An event laden day lies ahead, kick started with the overnight releases of NZ Business PMI, Japanese Current Account, Trade Balance, China Trade Balance and Australian Employment data. Markets continue to be steered by the European political and sovereign debt crises and in the wake of this bond yield’s continue to...VIEW FULL ARTICLE
EUR/USD broke below the 1.30 level yesterday as the Greek political crisis rolls on and in this context we expect the EUR to remain under pressure; with French presidential election winner Hollande awaiting inauguration, his pledges to increase state spending and renegotiate the ECB’s independence is unlikely to instil confidence in...VIEW FULL ARTICLE
As expected, ECB policy makers kept their benchmark interest rate at the record low of 1%. In the associated press conference, ECB President, Mario Draghi, said they still expect a gradual recovery this year but downside risks prevail and the outlook has become “more uncertain”.VIEW FULL ARTICLE
A fall in exports was blamed for a greater than expected decline in the UK PMI manufacturing index yesterday, with its slowest growth this year. The poor in export figures reflect weaker demand from Europe, East Asia and the US, suggesting a fairly broad slowdown thus conditions could get tougher in the coming months for...VIEW FULL ARTICLE
Friday’s release of US GDP for the first three months of this year provided substantial evidence that the momentum in the economy has slowed since the beginning of the year. Markets had been expecting growth at 2.5%, however, the release was disappointing at 2.2% quarter-on-quarter annualised.VIEW FULL ARTICLE
The euro slipped to $1.3160 against the US dollar this morning, marking a 1¢ loss from yesterday. GBP/EUR fell to £1.2285, reaching a low last seen in June 2010. The euro looks set to remain on the defensive ahead of this morning’s Italian bond auction.VIEW FULL ARTICLE
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