Forex Top Story
The euro area private sector activity contracted at a slower than
expected pace in January, preliminary data from Markit Economics showed
on Thursday. Although the economy remains in recession territory, the
survey figures have lifted hopes of a modest recovery. The composite
output index, which combines manufacturing and service sectors, rose to a
10-month high of 48.2 in January from 47.2 in
Spain's jobless rate increased to a record high in the fourth quarter,
leaving nearly six million people unemployed as the government engaged
in sharp spending cuts after the the economy plunged deeper into
recession, latest data showed.
Flash Purchasing Managers' survey results from major Eurozone economies
are due on Thursday, headlining a busy day for the European economic
news.
China's manufacturing sector activity rose to its highest level in two
years in January as factory production picked up momentum, preliminary
results of a survey by Markit Economics showed Thursday. The headline
HSBC/Markit purchasing managers' index rose to 51.9 in January from 51.5
in December. A PMI reading above 50 indicates expansion of the sector.
The International Monetary Fund on Wednesday trimmed the growth outlook
for the global economy and said the euro area is likely remain in
recession for a second year in 2013 instead of a marginal growth
projected in October. The Washington-based lender, in its World Economic
Outlook Update, also urged policymakers to address the downside risks
in order to bolster economic growth.
Japan posted a merchandise trade deficit of 641.53 billion yen in
December, the Ministry of Finance said on Thursday - continuing to
reflect slowing exports to China in a territorial island dispute.
Sinking into the red for the sixth straight month and 13th in the last
15, the headline figure missed...
South Korea's gross domestic product expanded by a seasonally adjusted
0.4 percent in the fourth quarter of 2012 compared to the previous three
months, the Bank of Korea said on Thursday.
That missed forecasts for an increase of 0.5 percent but marked an
improvement over the 0.1 percent gain in the...
The dollar is little changed in comparison to its major competitors on
Wednesday. Investors are awaiting the results of a vote to pass a
short-term debt ceiling increase in the U.S. House of Representatives.
House Republicans will consider a bill to raise the nation's debt
ceiling for three months in...
U.K. employment total increased to a record high during three months
ended November after people out of work decreased, data from the Office
for National Statistics revealed Wednesday. There were 2.49 million
unemployed people in the country during the three-month period, down by
37,000 from June-August.
With a majority of 8, the Bank of England's policymakers voted to
maintain quantitative easing unchanged at the start of the year, as they
saw limited stimulus to the economy from further easing. David Miles
repeated his call for a GBP 25 billion increase in QE, the minutes of
the meeting published on Wednesday showed.
The minutes of the Monetary Policy Committee meeting of the Bank of
England is due on Wednesday, headlining a light day for the European
economic news.
The yen rallied strongly on Wednesday in Asia, as the disappointment
over the Bank of Japan's decision to hold off on fresh monetary stimulus
until 2014 boosted demand for safer assets.
European Central Bank President Mario Draghi observed Tuesday that the
'darkest clouds' over the euro area have subsided while countries
reinforced their commitment to reforms. In a speech in Frankfurt, he
said resolute actions by euro area governments and European institutions
have made the year 2012 quite different than predicted.
Consumer prices in Australia were up 2.2 percent on year in the fourth
quarter of 2012, the Australian Bureau of Statistics said on Wednesday.
That was shy of forecasts for an increase of 2.4 percent after rising
2.0 percent in the previous three months. On quarter, prices were up 0.2
percent - also below expectations for an increase of 0.4 percent after
climbing 1.4 percent in the third quarter.
The dollar is little changed against its major European competitors on
Tuesday, but has weakened against the Japanese Yen. The Bank of Japan
decided on Tuesday to double its inflation target to 2 percent, as
sought by Prime Minister Shinzo Abe, in a bid to end deflation. The
central bank also announced...
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