Euro Rises Against Majors
The euro strengthened against the other major currencies in the Asian session on Friday. The euro rose to a 3-day high of 135.22 against the yen, from yesterday's closing value of 133.86, respectively. Against the pound and the Swiss franc, the euro advanced to 0.7207 and 1.0498 from yesterday's closing quotes of 0.7168 and 1.0454, respectively. Moving away from an early near 2-week low of 1.6342 against the NZ dollar, the euro appreciated to 1.6415. At yesterday's close, the euro was trading at 1.6518 against the kiwi. Against the U.S. and the Canadian dollars, the euro edged up to 1.1088 and 1.4089 from yesterday's closing quotes of 1.1032 and 1.4017, respectively. If the euro extends its uptrend, it is likely to find resistance around 138.00 against the yen,0.74 against the pound, 1.06 against the franc, 1.67 against the kiwi, 1.13 against the greenback and 1.44 against the loonie.
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10-07-2015, 04:56 AM #771
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11-07-2015, 02:40 AM #772
Australian dollar steadies as Greece summit impends
The Australian dollar stabilized on Friday before the anticipated eurozone summit on Sunday. Earlier, the Greek government presented a new bailout plan to its lenders, which showed sales tax and pension reductions. The Aussie ended at 67.47 euro cents from Thursday's 67.42 euro cents, and 74.78 US cents from 74.77 US cents.
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13-07-2015, 05:42 AM #773
New Zealand dollar saps despite Greek debt woes
The New Zealand dollar devitalized Monday as concern escalated regarding the future of Greece following eurozone leaders amplified their demands for reforms over the weekend. At an emergency summit on Sunday, eurozone leaders pressed Greek officials to revise key tax, pension, and privatization reforms by Wednesday before resuming talks. The kiwi closed at 60.33 euro cents from Friday's 60.92 euro cents, 67.01 US cents from 67.22 US cents, and 43.17 British pence from 43.89 British pence. The currency ended at ¥81.91 from ¥82.31, and 90.29 Australian cents from 90.34 Australian cents. Optimism encompassing a Greek deal has slightly faded this morning, “as euro-zone leaders are yet to formally agree on a path forward,” said Raiko Shareef, Currency Strategist at Bank of New Zealand.
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14-07-2015, 02:21 AM #774
Singapore Second Quarter GDP Slows To 1.7%
Singapore's gross domestic product gained 1.7 percent on year in the second quarter of 2015, the Ministry of Trade and Industry said in Tuesday's advance estimate. That was well shy of forecasts for an increase of 3.2 percent and down from the upwardly revised 2.8 percent growth in the first quarter (originally 2.6 percent). Seasonally adjusted and on an annualized quarterly basis, GDP tumbled 4.6 percent - missing by a mile forecasts for an increase of 1.0 percent. GDP had expanded an upwardly revised 4.2 percent on quarter in the three months prior (originally 3.2 percent). The manufacturing sector contracted 4.0 percent on year in the second quarter, extending the 2.7 percent decline in the previous quarter. The contraction was largely due to a fall in output in the biomedical manufacturing and transport engineering clusters. On a quarterly basis, the sector contracted at an annualized rate of 14.0 percent, reversing the 0.4 percent expansion in the three months prior. The construction sector expanded 2.7 percent on year in the second quarter, up from the 2.1 percent growth in the previous quarter. Growth was supported by stronger expansion in public sector construction activities. On a quarterly basis, the sector contracted at an annualized rate of 0.2 percent, in contrast to the 8.3 percent gain in the preceding quarter. Growth in the services producing industries came in at 3.0 percent on year in Q2, easing from 4.2 percent in the previous quarter. The moderation in growth was largely due to slower expansion in the wholesale and retail trade and business services sectors, as well as a contraction in the transportation and storage sector. On a quarterly basis, the services producing industries contracted at an annualized rate of 2.6 percent, reversing the 3.8 percent growth in Q1.
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14-07-2015, 06:46 AM #775
Canadian dollar recedes as markets shift focus on BOC, Fed
The Canadian dollar retreated Monday, as markets have turned their attention on the Bank of Canada and Federal Reserve following Greece closed an agreement with its international lenders. Bank of Canada is set to release its interest rate decision Wednesday, while prospects of Fed increasing rates in September were renewed. The loonie finished at 78.49 US cents from Friday's 78.87 US cents. The likelihood of BOC reducing rates is somewhat weighing on the loonie. “That explains some of the early weakness today,” said Mark Chandler, Head of Canadian Fixed Income and Currency Strategy at RBC Capital Markets. Last week, Statistics Canada reported unemployment rate stayed at 6.8% for the fifth consecutive month. The country also gained a net 32,800 jobs.
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15-07-2015, 02:51 AM #776
Australia Consumer Confidence Slides In July - Westpac
Consumer confidence in Australia deteriorated further in July, the latest survey from Westpac Bank and the Melbourne Institute revealed on Wednesday - sliding 3.2 percent on month to a seven-month low index score of 92.2. That follows the 6.9 percent plunge in June to a score of 95.3 - still below the boom-or-bust line of 100 that separates optimists from pessimists. Among the individual components, the outlook for economic conditions over the next year tumbled 10.4 percent. For the next five years, the index fell 4.4 percent. The index for if it was a good time to buy a major household item added 0.2 percent.
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15-07-2015, 06:14 AM #777
Greek PM says a leader cannot abandon ship during a storm
Greek Prime Minister Alexis Tsipras seemed to rule out stepping down early or conceding power to a national unity government with opposition parties after being forced to abandon election promises and accept painful austerity measures. Tsipras said in an interview with Greek state television that a prime minister had the duty to fight and tell difficult truths and take hard decisions.
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16-07-2015, 03:11 AM #778
Singapore Non-Oil Domestic Exports Rise 4.7% In June
Non-oil domestic exports in Singapore were up 4.7 percent on year in June, International Enterprise Singapore said on Thursday. That beat forecasts for an increase of 2.0 percent following the 0.3 percent contraction in May. Electronics exports surged an annual 7.6 percent in June, also topping expectations for a gain of 2.4 percent following the 2.5 percent contraction in the previous month. Non-electronic exports were up 3.6 percent after adding 0.6 percent a month earlier. Non-oil re-exports gained 1.9 percent on year after falling 2.8 percent in May.
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17-07-2015, 03:46 AM #779
Australia Leading Index Adds 0.2% In May - Conference Board
The outlook for the Australian economy turned positive again in May, the Conference Board said on Friday, as its leading economic index added 0.2 percent. That follows the 0.3 percent decline in April and the flat reading in March. The LEI got positive contributions from sales to inventory ratio, rural goods exports, yield spread, building approvals and gross operating surplus. Money supply and share prices were down. The coincident index advanced 0.3 percent after gaining 0.1 percent in April and 0.3 percent in March. The CEI got positive contributions from employment, household disposable income and industrial production.
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17-07-2015, 09:00 AM #780
British pound surges as traders speculate on interest rate hike
The British pound escalated on Thursday as traders expect the Bank of England to raise interest rates early next year. BOE Governor Mark Carney reiterated a first rate hike since the 2008 financial crash was getting closer and downplayed the effect of a stronger sterling on inflation. The pound traded at 69.64 pence per euro. Against the US dollar, the currency stood at $1.5599. Carney has not been vocal on interest rates, “so that was always going to give sterling a boost," said Angus Campbell, Senior Analyst at FxPro.
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