The Swiss franc climbed today as the report showed that China’s PMI fell and Europe’s debt problems continue undermine confidence in the global economic recovery. According to the report of the Hongkong and Shanghai Banking Corporation, China’s Purchasing Managers’ Index fell from 51.8 April to 51.1 in May, the lowest level in 10 months. A value above 50 indicates expansion of industry. Hongbin Qu, Chief Economist, China & Co-Head of Asian Economic Research … “Swiss Franc Gains as China’s PMI, Europe’s Debt”
Month: May 2011
Euro Rebounds on German Business Climate
The euro pared yesterday’s losses today after the report showed that the German business climate remained stable this month, giving hopes that the European Central Bank will increase the interest rates in June. The Ifo Business Survey showed the Germany’s business climate index remained stable at 114.2. That’s good news as analysts predicted a decline to 113.9. The final estimate of Germany’s gross domestic product remained same as the preliminary estimates, … “Euro Rebounds on German Business Climate”
GBP/USD and Gold Technical Analysis
GBPUSD: Bears Still Remain In Control. GBPUSD: We continue to maintain our bearish bias on GBP as it continues to face downside pressure despite its present attempt at recovery. Its Monday losses and the mentioned vulnerability leave the pair targeting the 1.6000 level which may hold on an initial test, but if it snaps, the … “GBP/USD and Gold Technical Analysis”
South African Rand Stops Decline as Commodities Recover
The South African rand gained today, ending the two-day drop versus the US dollar, after commodities recovered and on speculation that policy makers will take measures to deal with the European debt crisis. The Standard & Poorâs GSCI Index of 24 raw materials rose 1 percent, following the yesterday’s decline by 1.7 percent, while the MSCI Emerging Markets Index advanced 0.4 percent. South Africaâs benchmark stock index … “South African Rand Stops Decline as Commodities Recover”
Korean Won Rebound as Exporters Profit from Currency’s Drop
The South Korean won recovered today from the previous drop to the lowest level in seven weeks as exporters took chance to turn their profits into the nation’s currency. The Ministry of Knowledge Economy reported at the beginning of this month that exports jumped 26.6 percent in April from a year ago to the record of $49.77 billion. Bahk Jae Wan, the candidate for the office of South Koreaâs finance minister, said he will take measures to reduce … “Korean Won Rebound as Exporters Profit from Currency’s Drop”
Europe is getting tougher with Greece
Conscious that Greece is simply not delivering on any of its previous pledges, Europe is finally adopting a more aggressive attitude towards their troubled member. Estonia’s central bank chief put it bluntly this morning when he stated that the problem right now is a lack of trust in Greece, and that the country would be … “Europe is getting tougher with Greece”
New Zealand Dollar Rebounds as Stocks & Commodities Recover
The New Zealand dollar advanced today, erasing the yesterday’s losses versus its US counterpart, as commodities and stocks recovered after the decline on the yesterday’s trading session. The Standard & Poorâs 500 Index rebounded, rising 0.2 percent. On the other hand, the MSCI World Index fell 0.2 percent, following the decline by 0.4 percent. Crude oil rose 0.1 percent in New York, following the yesterdayâs drop by 2.4 percent. Copper went … “New Zealand Dollar Rebounds as Stocks & Commodities Recover”
European Crisis Deepens, Stocks Suffer, Dollar Jumps
The US dollar gained against all 16 major currencies today as fear of the European debt crisis caused slump of stocks and drove investors to safe currencies. The Standard & Poorâs 500 Index fell as much as 1.2 percent. The VIX, the index of market volatility, jumped 15 percent to 20, the highest level since March 23. Yields on securities of Ireland, Portugal, Greece, Spain, and Italy rose as bonds slumped. The European troubles help … “European Crisis Deepens, Stocks Suffer, Dollar Jumps”
Story of EU Debt Crisis Continues, Drowning Euro
The euro started this week very poor. The currency currently shows weak attempts to regain its footing, but most analysts have a very negative outlook for the euro in the near-term. The reason remains the same: sovereign-debt crisis. Greece has taken the biggest part, so far, in reducing confidence in the shared European currency and continues to do so. Fitch Rating downgraded Greeceâs credit rating, saying: The âB+â rating incorporates Fitchâs expectation … “Story of EU Debt Crisis Continues, Drowning Euro”
USD/JPY: Trading the US New Home Sales May 2011
The struggling housing sector in the US continues to draw attention and is one of the keys to a recovery. The publication of New Home Sales will rock currencies, with USD/JPY being a good barometer for this event. Here are the details and 5 possible scenarios. Published on Tuesday at 14:00 GMT. Indicator background The … “USD/JPY: Trading the US New Home Sales May 2011”