The Canadian Dollar fell to a week low against the US counterpart on Tuesday, July 10. The greenback is currently trading at CAD 1.0221, though MacNeil Curry, an expert from Bank of America, proposed that loonie might slide to CAD 1.05 per USD in the near future. On the other hand, after the ECB lowered interest rates, the Canadian Dollar appreciated against the
On Tuesday, July 10, Japanese Cabinet Office presented results on consumer confidence survey conducted in June. The participants were general households (two or more people in family) and survey took into consideration such factors as jobs and incomes. The results showed that slowdown of the world economy and European debt crisis worsened sentiment. Consumer confidence index decreased from 40.7 in May to 40.4 in the previous
Mariano Rajoy, the Prime Minister of Spain, might announce new austerity measures in the upcoming days. Currently the government faces the third largest budget deficit in the Eurozone, EUR 95.5 billion in 2011. Due to increasing risks ten-year public bonds' interest rate has reached 7.06% on Monday, July 4. To deal with the deficit the government is considering such policies as rising taxes for food,
German shares edged down on early Monday's session on persistent worries over the Eurozone's financial instability after Spain's 10-year bond yields rose to 7%. German DAX 30 Index lost 0.03% to 6417.00 in early European trading. Consumer services and basic materials faced the largest losses on Monday while telecommunications sector was the strongest performer, with Deutsche Telekom gaining 0.99%.The country's
UK stocks declined on Monday after Spanish borrowing costs sparked again, escalating worries over worsening debt crisis in the area. Commodity-heavy index dropped 0.36% to trade at 5646.30, led by mining stocks. Shares of Xtrata, Rio Tinto and BHP Billiton all tumbled 1.83%, 1.16% and 1.11%, respectively. Oil and gas sector also added pressure on the FTSE 100 Index, with
China's stocks fell sharply on Monday's trading hours as recent cut of benchmark interest rate by PBoC continued to weight on the country's stock markets. Moreover, dismal headlines from the US pushed Chinese equities down. The worst-performing sectors were basic materials and technology amid. Property developers also plunged after Chinese Premier Wen Jiabao said that measures aimed at controlling speculative
Japanese stocks posted sharp losses on Monday's session after US labour report indicated that employers created less than expected jobs in June. Nikkei 225 sank 1.37% to 8896.88 after reports that Japan's core machinery orders plunged 14.8% in May compared to a forecast of a 2.4% decline. Heavy Machinery producers as Komatsu and Sumitomo Heavy Industries both slid 4% and
Blue chip stocks plunged 0.96% on Friday after dispiriting US jobs report. Traders turned to safe-haven assets as analysts are not convinced that the Fed will launch more easing measures to stimulate sluggish economic recovery in the nearest term. Technology and base materials sectors were the worst performers in the index, losing 1.95% and 1.54%. IBM, Microsoft and Intel Corp
US stocks slid on Friday after news about dismal performance of the US labour market last month. The data spurred risk-aversion among investors as it may signal stagnation of the world's largest economy. From another side of the Atlantics headlines were also disappointing as borrowing costs of peripheral countries of the single currency union rose again. S&P 500 declined by
Rural commodities mostly retreated from recent highs on Friday as weather conditions are likely to improve in the US.Wheat was the top-loser after AccuWeather reported that temperatures in the US are expected to decrease in the next days. Cooler weather is likely to boost crop prospects in the country.Corn retreated from the nine-month high as exports demand started to slow
Energy commodities declined on Friday on rallying greenback and persistent demand concerns. US economic data continued to disappoint, with US non-farm payrolls growing less than expected in June and services sector's weakening.Crude oil futures decreased on sentiment that US economy is stagnating thus pressurizing energy demand of the world's largest economy.Brent oil followed bearish trend on demand worries. However, supply
Industry metals ended the week on a negative note as weak manufacturing activity worldwide and rising bond yields in peripheral countries of the Eurozone both weighted down on the base metals pack. Aluminum lost 2.52% at LME amid deteriorating investors' confidence and weak global equities. Copper traded lower on Friday on stronger US Dollar and escalating concerns over the global
Precious metals dropped on Friday after rising in the beginning of the week ahead of the ECB key interest rate decision. However, profit booking after benchmark interest rate cut sent the commodity pack lower.Gold was pressured by strengthening US Dollar and fading stimulus from more accommodative policies of the ECB and PBoC. Silver slipped on volatile world's equities. Moreover, analysts
Lower-than-expected number of new jobs in June will force the Federal Reserve System to hold its benchmark interest rate close to zero till the second half of 2015, said Goldman Sachs Group Inc. and Bank of America Corp., two of the 21 biggest central bank's dealers. According to Goldman Sachs' chief economist, Jan Hatzius, Fed's earlier commitment to keep the
The Euro has lost in value against the greenback, trading at USD 1.23 on Friday and depreciating by 0.9%. On July 5 the ECB lowered the interest rates to 0.75% and there has been a relatively few new jobs created in June in the U.S.A. - only 80K, thus spurring demand for a safe haven currency.
Greece's recently formed by a new coalition cabinet of ministers has managed to win support of the parliament by collecting all the votes of ruling parties' MPs. Ministers of Eurozone has to get togather in Brussels to decide how to implement actions agreed in June at a summit. Spain and Italy want to fulfill June's measures as quickly as possible
The MXAP, Asia-Pacific index, decreased by 1.5%, being the largest loss in a month. Japanese machinery orders lost 14.8% in May 2012 and have not yet recovered, which in turn has led to reduction in government bonds' yields; the five-year bond interest dropped to 0.19% - the lowest value since 2003.
Chinese inflation in June has fallen to 2.2% giving policymakers more opportunities to boost economic growth amid global downturn. According to China's statistics bureau, inflation is below the target of 4% and down from May's 3%. Lower food prices is the main factor causing inflation to decelerate. Prices for pork particularly lost 12.2% from the previous year.
The gross domestic product in North Korea has grown in 2011 due to a rise in constructions by 4% and an improvement in agriculture. The Bank of Korea approximates the boost to be an 0.8% last year, after an 0.5% decrease in 2010. The data made public in a report of the BoK shows that since 2006 this is the
Japan's budget might encounter shortfall of cash by the end of October 2012. The year started with the budget of JPY 90.3 trillion while government spending is forecast to be at JPY 43.9 trillion till September, a portion of money will be collected as tax revenues. Though the bill of JPY 38.3 trillion is required to cover the expenditures, currently the decision of
By the end of June 2012 the amount of foreign currency reserves at the SNB was equal to CHF 364.9 billions. Since May 2012, when the reserves were equal to CHF 305.9 billions, the amount had increased by CHF 59 billions. Swiss government intends to keep the Franc below rate of CHF 1.20 per EUR. Currently reserves are equal to 66% of GDP, whereas
Data for June has shown that the amount of non-farm payrolls jobs increased by 90 000 which is 21 000 more than in May. Even though Barack Obama's bids during presidential re-elections in autumn were higher, unemployment is at an elevated level of 8.2% which means the Federal Reserve should consider economy stimulating actions, such as lowering borrowing costs, to encourage employers to increase hiring.
Eurozone currency fell by 0.1% to USD 1.2386 on Friday, 6 July. The total decline for this week is 2.2% which is the largest slide since December 16. Moreover, the Euro depreciated 0.1% against the Yen. Current trading rate is JPY 98.97 per EUR, though the US Dollar remained stable and did not change significantly - trading at JPY 79.90 per one unit.
Precious metals fell on Thursday as monetary easing measures over the world failed to provide sufficient support for the commodity group. Gold declined despite long-awaited global easing measures. The yellow metal continued to move in tandem with the macroeconomic headlines from the US hence positive jobless claims data created strong pressure on the commodity. Silver dropped on weaker global equities and