Published on Fri, 3/07/09 |
Euro to Dollar News
A very thin day for fundamental news on the economic calendar as America celebrates the Independence Day, so we only have two items of news in Europe to report, which have already been released in this morning’s London trading session. The first of these was the final services PMI Data, a diffusion index based on a survey of purchasing managers in the services sector, which came in at 44.7 against a forecast of 44.5. Statistically not important and very similar to last time around at 44.5 - conclusion - things are not moving forward and could raise the prospect of any interest rate cuts in Europe sooner rather than later. The second, and perhaps more significant number this morning, was that of retail sales which came in far worse than expected at -0.4% against a forecast of -0.1% and a previous of +0.1% indicating a much more severe slowdown in consumption.
Just to recap on yesterday’s data the NFP posted some truly horrific numbers which were very much on the cards following the signal from Wednesday’s ADP numbers which once again proved an excellent early system and a good release to watch if you are proposing to trade intra day through the NFP data. The numbers take the unemployment rate to 9.5%, up from 9.4% the last time and is not showing any signs of decreasing. Not surprisingly the equity markets promptly sold off heavily as investors become ever more wary of a sustainable recovery.
In the meantime the ECB kept rates on hold (as was expected) with Trichet’s statement focusing on the current deflationary pressure within the Eurozone which they expect to be “short lived” with “price stability to be maintained over the medium term, thereby continuing to support purchasing power of Europe area households” - words like to keep a firm Euro as they do not see the need to cut interest rates.
You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links. I have also included details on an excellent ECN broker.
Published on Wed, 1/07/09 |
Euro to Dollar News
Another relatively quiet day for fundamental news on the economic calendar for the euro vs dollar currency pair as the markets wait for the build up to tomorrow’s ECB rate decision coupled with the NFP numbers which should make for a torrid trading session. However, we do have an amuse bouche to look forward to [...]
Published on Tue, 30/06/09 |
Euro to Dollar News
After a very quiet start to the trading week on Monday for fundamental news on the economic calendar Tuesday kicked off in earnest with a raft of numbers which overall has painted a mixed picture for the Eurozone. First up were the German unemployment figures which came in better than expected at 31k against a [...]
Published on Mon, 29/06/09 |
Euro to Dollar News
Although the fundamental news on the economic calendar comes in a week which is shortened by the Fourth of July celebrations on Friday it nevertheless has the capacity to inject a degree of volatility into all markets, particularly as the principal items are squeezed towards the back end of the week with the Non Farm [...]
Published on Fri, 26/06/09 |
Euro to Dollar News
A relatively quiet day for fundamental news on the economic calendar with only some minor items to stir the otherwise torpid markets into life. Throughout the day in Europe we have the release of the preliminary CPI figures for the various German States and as always these are presented to the market in a staggered [...]
Published on Thu, 25/06/09 |
Euro to Dollar News
Following yesterday’s excitement (or rather the lack of it) after the release of the FOMC statement, today is a relatively quiet day for fundamental news on the economic calendar, particularly in Europe where we have only one item, the Industrial New Orders Data. These measure the change in the total value of new purchase orders [...]
Published on Wed, 24/06/09 |
Euro to Dollar News
Today’s fundamental news on the economic calendar is, of course, dominated by one item, namely the FOMC interest rate decision and subsequent statement to which the market will be paying very close attention. If the pundits and commentators are to be believed then the statement will add further downwards pressure on the US Dollar as [...]
Published on Tue, 23/06/09 |
Euro to Dollar News
A busy day in Europe for fundamental news on the economic calendar today which started early with the GFK German Consumer Index which came in marginally better than expected at 2.9 against a forecast of 2.5. Regular readers of this commentary will know that I place little faith in such composite surveys which are generally [...]
Published on Mon, 22/06/09 |
Euro to Dollar News
To say that there is little fundamental news on the economic calendar for today is really an understatement, and a far more realistic assessment would be that there is none in the US and only two minor items in Europe for the euro vs dollar. All the markets (without exception) are now waiting for a [...]
Published on Fri, 19/06/09 |
Euro to Dollar News
With absolutely no fundamental news on the economic calendar for the US this afternoon the only items for today relate to Europe with the German PPI and the Italian Unemployment Rate. The first of these is considered a leading indicator of consumer inflation and once again it was bad news for the German economy with [...]
Published on Thu, 18/06/09 |
Euro to Dollar News
With little fundamental news on the economic calendar for Europe, and indeed the only item this morning being the Italian Trade Balance which came in worse than expected at -0.28bn against a forecast of -0.02bn, the focus for today is once again the US, which kicks off with the unemployment claims. This is followed by [...]