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Daily NewsThe ECMarkets News section is written by industry veterans with many years of trading and reporting experience. We sort through all the information and raw data available to bring you an up-to-date and relevant news section, designed to help your decision making process when trading.Current News ItemsGBP Finds Support Friday, February 17, 2012 Early trading is showing support for the GBP ahead of the release of the UK retail sales figures for January. An increase would be as building upon the 0.6% increase recorded for December. Unemployment figures released earlier in the week were mixed as joblessness increased by 48,000 to 2.67 million in the last three months up and till December, the smallest increase in approaching a year. The unemployment rate at 8.4% is now at its highest level for nearly sixteen years with was a new record being made for the number of young people (16 – 24) being unemployed. This is an increase of 22,000 to 1.04m, making the unemployment rate stand at 22.2%. The market reaction was that of positivity and the GBP/USD increased 0.18%, trading at 1.5828. The price if crude oil saw the biggest gains made in the commodity markets, increasing 1.60%, trading at 104.28 a barrel primarily on the back of renewed Greek optimism and increased tensions in Iran.  Euro declines on Negative News Thursday, February 16, 2012 Euro declines on Negative News By Chief Analyst Ben Myers 7.28amGMT The much troubled Euro fell during Asian trading as a meeting was cancelled between EU leaders who were to ratify the 130bn euro aid of bail out money to Greece. Citing concerns that the current Greek parliament does not have the political clout to implement the tough austerity reforms needed to secure the bail out money that were passed earlier in the week. Also yesterday, there was a raft of negative news on economic growth in the Eurozone published. Both Italy and the Netherlands experienced contractions 0.7% in their economies for the last quarter of 2011, whilst surprising news came from France who posted a 0.2% growth for Q4. Germany, the largest economy in the Eurozone, showed a decline of -0.2% for Q4, the first negative economic growth since 2009. European Growth Rates 3rd Quarter 4th Quarter 2011 Eurozone 0.1% -0.3% 1.5% Germany 0.6% -0.2% 3.0% France 0.3% 0.2% 1.7% Italy -0.2% -0.7% 0.4% Austria 0.2% -0.1% 1.2% Netherlands -0.4% -0.7% 1.3% On the back of the negative news and data emanating from Europe, the Euro made sharp declines in Asian trading. The EUR/USD was down 0.36%, trading at 1.3020. The EUR fell 0.23% against the Japanese Yen, trading at 102.253 with the pair thought to test the support level of Monday's low as 101.84, whilst testing the resistance mark of Wednesday's high at 103.49. The gains made in the USD meant there were falls in the commodity markets. The precious metals saw declines of 0.45% in Gold, trading at 1720.35 and a drop of 0.63% in Silver, trading at 33.198. Today Investors should look to news coming from Greece (as usual!) whilst there are interesting and high impacting news coming from the US today with government data on building permits and housing starts released as well as Federal Reserve Chairman Ben Bernanke to talk. Japanese Intervention boosts Asian stocks Wednesday, February 15, 2012 7.26am GMT By Chief Analyst Ben Myers The Bank of Japan intervened in its economy to stimulate growth and halt the gains made in the Yen. The proclamation to enlarge its asset purchase policy pleased markets and the 10tn Yen ($130bn) boost to the stimulus comes one day after figures released confirmed that the Japanese economy shrunk by 2.3% in final 3 months of 2011, catching the markets by surprise as was worse than expected The move to ease monetary policy was meant to stop the increases in the value of the Yen, saw instant results as the Yen dropped against both the euro and the Aussie, with the EUR/JPY pair rising 0.26% to 103.29, whilst the AUD/JPY rose 0.42%, to be traded at 84.22. The USD/JPY registered a marginal increase of 0.06%, to be traded at 78.49. Increased tensions over Iran pushed the value of Crude Oil up breaking the 102.00 a barrel mark the highest it has been since the 19th January. At time of writing the value is 102.04 a barrel, a rise of 0.95%. The indications are that the sanctions implemented by the EU and the U.S. against Iranian oil exports were beginning to bite also gave support to the Oil price. The weekend also saw companies in the US controlling more than 100 super tankers announce they are intending to stop loading cargoes of Oil from Iran, ramping up the sanctions and tensions against Iran, the world’s fourth largest oil producer. Investors should keep an eye on the Bank of England inflation report, Governor Mervyn King talking and UK unemployment claims being published in Britain today. Prior to the publication of the important figures the GBP/USD was up 0.21%, trading at 1.5729 Archived NewsAs an ECMarkets Trader, you have unlimited access to all our archived news Click here to go to the News Archive |
  
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