On Thursday, the 17-nation currency was traded near a 2-month low versus the U.S. counterpart, as tax increases and spending cuts in U.S. weighed. EUR/USD hit a session low of 1.2743, and later consolidated at 1.2763, which was a slight 0.06% decrease during Asian trading hours. The pair's support was likely to be found at 1.2625, while the resistance was
On Thursday, the New Zealand Dollar decreased to a 2-week low versus the U.S. counterpart, as U.S. fiscal cliff and EU debt crisis undermined demand for riskier assets. NZD/USD hit a session low of 0.8158 during European morning trading session, and consolidated at 0.8173, which was a 0.13% fall for the trading session.
On Thursday, Natural gas was traded lower before a supply data of the commodity later in the week. On the Comex division of NYMEX, December delivery futures were traded at $3.571 per million Btu, which was a 1.29% gain for the U.S. morning trading session. Earlier, natural gas lost 1.5%, being traded at $3.556 per MMBtu, which was a session
At a press conference in Frankfurt Mario Draghi, president of the European Central Bank, said the economy of eurozone would weaken in future, therefore the bank is ready to implement bond-purchase program as soon as the governments comply with necessary requirements. The policy makers decided to leave the benchmark interest rate at 0.75%. Draghi announced the ECB may reconsider putting rate reductions, as the debt crisis threatens
On Thursday, gold was volatile as concerns about U.S. fiscal cliff and debt crisis in EU supported the dollar, which is negatively correlated with the metal, while assets held in exchange-traded products reached an all-time high. Immediate delivery prices for the precious metal rose by 0.2% and consolidated at $1,718.80 per troy ounce by 2:09 p.m. in Singapore.
On Thursday, German government notes were little changed before ECB decision on interest rates and Spanish debt auction. The yield on benchmark 10-year notes decreased less than 1 basis point and reached a level of 1.38% by 7:22 a.m. in London. Yesterday, the yield fell to 1.36%, almost hitting a nine-month low.
The claims for unemployment insurance in the U.S. tumbled last week on effects caused by Hurricane Sandy. Meanwhile, the number of applicants for jobless benefits dropped by 8,000 to 355,000. However, this might be due to the loss of electricity and bad weather conditions after outliving the storm, and experts say the true picture would be seen after a month. According to estimates, unemployment claims
The U.S. trade deficit shrank more than expected touching the lowest level in 2 years on growing exports in September. The gap narrowed 5.1% to $41.5 billion beating all the estimates and decreasing the gap of $43.8 billion in August. The rally in sales to overseas trade partners increased their demand to a variety of production, such as soybeans, fuel and civilian aircraft. Meanwhile, the imports also
The Dutch rate of inflation increased to 3.3% in October, from 2.5% in the previous month. Inflation, measured by harmonized consumer price index, reached 10-year record of the Netherlands mainly due to 2% increase to 21% in the value added tax. The tax hike made energy and daily usage products' more expensive, together with increased food prices due to poor this year harvest.
As the Ministry of Labor and Social Affairs announced today, the Czech Republic unemployment level increased to 8.5% in October, or 0.1% comparing with the previous month. Analysts expected that the unemployment will stay the same, 8.4%, in October. More detailed statistic says, that 10.2% women and 7.2% men were seeking a job in October.
The Sterling advanced 0.1% to 79.83 pence per Euro in very early Europe trading session on Thursday. The Pound has reached the peak in five weeks against the European Union currency. Investors are waiting for the Bank of England decision on further monetary policy. Analysts expect that governors will maintain quantitative easing program with targets of 375 billion pounds.
The Stoxx Europe 600 Index was 0.5% higher to 272.46 points in early Europe trading session on Thursday. European markets gain, as Repsol SA, Swiss Re Ltd and Siemens AG announced financial results, which exceed street estimations. Also, today will be announced the Bank of England and the ECB decisions on the key interest changes.
U.S. government securities reached 0.6% return in the last month, accomplished by yesterday's rally as Barack Obama won the presidential re-election. Fidelity and Pimco investment management funds said, that political games will return to the scene and current policy uncertainty will bring the economy downwards, therefore the demand for bonds will sharply increase pushing bond prices up.
US Blue chips sagged on risk-off Wednesday's trade as investors were cautious after the European Commission downgraded its growth estimate for the eurozone. The market sentiment was also weakened by uncertainty over the US tax increases and spending cuts due to come in force in January. Moreover, market participants focused on the Chinese Communist Party Congress due on Thursday. The
Wall Street slammed on Wednesday amid warning signals from the eurozone and lingering concerns over the US fiscal cliff. The European Commission cut its growth estimate for the region from 1% to 0.1% for 2013. It also lowered German forecast from 1.7% to 0.8%, raising concerns over health of the eurozone's strongest economy. Meanwhile, investors remained cautious ahead of the
Agricultural commodities, excluding sugar, climbed on Wednesday despite stronger US Dollar. Escalating economic instability on the both sides of the Atlantics also dragged farm commodities lower. However, lingering global supply worries created strong support for the commodity group.Wheat rallied to the highest level in five weeks on speculation that poor crop conditions in the US coupled with planting delays in
Hong Kong equities sank on Thursday as investors were cautious after 18th Chinese Communist Party Congress started on Thursday, where a leadership change is to take place. Pushing Hong Kong blue chips lower, the European Commission lowered its growth forecast for the eurozone from 1% to 0.1% for 2013. Moreover, worries over the US fiscal cliff also added to losses
Jobless rate in Switzerland inched up from 2.9% in September to 3% in October on seasonally adjusted basis, the State Secretariat for Economic Affairs said. The figure appeared to be in line with forecast of economists. There were 125,536 registered jobless people in Switzerland in October, increasing 4.3% from 120,347 in the month earlier. "What the October data on the SNB's
Energy futures plunged on Wednesday amid appreciating greenback and global economic concerns. Meanwhile, an increase in the US crude oil stockpiles and uncertainty over the US fiscal cliff added to heavy losses of the commodity group.Crude oil plummeted after the EIA report indicated that the US crude oil inventories jumped by 1.8 million barrels last week, broadly in line with
According to the Australian Bureau of Statistics, unemployment rate in Australia fell to 5.4% in October ahead of economists' expectations of 5.5%. The number of people in work increased by 10,700 to 11,523,200 in October, whereas the number of unemployed fell by 8,000 to 653,200. Labour force participation rate slightly decreased to 65.1% in October compared to 65.2% in September.
Industrial metals except for aluminum erased previous gains on Wednesday. Base metals came under heavy pressure as investors were cautious ahead of the US budget clashes and Chinese Communist Party Congress due on Thursday. Adding to the negative mood of the commodity group, the European Commission cut its growth forecast for the eurozone from 1% to 0.1% for 2013. It
Precious metals apart from gold plunged on Wednesday amid broadly stronger greenback and mounting concerns over the US fiscal cliff. Market sentiment was further dampened by on-going concerns over the eurozone's economic instability. Gold inched up as US President Barack Obama re-election ignited hopes that the country will stick to its accommodative monetary policy. However, concerns over the US fiscal
The U.S. dollar strengthened against its trading counterparts as investors sought to save their assets on fear that the U.S. president and the Congress will face difficulties in preventing the fiscal cliff. The greenback traded at $1.2767 per euro, rebounding from $1.2771 yesterday. The Dollar Index (DXY), tracking the currency against six trading partners of the U.S., inched up to 80.762 from 80.759 on Wednesday.
Exports in Germany fell 2.5% in September from the previous month, offsetting a 2.3% increase in August, according to Destatis. Economist had projected a 1.5% monthly drop. Imports declined 1.6% after growing 0.4% in August. The trade surplus increased from EUR 16.3 billion in August to EUR 16.9 billion and was more than EUR 15.5 billion economists' forecast.