US Industry Cuts Spending on Uncertainty
August 06 2012 12:50 PM EDT
US manufacturers are canceling new investments and putting off hiring, as they fear the gridlock in Washington DC will force hundreds of billions in tax increases and budget cuts in January, undermining economic growth of the nation going forward.
NFP Improves and Beats Forecast; Unemployment Rate Rises
August 03 2012 11:32 AM EDT
Private sector employment change improved during July, rising to 163K after June's 64K, which was revised lower from 80K. The Unemployment rate meanwhile edged up to 8.3% in July from 8.2% in June. Interestingly enough, this is the best NFP figure in 5 months, and the worst unemployment data in 5 months. It was not like there was a jump in participation rate.
Euro Tumbles As ECB Disappoints, Sterling To Threaten Range On BoE
August 02 2012 10:37 AM EDT
The Euro tumbled to a fresh weekly low of 1.2172 as the European Central Bank interest rate decision fell short of market expectations, and the single currency may continue to give back the rebound from the previous month (1.2042) as the fundamental outlook for the region turns increasingly bleak. After holding the benchmark interest rate at 0.75%, the ECB pledged to take additional steps to shore up the ailing economy amid the heightening risk for contagion, but we may see President Mario Dragh...
Research Note: ECB/ BOE preview
August 02 2012 4:52 AM EDT
On Thursday 2nd August 2012 the ECB will announce its latest policy decision at 1245BST/ 0745ET. At 1330 BST/ 0830 ET, ECB President Mario Draghi will hold a press conference explaining the Bank's decision.
Boston Prime Partners with Tradency to Offer Mirror TraderTM to its FX Prime Brokerage Customers
August 01 2012 3:43 AM EDT
More and more software/technology cooperations are being announced lately as one of the ways to grow in this tough market and reach brokers is by partnering with other firms. cTrader/Spotware and Divisa /TradeSpotFX have recently partnered in a very similar way while most of the firms in the market realize that operating alone is no longer a viable option. We will see several more such announcements in the coming months.
China Economy Slows
August 01 2012 3:13 AM EDT
China's PMI at 8-month low. China's manufacturing sector expanded at its slowest pace in eight months, with the purchasing managers index (PMI) for the sector easing to 50.1% in July, down 0.1 percentage points from the previous month, according to official survey results published Wednesday.
London Session: Germany calls Draghi?s bluff
July 31 2012 11:41 AM EDT
It's been a fairly lethargic London Session so far, which is typical in the build up to and FOMC/ ECB and NFP week. However, European politicians continue to dominate the headlines making the outcome of the ECB meeting even more difficult to predict.
USDJPY Japan is moving towards recession
July 31 2012 2:53 AM EDT
The recovery of the Japanese economy, which was supposed to be supported by huge investments in infrastructure damaged by the huge earthquake that ruined much of the northern part of the country, has not materialized.
ICM Capital announces Spanish Expansion of their Website
July 30 2012 1:12 PM EDT
London July, 2012 - ICM Capital, one of UK's leading Forex trading companies, today announced the expansion of their services with the notable launch of their Spanish language website www.ICMCapital.es. After recently launching the Arabic language site, the decision to further expand was made to cater for the company's rapidly increasing Spanish speaking client base around the world.
Central Banks Under the Spotlight this Week
July 30 2012 2:30 AM EDT
The last major market mover last week came at the end when ECB president Mario Draghi vowed to do anything within the ECB mandate to preserve the Euro. This came as a reversal in projected attitude from the central bank because just a month or two ago, Draghi has been putting the onus of the euro-rescue on politicians. This week, we'll see if the latest message has anything practical to follow.
A$ continues winning streak; EURAUD falls to fresh euro-era lows
July 18 2012 8:39 PM EDT
The Aussie dollar maintained its north-bound trajectory overnight with strength from both European and U.S equity markets providing a solid backdrop for currencies of higher-yield.
Fundamental Update: Bernanke talks tough on Capitol Hill
July 17 2012 1:12 PM EDT
The markets had been in buoyant mood leading up the Bernanke testimony, however he failed to throw them a bone and they have given back some of their earlier gains. Bernanke told those gathered at Capitol Hill that US growth seems to have decelerated in Q2 and that the slowdown in jobs growth is only partly to do with the weather. He also said that there are still factors that could hinder the housing market recovery. While he blamed some of the economic weakness on the Eurozone situation he als...
ZEW Economic Sentiment At Lowest Point Since January
July 17 2012 7:46 AM EDT
A survey by the ZEW on Eurozone and German investors' confidence in the economy during July has dropped to the lowest since January. Negative numbers indicate worry while positive numbers reflect optimism. The Eurozone ZEW survey posted a -22.3 reading for July, missing forecast of -18.3, and sliding from June's -20.1.
USDCAD: Trading the Bank of Canada Interest Rate Decision
July 17 2012 5:09 AM EDT
Although the Bank of Canada is widely expected to keep the benchmark interest rate at 1.00% in July, the fresh batch of central bank rhetoric may prop up the Canadian dollar as the central bank talks up speculation for higher borrowing costs. Indeed, BoC Governor Mark Carney may fuel speculation for a rate hike as the central bank head tries to combat the record-rise in household debt, but the central bank head may sound more dovish this time around amid the slowing recovery in the U.S. economy ...
Vittorio Grilli, Italy’s new Economic Minister
July 16 2012 3:46 PM EDT
Vittorio Grilli, Italy's new Economic Minister, Asset sale could cut debt by 20%. Italy's new economy minister says a planned sale of public assets could raise enough money to help bring down the country's huge public debt by 20% in five years, according to newspaper Corriere della Sera Sunday. In his 1st interview since being appointed to the job, Vittorio Grilli tells the newspaper that the best way to go about it would be to sell between EUR15 billion and EUR20 billion worth of asset...
US Retail Sales, Empire State Manufacturing Index
July 16 2012 9:17 AM EDT
US retail sales declined (-0.5%) in June, disappointing a forecast of a 0.1% gain, and falling from a -0.2% dip in May. The core reading was -0.4%, missing 0.1% forecast and the same as the -0.4% reading in May.
The Fed's Next Move
July 12 2012 3:18 AM EDT
Spanish and Italian bond yields have now risen back up to the level they were before the EU Summit. We also learned recently that U.S. job growth remains anemic, producing just 80k net new jobs in June. The global manufacturing index dropped to 48.9, for the first time since 2009. And emerging market economies have seen their growth rates tumble, as the European economy sinks further into recession.
Asian Shares Flat After Release Of Fed Minutes
July 11 2012 9:20 PM EDT
Asian shares barely budged Thursday as the U.S. Federal Reserve appeared to put off taking more aggressive stimulus steps until economic conditions worsen, offering investors few reasons to take risks with second-quarter earnings painting a globally gloomy picture.
Initial Reactions to FOMC Minutes Go Against QE
July 11 2012 3:12 PM EDT
The S&P500 for example fell to new lows for the day and week in the hour following the event risk. It is now coming up against the rising trendline from June.
The Fed Sees Worsening Economy
July 10 2012 3:09 PM EDT
Three US Fed Officials see slower growth and higher unemployment. Speaking in Bangkok Monday, 2 of the Fed's most Dovish policymakers were adamant. Additional monetary accommodation is needed to more quickly boost output to its full potential level, Chicago Federal Reserve Bank President Charles Evans told the Sasin Bangkok Forum. The economic circumstances warrant extremely strong accommodation.