China's imports from the US hit 100 billion US Dollars in 2011, reported US-China Business Council. The US exported goods and services worth 103.9 billion US Dollars to China last year, indicating a 542% increase over the 10-year period. China is the third largest importer of the US goods and services; however, the US plans to more than double its
Crude oil futures advanced at Asian session on Friday amid broadly lower US Dollar. The US Dollar Index that measures its performance against set of six main currencies, declined by 0.33% to 79.03 US Dollars. Crude oil futures for delivery in May traded at 103.53 US Dollars on the New York Mercantile Exchange, gaining 0.72%.
Japan's housing starts soared by 7.5% in February on an annualized rate, indicating the first increase in the last six months. The jump in construction signals on increase in building mostly after natural disasters in the country. However, orders of the 50 main construction firms declined by 1.8% last month.
China's aluminium output jumped last month, adding pressure to the light metal's price amid global oversupply concerns, reported the International Aluminium Institute. China's average daily production of aluminium advanced by 9.2%, attaining 53,000 metric tons in February. Experts attributed the surge in production to seasonal fluctuations as during three years China's aluminium's output rocketed in February but slumped in March.
The economy of the US expanded in compliance with expectations in the last quarter of 2011, being remained unchanged from the preliminary reading, reported the Bureau of Economic Analysis. The GDP growth in Q4 accelerated to 3.0% on a seasonally adjusted basis. Consumer spending increased by 2.1%, also meeting the forecasts.
Japan's industrial production declined by 1.2% in February on a monthly basis, indicating the first decrease in the last three months. Experts predicted a 1.3% increase in the industrial output. However, the industrial production increased by 1.5% on an annual basis last month. The main contributors to the February fall were industries producing general machinery, transport equipment and communications equipment.
17-nation currency advanced to one-month record high versus US Dollar on speculations EU finance ministers will support the increase of rescue funds. Euro climbed 0.4% against greenback to USD 1.3349 and was poised for third weekly gain. Common currency dropped 0.2% versus Yen to JPY 109.49. Currently EUR/USD is trading at USD 1.3356.
Australian Dollar advanced against its US peer on Friday as improving home sales and increasing bank borrowing relieved China growth concerns. Aussie added 0.1% versus US Dollar to USD 1.0397 while Kiwi gained 0.2% to USD 0.8190. Currently AUD/USD is trading at USD 1.0407 and NZD/USD is trading at USD 0.8196.
US shares close mostly into negative area on Thursday as data showed jobless claims dropped at slower pace than expected. S&P 500 index slipped 0.16% or 2.26 points to 1,403.28 and Nasdaq Composite lost 0.31% or 9.60 points and closed at 3,095.36. Dow Jones Industrial Average, however, breached the downward trend and gained 0.15% or 19.61 points to 13,145.82.
EUR/JPY was consolidating during the last 173 bars, forming a Rising Wedge pattern on 4H chart. The formation has 76% quality along with 66% magnitude.The price slowed near its support level around 109.23 and tried to break it, but failed to do so. Pair was trading in a tight range after testing the level and now it has a possibility
The central bank of China announced that it would maintain its prudent monetary policy this year. The bank added it would attempt to ensure stable economic expansion while holding the energy prices at the reasonable level. The PBOC also reported it would maintain its social financing measure that comprises corporate bond issuance, bank lending and other financing sources.
Gold futures decreased at Asian session on Friday amid broadly stronger US Dollar. COMEX Gold June contract traded at 1661.65 US Dollars per troy ounce on the New York Mercantile Exchange, losing 0.48%. Meanwhile, COMEX silver for delivery in May traded at 32.255 US Dollars per troy ounce, jumping by 0.82%.
The unemployment rate in Japan tumbled to 4.5% on a seasonally adjusted basis in February as compared to a 4.6% in January reading. Experts predicted the jobless rate to stay unchanged last month. After the data release, the Japanese Yen appreciated against its US counterpart and the pair USD/JPY traded at 82.06, falling by 0.49%.
Economic confidence in common currency area unexpectedly dropped in March indicating economy is likely to struggle to get back on the track in the 1st quarter. Index measuring consumer and executive sentiment edged down from a reviewed 94.5 in February to 94.4 in March. Economists questioned by Bloomberg expected the measure to improve from initial reading of 94.4 to 94.5.
European equities dropped rapidly on weak economic statistics from US and Europe amid surging bond yields for Italy and Spain. Stoxx Europe 600 lost 1.3%, German DAX tumbled 1.8% and British FTSE 100 shed 1.2%. French CAC 40 index fell 1.4% and FTSE MIB plunged 3.3% after Italian 10- year borrowing costs climbed by 0.18 percentage points, reaching 5.21%.
The number of applications for jobless benefits fell last week attaining the lowest reading since 2008 supporting evidence of a recovery in US labour market. Initial jobless claims declined by 5000 to 359 000 last week. Economists questioned by Bloomberg predicted a bigger fall to around 350 000 jobless claims.
Agricultural commodities retreated on Wednesday on the firmer US Dollar and improved prospects on the US crops. Wheat approached five-year low amid speculation about ample US supplies as recent rainfalls are likely to boost winter harvest. Corn continued to be pressured as US farmers are expected to plant the most acres since the Second World War. Sugar dropped as possible
Energy commodities apart from heating oil declined on Wednesday on easing supply and lingering demand concerns. Broadly stronger US Dollar and weaker global equities also added to the pessimistic mood of the commodity group. Lower than expected increase in the US durable goods orders and cooling China's economy escalated worries over the Brent and crude oil demand. At the same
Industry metals followed a downward trend on Wednesday, being pressured by broadly stronger US Dollar. Disappointing durable goods data that undermined confidence in stable US recovery also weighted down on the base metals pack. Moreover, weakening China's demand and soft global equities pushed the growth-sensitive commodities even lower. Aluminium continued to slide amid expected oversupply in the market while uncertainty
Precious metals tumbled on Wednesday amid weaker equities and firmer US Dollar. The commodity group lacked clear direction over the week as further actions of the Fed stayed uncertain. Meanwhile, a smaller than expected increase in the durable goods orders sparked mass commodity selling among investors. Gold and silver moved in tandem during the day while platinum and palladium seemed
German DAX index faced a choppy session on Thursday as economic sentiment for the Euro region declined unexpectedly. All nine sectors traded into negative area led by heavyweight auto makers which contributed most to German benchmark's loss. Daimler AG fell 2.4%, BMW AG dropped 0.6% and Volkswagen AG tumbled 2.8%. ThyssenKrupp AG lost 1.2% after Exane BNP Paribas downgraded its
GBP/USD was traded in a wide range during the last month and has formed a Channel Up pattern on 4H chart. The formation has 60% quality along with 100% magnitude in a 80-bar period.Cable tested its resistance level twice and bounced off from $1.6000 to its support level near $1.5849. The price tried to recover but did not succeed and
FTSE 100 dropped on Thursday as data showed home prices declined in March and oil prices tumbled. UK retailers fell after their Swedish rival H&M posted disappointing 1st quarter results. Marks & Spencer Group fell 3.2% and Kingfisher shed 1.4%. Oil stocks pushed index lower with BP fading 2.4% and Royal Dutch Shell slipping 1.3%. On the upside International Power
Japan's Nikkei Stock Average declined further on Thursday giving up 0.67% or 67.78 points and settling at 10,114.79. The index was negatively affected by slower than predicted growth in US durable goods orders amid appreciating Yen. On the upside Sharp extended gains and rallied 7% on yesterday's news Foxconn Technology Group will buy a stake in the company. Ebara Corp