9%E; PARTICIPATION RATE Q/Q: 68.8% V 68.3%E (2nd highest on record and 3-year high)
(AU) AUSTRALIA APR AIG PERFORMANCE OF SERVICE INDEX: 39.6 V 47.0 PRIOR (3-year low; 3rd month of contraction)
(UK) UK APR LLOYDS BUSINESS BAROMETER: 26 V 31 PRIOR
(AU) AUSTRALIA APR VFACTS NEW AUTO SALES M/M: +7.6%
(KR) South Korea Apr Foreign Exchange Reserves: $316.8B v $316.0B prior
Markets Snapshot (as of 04:30GMT)
Nikkei225 +0.3%
S&P/ASX -0.1%
Kospi -0.3%
Taiwan Taiex -0.2%
Singapore Straits Times Index unchanged
Shanghai Composite -0.4%
...
Title:
Dukascopy Afternoon Forex Overview : 02/05/2012
Fundamental Analysis
EUR
German jobless rate unexpectedly climbed first time in last six months as debt turmoil curbed economic growth. The number of unemployed people increased by 19 000, reaching 2.87 million, compared to an expected drop by 10 000 people. The adjusted unemployment rate was 6.8%.
USD
Mitt Romney announced that Yuan's 23% appreciation versus U.S. Dollar in last five years is not enough and branded world's second largest economy as currency manipulator. Romney promised in his campaigns to put more pressure on China as he claimed Obama hasn't done enough to boost stronger Yuan. Economists questioned by Bloomberg expected Yuan to climb versus greenback to CHY 6.15 by the end of 2012.
GBP
FTSE 100 index traded lower on Wednesday as record high unemployment level and ...
Title:
Safe Havens Gain amid Disappointing Data in EU, US
USD remains firmer after the disappointing ADP employment change. The report showed that 119k jobs were added in April from the prior downwardly revised 201k while the consensus was for a gain of 170k. Housing data released earlier showed a +0.1% increase in weekly mortgage applications from the prior -3.8% decline and Fed Governor Tarullo said that he sees ‘signs of gradual improvement' in U.S. housing. UST yields are lower as the softer labor data increases speculation of further Fed measures and 10-year yields dipped below the 1.90% mark. European bourses are mostly lower and US stock futures are pointing to a negative open as sentiment deteriorates. The DXY is higher today and approaching the 55-day SMA and Kijun line which converge around the 79.35/40 area. March factory orders are ...
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High Yielding Currencies Slip on European-Recession Concerns
High yielding currencies dropped sharply today after the flow of downbeat fundamentals from Europe, where the euro, the sterling pound and the Australian dollar all slumped significantly on fears Europe will slip into deep recession, the thing that supported the low yielding U.S. dollar and Japanese yen to gain strength as more investors hold the currencies to avert risk.
The euro reversed sharply to the downside, pulling other high yielding currencies, where after the downbeat fundamentals from the old continent, pessimism spread widely leaving investors with no appetite for risk, the thing that led them to leave high yielding currencies for wealth protection, leading a sell-off wave across the forex market.
The Manufacturing sector deteriorated sharply in April, led by the largest ...
Title:
Dukascopy Morning Forex Overview : 02/05/2012
Fundamental Analysis
EUR
"The likelihood of inflation falling below 2 percent in the short run remains low, putting the ECB in a difficult situation."
- Peter Vanden Houte, an economist at ING
Inflation in the euro zone rose by more than expected in April, mounting pressure on the European Central Bank to take action against price pressures.
USD
"Manufacturing is still in pretty good shape."
- Scott Brown, chief economist at Raymond James & Associates Inc.
Manufacturing in the U.S. expanded in April at the fastest pace in 10 months, showed Institute for Supply Management data on Tuesday.
GBP
"The good news is that manufacturing clocked up a fifth straight rise, whilst cost pressures have eased a little and some firms are still recruiting."
- Lee Hopley, chief economist at EEF
U.K. ...
Title:
Asian Market Update : 02/05/2012
China PMI supports soft landing, USD stronger against the yen and euro
Economic Data
(CN) CHINA APR HSBC MANUFACTURING PMI: 49.3 V 48.3 PRIOR (6th month of contraction)
(JP) JAPAN MAR LABOR CASH EARNINGS Y/Y: 1.3% V 0.2%E (highest since Jul 2010)
(NZ) NEW ZEALAND APR ANZ COMMODITY PRICE: -4.5% V -1.7% PRIOR
(KR) SOUTH KOREA APR HSBC MANUFACTURING PMI: 51.9 V 52.0 PRIOR
(JP) JAPAN APR MONETARY BASE Y/Y: -0.3% V -0.2% PRIOR (2nd consecutive y/y decline)
(TH) THAILAND APR CONSUMER CONFIDENCE ECONOMIC: 67.5 V 66.5 PRIOR
(TW) TAIWAN APR HSBC MANUFACTURING PMI: 51.2 V 54.1 PRIOR
(RU) RUSSIA APR MANUFACTURING PMI: 52.9 V 50.8 PRIOR
(IN) INDIA APR MARKIT MANUFACTURING PMI: 54.9 V 54.7 PRIOR
Markets Snapshot (as of 04:30GMT)
Nikkei225 +0.4%
S&P/ASX +0.2%
Kospi +0.8%
Taiwan Taiex +2.0%
Singapore ...
Title:
Dukascopy Afternoon Forex Overview : 01/05/2012
Fundamental Analysis
EUR
Anti-austerity protestors are likely to hold massive demonstrations in May Day. Demonstrations in Athens that involve private and public sector strikes have already disrupted the public transport. However, the traditional violence is not expected as Greeks are likely to show their protest against austerity measures on Sunday when the general elections are due.
USD
Crude and Brent oil dropped as lifted US energy inventories outweighed supply concerns caused by export disruptions in Yemen, Sudan and North Sea.
GBP
Manufacturing sector in the UK performed worse than initially expected in April, reported research group Markit. UK's manufacturing PMI declined to 50.5 last month on a seasonally adjusted basis as compared to a March reading of 52.1. Experts ...
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USD Remains Bearish During Slow Trading Day
The US dollar extended its bearish trend during yesterday's trading session, as investors continued to digest the disappointing US Advance GDP figure released last week. The greenback hit a two month low against the Japanese yen while the GBP/USD rose to an eight-month high. Turning to today, most European markets are closed for the May Day holiday. That being said, traders will want to pay attention to news out of the US. Specifically, the US ISM Manufacturing PMI is forecasted to generate significant market volatility. A better than expected result could help the dollar recoup some of its recent losses.
Economic News
USD - US Manufacturing PMI May Help Dollar
The dollar largely remained bearish against its main currency rivals yesterday, following disappointing US news last week which ...
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Asian stocks mix on Australia’s surprise rate cut and China’s PMI amid thin volumes on Labor Day
Amid lower-than-usual volumes with Japan and Australia being the only major Asian markets trading today as markets in Hong Kong, China, India and South Korea are closed for holidays, the MSCI Asia Pacific Index fell 0.4% at 13:47 in Tokyo.
Nikkei 225 dropped 1.78% after personal spending dropped and the manufacturing slowed in the US, which determined the Japanese companies to expect a drop in earnings as the outlook for exports is worsening.
The yen strengthened today, as investors are losing their appetite for risk, ahead of this week’s ECB’s rate decision, Spain’s first bond auction since the S&P downgraded it last week and the upcoming elections in France and Greece.
Meanwhile in Australia the S&P/ASX 200 rose 0.75% on Tuesday after the Reserve Bank of Australia cut the interest ...
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