IFX Yana Posted March 2, 2012 Share Posted March 2, 2012 Eurozone Leaders To Decide On Firewall By End-March: Van Rompuy Eurozone leaders will likely decide on the adequacy of the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) by the end of March, European Council President Herman Van Rompuy said Thursday. Following the fist session of the European Council, he said "Eurozone leaders will reassess the adequacy of the overall ceiling of the EFSF/ ESM firewall by the end of the month." They have also agreed to accelerate the payments of the pending capital for the ESM, he added. EU heads of state or government on Thursday re-elected Van Rompuy as President of the European Council for a second term of two and a half years. His term will run till November 30, 2014 from June 1, 2012. He was also designated as president of the Euro Summit for the same term of office. Van Rompuy lauded the decisive legislative actions taken by Greek authorities over the past ten days. "Eurozone leaders support the efforts undertaken by Greece to strengthen the country's institutional capacity," he said. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 5, 2012 Share Posted March 5, 2012 European Economics Preview: Eurozone Retail Sales Data Due Retail sales and results of the Purchasing Managers' survey from Eurozone are due on Monday, headlining a light day for the European economic news. At 3.00 am ET, Turkey's consumer and producer prices are due. Annual inflation is forecast to slow to 10.48 percent in February from 10.61 percent in January. At 3.15 am ET, the Federal Statistical Office is set to publish Swiss retail sales figures for January. Sales were up 0.6 percent year-on-year in December. Markit Economics is slated to release Italy's services PMI at 3.45 am ET. Thereafter, final French and German PMI figures are due at 3.50 and 3.55 am ET. At 4.00 am ET, Eurozone final PMI data is due. The composite PMI is expected to match the flash reading of 49.7 in February. Italy's statistical office Istat is scheduled to issue producer price data at 4.00 am ET. Economists forecast producer price inflation to ease to 3.4 percent in January from 4 percent in December. Half an hour later, Eurozone sentix investor confidence is due. The index is seen improving to -5 in March from -11.1 a month ago. In the meantime, U.K.'s services PMI is due. The services PMI is expected to dip to 54.9 in February from 56 in January. Eurostat is scheduled to issue January retail sales data at 5.00 am ET. Eurozone retail sales are forecast to drop 0.1 percent month-on-month after easing 0.3 percent in December. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 6, 2012 Share Posted March 6, 2012 RBA Keeps Cash Rate Unchanged At 4.25% The Reserve Bank of Australia on Tuesday decided to keep its benchmark cash rate unchanged at 4.25 percent for a second consecutive time, as economic growth is expected to be close to trend and inflation close to target. The decision was in line with economists' expectations. In a statement today, RBA Governor Glenn Stevens said the Board judged that the current setting of monetary policy was appropriate for the moment. "Should demand conditions weaken materially, the inflation outlook would provide scope for easier monetary policy," he said. Most information on the Australian economy continues to suggest growth close to trend overall, with differences between sectors and considerable structural change, the policymaker noted. Stevens said interest rates for borrowers have generally risen slightly since the Board's previous meeting, but remain close to their medium-term average. Despite a fall in the terms of trade, the exchange rate has risen over recent months, the policymaker noted. He said that consumer price inflation has declined as expected and will fall further over the next quarter or two. Over the coming one to two years, and abstracting from the effects of the carbon price, the bank expects inflation to be in the 2-3 percent range. Regarding economic developments in Europe, Stevens said the acute financial pressures on banks in Europe have been alleviated considerably by the actions of policymakers, though there is more to do to put European banks and sovereigns onto a sound footing for the longer term and Europe will remain a potential source of shocks for some time yet. RBA said growth in China, Australia's major trading partner, has moderated as was intended. However, most indicators remained quite robust overall. Earlier last month, the central bank trimmed the economy's growth forecast to 3.5 percent for the year ending June 2012 from the previous forecast of 4 percent. Downgrading the outlook, the RBA said it reflects the weaker outlook for global economic growth, with the uncertainty about the European situation expected to weigh on household and business spending decisions. The Australian Bureau of Statistics is slated to publish the preliminary gross domestic product figures for the December quarter on Wednesday. The economy is forecast to expand 0.7 percent quarter-on-quarter, slower than the 1 percent growth in the preceding three-month period. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 7, 2012 Share Posted March 7, 2012 Japan Forex Reserves Decline In February Japanese foreign exchange reserves declined in February after hitting a record-high in January, data from the Finance Ministry revealed Wednesday. Japan's official reserve assets fell to $1.303 trillion at the end of February from a record high of $1.307 trillion in January. The Ministry has said that it did not conduct market intervention between November 29 and February 27 after spending JPY 9.09 trillion between October 28 and November 28. At the end of February, the country's foreign currency reserves stood at $1.22 trillion. The International Monetary Fund reserve position was at $16.8 billion, while Spacial Drawing Rights amounted to $20 billion. Gold reserves rose to $43.54 billion at the end of the month from $42.9 billion at the end of January. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 8, 2012 Share Posted March 8, 2012 European Economics Preview: ECB, BoE Likely To Hold Key Rates Outcome of the monetary policy meetings of the Bank of England and the European Central Bank are the major events that are set to dominate the scene on Thursday. At 2.30 am ET, the Bank of France is scheduled to issue business confidence survey results. The business sentiment index is forecast to remain unchanged at 96 in February. Thereafter, French trade data is due from customs office at 2.45 am ET. The trade deficit is seen widening to EUR 5.15 billion in January from EUR 5 billion in December. The Czech Statistical Office is slated to release unemployment and external trade figures at 3.00 am ET. The jobless rate is forecast to remain stable at 9.1 percent in February. At the same time, the trade surplus is expected to rise to CZK 22 billion in January from CZK 10.5 billion in December. In the meantime, Turkey's industrial output figures are due. On a yearly basis, industrial output is forecast to rise 3.5 percent in January, after increasing 3.7 percent in December. At 3.15 am ET, the Federal Statistical Office is set to publish Swiss consumer prices for February. Consumer prices are forecast to fall 1 percent year-on-year after declining 0.8 percent in January. Dutch consumer prices are due at 3.30 am ET. Annual inflation is seen easing to 2.4 percent in February from 2.5 percent in January. The Federal Ministry of Economy and Technology is set to issue German industrial production for January. Economists forecast output to grow 1.1 percent month-on-month in January after falling 2.9 percent in December. Bank of England policymakers are set to maintain GBP 325 billion asset purchase programme intact today after lifting it by GBP 50 billion in February. The bank is also expected to retain its record low 0.5 percent interest rate. The European Central Bank is set to announce its decision at 7.45 am ET. Economists widely expect policymakers to maintain the rate at 1.00 percent. ECB President Mario Draghi is set to hold a the regular post-decision press conference at 8.30 am ET. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 9, 2012 Share Posted March 9, 2012 Greece Announces Successful Completion Of Debt Swap Deal Greece successfully completed the debt swap agreement with 85.8 percent of its private bond holders voluntarily signing up to take part in the deal, clearing the way for the troubled euro member to secure international funds to avert a disorderly default. In a statement on Friday, the Finance Ministry said of the EUR 177 billion of bonds issued, which are governed by Greek law, the Republic has received tenders for exchange and consents for holders of approximately EUR 152 billion face amount of bonds. Holders of EUR 172 billion worth of bonds in total have consented to bond offer. The Ministry also said that EUR 20 billion or 69 percent of foreign-law bonds were also tendered. Greece has extended the tender on foreign-law bonds to March 23. The government has made it clear that it will not extend the invitation period for its bonds governed by Greek law. Though the participation rate exceeded the 75 percent threshold set by the government to get in with the deal and receive the EUR 130 billion worth bailout money from the international creditors, the level was below the 90 percent, needed to avoid triggering the "collective action clauses" or CACs. The CACs will force reluctant bondholders to join in and the government said the participation rate will rise to 95.7 percent after activating the CACs. The International Swaps and Derivatives Association, or ISDA said today that a question relating to a "potential credit event" with respect to the Greece has been submitted to, and subsequently accepted for consideration by the EMEA Determinations Committee. The ISDA EMEA Determinations committee will meet today at 1 pm GMT to assess if a "credit event" has occurred, which would trigger a payout on credit default swaps. ISDA has said earlier this month that Greece's debt swap deal so far does not constitute a "credit event" or default. The successful completion of the debt swap deal was the pre-condition set by the European Union and the International Monetary fund for handing over the bailout approved last month. The money is vital for Greece to avoid a default on its debt on March 20, when it has to repay EUR 14.5 billion. Under the debt swap deal, private holders will take a 53.5 percent nominal loss on their total EUR 206 billion Greek debt by exchanging their existing bonds with new ones, having longer maturities and lower face value. The euro member aims to reduce its total indebtedness to 120.5 percent of GDP by 2020 from the current level of 160 percent. The Institute of International Finance, or IIF, welcomed the results of the swap offer. IIF negotiated the deal with the Greek government on behalf of the private creditors. Greece will continue implementing the measures needed to achieve the fiscal adjustments and structural reforms to which it has committed and that will return Greece to a path of sustainable growth, Finance Minister Evangelos Venizelos said. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 12, 2012 Share Posted March 12, 2012 European Economics Preview: Eurogroup To Give Final Nod For Greek Bailout Eurozone finance ministers will meet today to discuss giving final approval for Greece's second bailout. At 3.00 am ET, the Federal Statistical Office is scheduled to issue German wholesale prices for February. Economists forecast wholesale price inflation to slow to 2.6 percent annually in February from 3 percent in January. At 4.00 am ET, Turkey's central bank is scheduled to publish current account data for January. The current account gap is forecast to narrow to $5.5 billion from $6.57 billion in December. In the meantime, Romania's inflation and trade figures. Annual inflation is seen easing to 2.4 percent in February from 2.7 percent in January. Italy's final GDP data from Istat is due at 5.00 am ET. According to preliminary estimate, the economy slipped into a recession in the fourth quarter. The gross domestic product declined by 0.7 percent sequentially, bigger than the 0.2 percent drop logged in the third quarter. The statistical office is expected to confirm the initial estimate. The German government aims to raise a maximum of EUR 4 billion from the issue of Bubills, with a maturity of 6 months. The results are due at 6.00 am ET. Eurogroup meeting is set to begin in Brussels at 1.00 am ET. At the prior meeting on Friday, Eurogroup President Jean-Claude Juncker said Greece has implemented all measures in a satisfactory manner to receive a second bailout package. The Greek authorities managed to obtain the cooperation of the private sector in participating in the debt exchange offer. The International Monetary Fund is likely to approve its share of the bailout this week. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 14, 2012 Share Posted March 14, 2012 European Economics Preview: Eurozone Industrial Output, U.K. Jobless Data Due Industrial production and inflation from Eurozone and labor market statistics from the U.K. are the major reports due on Wednesday. Statistics Finland is set to publish inflation data for February at 3.00 am ET. Annual inflation rose to 3.2 percent in January from 2.9 percent in December. Sweden's AMV jobless data is due at 5.00 am ET. The jobless rate is forecast to remain stable at 4.8 percent in February. Half an hour later, the Office for National Statistics is slated to release U.K. claimant count and jobless figures. The claimant count is seen unchanged at 5 percent in February. During three months to January, the jobless rate is seen at 8.4 percent. At 6.00 am ET, Eurostat is scheduled to issue final consumer price figures and industrial production data. Eurozone industrial production is forecast to rise 0.5 percent month-on-month in January, following a 1.2 percent drop in December. February's inflation is seen at 2.7 percent, unchanged from the flash estimate, but up from 2.6 percent in January. Italy plans to raise up to EUR 5 billion from the sale of a new three-year BTP bond maturing in March 2015. Also, it targets to receive a maximum of EUR 1 billion from BTP bonds maturing on September 2019. The results are due at 6.10 am ET. At 9.00 am ET, Norway's central bank is set to announce its interest rate decision. The rate is expected to remain unchanged at 1.75 percent. In the meantime, Poland's money supply data is due. M3 money supply is seen rising 0.6 percent month-on-month in February after falling 0.8 percent in January. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 15, 2012 Share Posted March 15, 2012 European Economics Preview: Swiss National Bank Rate Decision Due The interest rate decision from the Swiss National Bank is the major event that is set to dominate the scene on Thursday. The State Secretariat for Economic Affairs is set to publish Swiss quarterly economic forecasts. In the previous forecast, it said the gross domestic product will grow 0.5 percent in 2012. At 3.00 am ET, the European Automobile Manufacturers' Association is scheduled to issue new car registrations for February. In January, European car registrations declined 7.1 percent. Czech producer prices and retail sales are due at 4.00 am ET. Producer price inflation is seen slowing to 3.9 percent in February from 4.1 percent in January. Retail sales are forecast to rise 0.7 percent in January after climbing 1.6 percent in December. At 4.30 am ET, the Swiss National Bank is expected to maintain its three-month Libor rate close to zero. At the prior meeting in December, the SNB retained its key rate and left the minimum exchange rate of CHF 1.20 per euro. The European Central Bank is slated to publish monthly bulletin at 5.00 am ET. The French government targets to raise a maximum of EUR 8.5 billion from the auction of medium term treasury notes. The results of issue are due at 5.50 am ET. Also, OATi index-linked treasury note auction is due. Eurostat is scheduled to issue employment data for the fourth quarter at 6.00 am ET. In the third quarter, Eurozone employment fell 0.1 percent sequentially. Labor cost figures are also due in the meantime. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 16, 2012 Share Posted March 16, 2012 European Economics Preview: Eurozone Trade Data Due Foreign trade data from Eurozone is the major news due on Friday, a light day for the European economic news. At 4 am ET, the Turkish Statistical Institute is expected to publish the February results of the consumer confidence survey. In January, consumer sentiment improved to 92.2 from 92 in December. Spanish labor cost data for the fourth quarter is also due at the 4 am ET. At 5 am ET, Italian trade data for January is expected. The statistical office Istat said last month that Italy's trade with rest of the world resulted in a surplus of EUR 1.4 billion in December compared to a deficit of EUR 3 billion in the same month of 2010. The economy slipped in to recession in the fourth quarter with the gross domestic product contracting 0.7 percent quarter-on-quarter during the period after 0.2 percent decline in the third quarter. At 6 am ET, the Eurostat is slated to publish foreign trade figures for the month of January. Economists forecast the trade surplus to fall to EUR 1 billion from EUR 9.7 billion in December. Eurozone's merchandise trade surplus posted a surprise increase in December, despite stringent austerity measures weakening demand within the region. The economy suffered a 0.3 percent contraction in the fourth quarter, which was the first since 2009. Current account data from Italy is also due at 6 am ET. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 19, 2012 Share Posted March 19, 2012 European Economics Preview: Eurozone Current Account Data Due Current account data from the euro area is the only major statistical report due on Monday, headlining a light day for the European economic news. At 5.00 am ET, the European Central Bank is scheduled to issue current account figures for January. The Eurozone current account surplus totaled EUR 16.3 billion in December. In the meantime, Italy's industrial order figures are due. Economists forecast industrial orders to fall 3.2 percent month-on-month in January after rising 5.5 percent in December. At 6.00 am ET, Eurostat is slated to publish Eurozone construction output for January. In December, output increased 0.3 percent on a monthly basis and 7.8 percent from a year ago. Poland's industrial output and producer prices are due at 9.00 am ET. Industrial production is expected to increase 8.8 percent year-on-year in February, slower than the 9 percent growth in January. Producer price inflation is seen slowing to 6.5 percent annually from 8 percent in January. France's short-term debt auction is due at 10.00 am ET. The government aims to raise EUR 4 billion from 91-day T-bill auction and a maximum of EUR 1.8 billion from 168-day T-bills. Also, a 350-day bill auction is also due. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 20, 2012 Share Posted March 20, 2012 European Economics Preview: UK Inflation Data Due Inflation data from the UK and industrial production figures from Switzerland are the main European economics news due on Tuesday. At 3 am ET, Germany's Federal Statistical Office is expected to publish producer price figures for February. Economists forecast a 3.2 percent rise in prices compared to 3.4 percent increase in January. Unemployment figures from Finland is also due at the same time. Hungarian Central Statistical Office is slated to release the January gross earnings figures at 4 am ET. Swiss industrial production is due at 4.15 am ET. Production is forecast to fall 2 percent year-on-year in the fourth quarter, but is expected to grow 2.6 percent compared to the previous quarter. At 4.30 am ET, Statistics Netherlands is scheduled to release the consumer confidence data for this month. Confidence index is expected to remain almost unchanged from previous month's level. At 5.30 am ET, the Office for National Statistics is expected to publish the consumer price index for February. CPI is forecast to rise 3.3 percent, slower than 3.6 percent in the previous month. The core inflation rate is seen easing to 2.3 percent. At 5 30 am ET, the Spanish Treasury is set to auction 12 and 18 month Treasury Bills. The sale is having a target of EUR 4.5 -5.5 billion. Elsewhere, Greece is set to auction 13-week T-Bills with maturity June 22. The amount to be raised is EUR 1 billion. The European Financial Stability Facility successfully raised EUR 1.5 billion from its inaugural 20-year bond sale on Monday. The Confederation of British Industry is slated to release its industrial trends survey for the month of March at 7 am ET. Further, the Polish central bank is expected to announce the core consumer price figures for February at 9 am ET. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 21, 2012 Share Posted March 21, 2012 Euro Rises After Greek Parliament Approves New Bailout Deal The euro advanced against its most major counterparts in early Asian deals on Wednesday after Greek Prime Minister Lucas Papademos won parliamentary approval for a new international bailout. Reports suggested that Greek Prime Minister Lucas Papademos won approval for a new 130 billion-euro ($172 billion) aid package that will keep the country's possible financial collapse at bay. A total of 213 lawmakers voted today in favor of the legislation and 79 against, reports quoted Acting Parliament Speaker Grigoris Niotis was saying in remarks carried live on state-run Vouli TV. The euro strengthened to an 8-day high of 0.8362 against the pound and a 12-day high of 1.3270 against the dollar, compared to Tuesday's New York session close of 0.8339 and 1.3223, respectively. The next upside target level for the euro is seen at 0.840 against the pound and 1.330 against the dollar. Against the yen, the euro climbed to near a 5-month high of 111.01 and if the euro gains further, it may likely target the 111.6 level. At Tuesday's New York session close, the euro-yen pair was quoted at 110.70. Looking ahead, Japan's all industry activity index for January is due at 12:30 am ET. Swiss M3 money supply and the U.K. public finance data - both for February and the Bank of England's March meeting minutes are scheduled for release in the European session. U.K. Chancellor George Osborne will present his Budget to Parliament at 8:30 am ET. Canada's leading indicators and the U.S. existing home sales - both for February are expected in the New York morning session. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 23, 2012 Share Posted March 23, 2012 European Economics Preview: French Business Sentiment Due Business confidence survey data from France and mortgage approvals from the U.K. are the important reports due on Friday, headlining a light day for the European economic news. At 3.45 am ET, the French statistical office Insee is scheduled to release business sentiment survey results for March. Business confidence is expected to rise to 93 from 92 a month ago. Spain's statistical office INE is slated to publish producer price data at 4.00 am ET. Economists forecast producer prices to rise 3.4 percent year-on-year, following January's 3.6 percent increase. At 5.00 am ET, Italy's retail sales figures are due. Retail sales are expected to fall 0.1 percent on a monthly basis in January after easing 1.1 percent in December. Annually, the decline is seen at 3.4 percent. Also, the KOF Swiss Economic Institute is scheduled to issue March Economic Forecast. In the meantime, Iceland's wage cost index for February is due. Turkey's foreign tourist arrival figures for February are also due at 5.00 am ET. Tourist arrivals increased 0.6 percent year-on-year in January. British Bankers' Association is set to publish February mortgage approvals for February. The number of mortgages approved in February is seen at 37,250 compared to 38,092 a month ago. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 26, 2012 Share Posted March 26, 2012 European Economics Preview: German Ifo Business Confidence Data Due Business confidence from Germany is the major report due on Monday. Also, Germany plans to raise as much as EUR 3 billion from the short-term debt auction. The Czech Statistical Office is slated to publish business sentiment survey results at 3.00 am ET. In the meantime, Hungary's retail sales figures are due. Economists expect sales to grow 0.1 percent annually in January after rising 1.5 percent in December. Half an hour later, Dutch producer confidence data for March is due. The index dropped to -1.5 in February from -1.4 in January. At 4.00 am ET, consumer confidence from Italy and retail sales and unemployment from Poland are due. Economists expect retail sales growth to ease to 9.9 percent in February from 14.3 percent in January. At the same time, the jobless rate is forecast to rise to 13.5 percent from 13.2 percent. At 5.00 am ET, German Ifo business sentiment is due. Business confidence is forecast to fall slightly to 109.5 in March from 109.6 in February. At the same time, the expectations index is seen improving to 102.7 from 102.3 a month ago. The German government plans to raise a maximum of EUR 3 billion from the issue of Treasury discount paper or 'Bubills' with a maturity of 12 months. The results of the auction are due at 6.30 am ET. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 27, 2012 Share Posted March 27, 2012 European Economics Preview: German GfK Consumer Sentiment Data Due Consumer confidence survey results from Germany and Distributive Trades data from the U.K. are the major reports due on Tuesday. At 2.00 am ET, German GfK consumer confidence data is due. The consumer sentiment is expected to remain unchanged at 6 points in April. In the meantime, the Federal Statistical Office is set to publish German import prices. Economists forecast import price annual inflation to fall to 3.5 percent in February from 3.7 percent in January. The French statistical office Insee is slated to release consumer confidence survey data at 2.45 am ET. The sentiment index is forecast to remain unchanged at 82 in March. At 3.30 am ET, Statistics Netherlands is scheduled to issue final GDP figures for the fourth quarter. Also, Sweden's February producer prices and trade balance figures are due. Spain's short-term bill auction results are due at 5.30 am ET. The government aims to raise a maximum of EUR 1.75 billion from 3-month T-bill auction and EUR 1.25 billion from 6-month T-bill issue. At 6.00 am ET, the Confederation of British Industry is scheduled to release results of Distributive Trades survey. The retail sales balance is seen falling to -5 in March from -2 in February. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 28, 2012 Share Posted March 28, 2012 Moody's Affirms Germany's AAA Rating; Outlook Stable Moody's Investors Service on Tuesday affirmed the AAA rating on German government bonds and said rating outlook remained 'stable' due to "very low event risk" despite the prolonged debt crisis. "Germany's Aaa government bond rating and stable outlook continue to be underpinned by the country's advanced and diversified economy, a strong tradition of stability-oriented macroeconomic policies and the economy's deep integration into global trade and capital markets, Moody's said in its annual credit report. Also, the agency was of the view that the country's economic, financial and political characteristics indicated "very low event risk" despite ongoing economic and financial uncertainties in the euro area. "High productivity growth and strong world demand for German products have allowed the country to build a broad economic foundation with ample flexibility, generating high income levels," the report said. Moody's said it determines a country's sovereign rating by assessing four key factors such as economic strength, institutional strength, government financial strength and susceptibility to event risk as well as the interplay between them. Germany continues to consistently achieve the highest scores for all four factors, according to the rating agency. However, bank-rescue operations by the government and an only moderate economic recovery are likely to continue to weigh on the country's public finances over the near to medium term, it cautioned. Nevertheless, the implementation of restrictive fiscal policies to rein in public debt and promote a robust economic recovery has helped to put the country on track to achieve a nearly balanced budget in 2012, according to Moody's. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 29, 2012 Share Posted March 29, 2012 Japan Retail Sales Growth Tops Expectations Retail sales in Japan increased more than expected in February, helped by strong demand for motor vehicles and fuel, data from the Ministry of Economy, Trade and Industry showed Thursday. Retail sales climbed 3.5 percent year-on-year in February, faster than the 1.8 percent increase in January and 1.4 percent growth expected by economists. A government subsidy for fuel-efficient cars is helping to boost domestic demand for vehicles. Motor vehicle sales jumped 21.4 percent following a 24.1 percent rise in January. Fuel sales at retail outlets climbed 4.8 percent, reversing a 0.8 percent drop in the preceding month. Sales of food and beverages rose 2.5 percent, faster than 0.6 percent rise recorded a month earlier. Meanwhile, retail trade in general merchandise and machinery and equipment suffered annual decreases of 0.2 percent and 15.9 percent respectively. On a month-on-month seasonally adjusted basis, total retail sales rose 2 percent in February. That again beat forecasts for a flat reading. Sales by large-scale retailers saw an increase of 0.2 percent year-on-year against expectations for a 0.3 percent contraction. Commercial sales fell 0.1 percent annually, while wholesale sales slipped 1.3 percent. During a speech in Tokyo on Wednesday, Bank of Japan board member Ryuzo Miyao said the recent pullback in yen and rise in share prices might have helped improve Japan's consumer confidence. Japan's economy contracted 0.7 percent annually in the fourth quarter. To support economic activity, the Bank of Japan expanded the size of its asset purchase by JPY 10 trillion to JPY 30 trillion in February. Also, during the March meeting, the central bank decided to expand its loan scheme aimed at supporting economic growth by JPY 2 trillion. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted March 30, 2012 Share Posted March 30, 2012 Australian Home Sales Rebound In February: HIA Australia's new home sales increased in February, recovering from the previous month's decline, data released by Housing Industry Association (HIA) showed Friday. The volume of new home sales increased a seasonally adjusted 3 percent on a monthly basis in February, recovering from January's decline. Detached house sales rose 2.2 percent during the month. The number of new detached house sales increased12.8 percent month-on-month in Western Australia, 5.3 percent in New South Wales, 3.5 percent in Queensland, and 0.3 percent in South Australia. At the same time, sales of multi-units climbed 10.5 percent in February. "In a contemporary economic environment where interest rate settings are too high, finance conditions persistently tight, consumer and business confidence too low, and plans to tighten fiscal policy inappropriate, it is hard to envisage a sustained recovery in new home sales in coming months,"HIA chief economist Harley Dale said. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted April 2, 2012 Share Posted April 2, 2012 Moody's Lifts S. Korea's Rating Outlook Moody's Investors Service on Monday lifted the outlook on the Republic of Korea's rating, citing strong fiscal fundamentals and resilience in external financing position. The outlook on 'A1' government bond rating was revised to 'positive' from 'stable'. The agency said reduction in the banking sector's level of external vulnerability and the outlook for relatively strong trend GDP growth over the medium term also underpinned the upgrade. Nonetheless, rising household debt is a concern. If unchecked, this trend could impair bank asset quality and introduce a drag on private consumption expenditure as an important source of GDP growth, the agency assessed. Moody's last rating action on the Government of Korea was on April 14, 2010, when its government bond ratings were raised to 'A1' from 'A2'. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted April 3, 2012 Share Posted April 3, 2012 Full Text of Rba Statement After Leaving Rates unchanged at 4.25 Pct Full Text of RBA Statement after leaving rates unchanged at 4.25 pct Recent information is consistent with the expectation that the world economy will grow at a below-trend pace this year, but does not suggest that a deep downturn is occurring. Several countries in Europe will record very weak outcomes, but the US economy is continuing a moderate expansion. Growth in China has moderated, as was intended, and is likely to remain at a more measured and sustainable pace in the future. Conditions around other parts of Asia softened in 2011, partly due to natural disasters, but are not showing signs of further deterioration. Some moderation in inflation has allowed policymakers in the region to ease monetary policies somewhat. Commodity prices declined for a few months last year and are noticeably off their peaks, but have been relatively stable for a while now, at quite high levels. Australia's terms of trade have peaked, though they remain high. Financial market sentiment has generally continued to improve in recent weeks and capital markets are supplying funding to corporations and well-rated banks. At the margin, wholesale funding costs are tending to decline, though they remain higher, relative to benchmark rates, than in mid 2011. But the task of putting European banks and sovereigns onto a sound footing for the longer term remains large and Europe will remain a potential source of adverse shocks for In underlying terms, inflation was around 2½ per cent in 2011. CPI inflation was higher than that but will fall over the next quarter or two. It is currently expected that inflation will be in the 2-3 per cent range over the coming one to two years. This forecast abstracts from the effects of the carbon price and also embodies an assumption that productivity growth in the economy increases somewhat as a result of the structural change now occurring. At its next meeting, the Board will have the opportunity to reassess the outlook for inflation, taking into account not only data on demand and output but also forthcoming information on prices. The Board eased monetary policy late in 2011. Since then, its judgement has been that, with growth expected to be close to trend, inflation close to target and lending rates close to average, the setting of monetary policy was appropriate. The Board's view was also that, were demand conditions to weaken materially, the inflation outlook would provide scope for easier monetary policy. At today's meeting, the Board judged the pace of output growth to be somewhat lower than earlier estimated, but also thought it prudent to see forthcoming key data on prices to reassess its outlook for inflation, before considering a further step to ease monetary policy. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted April 4, 2012 Share Posted April 4, 2012 Dollar Extends Rally Against Most Majors The U.S. dollar has been extending its New York session's rally against most major currencies in early Asian trading on Wednesday as the minutes of the Federal Reserve's latest monetary policy meeting indicated that the members were less willing to initiate another round of quantitative easing amid signs of improvement of the U.S. economy. The latest FOMC meeting minutes said only "a couple of members" indicated that additional stimulus could become necessary, compared to the minutes of the January meeting, which said "a few members" believed that conditions could warrant additional securities purchases. Disappointing trade data from Australia released in the session also prompted traders to bet on safe haven dollar. Australia's trade deficit fell to A$480 million from A$971 million in January, data from the Australian Bureau of Statistics showed. Economists had expected the balance to be in a surplus of A$1.1 billion. Exports fell 2 percent month-on-month in February. Imports were 4 percent lower than a month earlier. The dollar rose to near a 2-week high of 1.3185 against the euro and a 6-day high of 1.5875 against the pound, compared to yesterday's close of 1.3231 and 1.5914, respectively. The next upside target level for the dollar is seen at 1.315 against the euro and 1.585 against the pound. The dollar that closed yesterday's New York session at 0.9103 against the Swiss franc climbed to a 9-day high of 0.9136. On the upside, 0.920 is seen as the next target level for the dollar. Against the Canadian dollar, the US dollar strengthened to a 2-day high of 0.9932. If the greenback gains further, it will reach parity with the loonie. At yesterday's close, the greenback-loonie pair was quoted at 0.9911. The U.S. dollar advanced to a fresh 2- 1/2 -month high of 1.0265 against the Australian dollar and the next upside target level for the greenback is seen at 1.020. The pair ended yesterday's trading at 1.0332. The U.S. dollar edged up to a 6-day high of 0.8157 against the New Zealand dollar, compared to 0.8191 hit late New York Tuesday. On the upside, 0.814 is seen as the next target level for the U.S. currency. But the dollar pulled back slightly from its late New York session high of 83.0 against the yen. At present, the dollar-yen pair is worth 82.67, compared to yesterday's closing value of 82.87. The final services PMI report for March from major European economies, Eurozone retail sales and German factory orders - both for February are expected in the European session. At 7:45 am ET, the European Central Bank is due to announce its interest rate decision. The central bank is widely expected to keep rates on hold at 1 percent. The U.S. ADP National employment report and the ISM non-manufacturing index - both for March are scheduled for release in the New York morning session. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted April 5, 2012 Share Posted April 5, 2012 European Economics Preview: BoE Rate Decision In Focus The interest rate decision from the Bank of England is the major event that is set to dominate the scene on Thursday. The Federal Statistical Office is slated to issue Swiss consumer price data at 3.15 am ET. Economists expect consumer prices to fall 1.1 percent year-on-year in March, after easing 0.9 percent in February. At 3.30 am ET, Dutch inflation data for March is due. EU harmonized inflation remained unchanged at 2.9 percent in February. At 4.30 am ET, the Office for National Statistics is set to release U.K. industrial output figures. Industrial output is forecast to rise 0.4 percent on a monthly basis after falling 0.4 percent in January. Manufacturing output is expected to edge up 0.1 percent. The French government aims to raise a maximum of EUR 8.5 billion from the long-term bond auction. The results of the issue are due at 4.50 am ET. The Federal Ministry of Economy and Technology is scheduled to publish German industrial output at 6.00 am ET. Economists forecast industrial production to drop 0.5 percent month-on-month in February. The Bank of England is set to announce its monetary policy decision at 7.00 am ET. Policymakers are likely to maintain its GBP 325 billion bond purchases. The central bank is also seen holding its 0.050 percent record low interest rate. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
IFX Yana Posted April 6, 2012 Share Posted April 6, 2012 U.S. Employment Growth Slows In March Employment growth in the U.S. slowed to 5 percent on a yearly basis in March from 11 percent logged in February, Monster Worldwide said Friday. On a monthly basis, the employment index remained unchanged at 143 in March. The report showed that 16 of the 20 industries monitored by the index showed positive annual growth trends. Commerce activity continued to maintain steady momentum with transportation and warehousing, retail and wholesale trade recording solid annual growth rates. The employment index is a broad and comprehensive monthly analysis of U.S. online job demand conducted by Monster Worldwide based on a real-time review of millions of employer job opportunities culled from a large, representative selection of corporate career sites and job boards. More FOREX-news on pages InstaForex.Com Quote Link to comment Share on other sites More sharing options...
antthenait Posted April 7, 2012 Share Posted April 7, 2012 This is really very helpful journal because we can get better news from them about us market. As their current status already increase by 4-6 points so we need to use this time spend. But be careful about their current status because anytime it will drop down - so make sure about their current stock rate before purchase any currency unit. Quote Link to comment Share on other sites More sharing options...
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