| Jobs Disappoints, FX Whipsaws
October 2, 2009 at 9:25 am
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| | The dollar was initially higher following the September labor report, rallying to 1.4481 against the euro and 1.5806 versus the pound sterling before relinquishing its earlier gains by the New York afternoon. US equities also recovered from its losses in the morning session, clawing their way back into positive territory,... |
| USD Erases NFP Gains in Volatile Trade, ECRI at Record High
October 2, 2009 at 8:10 am
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| | The USD traded mixed ahead of today's release of US unemployment with the USD supported by safe haven flows as global equity markets continued to decline, JPY supported by a statement from Japan's finance minister that JPY strength will not be distressed at this weekend's G-7 meeting in Istanbul, and... |
| Labor Market Conditions Continue to Deteriorate in the United States, as the Recovery Seems to be St
October 2, 2009 at 8:05 am
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| | The U.S. labor market remains on the receiving end of this crisis, as the worst recession since WWII continues to weigh down on companies' profits and accordingly they continue to layoff workers, as it seems rising unemployment will be the main reason behind the slow recovery in economic activity in... |
| U.S. Market Update
October 2, 2009 at 6:26 am
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| | Currency action continues to strongly correlate with equity prices. Risk aversion sentiment roiled the equity markets as the September jobs report called the sustainability of the economic recovery into question. USD and JPY saw some strength following US payrolls and the sharp downward benchmark revisions. EUR/USD tested below 1.4500 following... |
| Forex Fundamental Outlook
October 2, 2009 at 6:25 am
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| | There are several factors at work in the market today. First, U.S. employment data were released and they were worse-than-expected. The common currency's kneejerk reaction was to decline more than 55 pips on the number but dealers then lifted the pair to an intraday high. It was reported that September... |
| Late European Session Snapshot
October 2, 2009 at 6:23 am
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| | Non Farm Payrolls dropped heavily in Sep (-263K M/M vs. -175K expected, -216K previous), sending equity markets plunging lower and commodities down across the board. The effect on risky assets had certainly been anticipated, however more surprising was the resilience of the EUR in the face risk appetite gone sour.... |
| Dollar Gets a Pasting as Traders Realize the World Hasn't Ended
October 2, 2009 at 4:49 am
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| | Investors chose to be 'shocked' by Friday's larger-than-expected rise in American workers laid off from jobs. Some 263,000 more workers were fired throughout September raising the rate of national unemployment to 9.8%. A rather nervous equity market was poised to react further to the downside, but as nerves settle in... |
| U.S. Payroll Employment Weak; Unemployment Rate Moves Up to 9.8%
October 2, 2009 at 4:33 am
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| | The labour market report for September showed a disappointing 263,000 loss of jobs compared to market expectations of a 175,000 drop. As well, the report suggested a break from an earlier easing trend in the pace of jobs losses following drops of 201,000 (revised from -216,000) in August, 304,000 (-276,000)... |
| Afternoon Forex Overview
October 2, 2009 at 4:25 am
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| | The euro is retracing immediate losses against the dollar after falling to more than a three-week low early Friday on the release of a disappointing U.S. payrolls report. The common currency declined to USD1.4480. It has since turned higher on the day, although it is trading at lower levels than... |
| Risk Aversion Returns on Ugly US Payrolls - but FX Can't Decide Where to Go
October 2, 2009 at 3:49 am
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| | More support for the USD came with the risk aversion triggered by today's rather dour US employment report, which showed a worse than expected -263k jobs lost, and the unemployment rate rising to 9.8% as expected. Further evidence of a weak jobs market came with average hourly earnings rising only... |
| Jobless Recovery Suggests Consumer Strains
October 2, 2009 at 3:22 am
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| | Job losses of 263,000 in September, combined with weak earnings, suggest the consumer will underperform in this cycle. Rising unemployment and duration statistics suggest hard times. Over recent economic recoveries, job losses have lagged and this cycle is no different. Moreover, sector differences have become more pronounced as manufacturing and... |
| US Sheds 263k More Jobs in September
October 2, 2009 at 3:18 am
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| | The US unemployment rate rose to its highest level in 26 years at 9.8% with nonfarm payrolls job losses at -263k. The rise in the September unemployment was in line with expectations but the nonfarm payrolls decline was larger than expected with the trade looking for a decline of around... |
| Europe: PPI Moderates in September, Boosting Hopes for Recovery
October 2, 2009 at 2:25 am
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| | The Euro area showed progress after it stood against hardships and problems resulting from the deepest economic recession since the Great Depression. Signs of recovery starting from the second quarter, lead by Germany and France which grew unexpectedly 0.3% succeeded in mitigating the adverse effect of the recession, such as... |
| USD & JPY Higher, Fujii Says G7 Will Not Discuss JPY
October 2, 2009 at 2:24 am
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| | The USD and JPY trade higher as equities extend Thursdays slide, and Japan's finance minister says that the strength of the JPY will not be discussed at this weekend's G-7 meeting in Istanbul, the drop in global equities fuels risk aversion and safe haven demand for the USD, there is... |
| Strong Dollar Dream.....?
October 2, 2009 at 2:20 am
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| | Does the market take Mr. Geithner at his word? Mr. G is right about responsibilities and burdens of a world reserve currency, responsibilities that have been abused by several US administrations in a row. If Mr. G is right about his making the "world understand that we are going to... |
| UK: Construction Sector Contraction Narrows While House Prices Annually Climb
October 2, 2009 at 2:15 am
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| | As the manufacturing sector revealed a widened contraction yesterday, today the construction sector also shrinks at a higher rate than the prior reading and this meant that now two of the major sectors continue to suffer from the ongoing recession in the United Kingdom. The PMI construction for the month... |
| The Dollar And The Yen Both Surge As Investors Are Uncertain About The Economy
October 2, 2009 at 12:59 am
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| | The greenback and the yen rose on concern rising unemployment and loan defaults will slow the U.S. economic recovery, sending stocks lower and boosting demand for the currencies as a refuge. Europe's single currency was poised for a second week of declines against the dollar on speculation Group of Seven... |
| Directionless Markets Ahead Of NFP
October 2, 2009 at 12:38 am
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| | Overall, the market searched for a direction during the overnight session, but until now, only the aussie and the cad managed to move decisively, while the rest of the market moved up and down around the break-even line. Moreover, the major pairs are now trading in two groups, with the... |
| European Market Update
October 2, 2009 at 12:07 am
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| | In Currencies: Initial the softer tone equity markets weighed upon the energy sector and in turned kept the CAD and AUD pairs on the defensive. The USD was softer against the European pairs ahead of the US non-farm payroll data. The EUR/USD moved above the 1.4550 area aided by speculation... |
| London Session Recap
October 2, 2009 at 12:06 am
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| | A pairing back of risk appetite has characterized both Asian and European sessions. The recent bout of weaker than expected US economic data has strengthened concerns about the strength of the global recovery outside of the Asian region pulling equity markets lower and driving the JPY higher across the board.... |
| Non Farm Payrolls And G7 May Buoy The Dollar
October 1, 2009 at 11:19 pm
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| | Forecasts for today's NFP are being adjusted since this month's ADP report painted a bleak picture of the labour market. Although the headline consensus remains -175K, we believe that market expectations may have shifted to a more negative reading in light of a week of downside surprises from the US.... |
| Dollar Hardly Gains From Stock Market Correction
October 1, 2009 at 9:57 pm
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| | Yesterday, EUR/USD lost some ground in step with the correction on the stock market. However, the losses were fairly limited. The dollar even ceded ground against the yen. Today, there will be some market talk whether the G7 will address the issue of the currency markets, but as is the... |
| The Hong Kong Monitory Authority Strive To Keep The Currency Exchange Rate Fixed
October 1, 2009 at 9:26 pm
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| | The monitory authority in Hong Kong has been working on stabilizing its currency exchange rate by pumping billions in the markets and banks in order to maintain a stable relationship between their currency and the dollar that witnessed considerable variations lately, aiming to bring stability to their financial system. |
| Morning Forex Overview
October 1, 2009 at 9:17 pm
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| | The dollar and euro fell against the yen Friday as investors cut down on the riskier currencies for the safe-haven Japanese unit after a slew of bad U.S. economic data and poor stock moves overnight made them more bearish about the two currencies. |
| Uncertain Times Ahead As Markets Eye CIT Group
October 1, 2009 at 8:56 pm
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| | Eurozone Unemployment in Aug was 9.6%; exactly on consensus estimates and modestly higher than the month prior (9.5%). National PMI figures across Europe were slightly better than expected (Eurozone composite PMI 49.3 vs. 49.0 exp.) but the EUR failed to benefit from the news, as markets were instead focussed on... |
| Look Out For US Labor Market Data Today
October 1, 2009 at 8:50 pm
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| | Trendline support in S&P500 today is 1013. It looks like that level could be tested today. The HY universe saw the biggest one-day drop since March and treasuries are making new highs. Commodities are all lower, indicating more risk-aversion. Stand by for an ugly weekly close. |
| FX Daily Report
October 1, 2009 at 8:31 pm
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| | The U.S. dollar firmed on Thursday as weaker jobless and manufacturing data burnished the greenback's safe-haven appeal, and comments by a top European official about the euro's recent gains hurt the single currency. Worse-than-expected U.S. initial jobless claims and a manufacturing index for September that came in lower than forecast... |
| A Bad Start For Equities In Q4, But Is It Just A Reaction To Window-Dressing?
October 1, 2009 at 8:19 pm
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| | It was a bad start to Q4 on Wall St as weaker US jobless claims and manufacturing ISM data overcame positive inputs from personal spending and pending home sales. Weekly jobless claims were a worse than expected, 551k vs. 535k, and the ISM manufacturing a disappointing 52.6 vs. 54.0. On... |
| Asian Market Update
October 1, 2009 at 8:10 pm
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| | US Dollar strengthened across the board in early trading but retreated later in the day on reluctance by buyers to take the Euro down to 3-week lows ahead of the Non-farm payrolls data. 1.45 appears pivotal in EUR/USD, USD/CHF ranged between 1.04-1.0440, while GBP/USD briefly fell below 1.59. In commodity... |
| Today's Key Points
October 1, 2009 at 7:47 pm
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| | In the FX market all eyes are on the non-farms payroll report this afternoon. If we are right in our above consensus call it should lend support to EUR/USD. The G7 meeting in Istanbul is drawing close and more and more comments from policy makers are hitting the news wires.... |
| Asia Session Recap
October 1, 2009 at 7:43 pm
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| | The week in Asia ended on a relatively quiet note as the dollar remained elevated and markets consolidated ahead of tomorrows looming non-farm payroll data. Trading was subdued and range bound for the most part as traders spent the day squaring positions and taking profits ahead of the potentially volatile... |
| Daily Financial Market Outlook
October 1, 2009 at 6:03 pm
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| | Further signs that the global economic recovery may not be advancing quite as strongly as the market previously expected dominated sentiment yesterday, with equity markets falling sharply and bond markets and the US dollar both recipients of a flight to quality bid. In the US and UK, the latest manufacturing... | | | 
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| USD/JPY Drifts Lower as Global Equities Tumble
October 2, 2009 at 3:31 am
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| | The USD/JPY has failed to garner any noteworthy upward momentum following the bottom set September 28th. The currency is drifting lower after neglecting to build upon its advance past the highly psychological 90 level. The slightly worse than expected TMI release late Wednesday night EST has been countered by much... |
| GBP/USD Slides Towards September Lows
October 2, 2009 at 3:30 am
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| | The GBP/USD is declining rapidly once again after 1.60 and our multiple uptrend lines failed to hold. Britain's Manufacturing and Construction PMIs both came in weaker than expected, further confirming the pullback in global economic data. On a positive note, Britain's Nationwide HPI came in a basis point stronger than... |
| EUR/USD Declines Towards 1.45 with Slide in Equities
October 2, 2009 at 3:28 am
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| | The EUR/USD has followed U.S. equities lower, dropping through our 4th tier uptrend line before tapping the psychological 1.45 level. Though the EUR/USD bounced off of our 1st tier downtrend line, the currency pair continues to drift lower as strong bearish forces take control of the market as a whole.... |
| EURUSD: Gives Back Upside Gains
October 2, 2009 at 1:15 am
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| | EUR continues to face downside pressure nearer term following a reversal of its Wednesday gains in early trading today. This now leaves the pair vulnerable to the downside targeting its Sept 29/14'09 lows at 1.4525/14 where a decisive violation will drive the pair further lower towards the 1.4446 level, its... |
| GBPUSD: Prints Higher Rejection Candle
October 2, 2009 at 1:13 am
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| | GBPUSD - An intra day loss of momentum at the 1.6124 level pushed the pair to a marginal close printing a rejection at the end of the session on Wednesday. This price development now leaves the pair vulnerable to the downside with the next target standing at the 1.5768 level,... |
| Currency Pair Daily Forecasts
October 2, 2009 at 1:04 am
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| | EUR/USD-market strategy can be a sell from the level 1.4548$ To strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines after a bearish crossover below the zero line. In order to find the power of the market, we use... |
| Currency Technical Report
October 2, 2009 at 12:53 am
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| | Euro declined yesterday against the dollar , as investors took profits after the negative economic news and ahead of the NFP release today.. Technically, yesterday's decline reached the first important support levels at 1,4500-20 , and an upward reaction is being formed in the beginning of the European session.... |
| Technical Analysis Daily: USD/JPY
October 2, 2009 at 12:09 am
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| | Dollar/Yen lost their bullish momentum on Thursday, and declined, reaching a bottom at 89.36, and closing the day at 89.59. On the 3 hour chart the upper limit of the downward channel limited the bullish movement, forming new downward triangle. Overall, the main trend is expected to remain downward. However,... |
| Forex Technical Analysis
October 2, 2009 at 12:04 am
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| | EUR/USD is in a broad consolidation, after bottoming at 1.2331 (Oct.28,2008). Technical indicators are neutral, and trading is situated above the 50- and 200-Day SMA, currently projected at 1.4134 and 1.3523. |
| Technical Analysis Daily: GBP/USD
October 1, 2009 at 10:13 pm
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| | On Thursday Pound/Dollar traded with volatility. The Cable went over 1.6000, reaching a peak at 1.6023, from where it started declining, closing the day at 1.5952. The Sterling seems to have lost partly the upward momentum and is currently vulnerable to the accumulated downward pressure. We expect trading to maintain... |
| Daily FX Report
October 1, 2009 at 10:11 pm
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| | Since August, the CAD/JPY has been trading along a bearish trend line. When it touched its support, the currency pair was always able to recover for a short pull back. After that, the prices rebounded again and fell under its support level. Now it seems that this trend will repeat... |
| Forex Technical Analytics
October 1, 2009 at 9:03 pm
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| | The pre-planned break-out variant for buyers has been implemented and the achievement of main estimated targets is supported according to the chosen strategy with preservation of bullish activity priority according to OsMA trend indicator. At the moment, considering descending direction of indicator chart there are risks of rate return to... |
| FX Technical Analysis
October 1, 2009 at 8:46 pm
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| | EURUSD Comment: Pulling slowly back in a neat little 'channel', capped again by the 9-day moving average. Today allow for a basing attempt against the short term 50% Fibonacci retracement and 26-day moving average at 1.4500. Momentum is zero and the Euro is a long way from being overbought. |
| Technical Analysis for Crosses
October 1, 2009 at 8:07 pm
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| | Under the negative pressure of our suggested daily Elliott cycle, the pair declined sharply, approaching our yesterday's suggested technical target- check the analysis here-. The subsidiary candlestick formation supports the bearish overview over short and intraday basis, while closing below DEMA and TEMA negative overlapping. AROON and OsMA also support... |
| Forex and Dow Jones Recommended Levels
October 1, 2009 at 7:52 pm
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| | EUR/USD Today's support: - 1.4490(main), where correction is possible. Break would give 1.4476, where correction also may be. Then follows 1.4458. Break of the latter would result in 1.4444. If a strong impulse, we would see 1.4425. Continuation will give 1.4405 |
| Technical Analysis for Major Currencies
October 1, 2009 at 7:40 pm
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| | The Euro versus Dollar pair declined as expected yesterday, in an attempt to target the support level 1.4400. The decline that happened formed a bearish technical pattern on the four hour charts, where we are waiting for the confirmation of the breach of the neckline at 1.4510 on the four... |
| Technical Analysis Daily: EUR/USD
October 1, 2009 at 7:09 pm
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| | Euro/Dollar made a decreasing movement on Thursday from the 1.4668 top, to the 1.4518 bottom, closing the day at 1.4542. Although the downward correction may be limited for now, on the 3 hour chart there is a still valid downward channel, and the currency pair may be going again under... |
| The Daily Forecaster: EURUSD
October 1, 2009 at 6:56 pm
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| | Price extended its losses over the day and remains under pressure. However, I don't think we're going to see the larger push lower today. I can see losses into the 1.4470-96 area at least and this is my favored stalling area but we should also allow for 1.4448. Thus, look... |
| Foreign Exchange Market Commentary
October 1, 2009 at 4:45 pm
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| | EUR/USD closed lower on Thursday and below the 20-day moving average crossing confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are bearish signalling that sideways to lower prices are possible near-term. If... |
| Daily Technical Analysis
October 1, 2009 at 4:40 pm
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| | The GBPUSD continued it's bearish momentum yesterday. On h4 chart below we can see after rejected to move consistently above 1.6113 area, the pair continue to move lower and now traded below 1.6000 area indicating potential weakness for the Sterling. The minor trendline support (orange) has been violated to the... |
| FX Technical Commentary
October 1, 2009 at 3:20 pm
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| | Euro 1.4535 Initial support at 1.4527 (Sept 29 low) followed by 1.4467 (Sept 9 low). Initial resistance is now located at 1.4725 (Sept 25 high) followed by 1.4844 (September 23 high) | | | 
Email 2 of 6  Hello, Keywords are the search terms (words or phrases) which trigger your ad, and they are critical to the success of your AdWords advertising. This email explains how you can choose the most effective keywords, assess your keyword performance and how this affects the amount you pay. Top tips for great keywords A great keyword is: - Ideally, 2-3 words long
- Specific (keywords that are too broad or general will not reach users as effectively as keywords that are highly targeted)
- Directly related to the text in your ad
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What keywords should I choose?  First, look at your website content and write down every word, word combination or phrase that describes each category of your business. This is the starting point for creating your keyword lists. Include all brand and product names as well as plurals, synonyms and alternate spellings for each word or phrase. Capitalization does not matter. Take out keywords that are very generic, irrelevant, or obscure. Then, group your keywords into close-knit themes and create a new ad group for each theme. Put your keywords into these new ad groups. For example, if your campaign is for digital cameras, you can group together mini digital cameras in one ad group and SLR digital cameras in another. Try using negative keywords. Negative keywords prevent your ad from showing when a word or phrase you specify is part of a search term. If you specify the negative keyword -repair, for instance, your ad won't show for search terms such as digital camera repair. Want more keyword information and examples? How can I tell if my keywords are working well? Check your keyword performance regularly in the 'Keyword' tab of your account. An 'Eligible' status means your keyword is eligible to trigger ads. Click on the icon in the status column to get more detail on your individual keyword performance. Then, one of the most important metrics to assess is the clickthrough rate (CTR), as it shows the proportion of people who clicked on your ad after they saw it. Keywords that produce a relatively low CTR (e.g. less than 1% on the search network) can often be improved. Implementing the tips above will help improve your keyword performance. A higher CTR will help to increase your ad's position on Google. Learn more about what keyword metrics to look out for. How do my keywords impact how much I pay? If your keywords are well chosen and you follow the tips above, your ads may show in a higher position or at a lower cost. AdWords bidding works on an auction-style system, with advertisers bidding for keywords that will trigger their ads to appear. As multiple advertisers will often bid on the same keywords, Google must determine which ads will show, and in what position on the page. To do this, it looks at both CPC bids and the quality of your keywords: - Cost-per-click bids (Maximum CPCs) are the amount you are willing to pay when someone clicks on your ad
- Quality score relates to how relevant your ads and keywords are to searches on Google, which is determined by a number of things, including your CTR
Find out more about how keyword bidding and quality can affect your ads. If you'd like more information about keywords, you can find all this and more in the online AdWords Beginner's Guide. Sincerely, Laura The Google AdWords Team P.S. Next week we'll cover everything you need to know to write eye-catching ad texts! Was this email helpful? Need a little help? © 2009 Google Inc. 1600 Amphitheatre Parkway, Mountain View, CA 94043 Unsubscribe: We sent you this email because you have indicated that you are willing to receive AdWords newsletters. If you do not wish to receive emails of this nature in the future, please visit your account's Communications Preferences page (AdWords login required). Remove the check beside 'Newsletters,' and click 'Save Changes.'
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| Markets Calm Before U.S. Employment Reports
October 1, 2009 at 4:27 pm
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| | Overall, there was not much volatility seen during the Asian session. Most of the majors traded in tight ranges and the only pair that broke that mold was the cable which has weakened by over 40 pips. The majors may have reduced volatility until the employment reports are released from... |
| Forex Exchange Morning Report
October 1, 2009 at 3:28 pm
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| | Risk markets took a hit last night on the back of two negative US data surprises. First up, jobless claims rose more than expected, although the trend improvement remains intact, so the jolt was minor. The later ISM manufacturing report did more damage, showing the important new orders/inventories ratio (a... |
| US Stocks Plunge
October 1, 2009 at 3:17 pm
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| | U.S. Dollar Trading (USD) found strength in Adversity as risk trades were pared back overnight. US stocks fell the most in 3 months on the first day of the quarter as data missed expectations. US September ISM manufacturing was at 52.6 vs. 54 forecast. Weekly Jobless claims at 550k vs.... |
| Dollar Index At Critical Resistance
October 1, 2009 at 3:15 pm
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| | The dollar rose on Thursday as risk aversion increased. The S&P 500 dropped 27.23 points to 1,029.85. The treasury 30-year bond yield fell below 4% for the first time since April. US initial jobless claims increased, the ISM US manufacturing PMI declined and inflation remained subdued, casting doubt over the... |
| Greenback And Yen Gain On Weak Stocks, Risk Aversion
October 1, 2009 at 3:10 pm
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| | We start with fundamental news from Japan, which posted its quarterly survey of manufacturers. The headline index of sentiment among large manufacturers climbed to minus 33 in the 3rd quarter from minus 49 in the second. Though the index showed improvement, the report also showed that large business aim to... |
| S&P Plunge Help Dollar Strengthen
October 1, 2009 at 11:05 am
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| | Overall, the dollar index strengthened against every other major pair in Thursday trade with the exception of the yen, as the U.S. markets plunged, even from the first few minutes of trading. The pairs worst effected by the sell-off were the aussie and the cad, which looked strongly overvalued recently.... |
| New York Session Recap
October 1, 2009 at 10:59 am
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| | The pattern of worse than expected forward-looking economic data elicited a flight to safety in the NY session. US equities slumped -2.6% in broad terms for the largest one-day decline since we kicked off the month of July. The US initial jobless claims number printed a much worse than anticipated... |
| Forex Fundamental Outlook
October 1, 2009 at 10:22 am
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| | The common currency gave back recent gains on a report the Group of Seven may discuss the euro's recent strength when they convene in Istanbul this weekend. Furthermore, Fed Chairman Bernanke testified that the U.S. dollar's status as a global reserve currency is not in jeopardy in the short term... |
| USD Extends Gains as Jobless Claims Rise and Stocks Fall
October 1, 2009 at 8:15 am
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| | Concern about the global recovery boosts the USD.USD traded higher Thursday supported by weaker equity market trade and report that the EU is concerned about EUR appreciation. Equity markets traded lower in reaction to disappointing economic data from Europe as the EU unemployment rate rises to a 10 year high,... |
| Income and Spending Rise, But Manufacturing and Jobless Claims Disappoint!
October 1, 2009 at 6:37 am
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| | The U.S. economy continues to show sings that the worst of this recession is behind us already, as income and spending and rising again, while activity in several economic sectors including the manufacturing and the housing sectors continues to rise, as the economy seems to be on its way to... |
| U.S. Market Update
October 1, 2009 at 5:38 am
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| | In currencies, the greenback maintained its firm tone against the EUR and CHF pairs following initial comments from EU's Almunia before the European session. As the New York morning commenced, ECB Chief Trichet confirmed that FX was discussed today's EuroFin meeting while other European finance ministers complained about the effect... |
| Data Releases Show U.S. Economy in Positive Growth Territory
October 1, 2009 at 5:19 am
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| | The ISM manufacturing index edged down to 52.6 in September following its 52.9 reading in August. Expectations were for a significantly stronger 54. Prices paid declined to 63.5 from 65 in August. Even though the ISM manufacturing index disappointed expectations of a jump to 54, September's 52.6 reading puts the... |
| Strong Rise in U.S. Personal Consumer Spending
October 1, 2009 at 5:18 am
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| | Personal consumer expenditure (PCE) jumped 1.3% in August following a 0.3% gain in July. Expectations had been for a solid rise in August, but at a slightly more moderate pace of 1.1%. The strong increase occurred despite personal income rising only 0.2%, although this was slightly stronger than the 0.1%... |
| Japanese Politics and the Yen
October 1, 2009 at 4:59 am
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| | The U.S. dollar has been getting a beating from all sides, but its woes may be far from over - recent developments in Japan, China, Germany and the United Kingdom, not to speak of domestic developments in the U.S., are pointing to a rocky road ahead. Today's focus is on... |
| Afternoon Forex Overview
October 1, 2009 at 4:47 am
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| | The dollar is stronger in early Thursday trading, as concerns over a global economic recovery continue to reduce risk appetite. Modest gains in U.S. personal income and spending were offset by a worse-than-expected weekly jobless report, leading the euro to hit an intraday low against the dollar before retracing some... |
| Late European Session Snapshot
October 1, 2009 at 4:46 am
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| | The big focus for markets has obviously been the US data releases this afternoon; jobs data were mixed with initial claims topping estimates at 551K (535K consensus), but continuing claims shrinking to 6090K (6170K expected, 6138K previous). It was also notable that the improvement in Personal Spending in Aug was... |
| Equity Market Loss of Momentum Helps Buoy Dollar
October 1, 2009 at 4:43 am
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| | For want of a better direction today the dollar is advancing, spurred in part by comments from ECB top-dog, Trichet who made reference to currency volatility. That's a polite way of complaining about strength in the euro as the dollar suffers from the fallout of growing risk appetite. Investors are... |
| ISM: Recovery Yes But No Acceleration - Jobs Lag
October 1, 2009 at 4:41 am
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| | The ISM index remained in expansion territory at 52.6 with positive signals in orders, supplier deliveries and production. Yet employment still lags and prices paid remain elevated. The jobless recovery continues. The headline ISM manufacturing index at 52.6 is consistent with expansion in the manufacturing sector. Expansion signals were delivered... |
| ECB, EuroZone Politicians Clearly Fed Up with Euro Strength
October 1, 2009 at 3:32 am
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| | The ECB upset the apple cart today as the ECB's Trichet said that Euro finance ministers and central bank representatives discussed currency issues at a G-7 meeting today. Mr. Trichet said little that was new, repeating past statements that a strong USD is "extremely important", but clearly, the strong EUR... |
| Central Bankers Seek a Dollar Bottom; Bonds Favored Over Stocks?
October 1, 2009 at 3:28 am
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| | The Bank of England last week made comments regarding some recent weakness in the British pound. It was seen as a potential boost to the UK economy as they'd love to resuscitate what external demand for their exports, albeit a relatively small portion of their economy. There seems to be... |
| Income & Spending Both Gained in August
October 1, 2009 at 3:22 am
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| | Cash for clunkers sent consumers to auto dealerships en masse and spending increased 1.3 percent, the biggest jump in eight years. We expect a large portion of the gain to be reversed in September. Spending jumped sharply as consumers rushed to take advantage of the cash for clunkers program. Spending... |
| IMF Raises Growth Projections for UK While Manufacturing Sector Remains Contracting
October 1, 2009 at 3:17 am
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| | Today as the manufacturing sector contraction widened slightly renewed fears in the United Kingdom that the worst of this global recession is not yet over while the IMF raised its growth projections for the economy for next year which was the bright news for the day. Starting of with the... |
| Europe: PMI Manufacturing Rises to 16-Month High, While Unemployment Continues Its Incline
October 1, 2009 at 2:43 am
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| | The Euro Zone is showing ongoing improvement as indicated by the data released day after day. The nascent recovery signs seen starting from the second quarter are continuing in the third quarter and are expected to continue till the end of the year. Policy makers at the ECB, through their... |
| Euroland: PMI Signals Two-Speed Recovery
October 1, 2009 at 2:07 am
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| | The recovery in Euroland is becoming more uneven with Spain and Greece in particular lagging behind France and Germany. Our outlook for both Spain and Greece is rather pessimistic. Spanish manufacturing PMI declined from 47.2 to 45.8 in September and new orders fell back from 51.3 to 48.7. The decline... |
| Japan: Tankan Suggests Strong Recovery
October 1, 2009 at 2:03 am
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| | The Tankan business survey compiled by Bank of Japan suggests the recovery remains in place and the early recovery phase is likely to be quite strong. Both manufacturers and non-manufacturers report that conditions have improved in Q3 and they expect further improvement in Q4. Not surprisingly the improvement has been... |
| G7 Looks To Support Dollar
October 1, 2009 at 1:02 am
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| | There will be further speculation that G7 countries will look to put a floor under the dollar as instability and sharp dollar losses would be a negative factor for the global economy. Underlying dollar confidence will still be weak which will certainly limit buying support. In the near term, there... |
| Dollar Roller Coaster Thursday Trade
October 1, 2009 at 12:53 am
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| | Overall, the euro and the swissy saw some strong orders pushed into the market ahead of the European open, but the rest of the major pairs moved very little at that time. Even so, the majors retraced most of the move back, and since then market has moved mostly side-ways,... |
| London Session Recap
October 1, 2009 at 12:12 am
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| | The EUR was hit hard early in the European session on a wire report that EU Monetary Affairs Commissioner Almunia said that the Eurogroup will discuss the appreciation of the EUR ahead of this weekend's G7 meeting. Generally, G7 communiqués bring little reference to fx markets except to stress there... |
| European Market Update
October 1, 2009 at 12:08 am
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| | In Currencies: The USD strengthened just ahead of the European morning following comments from EU's Almunia that the Euro-group would discuss appreciation of EUR as it prepared its position ahead of this Saturday's G7 meeting in Istanbul. European Finance Ministers and Central Bankers met at informal EcoFin in Sweden today.... |
| Will The US ISM Disappoint?
September 30, 2009 at 11:46 pm
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| | Yesterday's data releases from the US were a first insight into the more important Non-Farm Payrolls and ISM to come - and the signs were not good. While the correlation between ADP Employment and NFP numbers is historically quite dubious, it almost certainly resets psychology in terms of expectations for... |
| US Dollar Trading Marginally Lower Ahead Of Key Data
September 30, 2009 at 9:42 pm
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| | Yesterday, the price action in USD/JPY and EUR/USD was capped in tight ranges, driven by technical trading. Orderdriven activity pushed sterling temporarily higher, but also these gains could not be sustained. Today might bring more wait-and-see behaviour ahead of tomorrow's payrolls |
| China's Industrial Sector Continues To Grow For The Seventh Month In A Row
September 30, 2009 at 9:21 pm
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| | The industrial sector in China continues to grow and expand for the seventh consecutive month, reaching in September to its highest in 17 months, confirming that the Chinese economy was able to get rid of the negative effects of the worst global crisis since the Great Depression. |
| ADP Report Tempers Optimism For Non-Farm Payrolls
September 30, 2009 at 9:20 pm
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| | This week's economic calendar went from famine to feast yesterday as the Eurozone spun out better than expected German Unemployment figures (8.2% vs. 8.4% exp.), and rumours of good US employment figures to come spurred equities and other risky assets higher in the morning session (EURUSD rallied to 1.4671, crude... |
| Morning Forex Overview
September 30, 2009 at 9:18 pm
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| | The dollar and euro edged up against the yen in Asia Thursday as Japanese institutional investors bought the units to fund overseas investments at the start of the fourth quarter. But dealers said the buying was moderate, suggesting the currencies would not rise much more against the yen. Other... |
| ISM Manufacturing To Disappoint?
September 30, 2009 at 9:16 pm
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| | A lot of data out today. Most important is probably the ISM Manufacturing. We believe that it could disappoint by coming out at 51 or below. Despite a lower than expected Chicago PMI, stocks were able to regain the lost territory and the HY universe is still doing okay. |
| Asia Holds Steady At The Start Of Q4. Fireworks Started When Europe Came In
September 30, 2009 at 8:34 pm
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| | The dollar finished Q3 with mixed feelings after early fixing flows had pressured the greenback, but later US data continued its theme of generally disappointing and the dollar was able to stage a modest comeback. While markets could garner some positives from the upward revision to Q2 GDP numbers (to... |
| FX Daily Report
September 30, 2009 at 8:30 pm
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| | The Swiss National Bank declined to comment on talk that it intervened in the foreign exchange market to weaken the Swiss franc on Wednesday. 'We have no comment on this,' SNB spokesman Nicolas Haymoz said when asked about a sharp drop in the Swiss franc. The SNB renewed its full... |
| Asian Market Update
September 30, 2009 at 8:15 pm
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| | In currencies, USD strengthened against European majors after EU's Almunia said the Eurogroup will discuss appreciation of EUR, looking to prepare a position ahead of this Saturday's G7 meeting. EUR/USD approached 2-week lows trading down toward 1.4550, and USD/CHF rose above 1.07. USD also strengthened against the Yen, rising above... |
| Today's Key Points
September 30, 2009 at 8:00 pm
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| | In the FX market the action kicks off this afternoon with the ISM report. We expect a positive reading that should add to risk appetite in the market and the 'usual' weaker dollar market reaction. From a technical point of view we continue to see upside risk to EUR/USD with... |
| Asia Session Recap
September 30, 2009 at 7:46 pm
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| | While market ranges looked eerily familiar to yesterdays, the end results differed in that after an early decline, the US Dollar came clawing back to respectable levels. Risk was back on the table after the Japanese Tankan survey came in better for a second straight quarter, helping to accentuate the... |
| Daily Financial Market Outlook
September 30, 2009 at 6:24 pm
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| | Stock markets have taken fright at yesterday's generally weakerthan- expected US economic data, with Treasuries moving higher. Final Q2 GDP figures showed a fairly benign 0.7% annualised pace of contraction against a consensus estimate of -1.2%. But the combination of a weak ADP and Chicago PMI report has cast fresh... |
| Oil Soars Above $70 A Barrel
September 30, 2009 at 5:25 pm
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| | U.S. Dollar Trading (USD) lost ground after a few days of strength and consolidation. Commodity currencies led the rally against the Dollar with AUD/USD breaking fresh year highs. US Data was surprisingly weak with September ADP Employment -254k vs. -200k expected. Chicago PMI forecast at 52 shocked at 46.1. In... |
| Yen Expected To Drop Lower On Comments From Japanese Finance Ministry
September 30, 2009 at 5:12 pm
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| | The economic environment in Japan has been less than attractive for investors considering the extremely low yields and heavily export driven growth. A recent wave of central bank commentary regarding intervention has been a significant component of the recent rally in major currency pairs. |
| Majors Moving During Asian Session
September 30, 2009 at 4:49 pm
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| | Overall, there was a little bit of volatility during the Asian session. The major pairs were already making some moves early on with the aussie gaining 30 pips, followed by the euro and swissy which strengthened by 25 pips. The cad has gained 23 pips while the pound increased 18... |
| Preview of US September Unemployment
September 30, 2009 at 4:36 pm
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| | The August US unemployment rate rose to a 26 year high at 9.7%. August nonfarm payrolls posted the smallest decline since August 2008 at -216k. There were downward revisions to the June and July nonfarm payrolls with 20k more jobs lost in June and 29k more lost in July than... |
| Forex Exchange Morning Report
September 30, 2009 at 3:36 pm
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| | Quarter-end window-dressing effects were unobservable during the first hour of US equities trading, the consensus-missing ADP payrolls and Chicago PMI reports helping the S&P500 drop 1.6% at the open. Buying then kicked in, and the index is unchanged as we write. The month-end currency fixing, during which equity fund managers... |
| Aussie Hits Yearly High
September 30, 2009 at 3:26 pm
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| | The dollar fell in volatile trading Wednesday. The S&P 500 declined 3.53 points to 1,057.08 but recovered most of earlier losses incurred on a disappointing Chicago PMI report. Risk appetite returned after Federal Reserve Vice Chairman Donald Kohn said slack in the US economy means the Fed can keep interest... |
| Euro Firms Vs Greenback On A Day Full Of Fundamental Releases
September 30, 2009 at 3:20 pm
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| | We begin today's broadcast in Europe, where the German economy saw unemployment decline by a seasonally adjusted 12K in September. That helped the unemployment rate decline to 8.2%. However, the data does not represent a turnaround in the labor market according to the Federal Labor Agency. The economic crisis will... |
| New York Session Recap
September 30, 2009 at 3:12 pm
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| | The NY session was an absolute chop-fest but the USD was once again the proverbial whipping boy. US equities slipped a modest -0.3% after testing multiple times into positive terrain. It was surprising that stocks did not give up more ground in the face of more bad news on the... | | | 
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