Jul 30, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

Link to ForexLive

IMF: France’s Recovery Fragile; More Budget Measures Needed

Posted:

PARIS (MNI) - The French government is too optimistic about the strength of domestic economic growth ahead and must go further on fiscal consolidation to meet its goal for a reduction in the public deficit to 3% of GDP by 2013, the International Monetary Fund ...

Reuters/Mich US Cons Final Sent 67.8 In July Vs Prelim 66.5

Posted:

By Brai Odion-Esene WASHINGTON (MNI) - U.S. consumer sentiment rose in July according to the final reading of the Reuters/University of Michigan Consumer Sentiment data released Friday. The index came in at 67.8 vs. July's preliminary reading of 66.5. ...

University of Michigan consumer sentiment 67.8 final in July, up from 66.5 preliminary July

Posted:

As many of you may know, I find consumer sentiment to often be at odds with consumer behavior, so I don't pay too much attention to the surveys.

Chicago PMI 62.3 in July, up from 59.1 in June

Posted:

Much stronger than expected. Economists expected 56.5. Should help raise risk appetites...

Chicago PMI rumors start to swirl early

Posted:

53.9 is the rumor wafting through the markets about 9 minutes ahead of the release to the public. Take the talk with a large grain of salt.

A very quick primer on deflation

Posted:

The conventional wisdom is that to flight deflation you do quantitative ease, essentially printing money....more money in circulation, in theory it should be worse less... Therefor, the knee-jerk reaction to talk of more quantitative ease from the Fed is to sell the dollar across the board. In practice, the flows are less ...

Cable pullback finds support ahead of 200-day average

Posted:

After providing resistance early in the week, the 200-day average is providing support now for cable on dips. Further support is seen in the 1.5500/25 area. A break below will trigger a wave of profit-taking, I'd suspect. We trade now at 1.5590 from 1.5553 session lows.

Fed’s Bullard: Need Contingency Plan For Shock To Economy

Posted:

WASHINGTON (MNI) - St. Louis Federal Reserve President James Bullard said Friday the central bank must have a plan in place to conduct "significant" quantitative easing should the U.S. economy experience another negative shock. In the event of a shock ...

US BLS: Net Chg in Striking Workers Up 10,000 in July

Posted:

WASHINGTON (MNI) - There were 10,000 U.S. workers counted on strike in the July employment report reference period, the Bureau of Labor Statistics reported Friday. The strike was in the construction industry in the Chicago area. ...

EUR/USD drifts off highs; German seller

Posted:

EUR/USD has fallen back to the 1.3030 from 1.3059 highs. Dealers are engaged in a tug-of-war between selling EUR/USD on risk aversion versus selling USD on modestly soft US GDP data. All in all, the large upward revision to Q1 and near-expected Q2 data should be a net plus for the dollar. ...

USD/JPY stops clustered just below 85.80

Posted:

USD/JPY has fallen as low as 85.95 so far with risk aversion on the rise at month-end. Stop-loss sell orders are clustered just below the 85.80 level, traders relay. If 85.85 support is broken, 84.82, the late November low beckons...

GDP revisions released

Posted:

The Bureau of Economic Analysis released revisions to the last three years data. Included in that revision was Q1 2010 data which was revised up to 3.7% from 2.7%. Here are the revisions to prior years.

US BEA: GDP Growth Revised Down In 2007, 2008, 2009

Posted:

--2009 GDP Revised Down To -2.6% From Previous -2.4% --Downward Revisions To 3Q'09, 4Q'09; 1Q'09 Revised Up --PCE Revised Down In All Four Quarters In 2009 Due To Services --Larger GDP Decline In Recent Years Shifted To 4Q'08 From 1Q'09 By Kevin Kastner WASHINGTON (MNI) - Armed with updated ...

Business spending strong, consumer weak in GDP

Posted:

Parsing the data, the trend toward a jobless recovery remains apparent. Business continue to invest in things like technology, which increases productivity, which allows business to produce more with fewer workers. Consumers are less robust spenders as a result. Don't get too hung up on this figure as it will be ...

ANALYSIS: US Q2 GDP +2.4%;Final Sls +1.3% in Slow/Steady Pace

Posted:

--Q2 Assumes More Inventories, Wider Trade Gap for Missing Data; Q3 Slow By Joseph Plocek WASHINGTON (MNI) - The U.S. Q2 real GDP report shows slow but steady growth of +2.4%, about as expected, but 2007-09 annual revisions complicate the picture. The ...

US Q2 GDP 2.4%, near consensus

Posted:

Many traders were geared for a lower figure nearer 2%. Also crossing the wires, NY ISM fell to 58.4 in July from 69.3 in June. North of the border, Canadian GDP rose 0.1% in May from unchanged in April.

Large interest to sell EUR/SEK at the month-end fixing

Posted:

For all you Swedish fans out there there is talk of large interest to by the Krona versus the euro at the fixing later today.

Spanish bond maturity blamed for EUR/JPY slide

Posted:

Traders are pin-pointing the maturity of a Spanish bond issue for the slide in EUR/JPY today. Japanese investors must have owned a large percentage of the issue and are apparently taking their money home now that they have the chance. The cross fell back to the 112.03 level in London before ...

AUD/USD fixing shaping up to be much less dramatic than expected

Posted:

Aussie banks are saying their order books are a small fraction of what they were expecting for the month end fixing. Yesterday it was rumored there would be enormous month-end demand but the estimates look to have been a wee bit optimistic. AUD has slipped as low as the 0.8960s and now ...

EUR/USD extends rally back

Posted:

Presently at 1.3030. Sources cite the fall in Goldman's leading indicator as big reason for recovery in the pairing.
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