Developments over the weekend – including strong Chinese data, an agreement hammered out by the Basel Committee on Banking Supervision which gave lenders as long as eight years to comply with higher capital requirements, and an upward revision to Euro-zone growth projections for this year – boosted the Euro and “risk-on” trades like bets on the Australian and Canadian Dollars, currencies that are tied to positive global economic activity. The Yen gained on the Dollar, while the Pound continued to consolidate. News Provided by CMS Forex www.cmsforex.com Forex Market Analyst Nick Nasad
US weekly jobless claims fell by more than expected and the trade defict narrowed, helping to boost equities and risk appetite in early NY trading. The Canadian and Australian Dollars benefited the most – the Aussie supported by a strong jobs report. The Pound was pressured by its trade balance, which showed a record deficit in goods, and the BOE held rates steady at 0.5%. News Provided by CMS Forex www.cmsforex.com Forex Market Analyst Nick Nasad
Today’s US jobs data — while not great by any stretch of the imagination — did help ease some of the more pessimistic outlooks about the US as not only did the economy have a better number of private jobs created in August, the upward revision for June and July were a welcome sign. Stocks were up as was risk appetite, meaning our commodity currencies tied to global growth like AUD, CAD, NZD jumped, as did higher yielders – the EUR and GBP. Safe haven currencies like JPY, CHF, and USD weakened. News Provided by CMS Forex www.cmsfx.com Market Analyst Nick Nasad
Manufacturing releases from China and the US, and a very strong 2nd quarter GDP report from Australia helped to propel global stocks to strong gains. In NY morning trading the Dow Jones Index for instance was up 240 points. That helped “”higher yielders” like the Australian and Canadian Dollars, the Euro and the Pound gain on safe haven currencies like the US Dollar. News Provided by CMS Forex www.cmsforex.com Market Analyst Nick Nasad
Uncertainty and risk aversion reigned in the currency markets today as Standard & Poor’s downgraded Greece’s sovereign debt rating to junk status while also downgrading Portugal. That caused a sharp sell-off of Euro’s and other higher yielders and buying of safe-haven currencies like the US Dollar and Yen. News Provided by FXTimes/CMS Forex www.fxtimes.com http Analyst: Nick Nasad Open up a free practice account and start trading Forex today.
This is what’s in the news for Monday, August 23rd. the Wall Street Journal reports that International Lease Finance Corp, AIG’s (AIG) airplane-leasing unit, completed a .4B sale of debt to institutional investors,…Also in the Journal, HSBC (HBC) is reportedly in talks over the possible acquisition of a majority stake in Nedbank Group with Old Mutual PLC (ODMTY), . The 70% stake is valued at about .5B…Reuters reports that The visual search and shopping start-up Like.com confirmed being acquired by Google (GOOG). The acquisition should help Google improve its capabilities in image search which will be helpful in fending off Microsoft’s (MSFT) Bing…Bloomberg reported that SABMiller (SBMRY) will offer .9B for Carlton & United Breweries, the beer-making unit of Foster’s Group (FBRWY)…And finally the Guardian reported that Campbell Soup (CPB) is planning a GBP1.5B bid for United biscuit’s biscuit-making unit.
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