ZuluTrade Blog

Risk remains offered. EURUSD dropped to 1.2358 and AUDUSD hit a 6 months low

Market View | Thursday, May 31, 2012 3:48 AM GMT

Good Morning ,

- Risk remains offered. EURUSD dropped to 1.2358 and AUDUSD hit a 6 months low
at 0.9692 today. EMG continues to underperform the USD. The only bright spot
is Switzerland, where the Q1 GDP surprised massively to topside. SNB Danthine
will speak today at 10.00 ZH.

- Stocks: Nikkei -1.25 %, Hang Seng -0.73 %, Shanghai Composite -0.36 %,
Dow Jones -1.28 %, S+P500 -1.43 %

- WTI Oil dropped to a 6 months low overnight, currently 87.70.

- French Finance Minister Pierre Moscovici said his government favors finding
ways for euro countries to collectively give direct support to banks in the
region.

- Axa Says it has stopped buying Italian, Spanish bonds

- "I don't hear any business people and job creators saying, 'I need more
liquidity, I need more money,'" Dallas Fed President Richard Fisher told
reporters after a speech here. Even though inflation is not currently a
threat, "I don't see what we would accomplish with further accommodation."

- Federal Reserve Bank of Boston President Eric Rosengren called for new
monetary stimulus, saying the U.S. economic expansion is too weak to generate
more growth in jobs.

- Federal Reserve Bank of New York President William C. Dudley said a failure
to avert a shock in fiscal policy next year could subtract 3 percentage
points from economic growth and cause a recession.

- The yen and stock markets don't reflect Japan's economic fundamentals,
Finance Minister Azumi said today when speaking to reporters.

- Switzerland Data Recap      Period    Survey    Actual    Prior
* GDP                                qoq Q   1 0.0 %     0.7 %    0.5 % from 0.1 %
* GDP                          yoy Q1 0.7 % 2.0 % 2.0 % from 1.3 %

- The Reserve Bank of Australia has room to move on interest rates should
global economic conditions deteriorate, Treasury Secretary Martin Parkinson
told a legislation committee in Canberra today.
* Australia doesn't have constrained fiscal capacity
* Nation has capacity to go into deficit if necessary

- Brazil's central bank cuts rates by 50bps to a record low 8.50% as expected

- U.K. consumer confidence rose in May for the first time in four months, GfK
NOP Ltd. said. An index of sentiment gained 2 points from April to minus
29. The gauge is down from minus 21 a year earlier. A measure of Britons'
outlook for the economy over the next 12 months rose 7 points to minus 26.

- Small CHF-FX M+A: Prudential Plc agreed to buy a life insurance unit of Swiss
Re AG for 398 million pounds in cash, the U.K.'s largest insurer by market
value said in a statement to the Hong Kong stock exchange today.

- 1415 US ADP Employment Change May
- 1430 US GDP Q1 S
- 1430 US Personal Consumption Q1 S
- 1430 US Initial Claims
- 1545 US Chicago PMI May
- 1600 US NAPM Milwaukee May
- 1400 Fed Pianalto
- 0800 Germany Retail Sales Apr
- 0845 France PPI Apr
- 0845 France CPI Apr
- 0955 Germany Unemployment Change May
- 0955 Germany Unemployment Rate May
- 1100 Euorzone CPI May
- 1100 Italy CPI May
- 0900 ECB Draghi
- 1030 BOI Visco
- 0800 UK Nationwide House Prices May
- 1000 SNB Danthine
- 1000 Norway Retail Sales Apr
- 1000 Norway Unemployment Rate May

  (CET)

Have a good day !

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