The South African rand gained today as the reports showed that the Chinese manufacturing expanded more than expected and the US consumer confidence improved, increasing the appeal of the higher-yielding currencies. The China Federation of Logistics and Purchasing Managers’ Index advanced from 54.7 to 55.2 in November, while a small increase to 54.8 was expected. The Conference Board Consumer Confidence Index increased in November to 54.1, following the increase to 49.9 in October. The median forecast promised a value … “Rand Gains on China’s PMI & US Consumer Confidence”
Author: admin_mm
Euro Rises Before ECB Meeting, But Rally May Be Short-Lived
The euro rose today as the Governing Council of the European Central Bank will meet tomorrow and may find solution to the continuing problem with the sovereign-debt in Europe. The President of the ECB Jean-Claude Trichet hasn’t ruled out the possibility of increasing government bonds buying, though he remains reluctant to do so. The Stoxx Europe 600 index of stocks gained 0.7 percent. Despite today’s gains the analysts remain pessimistic about the shared European currency … “Euro Rises Before ECB Meeting, But Rally May Be Short-Lived”
Belgian Bond Yields On the Rise as Well
Belgium, the heart of the European Union, also suffers from significant debt, and it isn’t immune to contagion. The gap between Belgian 10 year bonds to the benchmark German bunds rose to 139 basis points. Bloomberg reports: “Belgium has moved to the foreground as investors ask themselves ‘who’s next?’ to ask for help,” said Carsten … “Belgian Bond Yields On the Rise as Well”
European Debt Troubles Drive CAD Higher vs. EUR, Lower vs. USD
The Canadian dollar fell against its US counterpart as the European debt troubles led to the risk aversion sentiment among the investors and after the report showed that Canada’s economic growth unexpectedly stalled. The Canadian gross domestic product declined 0.1 percent in September. It grew 0.3 percent in the month before and was expected to increase 0.1 percent in September. Canada’s current account deficit widened by C$4.6 billion to C$17.5 billion in the third … “European Debt Troubles Drive CAD Higher vs. EUR, Lower vs. USD”
Yen Gains on Volatility and Concerns About Europe & China
The Japanese yen surged on the concerns that Ireland’s bailout wouldn’t be able to contain the sovereign-debt problems from contaminating other European countries. The Standard & Poor’s signaled that it may downgrade Portugal’s credit rating as the country hasn’t increased its economic growth to outweigh the impact of the planned spending cuts. The investors also shunned the riskier assets, preferring the safer ones, because of the high volatility on the markets. The JPMorgan Chase & … “Yen Gains on Volatility and Concerns About Europe & China”
FXCM IPO Will Boost Forex, Price Reasonable
The IPO of FXCM will probably be held on Thursday, December 2nd, and the general notion about it is good. Towards the IPO, we hear voices that see the FXCM IPO as a good thing. The mid price of one FXCM share is $14 – between $13 and $15. Recent IPOs led by Credit Suisse … “FXCM IPO Will Boost Forex, Price Reasonable”
Pound Surges vs. Euro as Concerns About Europe’s Debt Grow
The Great Britain pond climbed against the euro today on the mounting concerns about the debt crisis in the European Union. The pound traded near the opening level versus the US dollar as the UK consumer sentiment unexpectedly declined. The GfK NOP Consumer Confidence Barometer dropped from -19 to -21 in November, while it was expected to remain at the same level. The spread between the Italian securities, maturing in 10 years, and the German bunds surged to more … “Pound Surges vs. Euro as Concerns About Europe’s Debt Grow”
Brazilian Real Pares Losses as Central Bank May Raise Rates
The Brazilian real pared today its previous losses on the outlook for the central bank to increase the interest rates, attracting more investors to the country. The analysts say that the central bank may raise the interest rates to battle the high inflation, which reached 5.2 percent, the highest level in five months. The traders bet that the central bank’s policy makers would perform the interest rates hike on their next meeting on December 8th and they … “Brazilian Real Pares Losses as Central Bank May Raise Rates”
Wikileaks to Expose US Bank Failure?
The recent Wikileaks release of documents exposed lots of interesting data about international relations all over the world. Some data is pure gossip, while other leaks will have an impact on diplomacy for many years. But this bulk of leaks that began on Sunday isn’t over. In an interview with Forbes, Wikileaks’ Julian Assange says … “Wikileaks to Expose US Bank Failure?”
Iran Now Controls Lebanese Army
In Lebanon, the tension is still high towards the expected indictment of Hezbollah members for the murder of former prime minister Rafik Hariri, due on Thursday, December 2nd. In the meantime, prime minister Saad Hariri, son of murdered Rafik, concluded a three day visit in Teheran with an agreement to put the Lebanese army under … “Iran Now Controls Lebanese Army”