The Eurozone currency hit its highest level in more than seven months against the U.S. Dollar amid growing investors optimism, after the U.S. lawmakers came closer to reaching an agreement in fiscal cliff talks and an improvement in situation on European markets lifted share prices up. The Euro was traded close to a 7-1/2- month high at $1.3191 earlier on
The Reserve Bank of India held its benchmark interest rate and the cash reserve ratio at the same level, despite the fact the wholesale price inflation has been slowing down faster than forecast, when it dropped from 7.45% in October to 7.24% the following month. India's central bank left its cash reserve ratio at 4.25%, the repo rate at 8%
Advanced economies will beat analysts' expectations made earlier in October, when they are projected to grow at a faster pace in 2013 together with better performance of the global economy, the Managing Director of the International Monetary Fund said on Sunday. Developed countries will expand 1.6%, compared to a 1.5% growth initially projected, while the global economy will rise at a rate of 3.6%
U.K. inflation remained at the highest rate last month since May with the largest upward pressures came from electricity and gas prices as well as food & non-alcoholic beverages, which kept consumer-price growth above the BOE' target of 2%. The CPI annual inflation was unchanged at 2.7% in November 2012, according to the Office for National Statistics. "Consumers' spending power is
The Pound was slightly up to $1.6205 in an early European trading session on Tuesday. After increasing to $1.6218, the highest level since 28th of September, the Pound awaits a report on U.K. consumer price level change, which, according to economists, will remain at the fastest pace since May. Also, the Bank of England will release the minutes of their
Gold spot price increased by 0.3% to $1.703.35 an ounce in Singapore trading session on Tuesday. Gold price appreciates from a one week low, as the markets are driven by optimism that U.S. governors will reach an agreement on the budget and will avert automatic tax increase and spending cuts, which most probably would push the biggest world economy back
The Rouble dropped 0.7% to 30.94 against the Dollar in the end of Moscow trading session on Monday. That was a third day of diminishing value of the Rouble and the longest depreciation streak since 29th of October, also the biggest drop since 23rd of October. The Russian currency loses its value, as importers have to cover payments and thus
The Euro Stoxx 50 Index futures, expiring this month, were higher by 0.6% to 2,641 points in the very beginning of European trading hours on Tuesday. European equities will probably gain on optimism that U.S. governors will find an agreement on the U.S. budget for an upcoming year and will be able to avert the fiscal cliff. Recent proposals from
Asian stocks and other risk assets advanced today as signs of agreement increased optimism that the U.S. budget tussle might be settled before spending cuts and tax hikes to take effect next year. The MSCI Asia-Pacific Index excluding Japan gained 0.2%, following an increase in global stocks yesterday. Australian shares climbed as much as 0.5% to the highest level in
Australia's Dollar stayed lower as the country's central bank said that a softer labour market was one of the main reasons for interest rates cut this month. The Aussie lost 0.1% to $1.0540 from yesterday, when the currency declined 0.1% to $1.0552. The Australian Dollar bought 88.51 yen from 88.52 a day earlier, when it reached 89.13, the strongest since
Farm commodities were mixed on Monday, with softs moving higher and grains slumping. Weaker US Dollar coupled with positive news from Japan pushed rural commodities higher. At the same time, persistent concerns over looming US fiscal cliff and weak demand for US supplies pressurized the commodity group.Wheat tanked for sixth time in seven sessions on worries that low prices have
Energy futures were mixed on Monday as traders readjusted their positions ahead of January contract expiration due on Tuesday. Meanwhile, weaker US Dollar was supportive for the commodity group. Moreover, expectations for monetary easing in Japan after the Liberal Democratic party won general elections on Sunday pushed energy futures higher. Crude oil prolonged its rally ahead of January contract expiration.
Industrial metals, excluding zinc, moved lower on Monday as worries over the lack of progress in the US fiscal negotiations outweighed positive flash PMI releases. Adding to the negative mood of the base metals, LME inventories remained at elevated levels last week. However, hopes for monetary policy loosening in Japan and softer US Dollar limited the downswing. Aluminum dipped amid
The Yen depreciated by 0.1% to $84.00 during Tokyo trading session on Tuesday, as it touched 84.48 per Dollar in the previous New York trading hours. That was the weakest point of the Yen since April 2011. The Yen depreciates as new Prime Minister Shinzo Abe was elected this weekend and ahead his meeting with the Bank of Japan representatives
Precious metals were mixed on Monday after the Liberal Democratic party won general elections in Japan. Market players hope that the leader of the party, Shinzo Abe, will put more pressure on the BoJ to ease its monetary policy. Meanwhile, investors also remained focused on the US budget talks to avert fiscal cliff.Gold rebounded on expectations for accommodative monetary measures
Crude oil futures for January settlement were higher by 70 cents to $87.90 on the New York Mercantile Exchange during Singapore trading hours on Tuesday. Oil gained for the third day, as the markets were speculating that an agreement on the U.S. budget will be reached and so-called the fiscal cliff will be averted. The U.S. is the biggest oil
The U.S. Dollar rose against the Japanese yen on Monday to its highest level since April 2011 as Sunday's election victory of Japan's conservative Liberal Democratic Party opened the way for further monetary easing in order to lift the economy out of the recession. The so-called greenback advanced 0.3% to 83.70 yen, touching a 20-month high at 84.48 earlier after
According to the data released by Eurostat, the EU statistics agency, labour cost in the Eurozone rose 2% in the third quarter of 2012 from 1.9% in the prior quarter. The 2 main components of labour costs are salaries and wages and non-wage costs. In the Euro bloc wages and salaries per hour increased 2.0%, while the non-wage part grew
Export of the Eurozone fell for the second month in a row in the month of October amid high level of unemployment and as cuts in government spending weaken domestic consumption, the Eurostat reported on Monday. Exports from the 17-nation bloc declined 1.4% annually in October from the prior month, when it slipped 1.3%, while imports dropped 0.6% after a 3% decrease in August.
U.S. industrial production beat analysts expectations in November amid recovery of industries after the Hurricane Sandy, the Federal Reserve reported on Friday. After a 0.7% fall in the month of October, the word's largest economy production moved up by 1.1% in November compared to a 0.3% increase originally expected. Manufacturing output had the biggest impact with a 1.1% gain.
Consumer confidence in Turkey improved in November for the first time in three months amid less pessimism of households during the month, the Statistical Office reported on Monday. The report showed rose of the consumer confidence index from October level of 85.7 points to 89.2 in November, indicating a pesimistic tendency with reading below 100 points.
Ministry of Finance of the Government of India forecast the gross domestic product growth of the economy and inflation will slow down in the first quarter of 2013. The Finance Ministry analysis showed expansion of the country's output in the range of 5.7% to 5.9% this year and in 2013, while wholesale price inflation is seen at a level of
Rural commodities, excluding coffee, were bullish on Friday, boosted by broadly weaker US Dollar and firm China's data. Positive comments of the International Grain Council lifted grain futures. The IGC stated global demand is likely to grow at least at the same pace as a rise in supplies heading to 2017-18. Wheat jumped on supportive statement of the IGC. However,
Energy commodities apart from natural gas moved higher on Friday as China's and the US manufacturing activity expanded more-than-expected in December. However, an increase in the US energy stocks last week coupled with concerns over looming fiscal battles in the country restricted an upward trend.Crude oil jumped as positive PMI figures improved global demand outlook. Moreover, softer greenback and continuation