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Thread: Economic News from InstaForex

  1. #81

    Default Yen Tumbles To Fresh Multi-week Lows Against Some Majors

    Tuesday during early European deals, the yen plummeted to fresh multi-week lows against the currencies of Australia, New Zealand and Europe as a rise in European stocks reduced demand for the safe-haven Japanese currency.

    Meanwhile, the yen plunged to a 12-day low against the Canadian dollar.

    European stocks soared in early deals on strong results from UBS and Deutsche Bank. Germany's DAX rose 0.3% in early deals, France's CAC 40 index climbed 0.75% and U.K.'s FTSE 10 index gained 0.6%.

    However, Tokyo stocks ended almost flat today as the market awaited a series of earnings reports from Japanese companies this week.

    After drifting in and out of negative territory, the 225-issue Nikkei Stock Average finished 6.81 points, or 0.07 percent, lower from Monday at 9,496.85.

    Swiss banking giant UBS AG reversed to a profit in its second quarter, helped by excellent performance of its Investment Bank business. The segment also benefited by a gain on its own debt. At the same time, the company noted that withdrawals from its wealth management business slowed.

    UBS said that it made a profit of CHF 2.005 billion or US$1.911 billion compared to a loss of CHF 1.402 billion in the year-ago period, although it trailed the previous quarter's profit of CHF 2.202 billion.

    German financial services firm Deutsche Bank reported a higher profit for the second quarter, helped by a sharp decline in provision for credit losses and strong revenue growth in its Global Transaction Banking and Asset Management businesses.

    Net income attributable to Deutsche Bank shareholders was EUR 1.16 billion, or about US$1.51 billion, compared with EUR 1.09 billion in the prior-year quarter. Earnings per share were EUR 1.75 versus EUR 1.64 a year earlier.

    An encouraging German GfK consumer confidence report released today also lifted investors sentiment.

    German consumer climate is set to improve in August, as employment prospects brightened, results of a key survey showed. The consumer confidence index logged 3.9 for August, up from a revised 3.6 in July, a monthly survey from GfK Group showed. That was in contrast to an expected fall to 3.5.

    The yen declined against the Australian dollar during early European session on Tuesday. As of now, the yen is trading near a 5-week low of 79.11 against the aussie, compared to 78.46 hit late New York Monday. On the downside, 80.9 is seen as the next target level for the Japanese currency.

    During early European deals on Tuesday, the yen slipped against the New Zealand dollar. The kiwi-yen pair that closed yesterday's trading at 63.79 is now worth 64.25. This set the lowest level for the yen since June 23. If the yen weakens further, it may likely target the 65.4 level.

    The yen plunged against the Canadian dollar in early European deals on Tuesday. As of now, the yen is trading at a 12-day low of 84.96 against the loonie and the next downside target level for the yen is seen at 86.5. At yesterday's close, the loonie-yen pair was quoted at 84.22.

    At 4:35 am ET Tuesday, the yen slumped to near an 8-week low of 113.73 against the euro. At present, the yen is worth 113.65 against the euro with 114.2 seen as the next downside target level. The euro-yen pair closed yesterday's trading at 112.90.

    The yen declined against the currencies of US and UK during early European deals on Tuesday. Currently, the yen is worth 135.20 against the pound and 87.40 against the dollar, compared to yesterday's close of 134.59 and 86.88, respectively. If the yen drops further, it may likely target 87.7 against the dollar and 135.6 against the pound.

    Looking ahead, the U.S. consumer confidence for July and the S&P/Case-Shiller home price index for May have been slated for release in the New York morning.

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  2. #82

    Default Pound Jumps To New Multi-month High Against US Dollar

    U.K.'s sterling surged up to 1.5619 against the US dollar by 1:35 am ET Wednesday, its highest level since February 18 and a further rally may push the pair to stay around the 1.5820 resistance level. The cable is presently quoted at 1.5614.
    The pound also edged slightly higher to 137.21 against the yen and challenged yesterday's new multi-week high of 1.6552 against the Swiss franc at this time. The pound is presently quoted at 1.6549 against the alpine unit and 137.12 against the Japanese currency.

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  3. #83

    Default ISM Manufacturing Index Indicates Continued Growth In July

    Manufacturing activity in the month of July expanded at a slower pace than in the previous month, the Institute for Supply Management revealed in a report on Monday, although the index of activity in the sector fell by less than economists had expected.

    The ISM said its manufacturing index fell to a reading of 55.5 in July from 56.2 in June, with a reading above 50 indicating continued growth in the sector. Economists had expected the index to show a more notable decrease to a reading of 54.2.

    Norbert J. Ore, chair of the ISM Manufacturing Business Survey Committee, said, "July marks 12 consecutive months of growth in manufacturing, and indications are that demand is still quite strong in 10 of 18 industries."

    The slowdown in the pace of growth in the manufacturing sector reflected a deceleration in new orders and production, with the new orders index slipping to 53.5 in July from 58.5 in June and the production index falling to 57.0 from 61.4.

    On the other hand, the employment index edged up to 58.6 in July from 57.8 in June, indicating a modest acceleration in the pace of employment growth in the sector. The index indicated the eighth consecutive month of growth in manufacturing employment.

    The report also showed a turnaround for inventories, with the inventories index jumping to 50.2 in July from 45.8 in June. With the increase, the index rose above 50 for the first time since March.

    With regard to inflation, the ISM said that the prices index edged up to 57.5 in July from 57.0 in June, pointing to the thirteenth consecutive month of price growth.

    Paul Dales, U.S. economist at Capital Economics, said that the smaller than expected decrease by the headline manufacturing index is "consistent with a further modest easing in economic activity rather than newfound economic malaise."

    "Admittedly, in just three months the index has dropped by 5 points, signaling a sharp slowdown in growth," Dales added. "But the key point is that it is falling from a very high level. Even after July's dip, it is still consistent with annualized GDP growth of around 4%."

    On Wednesday, the ISM is scheduled to release a separate report on activity in the service sector, with the index of activity in the sector expected to edge down to 53.0 in July from 53.8 in June.

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  4. #84

    Default Japanese Auto Sales Growth Eases In July

    Japan automobile sales grew at a pace of 15% year-on-year in July to 333,403 units, the Japan Automobile Dealers Association said Monday. In June, sales showed an annual growth of 20.6%. Sale of cars, trucks and buses excluding minicars in July totaled 333,403 units.

    Toyota sold 161,444 units, up 19.1% from the prior year. Sales of Honda Motor increased 14.5% to 50,448 units. Nissan recorded only 2.3% increase in sales, now at 50,719. However, overall auto sales are expected ease in the months ahead as the government incentives to boost sales expire at the end of September.
    Japan Automobile Manufacturers Association on July 30 said auto production increased 25.9% in June. Domestic sales climbed 17.4% to 448,831 vehicles. Overall auto production in the first half of 2010 surged 45.8%.

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  5. #85

    Default Euro Drops As Chinese Data Raises Red Flags

    The euro pulled back sharply on Tuesday as signs that China's robust economy is cooling off caused a return to risk aversion.

    Stocks were lower around the global today ahead of the latest interest rate announcement from the Federal Reserve.

    Appetite for risk had been helping the euro rally until this week, when anxiety about the pace of the global economic recovery took hold.

    The euro slipped to 1.3073 versus the dollar, down from last week's 3-month peak of 1.3333.

    Versus the yen, the euro dropped to a 10-day low of Y112.27.

    The single currency also tailed off versus the sterling, dropping to 0.8310 from a 10-day high of 0.8362.

    The Conference Board leading economic index for the U.K. rose 0.5% in June from May, following the 0.2% increase in the previous month, the Conference Board said on Tuesday.

    This marks the 15th straight month in which the leading index has risen.

    Elsewhere, data showed China's July imports grew at the slowest pace since November, missing economists' forecasts.

    And property prices in 70 major Chinese cities climbed 10.3 percent from a year earlier in July, the slowest pace for six months

    This afternoon, the US monetary policy makers are widely expected to keep the nation's key interest rate near zero percent and signal concerns about deflation and downside risks to economic growth.

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  6. #86

    Default Dollar Steady Friday Morning Ahead Of Data Deluge

    The dollar was mixed Friday morning in New York ahead of a slew of economic data related to inflation and the mindset of the US consumer.

    Risk aversion and slumping stocks have helped the dollar find its footing against most majors this week, but the buck hit a 15-year low against the yen on Wednesday and has failed to improve much since.
    The Labor Department will table the consumer price index for July at 8.30 a.m. ET. Economists expect that inflation rose 0.2% for July following the 0.1% decline in the previous month, while core inflation, excluding food and energy, is expected to be 0.1% following a 0.2% rate in June.
    At the same time, the Commerce Department will release its report on retail sales for July. Economists expect that retail sales rose 0.5% for the month following 0.5% decline in the previous month.
    At 9.55 a.m. ET, the preliminary report of the Reuters/University of Michigan's consumer sentiment survey for August will be released. Economists expect the consumer sentiment index to increase to 70 from July's 67.80.
    The buck was steady near 1.2800 versus the euro, having rebounded nicely this week after touching a 3-month low of 1.3333 last Friday.
    Eurozone gross domestic product grew at a faster pace of 1% sequentially in the second quarter, following a 0.2% rise in the first quarter, flash estimates published by Eurostat showed Friday.
    The dollar also held its ground versus the sterling, staying near 1.5600. A week ago, the buck was at a 6-month low of 1.5998.
    The buck remained stuck in the mud versus the yen, as the Japanese currency remains the preferred safe haven option. The pair was at Y85.73, near the dollar's 15-year low of 84.71.

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  7. #87

    Default EU Commission Proposes New Rules For Financial Conglomerates

    The European Commission on Monday proposed to amend existing rules on the supervision of financial conglomerates as part of making the financial system resilient against future crisis.

    "Drawing lessons from the financial crisis, the Commission proposes to equip national financial supervisors with new powers to better oversee the conglomerates' parent entities, such as holding companies," the Commission said in a statement.

    The changed rules will allow supervisors to apply banking supervision, insurance supervision and supplementary supervision at the same time, thereby remedying to unintended loopholes identified in the context of the financial crisis, the Commission said. In this way, supervisors would be getting better information at an earlier stage of a trouble and allows them to be better equipped to intervene.

    The proposal will be passed to member states and the European Parliament for consideration. Financial conglomerates are financial groups that are usually active in more than one country and operate in both the insurance and banking businesses.

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  8. #88

    Default Ifo: World Economic Climate Clouded In Q3

    The world economic climate looks slightly clouded in the third quarter of 2010, latest survey results from the Ifo Institute for Economic Research showed Wednesday.

    The think tank said its world economic climate indicator fell to 103.2 in the third quarter from 104.1 in the second quarter. It suggests that the recovery of world economic activity will continue at a slower pace in the second half of the year, the Munich-based Ifo said.

    The world economic climate indicator fell in North America and in Asia, but rose in Western Europe. In North America, the assessments of the current economic situation were more favorable than in the previous survey and expectations for the coming six months were less optimistic. In Asia, the favorable economic situation has improved further, but the optimism for the next half year has declined somewhat.

    In Western Europe, the assessments of the current economic situation have improved more clearly than the worldwide average. Since the six-month economic outlook has not clouded so strongly, the climate indicator as a whole rose marginally, the think tank said.

    Although the surveyed experts have given better assessments of the current economic situation than in the first half of 2010, the economic expectations for the coming six months have been revised downwards. The corresponding indicator declined to 112.3 from 126.3.

    In contrast to the previous surveys, the euro was assessed as slightly undervalued against the U.S. dollar. Overall, in the coming six months, after adjustments have occurred, the experts foresee largely stable exchange rates for the four major world currencies, the euro, the U.S. dollar, the Japanese yen and the British pound, Ifo said.

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  9. #89

    Default Pound Jumps To 3-day High Against Dollar

    The British pound has been extending its early Thursday Asian session's gains against the currencies of US, Switzerland and Japan. Against the euro, the pound eased after 10:00 pm ET, but rebounded shortly.

    As of now, the pound is trading at a 3-day high of 1.5566 against the dollar and 2-day highs of 0.8173 against the euro, 132.0 against the yen and 1.6006 against the franc.

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  10. #90

    Default Dollar Rally Stalls After BoJ Disappoints

    The dollar struggled for direction Monday morning as traders contined to digest Friday's remarks from Federal Reserve Chairman Ben Bernanke, who said the US economic recovery is on track.

    Still, this week's deluge of data is likely to confirm that the economy is slowing down. In addition to the government's monthly jobs report, traders will be treated to data on the pending homes sales, manufacturing, and consumer confidence.

    US personal spending is estimated to have risen by 0.3% in July, helped by a small bounce in core retail sales and solid auto sales. At the same time, economists estimate a 0.2% increase in personal income.

    The dollar came under pressure versus the yen in early dealing, giving back most of its rebound from the previous session. The buck slipped to 84.60, moving back towards a recent 15-year low of 83.63.

    The Bank of Japan announced an expansion to its low-interest lending program after an extraordinary policy board meeting on Monday. At the same time, the bank also maintained its key interest rate at near-zero.

    The buck firmed a bit versus the euro, improving to $1.2700 from $1.2765. At the same time, the dollar remained stuck in the mud near $1.5550 against the sterling.

    The British Chambers of Commerce hiked U.K.'s 2010 GDP growth forecast to 1.7% from the earlier 1.3%. Similarly for 2011, the Chamber upped its forecast to 2.2% from the 2% predicted in June.

    Eurozone economic confidence rose in August to 101.8 from 101.1 in July, a monthly survey from the European Commission showed Monday. The economic sentiment index remained above its long-term average and expected reading of 101.6.

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