This week there will be more than forty eight hours of powerful data releases in the United States. Starting on Wednesday, data concerning the GDP for the second quarter of the year is due to be published, as well as a statement from the FOMC. On Thursday the most relevant event should be Unemployment Claims. Adding to this, high impact
The Aussie held steady against the Greenback in light trade today, as strong U.S. long-lived commodities data kept on supporting the demand for the U.S. Dollar. The Australian Dollar reached a one-week low, sliding down to 0.9385 U.S. Afterwards the pair consolidated at 0.9390. The Commerce Department announced 0.7% growth in orders of durable goods as compared to the projections of 0.5%.
The Cable is close to its lowest price in one month and remains stable. Concerns regarding the conflict in Gaza and tension in Ukraine along with positive US data on Friday persist to support the US Dollar. This morning, the Sterling hit 1.6985 against the greenback and proceeded to consolidate at 1.6979.
The Yen rose in early Asian trade as events in Ukraine and Middle East made investors look in the safe haven's direction. With the US failing to negotiate a ceasefire between Israel and Hamas and the Ukrainian government regaining control of a separatist stronghold the USD/JPY pair was down 0.04% and was trading at 101.79.
American 30-year yields were near a 13-month low on speculation that a report at the end of the week will display that wage growth meets expectations as employment goes up. The 30-year yield remained at 3.25% after falling to 3.235%, the lowest since June 2013. The gap between five and 30-year yields decreased to 156 basis points, the smallest since January 2009.
As the positive data regarding US durable goods for June supported the US Dollar, the Kiwi dropped to its lowest price in one and a half months. The New Zealand Dollar decreased to 0.8534 against the Greenback and proceeded to consolidate at 0.8539, representing a 0.19% slide. Last week's rise in interest rate to 3.5% by the RBNZ also pressured
The Greenback stiffened around six-month highs against the major counterparts following substantial gains made during the previous week as investors turned bearish on the Euro. The reports are expected to reveal the economy rose at the 3.2% annual pace in the second quarter, after it fell 2.9% in the first quarter. The unemployment rate by-turn is estimated to remain steady at 6.1%.
The greenback remains flat as important data is to be released later this week, such as FOMC meeting, US jobs and GDP data. This caused the Dollar to stay almost unchanged, with an almost insignificant drop to 101.81 from Friday's 101.83 against the Yen. The common currency decreased marginally from 1.3429 to 1.3428 versus the US Dollar.
HSBC, Deutsche Bank and Bank of Nova Scotia are being accused of price rigging in the silver market according to a US lawsuit. The Bank of Nova Scotia has stated that it will defend itself with the other two declining comment. Even though Barclays was fined $44m this year for attempts to fix the gold price, there seems to be little evidence from US regulators
Germany is to turn down a multi-billion free trade contract between the EU and Canada, which is to the great extent seen as the basis for the bigger agreement with the U.S. The German diplomats believe the government could not negotiate the agreement with Canada on current terms. The deal with Canada could raise the bilateral trade by a fifth to 26 billion Euros a year.
WTI fell for the fourth consecutive time during the last five days from speculation that U.S. economic data may show weakened growth. WTI slid 1% during the previous week after the release of data showing increased gasoline stockpiles. September futures went down 59 cents to $101.50 per barell, while the trading volume was 16% under the 100-day average.
Asian stocks were around three-year highs as China's industrial firms showed a substantial increase in profits. Year-on-year the profits earned were up 17.9% in June in stark contrast to the 8.9% in May. This has given further confirmation that the growth supporting stimulus measures have given the Chinese economy a much needed push.
The Dollar was traded near the most in eight months versus the Euro as investors bet it will rise to levels last seen in November 2012. The nation's currency maintained its biggest weekly gain since March versus its major peers. USD/EUR was traded at $1.3429, which was little changed from July 25, then it changed to $1.3422, the strongest since
The Canadian Dollar dropped to the weakest level in five weeks before the reports that are projected to indicate Canada's economy is way behind that of U.S. The Loonie slipped 0.6% to C$1.0812 per U.S. Dollar. The currency depreciated against the Greenback for a second day in a row, falling against all of the 16 major counterparts.
Gold net-long positions increased by 3.1% last week as hedge funds are eyeing a rally. Nonetheless, towards the end of the week prices fell due to a 19% lower demand from China and a positive outlook for the US economy, which overshadowed distress in Ukraine. The price of gold is expected to average over $1,300 during the year with inflation being a possible risk.
After the release of durable goods orders for June, the Dollar rose to the highest value in eight months against the common currency. The greenback went up to $1.3434, representing a 0.22% rise. Core durable goods orders expanded by 0.8% surpassing the 0.5% forecast. Yesterday, the US Dollar had already gained from a decrease in jobless claims.
Argentina is looking to avoid a default on its bond payments as time is running out to meet creditors' demands. With a US judge ruling that the country has to pay its "holdout" creditors, who have demanded full payment before the restructured bondholders can be repaid, both parties still have not reached an agreement. A disagreement could lead to Argentina's
In regard to economic growth, Britain's economy is leading when compared to the world's most developed economies. Preliminary release of GDP growth revealed that the UK's economy expanded by 0.8%, as it was forecast. When compared to last year's values, economic growth rose 3.1%, also corresponding to what was predicted.
Vodafone Group Plc., the second-biggest telecommunications company in the world, announced a 4.2% drop in its Q2 sales, however, economists forecasted a 4.4% decrease. Total service revenue reached 9.4 billion pounds. Africa and Asia markets rose, while sales in Europe are still falling. This morning, Vodafone Group Plc equities are rising 2.8% to 203.4 pence by 8:20 GMT in London.
The Royal Bank of Scotland Group Plc, the biggest state-owned bank in the U.K., registered a significant increase in profit for work in the first half of this year. As expected, pretax income advanced to 2.65 billion pounds in Q1-Q2 of 2014. The bank also targets to save 1 billion pounds by the end of this year. Today, the corporation's
In July business confidence in Germany decreased to its lowest level in 2014. This is the third release in a row recording a drop in morale. German Ifo business climate is measured by the expectations and current situation of seven thousand executives. The value released was 108 points, a drop from 109.7 in the previous month.
The Kiwi has had the worst performance of all the major currencies in the last 24-hours and has declined 1.4% against the USD. With the RBNZ raising its cash rate to 3.50% it affirmed that the officials will wait to see the impact of recent hikes. Moreover, the bank stated that the current level of the New Zealand Dollar is
Asian stocks went up with the regional benchmark index advancing for the 10th time in eleven weeks as earning from companies boosted investor confidence. The MSCI Asia Pacific Index rose 0.2% to 148.69 while Japan's Topix went up 0.9%. Sout Korea's Kospi Index advanced 0.4%, but Hong Kong's Hang Seng was little changed.
European leaders made known on Wednesday that on 1st of January Lithuania will become the 19th country to start using Euro. It is the last of the Baltic states to do so after both Estonia and Latvia. Furthermore, the EC set forth the Lithuanian litas exchange rate at 3.45280 for the change. This also marks a change in the ECB where votes will be divided depending