NZD/USD was decreasing during the last week, forming a Descending triangle pattern. The formation has 76% quality along with 71% magnitude within 117 bars.The price recoiled from the pattern's support level at 0.8123, and slowed testing the resistance at 0.8169. Bullish investors may focus their attention on the key level around 0.8178/97. If the price breaks this level, the forecast
The number of new jobs rose to a four-year record high in March. The overall employment advanced by 82,300 after a drop of 2800 a month earlier. The unemployment rate fell from 7.4% to 7.2%. Economists questioned by Bloomberg predicted a 10,500 improvement in hiring and unchanged jobless rate at 7.4%.
The US applications for jobless benefits dropped less than predicted for the week ended in March 31, Labor Department reported on Thursday. According to data 357 000 people submitted new claims last week. Economists earlier predicted the number of applications to reach 355 000. The US unemployment level was 8.3% in February.
Consumer confidence in US improved last week reaching four year record high as unemployment claims fell. The Bloomberg index measuring consumer sentiment advanced from minus 34.7 previous week to minus 31.4 for the period ended April 1, Labor department said on Thursday. Latest reading is the highest since March 2008.
US stock markets traded mixed on Thursday but closed down for the week. S&P 500 index shed 0.06% or 0.88 points to 1,398.08, Dow Jones Industrial Average lost 0.11% or 14.61 point and finished at 13,060.14. Nasdaq Composite breached the down-trend and climbed 0.4% or 12.41 points to 3,080.50.
The Bank of England decided to keep its benchmark lending rate unchanged at 0.5% despite an unexpected decline in manufacturing output in February.Total asset purchases stayed at GBP 325 billion. The Pound traded lower versus US Dollar on the BoE decision. Most analysts suggest BoE will not implement a further easing in 2012.
German Industrial Production fell more than expected in February, mainly driven by unusually cold winter. Industrial production tumbled 1.3% on the monthly basis, said economy ministry on Thursday. Analysts predicted a smaller drop of 0.3%. The fall in production was mainly fuelled by decline in construction as cold weather sent the sector 17.1% lower.
UK manufacturing fell for the second consecutive month in February, signalling the economy's recovery may lag. Factory output dropped 1% compared to January, undermining the predictions of analysts who forecast an improvement of 0.1%. Production which makes a 10% of British economy was revised downwards in January from 0.1% growth to 0.3% decline.
European stocks fluctuated between gains and losses on Thursday as region's debt worries were partly offset by small improvement in Wall Street. Stoxx Europe 600 index added 0.1%, Italian FTSE MIB index slipped 0.2% while Spanish IBEX 35 traded flat. UK FTSE 100 index advanced 0.4% whereas German DAX lost 0.1%. French CAC 40 index improved 0.2%.
Swiss consumer prices decreased 1.0% in March compared to similar period previous year and added 0.6% on monthly basis, the Federal Statistics Office reported on Thursday. Analysts predicted the monthly inflation to climb at slower pace and attain only 0.4% advance. Monthly core inflation which excludes most volatile items such as fuel was negative at minus 1.2% in March.
Rural commodities, except for sugar, were lower on Wednesday along with stronger US Dollar and softer global equities. Wheat was the top-loser, declining for the second time as output in Southern US Great Plants is likely to soar on favorable weather. Moreover, the EU forecast predicted rains after dry weather that is expected to boost crops. Corn's tumble was capped
Energy commodities fell on Wednesday amid firmer US Dollar and EIA report on the US crude oil inventories. The EIA announced a 9 billion barrel increase in the US inventories. Spain and Italy's bond auctions that faced weak demand and rising yields also added to the negative mood of the commodity pack as the Euro Zone's economic activity may slump
Precious metals continued their tumble for the second consecutive day on Wednesday as hopes for further easing measures in the US disappeared. Broadly stronger US Dollar and weaker global equities also weighted down on the commodity group. Lingering concerns over the Euro Zone's economic state after disappointing Spain and Italian bond auctions created a downward pressure on precious metals. Gold
Industry metals faced persistent pressure after FOMC minutes that indicated Fed unwillingness to start the next round of the quantitative easing. Base metals pack also faced bearish trend as US Dollar appreciated against its major rivals while equities weakened. Copper was among the top-losers after poorly subscribed Spain and Italy auction that escalated worries over the Euro Zone's recovery. Alumnium
German DAX index sank further on Thursday as increasing Spanish yields weighed on investor sentiment. Volkswagen AG dropped 1.2% as auto related stocks across region plunged. Merck KGaA fell 2% after the drug-maker was downgraded from "outperform" to "neutral" by Exane BNP Paribas. On the upside Adidas AG advanced 1.2% and Deutsche Lufthansa recovered from previous losses, adding 0.8%. At
After dropping 2.3% on Wednesday, FTSE 100 index prolonged losses on Thursday as data showed manufacturing production tumbled by 1% in February, falling below economists' predictions of a 0.1% improvement. Financial shares contributed negatively to index as investors awaited BoE latest policy settings. SBC Holdings declined 1.3% and Standard Chartered lost 1.2%. On the upside Burberry Group added 0.7% on
Japan's Nikkei Stock Average extended losses on Thursday a day after its weakest session for 2012. Nikkei 225 index lost 0.53% or 52.38 points and closed at 9,767.61. The losses were limited by upper house of parliament decision to reject Ryutaro Kono, PM's nominee to the BoJ board. Inpex Corp lost 1.3% on falling crude prices. Showa Denko gained 3.8%
Hong Kong's Hang Seng index traded lower on Thursday as investors returned from national holiday and digested news about Fed's decisions and the situation in Spain. Hang Seng index dropped 0.95% or 197.98 points and finished at 20,593.00. Banks faced a relatively weak session. Bank of Communications fell 3.2%, Bank of China lost 1.6% and Agricultural Bank of China sank
Dow Jones Industrial Average index prolonged losses on Wednesday, pressed by financial stocks which responded negatively to the developments in Europe. Additional downside effect came from a decline in commodity prices. Blue chip index tumbled 0.95% or 124.80 points and settled at 13,074.75 with 26 of 30 shares posting losses. Bank of America shed 3% while JP Morgan pulled back
S&P 500 index tumbled on Wednesday as weak Spanish bond auction renewed investor fears about possible recession. US benchmark fell 1.02% or 14.42 points and closed at 1,398.96. Sears lost 7.4% on news the retailer is considering to sell its casual clothing unit Lands' End, which it purchased in 2002. Memory card and chip manufacturer SanDisk plunged 11%, the most
Canadian Dollar fell against greenback before US jobs report due on Thursday on concerns hiring growth may slow. Its depreciation was fuelled also by debt concerns over Spain. Canada's currency weakened 0.5% to CAD 0.9963. Currently USD/CAD is trading at CAD 0.9962.
Crude oil traded higher during Asian session on Thursday, erasing earlier losses caused by buildup in the US crude oil inventories last week coupled with unsuccessful Spain bond auction. Light, sweet crude oil futures for May delivery traded at 102.03 US Dollars per barrel on the New York Mercantile Exchange, easing up by 0.55% from the session's low of 101.96
Brazilian iron ore output tumbled by 24% in February, according to Brazil's association of iron ore producers. The country exported 16.61 MT of iron ore in February as compared to 21.89 MT in February last year. The top Brazilian iron ore producers, Vale and MMX, reported that the reason was heavy rainfalls in the main mining region.
Gold futures increased during Asian trade on Thursday, bouncing off the previous lows as impact of the Fed minutes released earlier this week started to fade. COMEX gold June contract traded at 1,624.35 US Dollars per troy ounce on the New York Mercantile Exchange, advancing by 0.64%. Meanwhile, COMEX silver May contract traded at 31.380 US Dollars per troy ounce,