Forex Top Story
Eurozone finance ministers are unlikely to take any momentous decision
at Monday's gathering in Brussels, but may touch upon the thorny
question of whether to move forward with Cyprus' bailout request or to
push for more stringent regulations to tackle money laundering and other
issues before agreeing to a rescue.
Industrial production from France is the major report due on Monday, headlining a light day for the European economic news.
The number of home loans approved in Australia declined for a third
consecutive month in December as a series of interest rate reductions by
the Reserve Bank last year failed to attract first-time home buyers.
The dollar is currently trading mixed against its major competitors at
the end of the trading week, following the release of the narrower
than anticipated U.S. trade deficit data. The U.S. currency is climbing
against the Euro, but is losing ground against the pound sterling and
the Japanese Yen. America...
Wholesale inventories in the U.S. unexpectedly showed a modest
decrease in the month of December, according to a report released by
the Commerce Department on Friday, with the decrease largely due to a
drop in inventories of non-durable goods. The report showed that
wholesale inventories edged down by 0.1 percent in December following a
revised 0.4 percent increase in November.
America recorded a much narrower than expected trade deficit in the
month of December, according to a report released by the Commerce
Department on Friday, with the data potentially leading to an upward
revision to the disappointing fourth quarter GDP data. The report showed
that the U.S. trade deficit narrowed to $38.5 billion in December from
$48.6 billion in November.
Germany's exports hit a record high in 2012 with shipments expanding
in six months, despite demand from the currency bloc undergoing a
downturn. Exports climbed 3.4 percent to a record EUR 1.09 trillion in
2012 and imports grew 0.7 percent to EUR 909.2 billion, the Federal
Statistical Office said Friday.
China's annual inflation slowed in January from a seven-month high on
easing food inflation, while exports surged, underpinning hopes of a
robust recovery. Inflation slowed to 2 percent in January from 2.5
percent a month ago, the National Bureau of Statistics reported Friday.
The annual rate matched economists' forecast.
Foreign trade from Germany is the major report due on Friday, headlining a light day for the European economic news.
The Australian economy is expected to grow a little slower than trend
this year, with the outlook for both mining and non-mining investment
turning weaker than estimated earlier. Growth will, however, pick up
momentum gradually in 2014, the Reserve Bank of Australia (RBA) said
Friday. The growth forecast for 2014 reflects expectation that the
mining investment boom will reach its peak, and the expected effect of
both fiscal consolidation and the persistently high level of the
Australian dollar.
Japan posted a current account deficit of 264.1 billion yen in
December, the Ministry of Finance said on Friday - slipping into the red
for the second straight month after 10 in the black. The headline
figure was well shy of forecasts for a shortfall of 144.2 billion yen
following the 222.4 billion...
The dollar is spiking sharply higher against the Euro on Thursday,
after ECB President Mario Draghi stated that he sees a gradual recovery
later in the year as domestic demand will be underpinned by
accommodative monetary policy stance. The European Central Bank left
its interest rates unchanged on...
European Central Bank President Mario Draghi said on Thursday that the
recent appreciation in the euro is a sign of confidence in the
currency. Speaking at the post-decision press conference in Frankfurt,
Draghi reiterated that the exchange rate is not a policy target, but is
important for growth and price stability. The bank will monitor the
currency to determine any impact on inflation outlook.
With a notable increase in hours worked more than offsetting a modest
increase in output, the Labor Department released a report on Thursday
showing a bigger than expected drop in U.S. labor productivity in the
fourth quarter of 2012. The report said labor productivity fell by 2.0
percent in the fourth quarter.
First-time claims for U.S. unemployment benefits showed a modest
decrease in the week ended February 2nd, according to a report released
by the Labor Department on Thursday. The report showed that initial
jobless claims dipped to 366,000, a decrease of 5,000 from the previous
week's revised figure of 371,000. Economists had expected jobless
claims to fall to 360,000.
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