Currency Trading Majors Pairs
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Euro vs Dollar − Fundamental News
Fri, Jul 3 2009, 10:28 GMT
by Anna Coulling
Master The Markets
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.
Published on
Fri, Jul 3 2009, 10:28 GMT
Archive
- Forex Analysis GBP/USD
Published On Wed, Sep 16 2009, 08:30 GMT
- Forex Analysis Euro vs Dollar
Published On Wed, Sep 16 2009, 08:05 GMT
- Fundamental Forex News for Euro to Dollar
Published On Tue, Sep 15 2009, 08:38 GMT
- USD Index
Published On Tue, Sep 15 2009, 07:40 GMT
- Yen To Dollar Weekly Chart
Published On Mon, Sep 14 2009, 17:36 GMT
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Master The Markets
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