TORONTO, The euro slumped in mid morning trading Monday after a top Greek official said the future of the European Union is at stake if European leaders don't come up with a credible package to help Greece.
The euro plunged through the $1.3500 mark and hit a session low at $1.3463, its lowest level since March 2, after Greece Deputy Prime Minister Theodore Pangalos warned that if EU leaders fail to address the problem it will harm the integrity of the euro zone.
Speaking at a conference Monday, Pangalos called on European leaders to show their resolve during a summit this week by presenting a credible package to deter speculation against Greek government bonds. "If there is no tool, no weapon on the table...if the speculators are not worried about losing anything, then the euro has no meaning," Pangalos said.
The euro was already being pressured by the Greek situation in earlier trading.
"Clearly, sentiment is weighing on the euro with increased uncertainty about the Greek bailout by the European Union, and increasing uncertainty that will not materialize," said Matthew Strauss, senior currency strategist at RBC Capital Markets in Toronto.
Technical factors accelerated the euro's decline once it broke below $1.3500, he said. There's crucial technical support for the euro at $1.3405, Strauss said.
During mid morning trading Monday, the euro was at $1.3476 from $1.3535 and at Y121.29 from Y122.47, according to EBS via CQG. The dollar was at Y90.00 from Y90.50. The dollar was also at CHF1.0647 from CHF1.0610 while the pound was at $1.4984 from $1.5016.
The ICE Dollar Index, which tracks the U.S. currency against a trade-weighted basket of currencies, was at 80.976 from 80.740. The euro was at CHF1.4352 from CHF1.4361.
Currency markets remain on alert for intervention from the Swiss National Bank as the euro sinks even further toward CHF1.43. Some analysts warn the Swiss central bank could be faced with an even more difficult task of halting the franc's rise if the euro slides below that October 2008 low.
Initially, the dollar benefited and the euro fell as the market digested a weekend interview by German Chancellor Angela Merkel, in which she denied any plans to help Greece.
She warned against raising "false expectations" in financial markets that a solution will be found at the European Union summit starting this Thursday. She said Greece hadn't asked for any funding and that the issue isn't on the agenda for the summit.
But Merkel is open to aid for Greece from the International Monetary Fund in an emergency, her spokesman said Monday.
"In this case, financial aid from the IMF is definitely a topic for the chancellor and the German government," spokesman Ulrich Wilhelm said Monday.
Currency markets were also rocked by events on the other side of the world Friday when India announced a surprise increase in interest rates, bringing speculation that other robust emerging markets, especially those in Asia, will follow suit. The prospect of reduced global demand hit commodity prices and added to downward pressure on global stock markets.
The pound, meanwhile, wasn't getting much help from the latest weekend polls showing that the opposition Conservative Party's lead is still around six basis points, and that a hung parliament remains the most likely outcome of an election.
Senin, 22 Maret 2010
China Construction Bank Cut 83% Of Foreign Currency Bonds Since Crisis-Xinhua
BEIJING,The China Construction Bank Corp. (CICHY), the country's second-biggest commercial lender by assets, reduced 83% of its foreign currency bond holdings since outbreak of the global financial crisis, the state-run Xinhua News Agency reported Monday.
Reduction in the foreign currency bonds is seen as part of moves to avoid risks brought by the crisis, and the report praised the bank as a successful example among Chinese banks to reduce such holdings.
Value of the bonds cut by the bank was nearly $30 billion, the report said.
Reduction in the foreign currency bonds is seen as part of moves to avoid risks brought by the crisis, and the report praised the bank as a successful example among Chinese banks to reduce such holdings.
Value of the bonds cut by the bank was nearly $30 billion, the report said.
Kamis, 04 Maret 2010
US DATA WEEK AHEAD: Payrolls Seen Falling 75K; 9.8% Jobless Rate
By Kathleen Madigan
Of DOW JONES NEWSWIRESNEW YORK (Dow Jones)--The following are forecasts for this week's remaining data compiled by Dow Jones Newswires in a survey conducted Friday and Monday.
DATE TIME RELEASE PERIOD CONSENSUS PREVIOUS
(ET)
Friday 0830 Nonfarm Payrolls Feb -75K -20K
0830 Unemployment Rate Feb 9.8% 9.7%
0830 Avg Hrly Wages Feb +0.2% +0.2%
1500 Consumer Credit Jan -$4.0B -$1.7B-By Kathleen Madigan, Dow Jones Newswires; 212-416-2466; kathleen.madigan@dowjones.com
(Deborah Lynn Blumberg contributed to this article)
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=ySsuUanM3n7EqK3Mxe1Ubg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
March 04, 2010 10:00 ET (15:00 GMT)
Of DOW JONES NEWSWIRESNEW YORK (Dow Jones)--The following are forecasts for this week's remaining data compiled by Dow Jones Newswires in a survey conducted Friday and Monday.
DATE TIME RELEASE PERIOD CONSENSUS PREVIOUS
(ET)
Friday 0830 Nonfarm Payrolls Feb -75K -20K
0830 Unemployment Rate Feb 9.8% 9.7%
0830 Avg Hrly Wages Feb +0.2% +0.2%
1500 Consumer Credit Jan -$4.0B -$1.7B-By Kathleen Madigan, Dow Jones Newswires; 212-416-2466; kathleen.madigan@dowjones.com
(Deborah Lynn Blumberg contributed to this article)
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=ySsuUanM3n7EqK3Mxe1Ubg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
March 04, 2010 10:00 ET (15:00 GMT)
Jobless Claims Fall in Sign That Employment May Thaw
Published: Thursday, 4 Mar 2010 | 8:41 AM ET
New claims for jobless benefits fell last week in a sign that layoffs may be easing as the economy slowly recovers.
The Labor Department said Thursday that initial claims for unemployment insurance fell by 29,000 to a seasonally adjusted 469,000. That nearly matches Wall Street analysts' estimates of 470,000.
Still, any improvement in the job market is likely to be slow, as companies remain reluctant to hire. Last week's drop only partly reverses a sharp rise in claims in the previous two weeks.
The drop in unemployment coincided with a considerable rise in productivity.
The four-week average of claims, which smooths out volatility, fell by 3,500 to 470,750. Despite the drop, the average has risen by about 20,000 since the beginning of the year.
Initial claims have been volatile in recent weeks as last month's severe snowstorms in the Northeast have distorted the data.
Claims rose sharply two weeks ago partly because several states processed a backlog of claims that had built up from previous weeks when government offices closed due to the bad weather. No states reported backlogs this week, a Labor Department analyst said.
The number of people continuing to claim benefits, meanwhile, fell more than expected to 4.5 million.
But the so-called continuing claims do not include millions of people who have used up the regular 26 weeks of benefits typically provided by states, and are receiving extended benefits for up to 73 additional weeks, paid for by the federal government.
Nearly 5.9 million people were receiving extended benefits in the week ended Feb. 13, the latest data available, up from about 5.7 million the previous week. The extended benefit data isn't seasonally adjusted and is volatile from week to week.
In a separate report, the government said productivity in the final three months of last year surged at a faster pace than previously thought as labor costs fell more rapidly.
The Labor Department reported Thursday that productivity jumped at an annual rate of 6.9 percent in the fourth quarter, even better than an initial estimate of a 6.2 percent growth rate. Unit labor costs fell at a rate of 5.9 percent, a bigger drop than the 4.4 percent decline initially estimated.
RELATED LINKS
Current DateTime: 05:43:07 04 Mar 2010
LinksList Documentid: 35704771
* As Stimulus Fades, So May Jobs
* Fed: Weak Economy to Keep Rates Low
* 10 Best Jobs for 2010
* More Economic News
The combination of rising productivity and falling labor costs bolsters company profits and helps keep inflation at bay. But it also puts American households under stress, leaving them with less income to increase consumer spending, the key ingredient to economic growth.
tulisan ini bersumber dari www.cnbc.com tujuannya hanyalah untuk data semata
New claims for jobless benefits fell last week in a sign that layoffs may be easing as the economy slowly recovers.
The Labor Department said Thursday that initial claims for unemployment insurance fell by 29,000 to a seasonally adjusted 469,000. That nearly matches Wall Street analysts' estimates of 470,000.
Still, any improvement in the job market is likely to be slow, as companies remain reluctant to hire. Last week's drop only partly reverses a sharp rise in claims in the previous two weeks.
The drop in unemployment coincided with a considerable rise in productivity.
The four-week average of claims, which smooths out volatility, fell by 3,500 to 470,750. Despite the drop, the average has risen by about 20,000 since the beginning of the year.
Initial claims have been volatile in recent weeks as last month's severe snowstorms in the Northeast have distorted the data.
Claims rose sharply two weeks ago partly because several states processed a backlog of claims that had built up from previous weeks when government offices closed due to the bad weather. No states reported backlogs this week, a Labor Department analyst said.
The number of people continuing to claim benefits, meanwhile, fell more than expected to 4.5 million.
But the so-called continuing claims do not include millions of people who have used up the regular 26 weeks of benefits typically provided by states, and are receiving extended benefits for up to 73 additional weeks, paid for by the federal government.
Nearly 5.9 million people were receiving extended benefits in the week ended Feb. 13, the latest data available, up from about 5.7 million the previous week. The extended benefit data isn't seasonally adjusted and is volatile from week to week.
In a separate report, the government said productivity in the final three months of last year surged at a faster pace than previously thought as labor costs fell more rapidly.
The Labor Department reported Thursday that productivity jumped at an annual rate of 6.9 percent in the fourth quarter, even better than an initial estimate of a 6.2 percent growth rate. Unit labor costs fell at a rate of 5.9 percent, a bigger drop than the 4.4 percent decline initially estimated.
RELATED LINKS
Current DateTime: 05:43:07 04 Mar 2010
LinksList Documentid: 35704771
* As Stimulus Fades, So May Jobs
* Fed: Weak Economy to Keep Rates Low
* 10 Best Jobs for 2010
* More Economic News
The combination of rising productivity and falling labor costs bolsters company profits and helps keep inflation at bay. But it also puts American households under stress, leaving them with less income to increase consumer spending, the key ingredient to economic growth.
tulisan ini bersumber dari www.cnbc.com tujuannya hanyalah untuk data semata
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