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IFX Tatyana
Canadian Dollar Strengthens To New Multi-Day Highs Against Majors
Tuesday during early deals, the Canadian dollar strengthened to new multi-day highs against its European, US, Australian and Japanese counterparts as crude oil prices rose toward $69 a barrel, snapping two-days of fall.

U.S. light crude for July delivery rose 93 cents to $69.02 a barrel by 4:55 am ET, just off a session high of $69.37. London Brent crude gained 94 cents to $68.82.

The Canadian dollar edged up to a 6-day high against the Aussie, an 8-day high against the euro and a 4-day high against the yen and the dollar. The Canadian currency appreciated 9% against the greenback, 2.4% against the euro and 5% against the yen in May, as stocks advanced and commodities rallied, led by energy, as the slumping greenback boosted demand for raw materials as a hedge against inflation. Raw materials account for more than half of Canada's export revenue.

During early deals on Monday, the Canadian dollar jumped to 1.1083 against the U.S. currency. This set a 4-day high for the loonie. On the upside, 1.079 is seen as the next target level for the Canadian dollar. The greenback-loonie pair was worth 1.1161 at Monday's close.

Canada's currency, called the loonie, depreciated 3% against the U.S. dollar in the first quarter of 2009, which ended on March 31, compared to a 13% loss in the fourth quarter of 2008 ending December 31.

But the Canadian dollar is showing strength since the beginning of second quarter this year as the crude oil prices rebounded and investors stepped out of havens into higher-yielding assets such as stocks amid signs the global economic slump is moderating. Thus far, the loonie has appreciated 17% against the greenback.

The Canadian dollar, which closed Monday's trading at 88.31 against the yen rose to a 4-day high of 88.65 during early deals on Tuesday. The next upside target for the loonie-yen pair is seen at the 91.0 level.

After hitting a new multi-year low of 68.44 against the yen on January 21, the Canadian dollar rebounded and extended its uptrend in the subsequent months. Since then, the loonie-yen pair advanced 23% to hit a new multi-month high of 89.20 on June 03.

The Canadian dollar rose to a 6-day high of 1.5412 against the euro in early deals on Tuesday. This may be compared to Monday's close of 0.8811. If the Canadian dollar climbs further, it may likely target the 0.872 level.

The Federal Statistical Office said Germany's trade surplus declined to EUR 9.4 billion in April from EUR 11.3 billion in the previous month. The surplus stood above the expected level of EUR 9.3 billion. Upon calendar and seasonal adjustment, the foreign trade surplus totaled EUR 9 billion.

According to provisional results of the Deutsche Bundesbank, the current account balance showed a surplus of EUR 5.8 billion in April, much smaller than the EUR 15.4 billion in April 2008.

The Canadian dollar that was worth 0.8811 against the Aussie at yesterday's New York session close, rose to a 5-day high of 0.8787 by about 5:20 am ET Tuesday. If the loonie climbs further, 0.872 is seen as the next upside target level.

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IFX Darika
Pound climbs to 5-day high against yen and franc
Extending its recent rally, the UK's sterling rallied strongly higher against its major rivals on Tuesday morning in Asia. The pound rose to a 5-day high of 158.6 against the Japanese yen and 1.7548 against the Swiss franc by 8:00 pm ET. The pound also ticked up to 1.6102 against the US dollar and 0.8656 against the euro during this time.

Traders mulled reports showing the average asking price for houses in Great Britain came in at -44.1 in May, the Royal Institute of Chartered Surveyors said today, posting an 18-month index high. The score beat analyst expectations for -50.0 following the revised -58.7 in April for the highest reading since November 2007.

At the same time, the British Retail Consortium report showed today that same-store sales in May were down 0.8 percent on year. Overall sales, including those from newly opened stores, were up 0.8 percent on year.

The next upside target levels for the pound are seen at 1.773 against the franc, 161 versus the yen, 1.61 against the buck and 0.865 against the euro. At Monday's North American session, the pound closed deals at 0.8663 against the euro, 1.7525 versus the franc, 1.6053 against the greenback and 158.14 against the yen.

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IFX Tatyana
Japanese yen bounces back against European majors
During early European deals on Thursday, the Japanese yen reversed its Asian session's downtrend against the European currency, the British pound and the Swiss franc. Meanwhile, the yen extended its gains against the US dollar.

The yen edged down earlier in Asian deals after a report showed that Japan's economy shrank in the first quarter at its fastest pace since World War Two.

The gross domestic product in Japan contracted by 3.8 percent in the first quarter compared to the previous three months, the Cabinet Office said today in its final report. That was slightly better than the record preliminary reading of -4.0 percent, at which analysts expected GDP to hold steady. GDP saw a 3.8 percent quarterly decline in Q4 of 2008.

On an annualized basis, GDP was down 14.2 percent versus expectations for a 14.9 percent decline after the -15.2 percent preliminary reading. Capex came in at -8.9 percent compared to the original 10.4 percent decline.

The Japanese yen extended its Asian session gains against the US dollar during early European deals on Thursday. At 3:10 am ET, the yen reached a high of 97.67 against the greenback, compared to 98.13 hit late New York Wednesday. The next upside target level for the Japanese currency is seen around 96.9.

The Japanese yen that closed Wednesday's North American session at 137.23 against the European currency declined to 137.71 at 2:15 am ET Thursday Thereafter, the yen reversed its direction and is currently trading at 136.80 against the euro with 134.3 seen as the next target level.

Against the British pound, the Japanese unit gained ground after hitting a low 160.98 at 2:15 am ET Thursday. The yen is presently trading at 160.05 versus the pound, compared to Wednesday's closing value of 160.56. On the upside, 155.6 is seen as the next target level for the Japanese yen.

The Japanese currency that touched a low of 91.09 against the Swiss franc during today's Asian deals strengthened thereafter. At 3:25 am ET, the yen climbed to 90.44 against the franc. This may be compared to Wednesday's closing value of 90.85. If the Japanese yen gains further, 89.6 is seen as the next target level.

At 4.00 am ET, the European Central Bank is slated to issue its monthly bulletin.

Half an hour later, Inflation Attitude survey is due from the Bank of England. According to the quarterly survey released on March 12, median expectations of the rate of inflation over the coming year were 2.1%, the lowest out turn since May 2005.

From U.S., the retail sales for May, business inventories for April and the weekly jobless claims report are expected.

Atlanta Federal Reserve Bank President Dennis Lockhart is due to deliver a speech on the economy before National Association of Securities Professionals annual conference in Atlanta at 1:05 PM Eastern Time.

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IFX Darika
Dollar Choppy Versus Other Majors Wednesday
The dollar firmed up in choppy trading versus other major currencies Wednesday, but most of its gains came prior to the release of the Federal Reserve's Beige Book, which said that economic conditions remained weak or deteriorated further during the period from mid-April through May.

After coming under pressure over the last two days versus the euro and sterling amid increased risk appetite, the dollar steadied as a rally in stocks faded, causing traders to seek safer ground in the world's reserve currency.

The dollar spent most of the afternoon between 1.3900 and 1.4000, staying away from a 5-month low of 1.4338 set a week ago. Versus the sterling, the dollar managed to hold its ground near 1.6350, having slipped more than 5 cents over the previous two sessions. 8 days ago, the buck dropped to a 6-month low of 1.6662, culminating a dismal one-month run to the downside.

Russian Central Bank rattled currency traders today by saying it may cut its U.S. treasury investments in favor of International Monetary Fund bonds.

Also Wednesday, official data showed that the German annual inflation rate reached the lowest level since 1987 on easing energy and food prices. French industrial production dropped faster than expected in April due to widespread contraction in all industrial sub-sectors, especially in the manufacture of petroleum products.

Out of the euro area, British manufacturing output recorded growth for the second straight month in April signaling that the economy is on the road to a gradual recovery.

The dollar crept higher versus the yen, rising back above 98 to challenge a 4-week high of 98.87, set Monday morning. Wednesday saw some key statistical data releases from major Asian economies. Official reports showed that orders for Japanese machinery dropped to the lowest level in more than two decades and in China, consumer prices fell for the fourth straight month.

Back in the US, the Fed's Beige Book, a compilation of anecdotal evidence on economic conditions from each of the twelve Federal Reserve districts, said manufacturing activity declined or remained at a low level across most districts.

However, the Fed said that several districts also reported that the outlook by manufacturers has improved somewhat.

With the value of exports falling by more than the value of imports in the month of April, the Commerce Department released a report Wednesday morning showing that the U.S. trade deficit for the month came in modestly wider than in March.

The report showed that the trade deficit widened to $29.2 billion in April from a revised $28.5 billion in March. Economists had expected the deficit to widen to $29.0 billion from the $27.6 billion originally reported for the previous month.

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dice735
Thanks for the interest reviews. Keep on Insta! biggrin.gif
IFX Tatyana
US Dollar Edges Up Against Majors.
Friday, the dollar edged up against its major counterparts on hopes of an economic recovery as data showed yesterday that the retail sales in U.S. rose in May for the first time in three months and the number of people filing first-time unemployment claims dropped last week to the lowest level in more than four months.

The dollar also gained ahead of the G8 finance ministers meeting later in the day where the ministers are expected to discuss the exit policies.

Trading will be subdued as investors may focus on the comments that may come out of the Group of eight ministers meeting. Its is expected that U.S treasury secretary may say U.S favors a strong dollar.

The U.S. Labor Department revealed Thursday that initial jobless claims, a closely-watched gauge of layoffs, came in at 601,000 for the week ended at June 6th. This was down 24,000 from the previous week's revised level of 625,000.

Another report released by the Commerce Department said that retail sales showed a notable increase in the month of May, although the increase was due in large part to an increase in gasoline prices that drove up sales at gas stations.

The report showed that retail sales rose 0.5 percent in May following a revised 0.2 percent decrease in April. Economists had expected sales to increased by 0.5 percent compared to the 0.4 percent decrease originally reported for the previous month.

Today at 8:30 am ET, the export & import price indexes for April, are due out from U.S. At 10 am ET, the Reuters/University of Michigan's preliminary report on the consumer sentiment index for June is scheduled to be released. Consumer confidence is expected to remain almost flat in the month, with economists forecasting a value of 68.6, little change from the previous month's 68.7.

The dollar that was worth 1.4110 against the euro and 1.6593 against the pound at yesterday's New York session close hit highs of 1.4034 and 1.6448, respectively during today's early trading. The next upside target levels for the dollar is seen at 1.391 against the European currency and 1.624 against the pound.

From the euro-area, the Euro zone industrial production dropped a seasonally adjusted 1.9% month-on-month in April, compared with a 1.4% fall in March, revised from 2% drop reported initially. Economists were looking for a decline of 0.4%.

Year-on-year, industrial production declined 21.6% in April, after falling 19.3% in March, revised from 20.2% drop estimated initially. Economists had predicted a decrease of 19.8%.

Additionally, the French statistical office INSEE said consumer price index or CPI dropped 0.3% year-over-year in May, compared with a 0.1% increase in the previous month. This was the first decrease since 1957. Economists were looking for a decline of 0.2%.

The dollar edged higher against its Swiss counterpart during Friday's early trading. At about 5:15 am ET, the dollar-franc pair hit as high as 1.0766, compared to yesterday's closing value of 1.0704. If the dollar rises further, 1.095 is seen as the next target level.

The greenback strengthened in early dealings versus the yen and hit as high as 98.26 by 5:40 am ET. This may be compared with yesterday's closing value of 97.65. The immediate resistance level for the pair is seen around the 98.8 level.

Japan's Ministry of Economy, Trade and Industry said today that the industrial production grew 5.9% month-on-month in April, revised up from the preliminary estimate of 5.2%. On a yearly basis, production plunged 30.7% in April.

Japan's consumer confidence improved to 36.3 in May from 33.2 logged in the previous month, a monthly survey from the Cabinet Office revealed. The indicator stood above the expected reading of 34.

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desire
Thanks for these useful infos.

May God Bless Instaforex. smile.gif
IFX Darika
We are glad to provide our clients the most actual and interesting information! More news you can get from our web-site daily using this link: forex news.
IFX Tatyana
Switzerland Cuts Economic Outlook, Govt. Announces New Stimulus Measures.
Wednesday, the Swiss government lowered its economic outlook for 2009 and lunched new set of measures to address the recession.

The State Secretariat for Economic Affairs or SECO said gross domestic product or GDP may fall 2.7% this year and by 0.4% next year. It was down from its previous forecast of a 2.2% contraction for this year and a slight recovery of 0.1% for 2010.

Consumer prices are forecast to decline 0.5% this year and may increase 0.9% in the coming year. In the March report, the government had forecast a 0.2% fall for this year and a rise of 1% for the next year.

Further, the forecast for the jobless rate in 2009 is kept untouched at 3.8%, while revised to 5.5% from 5.2% for the next year.

On the same day, the government announced new stimulus measures worth 400 million Swiss francs to fight rising unemployment. It brought overall measures of the third economic package to 750 million francs. The new measures include temporary employment in non-profit organizations, subsidies for training programmes and internships in government institutions.

The government also approved 200 million francs last month in subsidies for health insurance and 150 million francs in tax reductions.

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IFX Darika
Dollar Fades Versus Majors After Obama Unveils Financial Reforms
The dollar tailed off versus other major currencies on Wednesday after President Barack Obama laid out a "sweeping" agenda for regulatory reform of the financial system.

Among reforms, Obama proposed granting the Federal Reserve the authority to scrutinize firms that are large enough to pose a "systemic risk" to the financial markets.

While the dollar came under some pressure following the announcement, on the whole its been a week a stabilization for the world's reserve currency. Although the buck has drifted lower against the yen, it has managed to consolidate recent gains versus the euro and sterling after a tough April and May.

The dollar slipped to a fresh 2-week low of 95.50 versus the yen, having only been above the century mark in 2009 for a few days in April.

Wednesday, the Bank of Japan and the Cabinet office raised their economic assessment for the second straight month as some of the leading indicators suggested that the worst of the recession is over.

The dollar eased about a penny to 1.3950 versus the euro, moving away from a 4-week high near 1.3750 set last week. Versus the sterling, the dollar remained choppy near 1.6400, staying near a 6-month low of 1.6662 set early in June.

In economic news from the US, consumer prices showed a modest increase in the month of May, according to a report released by the Labor Department on Wednesday, with the mild price growth coming in below the expectations of economists.

The report showed that consumer prices edged up 0.1 percent in May after coming in unchanged in April. Economists had been expecting a somewhat more substantial increase in prices of about 0.3 percent.

Elsewhere, the eurozone's trade surplus in April improved from March as well as from the year-ago period, a report from the Eurostat showed Wednesday.

The trade surplus increased to EUR2.7 billion in April from a revised surplus of EUR1.8 billion in March, and a EUR2.2 billion surplus last year. For March, the trade surplus was initially reported as EUR0.4 billion.

Meanwhile, the number of Britons claiming jobless benefits reached the highest level since July 1997, although the increase was less than expected, official data showed Wednesday.

The claimant count was 1.54 million in May, up 39,300 over the previous month, the Office fConsumer prices showed a modest increase in the month of May, according to a report released by the Labor Department on Wednesday, with the mild price growth coming in below the expectations of economists.

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IFX Darika
IMF May Raise Global Growth Forecast For 2010, Official Says
The International Monetary Fund or IMF may raise its 2010 growth outlook for the world economy in the coming weeks, reflecting some improvements in global economic conditions, IMF's First Deputy Managing Director John Lipsky said Friday. He called for forceful policies to tackle the financial sector stress and continued international collaboration to ensure signs of economic improvement lead to a sustained global recovery.

In a keynote address to Turkish Industrialists' and Businessmen's Association in Bodrum, Lipsky said, "Financial conditions have improved, confidence is recovering gradually, and indicators of future production and demand have firmed. Reflecting these developments, I expect that in the coming weeks we will revise our growth projections modestly upward, mainly with regard to 2010."

However, he warned that given the worldwide increase in unemployment, it is far too early to conclude that the goal of restoring global growth has been accomplished.

While noting that recent indicators have signaled a slowdown in economic contraction, Lipsky said the timing and pace of the global economic recovery remains uncertain.

In April, the IMF had forecast that the global economy will contract by 1.3% in 2009, the deepest recession since the World War II. The economy is then expected to grow by 1.9% in 2010. The IMF is due to announce its updated forecasts for the world economy on July 7.

However, Lipsky said, "Even the upbeat indicators widely cited as representing "green shoots" still point to a global recovery that would be sluggish by historic standards."

He said activity in the advanced economies will revive only gradually over the course of 2010, weighed down by financial deleveraging, limited credit growth, weak household income growth and declining household net worth. Emerging economies are unlikely to return to trend growth while advanced economies are still underperforming. As a result, output gaps and unemployment rates in most economies likely will continue rising through 2010, Lipsky said.

In this context, he said, it should be clear that in most cases, continued strong policy actions will be needed during the remainder of this year and into 2010 in order to insure that economic activity begins a sustained improvement.

He stressed that robust growth will not be achieved until continuing financial sector problems are addressed forcefully. He noted that recent bank stress tests in major advanced economies, especially in the United States and the United Kingdom, have represented a significant step toward rebuilding market confidence and attracting new private capital.

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IFX Tatyana
Euro Slides To Multi-day Lows Against Most Majors
The European common currency lost ground against its major rivals on Monday morning in Asia. The euro slumped to multi-day lows against most of them.

Traders are looking forward to the seasonally adjusted Italian industrial orders report for April and the German IFO business climate report for June in the upcoming session.

The euro fell to a 5-day low of 0.8444 against the pound around 9:10 pm ET and the pair is presently worth near 0.845. If the euro slips further, support is seen at the 0.843 level. At Friday's close, the euro-pound pair was quoted at 0.8458.

Latest report from the property website Rightmove showed that the average property asking price in the U.K. eased 0.4% month-over-month in June to 226,436 pounds. Annually, the asking price fell a steeper 5.5%.

Retreating from last week's winning streak, the euro fell to a 4-day low of 133.19 against the Japanese yen by 9:50 pm ET. The euro-yen pair that closed Friday's trading at 134.34 is presently quoted at 133.56 and the next downside target for the pair is seen at the 132.3 level.

The yen gained across the board after the Ministry of Economy, Trade and Industry report showed today that Japan's tertiary industry activity index rose 2.2% month-over-month in April following an upwardly revised 2.8% decline in the previous month. Economists had expected 2.3% growth for the month.

The euro also slipped to a 4-day low of 1.5056 against the Swiss franc around 5:35 pm ET. This may be compared to last week's close of 1.5079. On the downside, the euro-franc pair may likely target the 1.504 level.

Pulling back from Friday's weekly high of 1.4013, the euro declined to 1.3887 against the US dollar by 9:25 pm ET. The euro-buck pair that closed last week's deals at 1.3958 is presently trading at 1.3915.

With little first-tier economic data to consider, attention will likely turn to US Federal Reserve's interest rate decision on Wednesday. Analysts expect the FOMC will retain its base rate at 0.25 percent.

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IFX Darika
World Bank Lowers Global GDP Forecast; Sees Huge Fall In Intl Capital Flows
The World Bank reduced its global GDP estimate as well as the outlook for most other economies and warned of a large decline in international capital flows amidst financial market fragility and recession.

The Washington-based lender now forecasts the world economy to shrink 2.9% this year, larger than its earlier prediction of a 1.7% decrease. In a report released on June 11, the lender had predicted the economy to shrink close to 3% in 2009. Global GDP is forecast to rebound with 2% growth next year and 3.2% by 2011.

The World Bank expects developing economies to grow 1.2% this year, following a 5.9% growth in 2008. The growth estimate for 2009 is much lower than the 2.1% expansion estimated in March. Following a slow growth in 2009, the bank sees a higher 4.4% growth in 2010 and 5.7% in 2011, albeit subdued relative to the strong performance before the current crisis.

When China and India are excluded, GDP in the remaining developing countries is projected to drop 1.6%, leading to continued job losses and throwing more people into poverty. China's GDP growth is seen at 7.2%, while Indian output growth is projected to be 5.1%. In 2010, India is expected to record 8% growth.

According to the latest Global Development Finance 2009 report, net private capital inflows to developing countries dropped to US$707 billion in 2008 amidst global economic recession and financial market fragility. Further, international capital flows are estimated to drop again in 2009 to US$363 billion.

Justin Lin, World Bank Chief Economist and Senior Vice President, Development Economics said, "The need to restructure the banking system, combined with emerging limits to expansionary policies in high-income countries, will prevent a global rebound from gaining traction."

Policy measures adopted by a number of large economies helped to avoid systemic collapse. The lender stressed the importance of concerted global action while the crisis is underway. The bank said as the world is entering an era of slower growth, it requires tighter and more effective oversight of the financial system.

High income nations like OECD countries are estimated to shrink 4.2% in 2009, while the decline in the U.S. is seen at 3% and that in Japan at 6.8%.

The World Bank also lowered its growth forecast for East Asia and the Pacific region from its initial growth forecast of 5.3%. The World Bank noted that this region experienced the full brunt of the crisis due to its close trade links with high income nations and as well as declining investment. The region is now estimated to grow 5% this year, with recovery across the region expected to start in the second half of 2009 and into 2010. But, the turnaround is set to be gradual as the regional GDP is projected to rise 6.6% in 2010 and 7.8% by 2011.

The World Bank said Europe and Central Asia was the most adversely affected region by recent developments. Huge current account deficits and domestic overheating resulted in the reversal of capital flows. For this region, the lender sees 4.7% contraction in 2009, while it is expected to expand around 1.6% next year. The bank revised down the estimate for 2009 from a 2% fall predicted in late March.

Meanwhile, South Asia experienced a significant decrease in capital inflows and a a falloff in investment growth. An annual growth of 4.6% is estimated for the region, down from 6.1% in 2008. In 2010, output is predicted to grow 7% and 7.8% in 2011.

The Middle East and North Africa region growth is predicted to halve to 3.1% this year. Though this region is less directly affected by the credit crunch than other regions, local equity property markets came under immense pressure. The economy is set to expand 3.8% in 2010 and 4.6% in 2011.

At the same time, the Sub-Saharan Africa was adversely influenced by reduced external demand, plunging export prices, weaker remittances, tourism revenues and lower capital inflows. Growth is estimated to slow sharply this year to 1%, down from an average growth of 5.7% in the last three years.

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dorin
why news not update so long? blink.gif
IFX Tatyana
QUOTE (dorin @ Jun 26 2009, 05:20 PM) *
why news not update so long? blink.gif


We make an apology, but we had some technical problems with the news. We hope there won't be any problems in the future.
IFX Tatyana
Euro Shows Mixed Trading Against Majors
Friday, the European currency climbed to a 2-day high against the US dollar and the Japanese yen. On the other hand, the euro pared its Asian session gains against the British pound, while showed choppy trading versus the Swiss franc.

In economic news from Europe, Germany's Federal Statistical Office said in a report that the import price index dropped 10.4% year-over-year in May, compared to the 8.6% fall in the previous month. This was the highest price decline since February 1987. Economists were looking for a decline of 10.3%. On a monthly basis, import prices remained unchanged in May, after falling 0.8% in April. Economists had predicted an increase of 0.3%.

Meanwhile, the French statistical office INSEE said in a report that the consumer confidence stood at minus 37 in June, up from minus 40 in May. Economists had expected a reading of minus 39 for June.

Also, the French statistical office INSEE confirmed a 1.2% sequential contraction for its economy in the first quarter. At the same time, the statistical agency revised the figure for the fourth quarter to show a fall of 1.4% from a 1.5% contraction reported initially.

A report by France's Ministry of Labor and Employment showed today that the number of unemployed persons increased by 1.5% or 36,400 in May from the preceding month. Year-on-year, the number of unemployed persons increased by 26.4%. During the month, there were 2,543,100 unemployed persons.

Against the US dollar, the European currency edged higher during early deals on Friday. At 6:45 am ET, the euro-dollar pair reached a 2-day high of 1.4092, compared to 1.3989 hit late New York Thursday. If the pair gains further, 1.424 is seen as the next target level.

The single currency lost ground after hitting a high of 0.8573 against the British pound at 1:15 am ET Friday. The euro-pound pair is currently trading at 0.8539 with 0.843 seen as the next target level. The pair closed Thursday's North American session at 0.8548.

The 16-nation currency largely bounced between 1.532 and 1.529 against the Swiss franc during today's early deals. The euro-franc pair is now worth 1.5307, compared to Thursday's closing value of 1.5304.

KOF economic think tank said its economic barometer for Switzerland rose to minus 1.65 in June from May's revised reading of minus 1.85. Meanwhile, economists had expected the indicator to rise to minus 1.75.

Against the Japanese yen, the euro traded higher during Friday's early deals. At 2:40 am ET, the euro-yen pair hit a 2-day high of 134.96, compared to yesterday's closing value of 134.26. The next upside target level for the pair is seen around 137.2.

Japan's consumer prices dropped sharply in May compared to the year-ago period, mainly due to lower prices for utilities, transport and communication, official data showed today.

Data released by the Ministry of Internal Affairs and Communications said consumer prices fell 1.1% year-on-year in May, coming in line with economists' estimate, after a 0.1% drop in the previous month. Consumer prices declined for the fourth consecutive month in May.

Japan's index of all industry activity dropped 9.9% year-on-year in April, slower than a 11.9% fall in the preceding month, the Ministry of Economy, Trade and Industry said today. The index has been declining on an annual basis continuously since March 2008.

Traders are now likely to focus on the North American session, in which the U.S. Bureau of Economic Analysis is due to release its personal income & outlays report for May at 8:30 am ET. Economists estimate the report to show that personal income rose 0.2% and the personal spending increased 0.4% in the month.

At 10:00 am ET, the Reuters/University of Michigan's final report on the consumer sentiment index for June is scheduled to be released. Consumer confidence is expected to rise in the month, with economists forecasting an increase in the index to 69 from the previous month's reading of 68.7.

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dorin
oh, updated! biggrin.gif that is good.
IFX Darika
US Dollar Ticks Up Following May Personal Income Report
The greenback, which slumped to multi-day lows against most majors just before the release of the US Commerce Department report on personal income, started trending higher following the report. As of now, the dollar is trading at 95.42 against the Japanese yen, 1.0847 versus the Swiss franc, 1.6491 against the pound and 1.4083 against the euro.

The report showed that personal income jumped 1.4 percent in May following an upwardly revised 0.7 percent increase in April. Economists had expected income to rise 0.3 percent compared to the 0.5 percent growth originally reported for the previous month.

Additionally, the Commerce Department also said that personal spending rose 0.3 percent in May after coming in unchanged in the previous month. The moderate increase in spending came in line with economist estimates.

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IFX Tatyana
U.K. House Prices Rise For Second Straight Month.
Tuesday, the Nationwide Building Society said house prices in the U.K. rose 0.9% in June from the prior month, following a 1.3% increase in May. On a yearly basis, house prices were down 9.3% versus May's 11.3% decline. The price of a typical house totaled GBP 156,442 in June.

Martin Gahbauer, Nationwide's Chief Economist said, "If the pattern of price movements seen in the first half of the year is repeated over the second half, then prices could show only a small single digit fall for 2009 as a whole."

In the second quarter, all regions see moderation in annual rate of price decline. For U.K. as a whole, house prices rose 1.1% between first and second quarter. House prices were down 11.7% annually, slower than the 16.5% fall seen in the first quarter.

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IFX Darika
Dollar And Yen Plunge On Improving Risk Appetite
Tuesday in Asia, the U.S. dollar and the Japanese yen plummeted against their key counterparts as hopes of an economic recovery increased risk appetite to buy higher-yielding assets.

The dollar and the yen are viewed as safe-haven currencies and tend to attract buying when worries about the global economy and financial markets flare up, but can come under pressure when such concerns recede.

Asian stock markets are broadly higher today, taking their cue from gains on Wall Street with energy stocks buoyed by a continued rise in crude oil prices.

Japan's Nikkei 225 was up 1.9%, Australia's S&P/ASX 200 was 1.5% higher, Korea's Kospi Composite Index was up 0.8%, Hong Kong's Hang Seng was up 1.4%, China's Shanghai Composite was 0.1% higher and Taiwan shares were up 0.9%.

Japan's Nikkei average rose 1.9 percent today, and briefly it hit 10,000 as surging crude prices boosted trading houses such as Mitsubishi Corp., which deal in oil, amid growing optimism that economic recession may be easing.

The 225-issue Nikkei Stock Average gained 184.57 points, or 1.89 percent, from Monday to 9,968.04 in the morning session after briefly touching 10,000.30. The benchmark index last topped the 10,000 line on June 15, logging an intraday high of 10,126.55.

The broader Topix index of all First Section issues on the Tokyo Stock Exchange was up 14.32 points, or 1.56 percent, to 929.64.

Stock market gains are fueling risk appetite in the currency markets, sending the euro, aussie and kiwi higher.

Sentiment in Japan was helped by news that household spending in May rose 0.3% on year, up for the first time in 15 months, and beating expectations for a 1.5% decline.

But that was tempered by the release of the May jobless rate, which rose to 5.2%, the highest since September 2003, from 5.0% in April. Analysts had expected an increase of 5.1% for May.

The job-to-applicant ratio came in at a record low of 0.44, compared to forecasts for 0.45 after the 0.46 level in April.

But the number of employed persons rose from 63.22 million in April to 63.42 million in May. The job participation rate was 60.5 percent, up from 60.4 percent a month earlier.

The Organization for Economic Cooperation and Development last week forecast Japan's jobless rate will rise to an unprecedented 5.8 percent in 2010.

In Asian trading on Tuesday, the yen fell to a 2-week low of 159.97 against the pound. This may be compared to yesterday's close of 159.15. If the yen weakens further, it may likely target the 162.6 level.

The yen has declined 4% against the pound after it reached a 3-week high of 154.13 on June 23.

The yen tumbled to a 15-day low of 135.97 against the euro during Asian deals on Tuesday. The next downside target level for the Japanese currency is seen at 138. At yesterday's close, the euro-yen pair was quoted at 135.32.

The euro gained 1% against the yen yesterday after a report showed that the Euro-zone economic sentiment rose more than expected in June.

The economic sentiment indicator rose to 73.3 from an upwardly revised reading of 70.2 recorded in May. Meanwhile, economists had expected the index to rise to 71 from May's initially reported reading of 69.3.

Against the Swiss franc, the yen slipped to a 6-day low of 89.14 in Asian deals on Tuesday. On the downside, 89.8 is seen as the next target level for the yen. The franc-yen pair was worth 88.80 at Monday's New York session close.

After hitting a 1-month high of 86.89 against the franc on June 24, the yen has been declining and it has lost more than 2% thus far.

The dollar also weakened today on optimism the global slump is waning, reducing the currency's appeal as a refuge.

During Asian deals on Tuesday, the dollar plunged to 1.6663 against the pound. This set the lowest level for the dollar since June 03. If the dollar slides further, it may likely target a new multi-month low of 1.70. The pound-dollar pair closed yesterday's trading at 1.6567.

The pound rose as U.K. consumers became much more upbeat about the economy's prospects over the next 12 months in June, boosting the overall measure of confidence for the fourth time in five months.

Consumers seem to believe that the measures taken by the government and the Bank of England to support the economy are likely to work, and indicating that they in turn won't cut back on spending as sharply as many economists had expected.

Polling firm GfK NOP said today that the headline measure of consumer confidence rose to -25 in June from -27 in the previous month. The index was in line with economists' expectations. At the same time, the index came in better than the minus 34 registered in June last year.

The dollar plummeted to a 7-month low of 1.6666 against the pound on June 03. Although the dollar gained thereafter, it pulled back again after reaching a 12-day high of 1.5805 on June 08.

However, the pound-dollar pair largely bounced between 1.6212 and 1.6623 for the past two weeks, but the pair moved off the range today.

The dollar slumped to a 4-day low of 1.0802 against the Swiss franc and a 6-day low of 1.4133 against the euro in Asian deals on Tuesday. If the dollar drops further, it may likely target 1.065 against the franc and 1.418 against the euro. The euro-dollar pair closed trading at 1.4089 and the dollar-franc pair at 1.0823 on Monday.

Extending yesterday's 1% gain, the dollar surged up against the yen in today's early Asian deals and reached a 5-day high of 96.33 at 8:05 pm ET. But the dollar fell thereafter and the pair is currently trading at 95.69, down from yesterday's New York session close of 96.06. The near term support level for the U.S. currency is seen at 95.1.

Traders are now likely to focus on the European session, in which the Swiss May UBS consumption indicator, French May PPI, German June unemployment rate, Euro-zone M3 money supply for May and CPI for June, Italian CPI for June and PPI for May, U.K. final first quarter GDP estimate and current account reports are expected.

From the U.S., the S&PCase-Shiller home price index for April and the consumer confidence report for June are due in the North American session.

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IFX Tatyana
German May Retail Sales Decline Further
Wednesday, Germany's Federal Statistical Office announced that the retail sales in real terms dropped 2.9% year-over-year in May, compared with a 0.3% fall in April, revised from 0.8% decline reported initially. Economists were looking for a decline of 1.5%. A year earlier, retail sales were up 1.4%.

Month-on-month, retail sales increased 0.4% in May, after rising 0.5% in April. Economists had expected an increase of 0.5%.

For the first five months of the year, retail sales grew 2.3% compared to the same period of the previous year.

In nominal terms, retail sales dipped 3.2% year-on-year in May, compared with a 0.4% fall in April, revised from 0.9% drop estimated initially. On a monthly basis, retail sales were up 0.5%, after rising 0.9% in April. During the January to May period, retail sales were up 2.4% over a year ago.

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IFX Darika
Greenback Declines Against Majors
The US dollar that edged slightly higher against its major rivals immediately after the ADP employment report lost ground shortly. As of 8:30 am ET, the greenback drifted lower to 96.67 against the Japanese yen, 1.0795 against the Swiss franc, 1.6494 against the pound and 1.4123 against the euro.

The ADP report showed that non-farm private employment fell by 473,000 jobs in June following a revised decrease of 485,000 jobs in May. Economists had expected a decrease of 394,000 jobs compared to the loss of 532,000 jobs originally reported for the previous month.

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yoshi
QUOTE (Svetlana Milyushko @ Jul 1 2009, 12:33 PM) *
German May Retail Sales Decline Further
Wednesday, Germany's Federal Statistical Office announced that the retail sales in real terms dropped 2.9% year-over-year in May, compared with a 0.3% fall in April, revised from 0.8% decline reported initially. Economists were looking for a decline of 1.5%. A year earlier, retail sales were up 1.4%.

Month-on-month, retail sales increased 0.4% in May, after rising 0.5% in April. Economists had expected an increase of 0.5%.

For the first five months of the year, retail sales grew 2.3% compared to the same period of the previous year.

In nominal terms, retail sales dipped 3.2% year-on-year in May, compared with a 0.4% fall in April, revised from 0.9% drop estimated initially. On a monthly basis, retail sales were up 0.5%, after rising 0.9% in April. During the January to May period, retail sales were up 2.4% over a year ago.

Very clever article! i really ejoy reading you biggrin.gif
IFX Tatyana
QUOTE (yoshi @ Jul 2 2009, 03:19 PM) *
Very clever article! i really ejoy reading you biggrin.gif


You are welcome! We are working to bring you important economic information.
IFX Tatyana
Eurozone Retail Sales Fall Further In May.
Retail sales in the Eurozone declined 3.3% year-on-year in May, faster than a revised 2.5% drop in the preceding month, the Eurostat said Friday. Economists expected sales to fall 2.7%.

Excluding automotive fuel, retail sales dipped 2.7% in May compared to a 1.8% fall in April.

Month-on-month, retail sales were down 0.4% in May, reversing a 0.1% rise in the preceding month. Economists expected a drop of 0.1%. Retail sales excluding automotive fuel declined 0.4% compared to a 0.1% growth in April.

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IFX Darika
Greenback Falls Versus Euro, Sterling Thursday Morning

The dollar pulled back versus the euro and sterling but managed to stabilize against the resurgent yen Thursday morning in New York, as traders looked ahead to weekly jobless claims figures.

Yesterday, The Group of Eight largest industrialized nations meeting in L'Aquila released a statement recognizing serious downside risks to the global economy.

Still, stock futures on Wall Street crept ahead Thursday morning on Wall Street, fueling renewed risk appetite. Alcoa kicked off earnings season with a better than expected result.

The dollar gave back some of its recent gains versus the euro and sterling. Versus the euro, the dollar dropped to 1.3980, falling more than a penny from its 3-week high of 1.3832.

The dollar plunged versus the sterling, dropping to 1.6260 from a monthly high of 1.5982.

Thursday, the Bank of England retained its key interest rate and decided to continue with its asset purchase scheme totaling GBP 125 billion by utilizing central bank reserves.

At the end of the two-day rate setting meeting, the Monetary Policy Committee decided to hold the Bank Rate at 0.5% as expected. The rate now stands at the lowest since the central bank was established in 1694.

The dollar steadied versus the yen,, holding near 93 after plummeting to a 5-month low of 91.79.

Despite nagging rumors that G8 leaders would discuss an alternative to the dollar as the world's de facto reserve currency, there was no mention of a new international currency in the statement released following the first day of meetings in Italy.

A Labor Department report on the number of first time claimants for unemployment benefits is likely to be in the radar, given the linkage jobs and wage growth has got with consumer spending. Economists expect the report to reveal a decline in claims in the recent reporting week. Additionally, the results of the Treasury auction of $11 billion worth of 30-year bonds may also be closely watched.

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IFX Tatyana
Spain Consumer Prices Drop Further In June.
Consumer prices in Spain fell 1% year-on-year in June, faster than a 0.9% drop in the preceding month, the National Statistics Institute said Friday. This came in line in with economists' expectations.

On a monthly basis, consumer prices climbed 0.4% in May, after remaining flat in the preceding month. Moreover, the rise matched economists' expectations.

Meanwhile, the harmonized index of consumer prices decreased 1% annually in June compared to a 0.9% fall in May. The decline matched the first estimate made on June 29, and also came in line with economists' expectations.

On a monthly basis, the HICP was up 0.5%, after being flat in May. Economists expected the prices to rise 0.4%.

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IFX Darika
Dollar Strengthens Against European Majors

Friday morning in Asia, the U.S. dollar advanced against the currencies of Europe, U.K. and Switzerland. On the other hand, the dollar pared its recent gains against the Japanese yen.

Leaders of the world's biggest developed and emerging nations avoided a debate over the dollar's role in the global economy as they agreed not to devalue their currencies to promote their exports.

With officials from Brazil, India, China and Russia pushing consideration of alternative reserve currencies, their joint statement's language on foreign exchange echoed an agreement at an April summit of the Group of 20.

The leaders agreed to "refrain from competitive devaluations of our currencies," according to the statement released after their meeting yesterday at the G-8 summit in L'Aquila, Italy. They also agreed to "promote a stable and well-functioning international monetary system."

The global financial crisis and the surge in U.S. borrowing have prompted Russian President Dmitry Medvedev to advocate diversification away from the dollar. Russia and its counterparts have yet to come up with a viable alternative.

The dollar that closed yesterday's trading at 1.4025 against the euro rose to 1.3969 during early Asian deals on Friday. The near term resistance level for the U.S. currency is seen at 1.389.

A report from the U.S. Labor Department showed yesterday that first-time claims for unemployment benefits decreased substantially in the week ended July 4th.

The report showed that jobless claims fell to 565,000 from the previous week's revised figure of 617,000. Economists had been expecting a more modest decrease to 603,000 from the 614,000 originally reported for the previous week.

In early Asian trading on Friday, the dollar climbed to 1.6273 against the pound. This may be compared to yesterday's close of 1.6339. On the upside, 1.61 is seen as the next target level for the dollar.

Against the Swiss franc, the dollar gained in early Asian deals on Friday. At 10:45 pm ET, the dollar-franc pair reached 1.0830, up from yesterday's 1.0783. If the pair advances further, it may likely target the 1.092 level.

The dollar strengthened to 93.20 against the yen at 7:50 pm ET Thursday. Thereafter, the dollar-yen pair slipped and it is presently trading near yesterday's close of 92.99. The next downside target level for the pair is seen at 91.8.

An index measuring the prices of domestic corporate goods fell 6.6 percent on year in June, the Bank of Japan said today, marking the fastest pace of decline on record.

Analysts had been expecting a fall of 6.4 percent on year following the revised 5.5 percent decline in May. On a monthly basis, the prices for corporate goods eased 0.3 percent versus expectations for a 0.1 percent decline. The May reading was revised from -0.4 percent to -0.5 percent.

The industrial production reports from France and Italy as well as the French current account-all for the month of May are scheduled for release in the European session today.

From the U.S., the trade balance for May, import and export price indexes for June and the Reuters/University of Michigan's preliminary consumer confidence report for July are expected in the New York session.

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IFX Tatyana
Singapore Dollar Mixed In Trading Against Majors.
Monday in Asia, the Singapore dollar showed mixed trading against its major counterparts. While the Singapore dollar weakened against the US and Hong Kong dollars, it gained against the pound and the euro. The Singapore dollar thus rose to a 4-day high against the pound.

During Asian deals on Monday, the Singapore dollar declined against the Hong Kong dollar. At 1:05 am ET, the pair touched 5.2923, down from Friday's close of 5.2996. The next target level for the Singapore dollar is seen at 5.287.

After a brief uptrend, the Singapore dollar slipped against the U.S. currency during Asian deals on Monday. The pair moved from 1.4598 to 1.4648 by about 1:05 am ET. If the Singapore dollar drops further, it may likely target the 1.466 level. At last week's close, the pair was quoted at 1.4623.

In Asian trading on Monday, the Singapore dollar rose to 2.0371 against the euro. This may be compared to last week's close of 2.0382. The near term resistance level for the Singapore dollar is seen at 2.030.

The Singapore dollar that closed Friday's trading at 2.3711 against the pound climbed to a 4-day high of 2.3575 in Asian deals on Monday. On the upside, 2.341 is seen as the next target level for the Singapore dollar.

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IFX Tatyana
New Car Registrations In Europe Rise For First Time In 14 Months.
Wednesday, the European Automobile Manufacturer's Association said Europe's new passenger car registrations in June rose for the first time in fourteen months, reflecting effects of incentive schemes implemented in more than 10 EU Member States.

New passenger car registrations rose 2.4% year-on-year in June after falling 4.9% in May. A year ago, registrations were down 7.9% in June.

During the first half of 2009, new car registrations dropped 11% compared to the same period in 2008, with a total of 7,425,762 new cars registered compared to 8,346,828 the year before.

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IFX Tatyana
French CPI Logs Y-o-Y Fall For Second Month.
Thursday, the French statistical office INSEE reported that the consumer price index dropped 0.5% year-on-year in June, after recording the first annual fall since 1957 in May. Prices were down 0.3% from last year in May. Economists were looking for a year-on-year decline of 0.4% for June.

Month-on-month, consumer prices rose 0.1% in June, after climbing 0.2% in the previous month. Economists expected a 0.3% increase in consumer prices.

The CPI excluding tobacco edged up 0.1% month-on-month, while it fell 0.5% from a year ago.

The harmonized CPI or the HICP declined 0.6% year-on-year in June, doubling the 0.3% fall recorded in the previous month. Economists were looking for a 0.5% drop. From May, the index moved up 0.1%. Euro area annual inflation turned negative for the first time on record in June. Prices in the 16-nation bloc fell 0.1% year-on-year.

Following the decline in consumer prices in May, Economy Minister Christine Lagarde said the French economy did not enter into deflation and the temporary decline in prices would support consumption given the rise in unemployment. However, most economists expect the headline inflation to remain negative in the coming months.

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IFX Darika
British Pound Slumps Against Majors

During early European deals on Friday, the British pound edged down against its major counterparts despite a rise in Britain's leading share index. The pound thus declined to a 2-day low against the US dollar and the Japanese yen, 4-day low versus the European currency and a 3-day low against the Swiss franc.

European stocks extended their upward trend today in anticipation of strong earnings from U.S. banks Citigroup and Bank of America and industrial bellwether General Electric after better-than-expected earnings from IBM and Google buoyed investor confidence.

By 3:14 am ET, the FTSE 100 .FTSE index was up 22.23 points at 4,384.07.

Against the US dollar, the British pound traded down during early deals on Friday. At 3:10 am ET, the pound-dollar pair touched a 2-day low of 1.6305, compared to 1.6440 hit late New York Thursday. If the pair falls further, 1.603 is seen as the next target level.

The British pound that closed Thursday's North American session at 0.8610 against the European currency declined to 0.8641 at 3:05 am ET Friday. This set a 4-day low for the pound. The next downside target level for the sterling is seen around 0.886.

Against the Swiss franc, the British currency edged down during Friday's early deals. At 3:10 am ET, the pound-franc pair slipped to a 3-day low of 1.7591, compared to Thursday's closing value of 1.7645. The pair is currently trading at 1.7606 with 1.704 seen as the next target level.

U.K.'s sterling that closed Thursday's New York deals at 154.44 against the Japanese yen dropped to a 2-day low of 152.59 at 3:10 am ET Friday. On the downside, 149.9 is seen as the next target level for the pair.

Today, the Cabinet Office of Japan in a final report revised down the leading index for May to 76.9 from 77 reported on July 6. Economists expected the index to come in at 76.8. In April, the index stood at 76.2.

At the same time, the coincident index was revised up to 87.1 from 86.9 estimated initially, and came in higher than the reading of 86 in April. The lagging index was also revised up, to 84.1 from 84, but was down from 86.3 in the preceding month.

In the upcoming hours, Italian industrial orders, Euro-zone trade balance and construction output reports- all for the month of May are due for release.

Across the Atlantic, the US Census Bureau will release its housing starts and building permits data for June at 8:30 am ET. Analysts foresee the housing starts to drop 530,000 in June from 532,000 in the previous month, while the number of new building permits to rise 524,000 from 518,000 in May.

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IFX Tatyana
US Dollar Falls Against European Majors; Hits 3-day High Against Japanese Yen.
During early deals on Thursday, the US dollar showed weakness against the European currency, the British pound and the Swiss franc as a rise in Asian stock prices reduced demand for currencies perceived as safe havens. The dollar thus slipped to a 2-day low against the euro and the pound.

The dollar and the yen are viewed as safe-haven currencies and both currencies gain, when investors turn risk averse and fall when risk appetite improves.

On the other hand, the US currency rose to a 3-day high against the Japanese yen due to across the broad weakening of the latter.

Yesterday, Federal Reserve Chairman Ben Bernanke redelivered his address regarding monetary policy before the Senate Banking Committee while also fielding questions regarding the current and near-term economic outlook.

In his prepared remarks, Bernanke reiterated that the U.S. economy is showing signs of stabilization, although he noted that the economy is still in a fragile state, with unemployment high and consumer spending shaky.

Questioning the Fed chief, Sen. Chris Dodd, D-Conn., the chairman of the Senate Banking Committee, noted that while some signs of economic recovery have been seen on Wall Street, the benefits have yet to make it to Main Street.

Dodd noted that although big banks that received government bailouts are now posting profits, consumer and small business lending remains sluggish, with many Americans still concerned about reports of executive bonuses at the same time layoffs are being made.

Bernanke conceded that unemployment is "the most pressing issue" facing the Fed, but he noted that there are steps that Congress could take to ease the situation, similar to the already-passed extension of unemployment benefits.

He said one serious concern was that the long-term unemployed might see their job skills atrophy, leaving them unqualified for work once the economy recovers. Extending job training programs might be one response Congress should consider, the Fed chief said.

Against the European currency, the US dollar edged down during early deals on Thursday. At 2:30 am ET, the dollar touched a 2-day low of 1.4267 against the euro, compared to 1.4221 hit late New York Wednesday. The next downside target level for the dollar is seen around 1.433.

The US currency that closed Wednesday's North American session at 1.6490 against the British pound declined to 1.6519 at 2:05 am ET Thursday. This set a 2-day low for the dollar. The pound-dollar pair is currently trading at 1.6509 with 1.672 seen as the next target level.

Against the Swiss franc, the greenback edged down during Thursday's early deals. At 2:05 am ET, the dollar-franc pair slipped to 1.0642, compared to Wednesday's closing value of 1.0634. If the pair falls further, 1.049 is seen as the next target level.

The US dollar that closed Wednesday's New York deals at 93.68 against the Japanese yen rose to a 3-day high of 94.43 at 2:10 am ET Thursday. On the upside, 95.0 is seen as the next target level for the dollar-yen pair.

The Japanese yen declined after a report showed today that Japan's trade surplus rose less than expected.

Japan posted a merchandise trade surplus of 508 billion yen in June, the Ministry of Finance said today. That was well shy of analyst expectations for a surplus of 610 billion yen, but significantly higher than the 299.8 billion yen surplus in May.

Merchandise imports fell 41.9 percent on year, versus forecasts for a 42 percent annual decline after the 42.4 percent annual decline in the previous month. Merchandise exports were off 35.7 percent on year, in line with forecasts for a 35.1 percent decline after the 40.9 percent annual contraction a month earlier.

The adjusted merchandise trade balance came in at 438.2 billion yen. Analysts had expected a surplus of 480.8 billion yen after showing a 222.4 billion yen surplus in May.

In the upcoming hours, the French July business confidence indicator, Euro-zone May current account, Italian May retail sales and the UK June retail sales are due for release.

Across the Atlantic, the Labor Department is due to release its customary weekly jobless claims report for the week ended July 18th at 8:30 AM ET.

The National Association of Realtors is scheduled to release its report on existing home sales for June at 10 AM ET . Economists estimate existing home sales of 4.80 million for the month.

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IFX Darika
East Asian Economies In Transition Phase From Recession To Recovery: ADB

Thursday, in its July issue of the Asia Economic Monitor, the Asia Development Bank noted that the East Asian Economies had already entered the transistion from recession to recovery, although the economic growth was continuing to slow this year.

"Emerging East Asia could see a V-shaped recovery, with growth dipping sharply in 2009 before regaining last year's pace in 2010," Jong-Wha Lee, ADB Chief Economist and Head of the Office of Regional Economic Integration said.

However, the report cautioned saying that given the tentative nature of the expected recovery, it was critical for authorities to continue to follow measures which would support domestic demand and growth. "Monetary and fiscal policies in the region need to remain accommodative until the recovery gains substantial traction", the ADB said.

"Emerging East Asia should reinforce cooperation in enhancing financial stability by accelerating regional initiatives, and actively participate in designing the new global financial architecture", it added.

Moreover, the ADB pointed out that deep recessions in the U.S,Europe and Japan would continue to hurt emerging Easing Asian economies, particularly the smaller one that were highly reliant on exports. However, larger economies like China, that had implemented major fiscal packages were begining to see some results from the stimulus packages.

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IFX Darika
Dollar Nearing December 2008 Lows Versus Euro

The dollar came under further pressure versus the euro and continued its trek toward parity against the surging loonie Monday morning in New York.

Rising global stocks and speculation that the economy is on the mend have fueled increased appetite for riskier higher yielding currencies.

Traders were looking ahead to a fairly busy week on the economic front, kicked off by the Commerce Department's new home sales report for June.

The consensus estimate for the report coming at 10 AM ET this morning calls for an increase in new homes sales to 352,000.

New home sales declined 0.6% in May from the previous month to a seasonally adjusted annual rate of 342,000.

The dollar remained on the defensive versus the euro, dropping to an 8-week low of 1.4296, just shy of its lows from last December. A move to 1.4340 would take the dollar to its lowest level since the last week of 2008.

There was no relief for the dollar versus the scorching-hot loonie. Amid growing evidence that the Canadian economy is in much better shape than its neighbor to the south, the dollar dropped to C$1.0780, its lowest level since September 2008.

The dollar extended its run of choppy trading versus the sterling, easing to 1.6500 after seeing some modest strength late last week.

Versus the yen, the dollar firmed up slightly to 95.20, staying near a monthly high of 95.28.

In economic news from around the globe, German consumer confidence for August improved strongly, suggesting a recovery in the economy that is hit hard by recession.

According to the latest consumer climate survey from the market research firm GfK, the forward-looking consumer sentiment index rose to 3.5 points for August.

Monday, the quarterly report from the Bank of England said the continued asset purchases in the second quarter were accompanied by signs of improvement in the corporate credit markets.

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IFX Tatyana
US Dollar Steady Ahead Of May S&P/Case-Shiller Home Price Report.
The S&P/Case-Shiller home price index, which tracks monthly changes in the value of residential real estate in 20 metropolitan regions across the U.S., is scheduled to be released at 9:00 AM ET. Economists expect a 17.8% year-over-year decline in the 20-city composite house price index for May.

The US dollar held steady against its major opponents ahead of the report. As of 8:55 am ET, the greenback was worth 1.4234 against the euro, 94.66 versus the yen, 1.0698 against the franc and 1.65 per pound.

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IFX Darika
IMF Advises Indonesia To Continue Stimulus Measures In 2010

The International Monetary Fund welcomed Indonesia's fiscal stimulus plan for 2009, underscoring timely and efficient implementation of the spending program. The Washington-based agency urged Indonesia to maintain some of the stimulus measures next year.

The Executive Board of IMF noted that private consumption supported by the fiscal stimulus package helped to maintain positive economic growth. However, another round of global risk aversion could adversely affect nation's external liquidity, demand and growth prospects. To withstand these risks, the authorities should strive to achieve the appropriate policy mix and promptly adjust it as needed to preserve macroeconomic and financial stability.

The board assessed that the current level of the real effective exchange rate is broadly in line with fundamentals and that reserves are at a comfortable level. Some others believed that the current level of reserves and the various contingency arrangements should provide an adequate cushion.

Regarding inflation, the fund said, "Strong commitment to the medium-term inflation targets, as well as publication of inflation forecasts, would help guide inflation expectations and enhance policy credibility."

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IFX Tatyana
Eurozone Economic Sentiment Rises For Fourth Straight Month In July.
Eurozone economic sentiment improved for the fourth consecutive month in July, a monthly survey from the European Commission showed Thursday. The index stood at 76, up from a revised reading of 73.2 recorded in the prior month. Economists were expecting the indicator to climb to 75. However, the level is still far below the long-term average.

Industrial and services confidence improved 2 points each to minus 30 and minus 18, respectively. Consumer confidence also climbed 2 points to minus 23 in July. At the same time, construction remained at the June level of minus 33. Confidence amongst retailers moved up by 4 points to minus 13.

Separately, the EU said the business climate indicator for the euro area increased to minus 2.71 in July from minus 2.92. But the level is still very low, even when compared to the previous historical lows of 1993.

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IFX Darika
Trust In Business Recovering In World Markets: Survey

The public's trust in business has stabilized and is recovering significantly in some of the world's largest markets, results of a survey conducted by Edelman, a leading independent public relations firm, showed Thursday.

Edelman's previous survey, conducted in January, showed a devastating loss in trust in the private sector.

The mid-year survey was conducted among 1,675 informed public in six countries - the U.S., the U.K., France, Germany, India, and China.

The survey found that India and China are the most positive about business. At 75%, India recorded the highest level of trust in business of any of the six countries surveyed. China followed with 60% saying they trust business to do what is right.

"The private sector is perceived as enabling an economic growth that has led to healthier living standards. The survey numbers reflect a high degree of national pride in the accomplishments of business," said Alan VanderMolen, president, Asia Pacific, Edelman.

In the U.S., 48% of informed public trust business to do what is right, up from a low of 36% in January. The figure for France rose to 41% from 30%.

"Trust in business is on the way back, but we're still in the middle of the game," said Richard Edelman, president and CEO, Edelman.

The public's trust in government rose the most in India, an increase of 13 points to 55% followed by the U.S., where the trust barometer rose 12 points to 42%.

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IFX Darika
German Retail Sales Fall Unexpectedly In June

German retail sales dropped unexpectedly in June despite rising consumer confidence and low price level as recession continued to put pressure on consumer spending.

According to a provisional report from the Federal Statistical Office, retail sales for June recorded a surprise monthly decrease of 1.8% in real terms, following a revised 1.3% drop in May. Economists were looking for a 0.3% rise.

Year-on-year, sales slipped 1.6% in June, smaller than a revised 3.7% fall seen in May. The annual decline was also unexpected as economists were looking for an increase of 0.9%.

For the January to June period, retail turnover dropped 2.1% in real terms compared to the corresponding period of the previous year. Sales were down nominally by 2.3%.

In nominal terms, retail sales dipped 2% year-on-year and 1.6% from the prior month in June.

Simon Junker, Commerzbank analyst said in a note that German retail sales proved to be stable despite severe recession, probably because of the still stable labor market and the low price level. The crisis has reached retail too, supporting the judgment that the largest Eurozone economy shrunk again in the second quarter, albeit only moderately, he said.

According to the analyst, the German economy would possibly pick up in the months ahead, though retail may not benefit very much in the coming months. At most, the favorable price trend could strengthen purchasing power and support sales. However, rising unemployment would dent retail sales again.

German unemployment decreased in July, which was the first decline since October 2008. Meanwhile, the jobless rate stood at 8.3%, unchanged from June.

Consumer confidence and business climate in the economy showed improvements in recent months as a result of Chancellor Angela Merkel's spending plan. Merkel is seeking a second-term in office in September elections.

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IFX Tatyana
Dollar Shows Mixed Trading Against Majors.
Tuesday in Asia, the U.S. dollar showed mixed trading against its major counterparts. While the dollar recovered from a new multi-month low against the pound, it remained higher against the euro and the franc. On the other hand, the dollar eased from a 4-day high against the yen.

Data showed yesterday that the U.S. manufacturing sector continued to shrink in July but at a slower pace than in June. The Institute for Supply Management said its index of national factory activity rose to 48.9 in July from 44.8 in June, beating economists' expectations. A reading below 50 indicates contraction.

Meanwhile, a report from the U.S. Commerce Department revealed that construction spending rose 0.3% percent in June following a revised 0.8% slide in May. Economists were expecting a decline of 0.5% for the month.

The dollar strengthened against the pound after hitting a new multi-month low of 1.7005 at 9:35 pm ET Monday. At present, the pound-dollar pair is trading near yesterday's North American session close of 1.6933 with 1.682 seen as the next target level.

During Asian deals on Tuesday, the dollar edged up against the currencies of Europe and Switzerland. Currently, the dollar is worth 1.0626 against the franc and 1.4379 against the euro, compared to yesterday's close of 1.6933 and 1.4419, respectively. If the dollar climbs further, it may likely target 1.074 against the franc and 1.421 against the euro.

The dollar jumped to a 4-day high of 95.48 against the yen at 9:45 pm ET Monday. Thereafter, the dollar-yen pair weakened and it is now worth 95.08, down from yesterday's close of 95.28. The next likely target for the U.S. currency is seen at 94.6.

The monetary base in Japan was up 6.1 percent on year in July to 93.209 trillion yen, following the 6.4 percent annual expansion in June, the Bank of Japan said today. Seasonally adjusted, the monetary base fell 6.9 percent on year to 93.918 trillion yen.

The Swiss July CPI, U.K. July construction PMI and the Euro-zone June PPI are expected in the upcoming European session.

Across the Atlantic, the U.S. Bureau of Economic Analysis is due to release its personal income & outlays report for June at 8:30 am ET. Economists estimate the report to show that personal income declined 1% and the personal spending increased 0.3% in the month.

At 10:00 am ET, the National Association of Realtors is due to release its pending home sales report. Economists estimate a 0.3% increase in the pending home sales index for June.

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IFX Tatyana
Indonesian Central Bank Lowers Key Rate By 25 Bps.
Wednesday, the Indonesian central bank decided to lower its key interest rate by 25 basis points as expected for the ninth straight month. The Bank Indonesia reduced its benchmark rate to 6.5% from 6.75%. The decision came in line with economists' expectations.

The central bank said rising domestic demand and high commodity prices may cause inflationary pressure next year. The bank added that monetary policy would be directed to be more anticipative of the potential inflation increase.

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IFX Darika
Fitch Maintains Stable Outlook For Malaysian Banks' Credit Ratings

Thursday, Fitch Ratings maintained the stable outlook on Malaysia's local banks' credit ratings, despite very weak macro economic indicators.

The firm said the probability of capital impairment for Malaysian banks still appeared fairly low, despite the extremely stressed macro economic conditions and the reasonably-stressed assumptions simulated by the agency. Fitch said this in the context of its report titled "Stress Test on Malaysian Banks", where it attempts to simulate a fairly-stressed scenario for Malaysian banks.

The firm also noted that although banks' earnings were likely to be lower in 2009 and 2010 compared with 2008, they appeared adequate to fully absorb the credit costs associated with asset quality deterioration. This means their loss absorption capacity would likely remain adequate and financial strength largely intact, Fitch said.

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IFX Tatyana
Swiss Jobless Rate Rises In July.
Switzerland's unadjusted jobless rate rose to 3.7% in July from 3.6% in June, the State Secretariat For Economic Affairs said Friday. That was in line with economists' expectations.

There were 145,364 unemployed in the country in July, up 5,111 from June and 53,201 from the same month of the previous year.

Youth unemployment rose 3,229 from June to 25,693 and the number of job seekers grew 5,147 to 204,137. There were 14,370 vacancies in July, down 485 month-on-month.

The seasonally adjusted rate of unemployment also increased in July, to 3.9% from 3.8% recorded in June. That was also in line with economists' prediction.

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IFX Darika
Pace Of Deterioration In U.K. Job Market Slowing: CIPD/KPMG Survey

The pace of deterioration in the U.K. job market is slowing as private sector demand for staff began to stabilize following a surge of redundancies earlier in the year, results of the latest quarterly CIPD/KPMG labor market outlook survey revealed Monday.

The survey of more than 900 employers in all sectors of the economy found that not only are far fewer employers expecting to make staff redundant but the scale of planned redundancies has also reduced. However, signs of improved employer optimism in the private sector are offset by mounting pessimism in the public sector.

"When it comes to the immediate jobs outlook, the best that can be said is that things are getting worse more slowly," John Philpott, chief economist at the CIPD said. But, he warned that "It is far too soon to rule out another avalanche of private sector redundancies later in the year." According to the survey, employment will keep falling and unemployment is still on course to top 3 million in 2010. Due to a fall in expected redundancies, the private sector unemployment would be less compared to the public sector.

The balance of private firms cutting over those recruiting fell to minus 2 from minus 30 recorded in the spring. By contrast, in the public sector the negative balance has increased from minus 3 to minus 28.

Moreover, the survey found that the pay outlook has worsened, with only 15% of respondents planning to conduct a pay review this quarter, compared to 32% in the previous quarter.

Andrew Smith, chief economist at KPMG said, "This conservative approach indicates that business remains unconvinced that current economic green shoots will lead to sustainable healthy growth in the near term."

Average pay increase expectations have dropped below the rate of inflation to 1.7%. Smith said this will result in a reduction in real earnings and could stifle any consumer led recovery.

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IFX Darika
Yen Extends Uptrend As Asian Stocks Drop

Wednesday, the yen extended its yesterday's uptrend against other major currencies as Asian stocks tumbled today and prompted investors to further liquidate yen short positions ahead of a policy statement from the U.S. Federal Reserve later in the day.

Asian shares plunged today after losses on Wall Street and as investors locked in profits as they waited to hear what the U.S. Federal Reserve would say about prospects for recovery in the world's largest economy.

Japan's Nikkei 225 was down 1.17%, South Korea's Kospi Composite fell 0.87%, Hong Kong's Hang Seng was 1.93% lower while China's Shanghai Composite slipped 2.93% and Taiwan's main index dropped 0.15%.

The Fed will conclude its two-day policy meeting and release a statement around 2:15 pm ET today, with investors looking to its assessment of the economy and whether it unwinds some of the unconventional easing measures currently in place.

There is mounting speculation that Fed might grow more optimistic about a recovery after a better-than-expected jobs report for July.

The U.S. Labor Department report showed that non-farm payroll employment fell by 247,000 jobs in July following a revised decrease of 443,000 jobs in June. Economists had been expecting employment to fall by 325,000 jobs compared to the drop of 467,000 jobs originally reported for the previous month. The Labor Department also said that the unemployment rate unexpectedly edged down to 9.4% in July from 9.5%, recording a decrease for the first time since April 2008.

The Fed has kept its target rate for overnight loans between banks in a range from zero to 0.25 percent since December. The Federal Open Market Committee will keep rates unchanged today, analysts expect. The central bank has bought $252.761 billion of U.S. Treasuries since it announced a six-month plan in March to purchase $300 million of Treasuries to help keep borrowing low.

Japan's corporate goods price index fell at a record pace in July, adding to concerns that deflation in the world's second largest economy is accelerating.

The Bank of Japan's CGPI data, which tracks prices of domestically produced and used goods traded among companies, plunged 8.5% in July from a year earlier, breaking the record 6.7% drop set in the previous month. Moreover, this was the seventh consecutive month of decline.

Today's results will likely heighten fears of persistent price falls in Japan, as overall economic activity has yet to show signs of a full-fledged recovery.

Still, BOJ Governor Masaaki Shirakawa said at a regular press conference on Tuesday that the BOJ doesn't expect Japan to fall into a deflationary spiral now, though "it may take time for falls in prices to end."

On a monthly basis, the domestic CGPI rose 0.4% in July, following the 0.3 percent decline in the previous month.

Meanwhile, a final report from the Ministry of Economy, Trade and Industry showed that Japan's industrial production growth in June came in at 2.3% on a monthly basis, revised down from 2.4% estimated initially. From the previous year, production plunged 23.5%.

The yen that closed yesterday's trading at 96.01 against the dollar strengthened to a 5-day high of 95.35 during Asian deals on Wednesday. The next upside target level for the yen is seen at 94.7.

The yen plunged to near an 8-week low of 97.80 against the dollar on August 07 as the dollar gained 2% on that day following better-than-expected U.S. jobs data.

But the yen is showing strength this week on encouraging economic reports from Japan. Reports showed this week that Japan's current account surplus and the machinery orders rose more than expected in June. Thus far, the yen has advanced 2.5% against the dollar.

In Asian trading on Wednesday, the yen rose to a 9-day high of 134.91 against the euro. This may be compared to yesterday's closing value of 135.84. On the upside, 133 level is seen as the next target for the Japanese currency.

After hitting a 2-month low of 138.73 against the euro on Friday, the yen has appreciated 3% thus far.</p>

<p>The yen jumped to a 12-day high of 157.29 against the pound in Asian deals on Wednesday. If the yen edges up further, it may likely target the 154.2 level. The pound-yen pair was worth 158.21 at yesterday's close.

Thus far this week, the yen has depreciated 3% against the pound.

During Asian deals on Wednesday, the yen soared to a 12-day high of 88.16 against the Swiss franc. The next target level for the Japanese currency is seen at 87.1. At yesterday's close, the franc-yen pair was quoted at 88.78.

The yen that slumped to near an 8-week low of 90.74 against the franc on Friday has gained 3% since then.

In Asian deals on Wednesday , the yen jumped to a 13-day high of 78.47 against the Aussie and an 8-day high of 63.33 against the NZ dollar. The next upside target level for the yen is seen at 77.0 against the aussie and 63.0 against the kiwi. The aussie-yen pair closed trading at 79.63 and the kiwi-yen pair at 64.09 on Tuesday.

Consumer confidence in Australia rose to a near two-year high in August, as reported today by Westpac Bank and the Melbourne Institute. The group said its index of consumer sentiment was up 2.7 percent compared to July, reaching its highest level since October 2007. The index has increased 27.8 percent since May, making it the sharpest three-month gain since the survey's inception in 1975.

Against the Canadian dollar, the yen surged up to a 2-week high of 86.53 in Asian trading on Wednesday. On the upside, 86.3 is seen as the next target level for the Japanese currency. At yesterday's close, the loonie-yen pair was quoted at 87.15.

The loonie declined as oil steadied below $70 a barrel today after four consecutive days of losses as the market waited for a second set of U.S. inventory data and kept an eye on the outcome of the U.S. Federal Reserve's two-day meeting.

U.S. light crude for September delivery rose 9 cents to $69.54 a barrel in Asian deals, having lost $1.15 on Tuesday on Wall Street losses and after the Energy Information Administration (EIA) revised lower its global oil demand forecast. London Brent crude fell 6 cents to $72.40.

Looking ahead, the French July CPI and June current account, Italian final July CPI, Euro-zone June industrial production, U.K. labor market reports as well as the Bank of England's quarterly inflation report are expected to influence trading in the upcoming session.

From the U.S., the trade balance report for June is due at 8:30 am ET.

At the same time, the Canadian June trade balance and new housing price index reports are scheduled for release.

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IFX Darika
Dollar Declines Against European Majors

The US dollar that showed signs of recovery against most of its major rivals immediately following the release of the S&P/Case-Shiller home price index for June lost ground shortly. As of 9:10 am ET, the greenback drifted lower to 1.0571 against the Swiss franc, 1.6447 versus the pound and 1.4362 against the euro.

The report showed that the S&P/Case-Shiller 20-City Composite Home Price Index fell at an annual rate of 15.4 percent in June compared to a revised 17 percent drop in May. Economists had expected prices to fall 16.4 percent compared to the same month a year ago.

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IFX Tatyana
Dollar Rises To New 6-week High Against Pound, 5-day High Against Franc.
The US dollar that staged a rebound in early European trading against its European major rivals extended its rally thereafter.

The greenback rose to a new 6-week high of 1.624 against the pound and a 5-day high of 1.0655 against the Swiss franc by 7:30 am ET, compared to yesterday's closing values of 1.6354 and 1.0618, respectively. Next target levels for the pound-buck pair and dollar-franc pair are seen at 1.62 and 1.07, respectively.

Hovering near yesterday's 4-day high, the dollar advanced to 1.4263 against the European single unit by 7:40 am ET and the pair is likely to find target around the 1.42 resistance level. The euro-buck pair was worth 1.4299 at Tuesday's close.

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IFX Darika
UK House Prices Rise For Fourth Month In August - Nationwide

House prices in the UK rose for the fourth consecutive month in August, increasing by 1.6% month-on-month on a seasonally adjusted basis, the Nationwide building society said Thursday. Economists had forecast house prices to grow only 0.5% after a revised increase of 1.4% in July.

Compared to the previous year, house prices fell 2.7% in August, much slower than the 6.2% decline seen in July. The average price of a typical UK property stood at GBP 160,224, up from GBP 158,871 in July.

Over the first eight months of 2009, the seasonally adjusted index of house prices has risen by 3.2%, though relative to the October 2007 peak it is down by 14.4%, the Nationwide said.

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IFX Tatyana
European Currency Falls From 4-day High Against Dollar And Yen.
During early European deals on Tuesday, the European currency declined from a 4-day high against the US dollar and the Japanese yen. The euro also edged down versus the Swiss franc, while rose to a 5-day high against the British pound.

In economic news from Europe, a key indicator for Eurozone manufacturing activity increased to a 14-month high in August, rising more than initially estimated, a report by Markit Economics said today. However, the sector continued to contract, though at a slower pace. The final Markit Manufacturing Purchasing Managers' Index or PMI climbed to 48.2 in August from 46.3 in July. The index also stood above the flash estimate of 47.9. The final reading came in above the flash for the fifth month running.

Eurostat said in a report that Eurozone jobless rate stood at 9.5% in July, up from 9.4% in the previous month. This was the highest jobless rate since May 1999. The jobless rate came in line with economists' expectations. A year ago, the jobless rate was 7.5%.

German retail sales recorded a monthly growth in July after declining in the previous two months, official data showed today. Retail turnover rose by a real 0.7% month-on-month in July after falling 1.3% in June, provisional results from the Federal Statistical Office showed today. Retail sales growth matched expectations. Annually, retail sales slipped 1%, slightly slower than the expected decline of 1.2%.

Against the US dollar, the European currency lost ground after hitting a 4-day high of 1.4379 at 2:00 am ET Tuesday. The euro-dollar pair is currently trading at 1.4327 with 1.415 seen as the next target level.

The single currency that closed Monday's North American session at 0.8803 against the British pound slipped to a 5-day low of 0.8774 at 3:40 am ET Tuesday. Thereafter, the euro-pound pair reversed its direction and is presently trading at a 5-day high of 0.8838. The next upside target level for the European currency is seen around 0.893.

The numbers of loan approvals for house purchase in the UK stood at 50,123 in July, up from 47,891 in June, the Bank of England reported today. Economists were expecting a level of 50,100 for July.

Against the Swiss franc, the 16-nation currency edged down during early deals on Tuesday. At 5:05 am ET, the euro-franc pair declined to 1.5156, compared to 1.5181 hit late New York Monday. If the pair falls further, 1.513 is seen as the next target level.

The Swiss economy contracted less than expected in the second quarter as investment rebounded and the pace of decline in exports eased, official data showed today.

Gross domestic product or GDP fell 0.3% sequentially in the second quarter, the State Secretariat for Economic Affairs or SECO said. Economists had forecast GDP to fall 1% in the second quarter after a revised decline of 0.9% in the first quarter. GDP fell for the fourth straight quarter.

Switzerland's Purchasing Managers' Index rose to 50.2 in August from 44.3 in July, a survey from the SVME Association of Purchasing and Materials Management and Credit Suisse showed Tuesday. The indicator also stood above the expected level of 46.9.

The euro that reached a 4-day high of 134.17 against the Japanese yen at 3:15 am ET Tuesday weakened thereafter. Currently, the euro-yen pair is quoted at 133.53, compared to Monday's closing value of 133.49. On the downside, 132.2 is seen as the next target level for the pair.

From the U.S., the ISM manufacturing index for August and the pending home sales and construction spending reports for July have been slated for release in North American session.

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