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Thread: Economic News from InstaForex

  1. #31

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    Pound Spikes Down Against Majors.

    The British pound staged a sharp fall against its major counterparts at 2:00 am ET Thursday. The pound-dollar pair thus declined to a 2-day low of 1.6217, compared to 1.6336 hit late New York Wednesday. The next downside target level for the pair is seen around 1.621.

    Meanwhile, the British currency is currently trading at 0.8885 against the euro and 1.6971 versus the franc, compared to today's early Asian session's new multi-week highs of 0.8854 and 1.7030 respectively. This may be compared to yesterday's closing values of 0.8898 against the European currency and 1.6970 versus the Swiss franc.

    Against the Japanese yen, the pound is now quoted at 145.86, compared to Wednesday's closing value of 146.67.


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  2. #32

    Default Aussie Advances To New Multi-day Highs Against Most Majors

    The Australian dollar advanced to a new multi-day highs against the currencies of Japan, US, Europe and New Zealand as a surge in local stocks encouraged investors to bet on higher-yielding currencies.

    On the equity front, the Australian market ended in the positive territory today having reopened after 4 holidays, taking cues from Wall Street where the major averages ended higher in yesterday's trading session.

    The benchmark S&P/ASX200 Index advanced 54.20 points, or 1.13% to close at 4,845, while the All-Ordinaries Index ended at 4,857, representing a gain of 53.40 points, or 1.11%.

    During early trading on Tuesday, the Australian dollar rose to an 8-day high of 1.6133 against the euro. This may be compared with yesterday's closing value of 1.6216. On the upside, 1.608 is seen as the next target level.

    The Aussie showed strength against the Japanese yen during Tuesday's early trading. At about 4:05 am ET, the Aussie-yen pair reached an 18-day high of 81.98, with 82.8 seen as the next upside target level. At Monday's New York session close, the pair was quoted at 81.30.

    In early trading on Tuesday, the Australian dollar advanced to an 12-day high of 0.8952 against the US currency. The next upside target level for the aussie-greenback pair is seen at 0.901. The Aussie-dollar pair closed Monday's deals at 0.8872.

    From U.S., the S&P/Case-Shiller home price index, is scheduled to be released at 9 am. Economists expect a 7.30% year-over-year decline in the 20-city composite house price index for October following a 9.36% drop in the previous month.

    The Conference Board is scheduled to release its consumer confidence report for December at about 10 am ET. The report, is expected to show that the consumer confidence index rose to 53 in December.

    The Australian currency edged up against the New Zealand dollar during early Asian deals on Tuesday. At 1:55 am ET, the aussie advanced to a 6-day high of 1.2566 against the kiwi, compared to 1.2537 hit late New York Wednesday. The next upside target level for the Aussie-kiwi pair is seen around 1.262. As of now, the pair is trading at 1.2558.

    The Australian dollar also traded up against its Canadian counterpart during this time period and hit as high as 0.9323 by 4:10 am ET. This may be compared with yesterday's closing value of 0.9254. On the upside, 0.951 is seen as the next resistance level.

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  3. #33

    Default Dollar Rises To 3-day High Against Yen

    The dollar that fell to 92.12 against the yen at 1:25 am ET Thursday rose sharply around 1:45 am ET. As of now, the dollar-yen pair is trading at a 3-day high of 92.98 with 93.2 seen as the next target level.

    Meanwhile, the dollar also extended its Asian session's uptrend against the currencies of Europe, Switzerland and U.K. At present, the dollar is worth 1.4346 per euro, 1.5920 against the pound and 1.0333 against the franc.

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  4. #34

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    IEA Keeps 2010 Global Oil Demand Unchanged.

    Friday, the International Energy Agency kept its global oil demand forecast for the current year unchanged from its previous forecast in December. The estimate for the previous year was also kept unchanged.

    In its latest Oil Market Report, the Paris-based IEA said oil demand would be 86.3 mb/day in 2010, up from 84.9 mb/day estimated for 2009. The agency said growth is driven by non-OECD countries, most notably in Asia. Oil demand recovery in the OECD will likely remain sluggish, despite the recent cold weather, it added.

    Moreover, the report showed that crude oil prices surged to 15-month highs in early January on very cold winter weather in much of the northern hemisphere and escalating geopolitical tensions in key oil producing countries. At their peak, prices had jumped by around $10-12/bbl from December lows. Prices have since eased, last trading in a $78-80/bbl range.

    OPEC-12 crude output rose 75 kb/day to 29.1 mb/day in December, resulting in effective spare capacity of 5.4 mb/day. Further, the agency said global supply rose 270 kb/day in December to 86.2 mb/day, on both higher OPEC and non-OPEC output.


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  5. #35

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    Euro Mixed Against Majors Amid German PPI.

    The German PPI for December was released at 2:00 am ET. Amid the report, the euro showed mixed trading against other major currencies. While the euro gained against the franc, it fell against the dollar and the yen. Against the pound, the euro was little changed.

    As of now, the euro is worth 1.4203 against the greenback, 129.43 versus the yen, 1.4744 versus the Swiss franc and 0.8709 versus the pound.

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  6. #36

    Default European Economics Preview: U.K. Public Sector Finance Data Due

    The United Kingdom is scheduled to release public sector finance and money supply data on Thursday. The Flash Purchasing Managers' Index reports for major Eurozone economies are also due.

    At 3:00 am ET, the Swiss central bank is scheduled to release money supply data for December. M3 money supply had increased 7.6% annually in November.

    The release of the Flash Purchasing Managers' Index reports for major Eurozone economies is set to start at 3.00 am ET. The first one expected to hit the wires is the Flash French PMI for both manufacturing and service sectors. The manufacturing PMI is forecast to remain unchanged at 54.7 in January, while the services PMI is expected to rise to 59 from 58.7.

    Thereafter, Flash German PMI data is due at 3.30am ET. Economists expect manufacturing PMI to climb to 52.9 from 52.7, while the services PMI is seen at 53, up from 52.7.

    In the meantime, the Statistics Denmark is expected to release consumer sentiment data for January. The index is seen at minus 0.8, up from minus 3.6 in the preceding month.

    Consumer sentiment data is also due from the Dutch statistical office, along with unemployment figures. Economists expect the jobless rate to edge up to 5.4% in the October to December period.

    At 4:00 am ET, Eurozone's PMI report is also due. The manufacturing PMI is expected to stand at 51.9 compared to 51.6 in December, while the services PMI is forecast to rise to 53.8 from 53.7.

    The U.K.'s money supply data is due from the Bank of England at 4:30 am ET. M4 money supply is forecast to rise by 8.9% on a yearly basis and by 0.9% on a monthly basis. The U.K.'s public finance report is also due at the same time. Public sector net cash requirement is seen at GBP 25.5 billion compared to GBP 14.7 billion in November.

    Afterwards at 6:00 am ET, the Confederation of British Industry is set to release January's Distributive Trade Survey results.

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  7. #37

    Default Fitch Upgrades Russia's Ratings Outlook

    Friday, Fitch Ratings revised the Russian Federation's ratings outlook to stable from negative. The agency affirmed its long-term foreign and local currency Issuer Default Ratings or IDRs at 'BBB'. Fitch also affirmed short-term foreign currency IDR at 'F3' and the country ceiling at 'BBB+'.

    "The revision of Russia's outlook to stable reflects our greater confidence in economic and financial stability in Russia," said Edward Parker, Head of Emerging Europe in Fitch's Sovereigns team. The rating agency assessed that downside risks to the banking sector lessened somewhat due to the stabilization of the economy and banks' increasing loss absorption capacity.

    Parker said that the increase in oil prices, recovery in net private sector capital inflows and economic activity, decline in inflation and a lower than expected 2009 budget deficit outturn also supported the decision to raise the rating outlook.

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  8. #38

    Default Bank Of Japan Holds Key Interest Rate As Expected

    The policy board of the Bank of Japan on Tuesday unanimously decided to retain the overnight call rate at 0.10%, in line with market expectations. The last change in the rate was a 0.10% cut in interest rates at the December 2008 meeting.
    In an accompanying statement, the central bank said, "Japan's economy is picking up mainly due to various policy measures taken at home and abroad, although there is not yet sufficient momentum to support a self-sustaining recovery in domestic private demand. In the conduct of monetary policy, the bank will aim to maintain the extremely accommodative financial environment.
    "The bank recognizes that it is a critical challenge for Japan's economy to overcome deflation and return to a sustainable growth path with price stability. To this end, the bank will continue to consistently make contributions as central bank."
    The Bank of Japan's baseline scenario projects the pace of improvement in the economy to remain moderate until around the middle of fiscal 2010. Thereafter, the bank expects export-driven growth in the corporate sector to spill over to the household sector, and predicts the economic growth rate to gradually rise.

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  9. #39

    Default Greenback Mixed Ahead Of Jobless Claims

    The dollar remained mixed versus other major currencies Thursday morning in New York, holding yesterday's gains versus the euro and yen while ceded a bit of ground against the sterling and loonie.

    Traders were looking ahead to key data on the jobs situation and manufacturing sector, following Wednesday's decision by the Federal Reserve to maintain its key lending rate near zero.

    The Labor Department is due to release its customary jobless claims report for the week ended January 23rd at 8:30 AM ET. Economists expect a decline in claims to 450,000. Lingering weakness in the jobs market compelled the Fed to reiterate it will keep rates at record low levels for an extended period yesterday.

    The Commerce Department is set to release its durable goods orders report, which gives the value of orders placed for goods designed to last for more than 3 years, at 8:30 AM ET. Economists look forward to a 2% increase in durable goods orders for December.

    The dollar leveled off versus the euro after hitting a fresh 5-month high of 1.3935 last night. Against the yen, the buck was steady at Y90.25, an improvement from a monthly low near Y89 set earlier in the week.

    The number of unemployed in Germany rose in January, ending declines in past six consecutive months, as heavy snowfall and freezing temperatures hurt the country's labor market.

    The seasonally adjusted number of unemployed increased by 6,000 month-on-month to 3.43 million in January. But, the increase was less than the expected 15,000. The rise in January follows a drop of 3,000 in the previous month.

    Eurozone economic sentiment rose for the tenth successive month, a survey conducted by the European Commission showed Thursday. The economic confidence index stood at 95.7 in January, up from a revised reading of 94.1 in the previous month. The expected reading was 92.3.

    Meanwhile, retail sales in Japan fell 0.3 percent on year in December, the Ministry of Economy, Trade and Industry said on Thursday. That missed forecasts for a 0.3 percent annual gain after the revised 1.1 percent contraction in November.

    The dollar continued to show a lack of direction versus the sterling, easing to 1.6265. The pair has bounced back and forth between 1.6100 and 1.6300 for the past week.

    With commodity prices stabilizing this morning, the dollar gave back some of its recent gains versus its Canadian counterpart, slipping a Canadian penny from yesterday's monthly high near C$1.0680.

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  10. #40

    Default German Exports Rise For First Time Since 2008

    German exports rose on an annual basis for the first time in fourteen months in December, data released by the Federal Statistical Office showed Tuesday. However, the year 2009 saw exports falling the most since 1950.

    As global demand started picking up amid the economic recovery, German exports rose 3.4% year-on-year in December. That was the first rise since October 2008 and followed a 3.6% decline in November.

    "Today's numbers highlight once again that the German economy can almost always rely on a helping hand from the export sector," said Carsten Brzeski, senior economist at ING Bank. "The road might be bumpy but it is the road to recovery and not a dead-end street."

    On a monthly basis, exports continued to rise for a fourth month, with 3% rise in December. That was in contrast to a 0.1% drop economists had expected. In November, overseas sales grew 1.1%.

    According to Commerzbank analyst Simon Junker, the trend in foreign trade is still clearly upwards and contributed positively to economic growth in the fourth quarter. In the coming months, the analyst expects exports to climb again, although the dynamics should slow down.

    Suggesting that domestic demand is likely to recover in the near future, the pace of decline in imports slowed to 6.5% annually from 15.1% in November. Moreover, imports rose 4.5% month-on-month, the first rise in three months.

    Colin Ellis, an economist at Daiwa Capital Markets Europe, said today's data could reflect some normalization in imports. The economist sees the German economic recovery to be disproportionately dependent on exports during 2010 amid subdued consumer spending.

    The trade surplus in December was EUR 13.5 billion, down from EUR 17.2 billion excess in November. Provisional results of the Deutsche Bundesbank showed a current account surplus of EUR 20.6 billion for December, up from EUR 17.8 billion surplus in the previous month.

    Further, Destatis reported that Germany exported commodities to the value of EUR 803.2 billion in 2009, down 18.4% over 2008. Similarly, imports dropped 17.2% to EUR 667.1 billion. The statistical office said it was the biggest decline recorded in foreign trade in relation to both imports and exports since 1950.

    The foreign trade balance showed a surplus of EUR 136.1 billion in 2009, narrower than the EUR 178.3 billion in the previous year. The current account surplus during the period was EUR 119.4 billion, smaller than EUR 165.2 billion surplus logged in 2008.

    "As regards the world's top exporting nations, Germany as the largest exporter was overtaken by China in 2009," Destatis said. Citing information from the Chinese Ministry of Commerce, Destatis said Chinese exports amounted to US$1,201.7 billion, while German exports totaled US$1,121.3 billion in 2009.

    Also on Tuesday, the statistical office confirmed January's consumer price inflation at 0.8%, slightly down from 0.9% recorded in December.

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