ZuluTrade Blog

Euro weakened to a three-month low after French Socialist Francois Hollande was elected President

Market View | Monday, May 7, 2012 2:37 AM GMT

Good Morning ,

- UK Marked will be closed today for a bank holiday.

- Shares, oil and other riskier assets, Asian stocks tumbled the most since
November and the euro weakened to a three-month low after French Socialist
Francois Hollande was elected President and U.S. employers added fewer jobs
than forecast. Treasuries and the yen advanced, while commodities slid.

- Greek voters dealt a serious blow on Sunday to the fragile political
consensus that has kept Europe's currency bloc intact through more than two
years of crisis, rejecting the austerity-for-aid policies that have shielded
the country from bankruptcy and a euro exit. Greece's vote, combined with
the victory of Socialist Francois Hollande over incumbent Nicolas Sarkozy in
a French presidential election, will raise pressure on Europe's paymaster
Germany to pursue a more growth-oriented approach to the crisis.But it is far
from clear whether Chancellor Angela Merkel, whose insistence on tough
deficit reduction in vulnerable southern euro members is popular in Germany,
will take more than symbolic steps in that direction, even after Sunday's

- IMF warns it may suspend Greece's June payment if it doesn't stick to aid

- EU Rehn Fiscal reform necessary but must be implemented in a growth friendly

- Fed Williams, Highly accommodative policy still key, with economy remains

- Australia March retail sales up a strong 0.9% mm, 1.8% qq

- Australia NAB business confidence index improved to 4 in April from 3 in March

- Australia March building approvals declined to -15%yy in march from -15.2%
yy in Feb. Performance of constr. index eased to 34.9 in April from 36.2
in March

- Australia ANZ job advertisements declined to 3.1% mm in April from a revised
0.7% in March

- BoJ Minutes 9-10 April.MoF pressures BoJ to produce prompt, visible results

- S&P analyst said that China's economic growth could have bottomed out and a
rebound can be expected soon

- Chinese firms see little room for yuan rise in near term, Yuan trades below
PBOC midpoint for a months

- Canadian Finance Minister Flaherty, expects moderate growth in US and Canada.

- Swiss Economy Minister Schneider-Amman told to"Der Sonntag" that he expects
modest economic growth of 0.8% for 2012. Adds Switzerland is strongly
dependent on developments abroad

Today's Figures
07.45 CH Unemployment rate 3.1%
09.15 CH CPI mm and yy
10.30 EZ Sentix index
12.00 Ger Industrial orders
14.30 CA Building permits
16.00 US Employment trends
21.00 US Consumer credit


Have a nice wk !

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