ZuluTrade Blog

EURUSD rallied after Spain unveiled a crisis budget...

Market View | Friday, September 28, 2012 3:39 AM GMT

        Good Morning,


§  The euro held firm above a two-week low on Friday after Spain unveiled a crisis budget that many saw as a step towards a bailout to stabilize its public finances. EURUSD rallied in the aftermath in NY and Asia (high so far 1.29425). Commodity- and EMG currencies are doing all well against the USD ahead of the European open. Only USDJPY failed to rally despite weak Japanese industrial output data.


§  Stocks: Nikkei -1.14 %, Hang Seng +0.35 %, Shanghai Comp. +0.85 %, Dow jones +0.54 %, S+P500 +0.96


§  France's economy failed to grow in the second quarter as consumer demand slowed, national statistics office Insee said today, confirming its original estimate for the period. Gross domestic product was unchanged in the three months through June compared with the previous quarter. It increased 0.3 percent from a year earlier, Paris-based Insee said today. Europe's second-largest economy has failed to grow in four of the past five quarters.


§  European governments need to take measures that will put an end to the debt crisis during the respite provided by the European Central Bank's bond-buying plan, an International Monetary Fund official said. Policy makers need to find a pace of fiscal consolidation that's not so fast it will hurt growth and not so slow that it will disappoint investors, Jose Vinals, the director of the IMF's monetary and capital markets department, said.


§  Federal Reserve Bank of St. Louis President James Bullard said today he foresees 2 percent economic growth in the U.S. in the second half of this year. He said second-half growth will be higher than second-quarter growth.


§  Japanese Finance Minister Jun Azumi said on Friday his successor is likely to talk about the risks that Japan is facing from a strong yen at a Group of Seven finance ministers' meeting next month, as the country's economic recovery loses momentum.


§  Japan's industrial output fell to a 15-month low in August, hit by sagging sales in its top export market China and confidence-sapping euro zone crisis, fuelling concerns that the world's third-largest economy could slip into recession later this year.


§  Australia Data Recap           Period      Survey      Actual     Prior

       * Priv. Sector Credit mom   Aug            0.3           0.2        0.2

       * Priv. Sector Credit yoy      Aug            4.3           4.1        4.2


§  New Zealand Data Recap   Period     Survey    Actual     Prior

      * Building Permits mom        Aug         3.0          1.9        2.2

      * M3 yoy                                  Aug          -             7.2        7.1


§  UK Data Recap                         Period    Survey    Actual     Prior

      * GfK Consumer Confidence    Sep         -28         -28        -29


§  Fitch cut its 2012 growth forecast for China to 7.8% from 8%; India growth forecast cut to 6% from 6.5%; slower exports weighing on China's growth; sees India's general government deficit at 8.5% of GDP in fiscal 2012.



US Personal Income Aug


US Personal Spending Aug


US PCE Deflator Aug


US Chicago PMI Sep


US Univ. of Michigan Sep F


Fed Fisher


Germany Retail Sales Aug


France PPI Aug


France Consumer Spending Aug


Eurozone CPI Estimate Sep


ECB Godeffory


ECB Asmussen


UK Index of Services Jul


Switzerland KOF Sep


Sweden Retail Sales Aug


Norway Retail Sales Aug


Norway Unemployment Rate Sep


Canada GDP Jul


Have a nice day !

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