The dollar seeming always soft after the last economic situation releases
Australia avoids the technical recession like forecast of beats of data of the GDP Q1, in the positive territory
IMPORTANT TITLES - PRECEDING SESSION
* EU avr. The unemployment of euro area to 9.2% against 9.1% envisaged outside and 8.9% former
* The USA avr. While waiting for the sales at the house outside with +6.7% m/m against +0.5% envisaged and +3.2% former
* Confidence of the consumer of ABC of Us Weekly outside with -49 against -47 former
* Total sales of vehicle of the former USA May outside with 9.9m against 9.4m envisaged and 9.3m
* The confidence of the consumer spread by all the BRITISH country outside with 53 against 52 awaited and updated 51 former
* Execution of May AiG of TO index of service outside to 39.9 against 39.8 former
* The GDP of IN Q1 outside with +0.4% q/q against -0.2% awaited and updated -0.6% former
* The GDP of IN Q1 outside with +0.4% y/y against -0.4% awaited and updated +0.8% former
TOPICS TO OBSERVE - THE NEAREST SESSION
* Services SME (0755) of GE
* Services of euro area of made up UE/PMI (0800)
* RU maintains SME (0830)
* GDP of the Q1 euro area from EU (0900)
* Euro area pi (0900) of EU
* Requests for mortgage deed of mortgage of the USA MBA (1100)
* Suppressions of uses of challenger of the USA (1130)
* Change of use of ADP of the USA (1215)
* The USA ISM of exploitation (1400)
* Orders of factory of the USA (1400)
* Bernanke of the USA EDF testifies (1400)
Comment of the market:
USD slipped with 2009 fresh bottoms against the index of USD while the sales at the house outstanding of the USA jumped 6.7% in April, the third profit right and the quarter in the last 5 months, and well above figure +0.5% envisaged. In spite of the volatile nature of these particular data, it helped cement a softer tonality for the dollar after the Kremlin announced that the nearest top of BRIC can discuss a currency of supranational reserve. (Note this was in spite of the comments and feedback brought back of Minister for Finance of the USA Geithner during its voyage from China which the Chinese civils servant always saw USD like currency of reserve for a long time).
It was not a history of bear of the dollar as of the beginning however. Early the tightening of weak USD shorts-circuit had seen the Euro and the GBP both which softened particularly gently against banknote, this last on announcing that the investors of the Middle East would unload the value of bln GBP3.5 of their investment at the bank of Barclays of RU. However, given BRITISH also astonished to the upper part with approvals by mortgage rising to 43k and to construction SME making echo manufacture stronger SME per day earlier, entering to 45.9 and causes it helping of the Sterling as USD returned low.
The star of the Asian session was Australia, with the release of the GDP Q1 of data of confusion and increase of the forecasts strongly. The Q1 growth came in +0.4% q/q after (upwards) from the forecasts revised from +0.2% (of -0.2%) and thus avoided a technical recession. However, note that the contraction of Q4 0.5% was updated modestly low at the growth of -0.6% q/q. was carried out by a contribution full starting from clear exports (unfortunately, and with a word of attention, only the result of a dramatic fall in imports rather than the opposite) and the nonagricultural GDP going up by 0.5% and terms of trade 7.8% in fall. In corrected terms of the seasonal variations the greatest negative contribution came from the investment of private affairs (- 1.1%) although it was more than compensated by positive contributions of the imports (+1.6%), exports (+0.6%) and household consumption (+0.3%). While the RBA announced yesterday that there was more range to reduce interest rates if need be, the full data will probably push this with the back of its collective spirit. The AUD naturally strengthened against the dollar and the post-data of cross. The Australian civils servant were fast to jump in the positive movement with the swan of commenting on treasurer that the positive growth reflects the impact strength of the economy vis-a-vis a total recession with the tax stimulus measures to help the request. However both him and TOKEN ENTRY Rudd were careful about the future, the warning which the economy was not out of wood however and can contract in the future as it had to still feel the full shock of the total recession.
The more optimistic data of RU also continued to enter today, with the index spread by all the country of confidence of the consumer going up in his best level in 6 months. This comes hot on the heels from the date from yesterday which showed approvals of mortgage rising to 43k and construction SME making echo manufacture stronger SME per day earlier, entering to 45.9. The stronger number of confidence of the consumer reflects an increasing point of view than measurements set up by the government and BOE have the desired effect although the fear of unemployment continues to be a dredger on the expenditure. The index of confidence assembled 2 points to 53, but the index of hopes jumped of the 5 points much larger to 76, highest in almost year.
More analysis: News and analyzes market of bank of Sax
Warnings of risk:
Bank A/S of Sax will not be responsible for no loss resulting from any investment not based on any recommendation, forecast or any other information contained above. The contents of this publication should not be interpreted like promise, guarantee or express or implicit implication by Saxo Bank which the customers will benefit from the strategies above or which the losses in connection consequently can or will be limited. Trade according to the recommendations in an analysis, particularly of the powerful investments such as the trade of foreign currencies and the investment in the derivatives, can be very speculative and can have like consequence the losses as well as benefit, in particular if the conditions mentioned in the analysis do not occur as envisaged.
Australia avoids the technical recession like forecast of beats of data of the GDP Q1, in the positive territory
IMPORTANT TITLES - PRECEDING SESSION
* EU avr. The unemployment of euro area to 9.2% against 9.1% envisaged outside and 8.9% former
* The USA avr. While waiting for the sales at the house outside with +6.7% m/m against +0.5% envisaged and +3.2% former
* Confidence of the consumer of ABC of Us Weekly outside with -49 against -47 former
* Total sales of vehicle of the former USA May outside with 9.9m against 9.4m envisaged and 9.3m
* The confidence of the consumer spread by all the BRITISH country outside with 53 against 52 awaited and updated 51 former
* Execution of May AiG of TO index of service outside to 39.9 against 39.8 former
* The GDP of IN Q1 outside with +0.4% q/q against -0.2% awaited and updated -0.6% former
* The GDP of IN Q1 outside with +0.4% y/y against -0.4% awaited and updated +0.8% former
TOPICS TO OBSERVE - THE NEAREST SESSION
* Services SME (0755) of GE
* Services of euro area of made up UE/PMI (0800)
* RU maintains SME (0830)
* GDP of the Q1 euro area from EU (0900)
* Euro area pi (0900) of EU
* Requests for mortgage deed of mortgage of the USA MBA (1100)
* Suppressions of uses of challenger of the USA (1130)
* Change of use of ADP of the USA (1215)
* The USA ISM of exploitation (1400)
* Orders of factory of the USA (1400)
* Bernanke of the USA EDF testifies (1400)
Comment of the market:
USD slipped with 2009 fresh bottoms against the index of USD while the sales at the house outstanding of the USA jumped 6.7% in April, the third profit right and the quarter in the last 5 months, and well above figure +0.5% envisaged. In spite of the volatile nature of these particular data, it helped cement a softer tonality for the dollar after the Kremlin announced that the nearest top of BRIC can discuss a currency of supranational reserve. (Note this was in spite of the comments and feedback brought back of Minister for Finance of the USA Geithner during its voyage from China which the Chinese civils servant always saw USD like currency of reserve for a long time).
It was not a history of bear of the dollar as of the beginning however. Early the tightening of weak USD shorts-circuit had seen the Euro and the GBP both which softened particularly gently against banknote, this last on announcing that the investors of the Middle East would unload the value of bln GBP3.5 of their investment at the bank of Barclays of RU. However, given BRITISH also astonished to the upper part with approvals by mortgage rising to 43k and to construction SME making echo manufacture stronger SME per day earlier, entering to 45.9 and causes it helping of the Sterling as USD returned low.
The star of the Asian session was Australia, with the release of the GDP Q1 of data of confusion and increase of the forecasts strongly. The Q1 growth came in +0.4% q/q after (upwards) from the forecasts revised from +0.2% (of -0.2%) and thus avoided a technical recession. However, note that the contraction of Q4 0.5% was updated modestly low at the growth of -0.6% q/q. was carried out by a contribution full starting from clear exports (unfortunately, and with a word of attention, only the result of a dramatic fall in imports rather than the opposite) and the nonagricultural GDP going up by 0.5% and terms of trade 7.8% in fall. In corrected terms of the seasonal variations the greatest negative contribution came from the investment of private affairs (- 1.1%) although it was more than compensated by positive contributions of the imports (+1.6%), exports (+0.6%) and household consumption (+0.3%). While the RBA announced yesterday that there was more range to reduce interest rates if need be, the full data will probably push this with the back of its collective spirit. The AUD naturally strengthened against the dollar and the post-data of cross. The Australian civils servant were fast to jump in the positive movement with the swan of commenting on treasurer that the positive growth reflects the impact strength of the economy vis-a-vis a total recession with the tax stimulus measures to help the request. However both him and TOKEN ENTRY Rudd were careful about the future, the warning which the economy was not out of wood however and can contract in the future as it had to still feel the full shock of the total recession.
The more optimistic data of RU also continued to enter today, with the index spread by all the country of confidence of the consumer going up in his best level in 6 months. This comes hot on the heels from the date from yesterday which showed approvals of mortgage rising to 43k and construction SME making echo manufacture stronger SME per day earlier, entering to 45.9. The stronger number of confidence of the consumer reflects an increasing point of view than measurements set up by the government and BOE have the desired effect although the fear of unemployment continues to be a dredger on the expenditure. The index of confidence assembled 2 points to 53, but the index of hopes jumped of the 5 points much larger to 76, highest in almost year.
More analysis: News and analyzes market of bank of Sax
Warnings of risk:
Bank A/S of Sax will not be responsible for no loss resulting from any investment not based on any recommendation, forecast or any other information contained above. The contents of this publication should not be interpreted like promise, guarantee or express or implicit implication by Saxo Bank which the customers will benefit from the strategies above or which the losses in connection consequently can or will be limited. Trade according to the recommendations in an analysis, particularly of the powerful investments such as the trade of foreign currencies and the investment in the derivatives, can be very speculative and can have like consequence the losses as well as benefit, in particular if the conditions mentioned in the analysis do not occur as envisaged.
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