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ProvideTrade.com is an investment company uniting professional stock, forex traders, & gold trade. Complex world of markets is our daily concern. Our mission is to obtain funds for further management. 10 years of successful development for money management in private section ensured us that we are ready to open our service to the whole world. Internet has become the most convenient and widespread communication source, that's why in view of responsibility we decided to bring our service via internet and attract investors online.
USD, JPY Rally on Swine Flu Fears
The foreign exchange market reacted to the swine flu pandemic at the start of the week with traders bidding higher the...
The US economic calendar for the coming week will see a barrage of reports including the Case-Shiller home price survey, Richmond Fed survey, Conference Board’s consumer confidence survey, Q1 GDP, personal income, consumption, PCE, Chicago PMI, University of Michigan consumer sentiment, durable goods orders, and ISM manufacturing. Consensus estimates call for Q1 GDP to post a decline of 5.0% versus the previous decline of 6.3%. Meanwhile, consumer confidence is estimated to improve in April to 29.5, versus 26.0 a month earlier.
USD Drifts Lower Ahead of FOMC
The dollar gave back some of its recent gains against the euro, falling to 1.3166 while dropping to 95.61 versus the...
US equities clawed back into positive territory following a surprise reading in the Conference Board’s survey of consumer confidence, which sharply beat expectations in April at 39.2 from a revised reading of 26.9 a month earlier. The bounce in consumer confidence marked its strongest reading since November 2008. The February Case-Shiller home price index declined by 2.2% on a monthly basis versus a 2.8% drop in the previous month, while declining by 18.63% compared with a revised 19% drop a year earlier. Also released was the April Richmond Fed manufacturing index posted a -9.0 reading compared with -20 in the previous month.
The economic calendar for Wednesday will see Q1 GDP and PCE. On an annualized basis, the economy is estimated to contract by 5.0%, versus 6.3% previously. The personal consumption index is estimated to increase by 0.9% in the first quarter compared with a 4.3% decline, while the core PCE is estimated to increase by 1.5%versus 0.9%.
USD Mixed
The greenback was in the Thursday session, higher against the yen while slumping against the Australian dollar. Yesterday’s FOMC policy statement propped up the dollar on improved sentiment over the economic outlook. The Fed expressed optimism that the US economic recession may be moderating. The calendar today saw better than expected US reports, with weekly jobless claims declining to 631k versus an upwardly revised 645k a month earlier and Chicago PMI jumping to 40.1 in April, up from 31.4 in March.
US data slated for release on Friday consists of April University of Michigan consumer confidence, March factory orders and April ISM manufacturing. The final reading for the University of Michigan consumer sentiment in April is estimated to stand pat at 61.9. Factory orders are expected to post a 0.6% decline versus a 1.8% increase a month earlier. Lastly, the April manufacturing ISM is seen improving to 38.4 from 36.3 in March while the prices paid component is expected to edge up to 34.0 from 31.0.
USD Edges Higher on Bernanke & Data
The dollar recovered some of its earlier losses against the majors, pushing the euro toward the 1.3325-level and edging...
Fed Chairman Bernanke, testifying before the Joint Economic Committee, acknowledged improving conditions in the financial markets in recent months. He said the Fed was “not trying to target a particular interest rate”, with the FOMC’s objective to “provide more liquidity to the system and to help private credit markets”. Bernanke continues to “expect economic activity to bottom out, then turn up later this year”, adding that key elements in this forecast incorporate the Fed’s “assessments that the housing market is beginning to stabilize and that the sharp inventory liquidation that has been in progress will slow over the next few quarters”. His comments reiterated recent market sentiment that the US economic recession has moderated somewhat and beginning to bottom out.
The economic calendar for Wednesday is light, consisting of the April ADP private-sector payrolls figure. Traders will pay close attention, particularly ahead of Friday’s key jobs report. Consensus estimates look for a loss of 700k jobs in April, compared with 745k jobs lost in March. The April unemployment rate, due out on Friday at 8:30 AM is seen creeping up further to 8.8% from 8.5%, its highest rate since October 1983. Non-farm payrolls are expected to reveal another 631k jobs lost in April versus 663k a month earlier.
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