CFD Markets News and Forecasts — 07-03-2013

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07.03.2013
20:04
DJIA 14,330.80 +34.60 0.24%, S&P 500 1,543.01 +1.55 0.10%, NASDAQ 3,229.73 +7.37 0.23%
20:01
U.S.: Consumer Credit , January 16.2 (forecast 14.4)
19:41
Australia has А$1.057 billion trade deficit in January

Australia posted a seasonally adjusted merchandise trade deficit of A$1.057 billion in January, the Australian Bureau of Statistics said on Thursday.

That was sharply below forecasts for a deficit of A$500 million following the downwardly revised shortfall of A$688 million in December (originally reported as A$427 million). The deficit expanded by 54 percent.

Exports were down A$185 million or 1 percent on month to A$25.023 billion from A$25.208 billion one month prior.

Non-rural goods fell A$424 million or 3 percent, while rural goods fell A$81 million or 3 percent. Non-monetary gold jumped A$211 million or 17 percent and net exports of goods under merchanting surged A$10 million or 200 percent. Services credits rose A$98 million or 2 percent.

Imports added A$185 million or 1.0 percent on month to A$26.081 billion from A$25.896 billion in the previous month.

Capital goods added A$292 million or 5 percent, while consumption goods collected A$166 million or 3 percent. Intermediate and other merchandise goods shed A$258 million or 3 percent and non-monetary gold dipped A$6 million or 2 percent. Services debits were down A$10 million.

18:38
Swiss jobless rate remains unchanged in February

Switzerland's unemployment rate remained unchanged at seasonally adjusted 3.1 percent in February, the State Secretariat for Economic Affairs (SECO) said Thursday. The rate matched economists' expectations.

On an unadjusted basis, the jobless rate came in at 3.4 percent, the same rate as seen in January.

The number of registered unemployed fell by 2,157 to 146,001 in February. From the previous year, unemployment increased by 12,847 or 9.6 percent.

18:21
European stocks close

Most European stocks advanced as the Federal Reserve said the U.S. economy is growing and the European Central Bank and Bank of England kept their benchmark interest rates on hold.

The ECB kept its benchmark interest rate unchanged at a record low of 0.75 percent today, as forecast by 56 of 61 economists in a survey. The central bank predicted the euro-area economy will shrink 0.5 percent this year, more than the 0.3 percent contraction it forecast three months ago.

The Bank of England also left its key rate unchanged, along with its four-year-old bond-purchase program. The Monetary Policy Committee maintained its target for quantitative easing at 375 billion pounds ($564 billion), as forecast by 29 of 39 economists in a survey. The remainder had predicted an expansion of at least 25 billion pounds.

National benchmark indexes gained in 13 of the 18 western- European markets. The U.K.’s FTSE 100 Index added 0.2 percent and France’s CAC 40 rose 0.5 percent. Germany’s DAX increased 0.3 percent.

Aggreko surged 10 percent to 1,939 pence, its biggest gain since October 2008, as the company forecast “double digit” average revenue growth over the next five years.

Carrefour climbed 2.9 percent to 22 euros, its highest price since July 2011. Annual recurring operating income fell 2.6 percent to 2.14 billion euros ($2.8 billion), beating the 2.07 billion-euro average analyst estimate.

Adidas AG climbed 6.6 percent to 76.38 euros, the highest price since the shares started trading in November 1995. The world’s second-largest sporting-goods maker forecast higher sales and profit this year and raised its dividend by 35 percent as it targets fast-growing emerging markets.

Aviva plummeted 13 percent to 314.8 pence, its biggest drop since March 2009. The U.K.’s second-largest insurer by market value said it won’t pay bonuses to its executive directors or award pay rises for 2013 after cutting its second-half dividend by 44 percent. The company will pay a final dividend of 9 pence a share for 2012, down from 16 pence in the previous year.

Davide Campari-Milano SpA slipped 2.7 percent to 5.88 euros. The maker of Skyy vodka reported an unexpected drop in annual profit amid declining sales in Italy and Brazil and said this year will also be “challenging.”


17:41
French jobless rate rises more than expected in Q4

Unemployment rate in France rose more than expected to reach its highest level in more than 13 years in the fourth quarter of 2012, data from statistical office Insee showed Thursday.

The overall unemployment rate rose to 10.6 percent in the fourth quarter from a downwardly revised 10.2 percent in the third quarter. This was the highest rate recorded since the second quarter of 1999, when the jobless rate was 10.7 percent.

Economists expected an increase in the rate to 10.5 percent. In metropolitan France alone, the jobless rate was 10.2 percent, up from 9.9 percent in the previous quarter.

The number of job seekers totaled 3.7 million in metropolitan France. The employment rate of the population aged 15-64 years increased by 0.2 percentage points from the previous quarter to 64.1 percent.

17:01
European stocks closed in plus: FTSE 100 6,439.16 +11.52 +0.18%, CAC 40 3,793.78 +20.02 +0.53%, DAX 7,939.77 +20.44 +0.26%
16:42
Oil advances as jobs data bolsters U.S. economy

West Texas Intermediate oil advanced after U.S. unemployment benefit applications dropped to a six- week low, bolstering optimism about the country’s economy, and the dollar weakened against the euro.

Futures climbed as much as 1.4 percent in New York as first-time jobless claims unexpectedly fell last week. A report tomorrow may show payrolls grew in February.

The number of Americans who filed for unemployment benefits unexpectedly fell by 7,000 to 340,000 in the week ended March 2, the lowest level since the period ended Jan. 19, according to data today from the Labor Department in Washington. The median forecast of 50 economists called for an increase to 355,000.

The dollar declined against the euro after the European Central Bank held its benchmark interest rate steady, making assets priced in the U.S. currency more attractive to investors. The dollar retreated as much as 1.2 percent against the euro to $1.3117, as the ECB kept interest rates on hold at a meeting in Frankfurt and its President Mario Draghi said data suggests the economy will stabilize this year.

A North Sea pipeline resumed operations after a five-day shutdown, weighing on Brent.

The death of Venezuelan President Hugo Chavez on March 5 should have a limited impact on the country’s oil production in the short term, while a change of leadership may foster longer- term investment and boost output, the bank said.

Crude oil for April delivery rose to $91.73 a barrel on the New York Mercantile Exchange.

Brent oil for April settlement slipped 5 cents to $111.01 a barrel on the London-based ICE Futures Europe exchange.


16:24
Gold steady fifth consecutive session

Today were meetings of central banks of Japan, the eurozone and Britain, which left unchanged course of monetary policy, which is not allowed to go beyond the gold week range.

While the euro rose against the dollar significantly on comments by ECB President Mario Draghi. Draghi expressed confidence in the prospects for recovery of the eurozone economy, despite the fact that the forecast has been lowered to the range of decline of 0.9% -0.1%, while the CPI is expected at 1.2% -2.0% in the current year.

According to the head of the Central Bank, the gradual recovery of the European economy will begin in the second half. Another piece of good news was the message that the banks have already paid 40% of net liquidity injected in the operations of LTRO.

Its meeting held earlier Bank of England, which resulted in the central bank has decided not to change the current course of monetary policy. The last time the Central Bank increased the size of the asset purchase program (50 billion f.st.) July 5, 2012, bringing its way to 375 billion, "the Bank will continue to buy high-quality assets of the private sector, financing such purchases through the issuance of treasury bills, in accordance with the measures that have been announced January 29, 2009 and November 29, 2011, "- said in an accompanying statement.

April futures price of gold on COMEX today is trading in the range of 1574.70 - 1584.90 dollars per ounce.


14:34
US Stocks open: Dow 14,313.44 +17.20 +0.12%, Nasdaq 3,225.47 +3.10 +0.10%, S&P 1,543.61 +2.15 +0.14%
14:30
Before the bell: S&P futures +0.29%, Nasdaq futures +0.30%

U.S. stock futures roseas the number of Americans who filed for unemployment benefits fell to a six-week low, showing further improvement in the labor market.

Global Stocks:

Nikkei  11,932.27 +248.82 +2.13%
Hang Seng 22,777.84 +217.34 +0.96%
Shanghai Composite 2,347.18 +20.87 +0.90%
FTSE  6,456.83 +24.88 +0.39%
CAC  3,796.24 +9.05 +0.24%
DAX 7,957.36 +87.05 +1.11%
Crude oil $91.14 +0.79%
Gold $1581.90 +0.44%
13:45
Option expiries for today's 1400GMT cut

EUR/USD $1.2950, $1.3000, $1.3030, $1.3050, $1.3150

USD/JPY Y92.00, Y93.30, Y93.35, Y93.50

GBP/USD $1.5150

EUR/GBP stg0.8640, stg0.8700, stg0.8800

USD/CHF Chf0.9350

EUR/CHF 1.2250, Chf1.2280, Chf1.2320

AUD/USD $1.0140, $1.0200, $1.0250, $1.0300

USD/CAD C$1.0300


13:32
U.S.: Nonfarm Productivity, q/q, Quarter IV -1.9% (forecast -1.5%)
13:31
Canada: Trade balance, billions, January -0.2 (forecast -0.6)
13:31
U.S.: International trade, bln, January -44.4 (forecast -42.8)
13:31
U.S.: Initial Jobless Claims, 340 (forecast 356)
13:31
Canada: Building Permits (MoM) , January +1.7% (forecast +5.4%)
13:15
European session: the euro has grown significantly

Data
00:30 Australia Trade Balance January -0.43 -0.51 -1.06
03:00 Japan BoJ Interest Rate Decision 0.10% 0.10% 0.10%
03:00 Japan BoJ Monetary Policy Statement
06:45 Switzerland Unemployment Rate February 3.1% 3.1% 3.1%
07:00 Japan BOJ Press Conference
08:00 Switzerland Foreign Currency Reserves February 427.0 427.7
09:00 Switzerland SNB Chairman Jordan Speaks February
11:00 Germany Factory Orders s.a. (MoM) January +1.1% +0.6% -1.9%
11:00 Germany Factory Orders n.s.a. (YoY) January -1.8% +1.6% -1.5%
12:00 United Kingdom BoE Interest Rate Decision 0.50% 0.50% 0.50%
12:00 United Kingdom Asset Purchase Facility 375 375 375
12:00 United Kingdom MPC Rate Statement
12:45 Eurozone ECB Interest Rate Decision 0.75% 0.75%

The euro rose sharply against the dollar, as market participants are awaiting the decision of the ECB interest rate, which remained at a record low of 0.75%. Note that this decision is in line with most economists predicted that almost does not appear on the cost of the European currency.
We also add that investors perceived favorably the strong results of auctions in Spain and France. Bonds maturing in 2015 were sold in the amount of 569 million, a return of 2.63% against 2.54% earlier. Securities maturing in 2018 are available on the amount of 2030 million, yield 3.57% vs. 4.27%. Bonds maturing in 2023 sold to the amount of 2440 million, with a yield of 4.91% vs. 5.20% previously. France placed 10-year bonds worth 7 billion euros with a yield of 2.1% vs. 2.3% previously.
Negative point was today's report from the Ministry of Economy, which showed that the volume of industrial orders in Germany unexpectedly, and at the time, were reduced significantly in January, which was due to the sharp decline in external demand, while stressing that the country's economic recovery remains fragile. According to the report, the number of orders in manufacturing decreased in January by 1.9% after rising 1.1% in December. Note that according to the average estimates of experts, the value of this index would grow by 0.6%. Ministry of Economy said that the findings suggest that the weakness in the industry has not been resolved, despite the improvement in sentiment in the set of studies that point to a positive outlook.
However, the focus of the players still press conference by ECB President Draghi, which can significantly affect the dynamics of trading.
Pound pound has appreciated significantly against the dollar, while restoring the losses suffered in early trading. Note that such a sharp increase in rates was caused by a statement from the Monetary Policy Committee, who said that the size of the program to purchase assets remained unchanged - at 375 billion pounds. Also this time it became known decision of the Bank of England's interest rate, which has remained unchanged - at the level of 0.5%.
The yen fell against the euro, even after the Bank of Japan has rejected calls for the immediate start of the open purchase of assets at the closing session Masaaki Shirakawa, before being replaced Haruhiko Kuroda. Note also that the Bank of Japan kept the asset purchase program unchanged at Y76 trillion yen ($ 809 billion), and monthly purchases of government bonds at Y1, 8000000000000, confounding expectations of economists.

EUR / USD: during the European session, the pair rose to high of $ 1.3044, and then fell to $ 1.3008

GBP / USD: during the European session, the pair went up to a maximum of $ 1.5075

USD / JPY: during the European session, the pair rose to Y93.45


At 13:30 GMT the euro area held monthly press conference of the ECB. At the same time, Canada will announce the change of volume of building permits issued and the trade balance for January. Also at 13:30 GMT the U.S. will report on the trade balance for January and changes in the level of labor productivity in the non-manufacturing sector for the 4th quarter. At 20:30 GMT the United States will present the results of stress tests. At 23:50 GMT, Japan will report from the current account balance and the adjusted total current account surplus for January. Also this time, the final figures will be released by the change in GDP, Gross Domestic Product (year), nominal GDP and GDP deflator for the 4th quarter.

13:00
Orders

EUR/USD

Offers $1.3095/1.05, $1.3040/45, $1.3044

Bids $1.2965/60, $1.2950, $1.2925/20, $1.2900, $1.2880, $1.2865-50


GBP/USD

Offers $1.5140/50, $1.5100/10, $1.5070/80, $1.5040/50

Bids $1.4965/60, $1.4950, $1.4935/30, $1.4900


AUD/USD

Offers $1.0375/80, $1.0340/50, $1.0330

Bids $1.0210/00, $1.0160/50, $1.0120/15, $1.0050, $1.0020, $1.0000


EUR/GBP

Offers stg0.8750/60, stg0.8720/25, stg0.8695/700

Bids stg0.8575/70, stg0.8555/50, stg0.8520, stg0.8505/00


EUR/JPY

Offers Y123.28, Y123.22, Y122.85

Bids Y121.60/70, Y121.40/50, Y119.41


USD/JPY

Offers Y95.10/20, Y94.95/5.00, Y94.80, Y94.30-50

Bids Y93.75/70, Y93.55/50, Y93.15/00


12:46
Eurozone: ECB Interest Rate Decision, 0.75% (forecast 0.75%)
12:00
United Kingdom: Asset Purchase Facility, 375 (forecast 375)
12:00
United Kingdom: BoE Interest Rate Decision, 0.50% (forecast 0.50%)
11:15
European stocks rose

Most European stocks rose, as many market participants are awaiting a decision on interest rates, the Bank of England and the ECB.

Stoxx Europe 600 Index (SXXP) rose 0.2% to 293.97.

Note that, according to most experts predicted, the ECB will keep its benchmark interest rate unchanged at a record low of 0.75%, while the Bank of England, it will remain at 0.5%. As economists suggest that the volume of the program to purchase assets of the Bank of England will remain at 375 billion pounds.

Aggreko value rose 11% to 1.956 pence, while showing the biggest gain since March 2009, after the company said that in the next five years, the average income growth is likely to be "double".

Carrefour shares rose 3.6% 22.15 euros after it became known that the annual current operating income fell by 2.6% to 2.14 billion euros, exceeding the forecasts of experts at the level of 2.070 billion euros.

Cost Adidas AG rose 3.7% to 74.33 euros, reaching the highest price since November 1995. The second-largest sporting goods maker said profit and forecast increase in sales this year, and also said to increase dividends by 35%.

Shares of Aviva (AV /) fell by 12% to 315.5 pence, showing the biggest drop since March 30, 2009. The second-largest UK insurer by market value, said it will not pay bonuses to its executive directors or raise fees in 2013 after cutting its second half dividend by 44 percent. The company will pay a final dividend at the rate of 9 pence per share in 2012, compared to 16 pence in the previous year.

To date:

FTSE 100 6,455.59 +27.95 +0.43%

CAC 40 3,792.92 +19.16 +0.51%

DAX 7,941.77 +22.44 +0.28%


11:01
Germany: Factory Orders s.a. (MoM), January -1.9% (forecast +0.6%)
11:01
Germany: Factory Orders n.s.a. (YoY), January -1.5% (forecast +1.6%)
10:29
Option expiries for today's 1400GMT cut

EUR/USD $1.2950, $1.3000, $1.3030, $1.3050, $1.3150

USD/JPY Y92.00, Y93.30, Y93.35, Y93.50

GBP/USD $1.5150

EUR/GBP stg0.8640, stg0.8700, stg0.8800

USD/CHF Chf0.9350

EUR/CHF 1.2250, Chf1.2280, Chf1.2320

AUD/USD $1.0140, $1.0200, $1.0250, $1.0300

USD/CAD C$1.0300
10:15
Asia Pacific stocks close:

Asian shares dropped, with the regional benchmark index snapping two days of gains, led by Samsung Electronics Co. and Australian banks. The Nikkei 225 Stock Average pared gains after the Bank of Japan rejected a call for an immediate start to open-ended asset purchases.

Nikkei 225 11,968.08 +35.81 +0.30%

Hang Seng 22,771.44 -6.40 -0.03%

S&P/ASX 200 5,109.2 -7.59 -0.15%

Shanghai Composite 2,324.29 -22.89 -0.98%

Samsung, which yesterday announced it will invest 10.4 billion yen ($111 million) in troubled Japanese electronics maker Sharp Corp., fell 2.6 percent in Seoul.

Sharp tumbled 7.9 percent.

Australia & New Zealand Banking Group Ltd., Australia’s No. 3 lender by market value, slid 0.8 percent after announcing plans to cut jobs and as the nation reported a bigger-than- expected trade deficit.

Honda Motor Co., Japan’s second-biggest automaker by market value, pared gains to 0.6 percent in Tokyo.


10:02
Spain auction results:

  • Tesoro sold E5.03bln vs target E4.0bln-E5.0bln
  • Sold E569mln Oct 2015 Bono at avg yield 2.632% vs 2.71% prev
  • Sold E2.026bln Jan 2018 Bono at avg yield 3.572% vs 3.77% prev
  • Sold E2.435bln Jan 2023 Obligaciones at avg yield 4.917% vs 5.20% prev.

09:25
FTSE 100 6,438.87 +11.23 +0.17%, CAC 40 3,790.39 +16.63 +0.44%, DAX 7,934.09 +14.76 +0.19%
09:03
Forex: Tuesday’s review

The Dollar Index traded at almost its highest level in six months as service industries in the U.S. expanded in February at the fastest pace in a year, adding to signs of economic acceleration.

The U.S. currency was supported after the Institute for Supply Management’s non-manufacturing index exceeded forecasts, fueling speculation the Federal Reserve may have scope to reduce monetary stimulus earlier than projected.

The Institute of Supply Management’s non-manufacturing index increased to 56 last month from 55.2 in January, the Tempe, Arizona-based group said. Economists projected the guage would be little changed at 55, according to the median estimate. Readings above 50 signal expansion.

Australia’s currency climbed versus the dollar as the central bank kept interest rates on hold. Governor Glenn Stevens said in a statement that growth in 2012 was led by “very large increases in capital spending in the resources sector,” while reiterating that the inflation outlook “would afford scope to ease policy further, should that be necessary.”

The euro exchange rate fluctuates against the dollar after data showed that business activity in the euro area services sector declined in February compared with January, adding evidence that the region's economy will continue to be liquefied in the first three months of the year, which could be the fourth quarterly drop in a row. In addition, it was reported that retail sales rose by 1.2% on a monthly basis, fully compensate for the decline of 0.8% in December, which was revised from 0.9% decline.

The pound rose against the dollar before the euro after a report showed that the UK services sector expanded in February, showing a more rapid pace than analysts had forecast that downgraded the speculation as to whether the Bank of England will increase the incentive program.

The focus of investors are the most important meeting of the European Central Bank and the Bank of England, which will be held later in the week.


08:42
Stocks: Wednesday’s review

Asian stocks climbed, with the regional benchmark index touching the highest level since August 2011, after U.S. shares surged to a record as the service industry expanded at the fastest pace in a year and investors bet central banks will continue stimulus measures.

Nikkei 225 11,932.27 +248.82 +2.13%

Hang Seng 22,777.84 +217.34 +0.96%

S&P/ASX 200 5,116.79 +41.43 +0.82%

Shanghai Composite 2,347.18 +20.87 +0.90%

Toyota Motor Corp., a carmaker that gets 25 percent of its sales in North America, rose 2 percent in Tokyo.

Sharp Corp. jumped 14 percent as the unprofitable Japanese television maker is said to be in talks to secure investment from Samsung Electronics Co.

ZTE Corp. surged 7.1 percent in Hong Kong after China’s second-largest mobile-phone equipment maker said it’s collaborating with Intel Corp. on next-generation smartphones.


European stocks fell from a 4 1/2- year high, with the benchmark index reversing gains in the last hour of trading, as companies from Henkel AG to Legal & General Group Plc posted earnings.

National benchmark indexes dropped in 14 of the 18 western European markets. Germany’s DAX added 0.6 percent and France’s CAC 40 retreated 0.4 percent, while the U.K.’s FTSE 100 was little changed.

Sacyr slipped 3.6 percent to 1.65 euros after Goldman Sachs Group Inc. said it sold a 2.79 percent stake in the Spanish builder at 1.64 euros per share. The bank purchased the shares from Austral BV before reselling them to investors.

Axel Springer AG tumbled 5.9 percent to 34.13 euros after Europe’s largest newspaper publisher forecast lower profit in 2013 because of spending to accelerate its shift to digital publications amid a declining print business. The owner of Germany’s largest tabloid also reported a 5.8 percent increase in 2012 earnings before interest, taxes, depreciation and amortization.

Henkel rose 2.4 percent to 70.33 euros, the highest price since at least August 1992. The world’s biggest adhesives company reported a 4 percent increase in like-for-like revenue for the fourth-quarter, topping analyst estimates for a 3.2 percent gain. Henkel also forecast sales growth of as much as 5 percent and higher profitability this year.

Legal & General gained 3.3 pence to 166 pence, the highest price in almost six years, as the largest manager of U.K. pension assets raised its dividend 20 percent to 7.65 pence a share after demand for retirement products boosted sales, cash flow and profit.

Admiral Group Plc rallied 5.3 percent to 1,334 pence after the owner of the confused.com website reported a 15 percent increase in full-year pretax profit to 345 million pounds ($519 million). That beat the 331.7 million-pound average estimate of analysts.

Vodafone Group Plc rallied 6.8 percent to 180 pence, the biggest increase since February 2009, after people familiar with the situation said Verizon Communications is seeking to resolve its relationship with the U.K. company and has weighed options that range from ending its wireless venture with Vodafone to a full merger of the two phone companies. Vodafone owns a 45 percent stake in the Verizon Wireless subsidiary which is is worth about $115 billion, according to analysts.


U.S. stocks rose, extending the Dow Jones Industrial Average’s record high, as a private report showed companies took on more workers than estimated and the Federal Reserve said the economy is growing.

Companies added 198,000 workers in February, according to a private report based on payrolls. The increase in employment followed a revised 215,000 gain the prior month, figures from the ADP Research Institute showed today. The median forecast of economists called for an advance of 170,000.

A Labor Department report this week may show private payrolls rose by 170,000 last month, according to the Bloomberg survey median. Orders to U.S. factories fell in January, weighed down by a slump in demand for military hardware and commercial aircraft, the Commerce Department reported today.

Fed Chairman Ben S. Bernanke described the job market as “generally weak” in testimony to a Senate committee on Feb. 26. The U.S. economy expanded at a modest to moderate pace across most of the country amid rising consumer demand for homes and autos, the Fed said in its Beige Book report, a summary and analysis of economic conditions in 12 U.S. districts.

Raw-material, financial and health-care companies had the largest gains among 10 groups in the S&P 500, while telephone and consumer staples fell the most. Bank of America (ВАС) rallied 3.2 percent to $11.92. Alcoa Inc. (АА), the largest U.S. aluminum producer, added 2.6 percent to $8.57.

At the close:

S&P 500 1,541.46 +1.67 +0.11%

NASDAQ 3,222.36 -1.77 -0.05%

Dow 14,296.24 +42.47 +0.30%


08:02
Switzerland: Foreign Currency Reserves, February 427.7
07:41
European bourse are initially seen trading modestly higher Thursday: the FTSE up 7, the DAX up 6 and the CAC up 4.
07:29
Asian session: The Dollar Index traded 0.2 percent from the highest

00:30 Australia Trade Balance January -0.43 -0.51 -1.06

03:00 Japan BoJ Interest Rate Decision 0.10% 0.10% 0.10%

03:00 Japan BoJ Monetary Policy Statement


The Dollar Index traded 0.2 percent from the highest in more than six months as signs of improvement in U.S. labor market added to the case for the Federal Reserve to end stimulus sooner than initially planned. Figures from New Jersey-based ADP Research Institute yesterday showed an increase of 198,000 in U.S. employment last month, more than the 170,000 advance expected by economists. In the U.S., economists in a Bloomberg News survey estimate the Labor Department will say tomorrow that payrolls expanded by 163,000 in February after a 157,000 gain the prior month, while the jobless rate likely held at 7.9 percent.

The U.S. economy grew at a modest to moderate pace across most of the country amid rising consumer demand for homes and autos, the Fed said in its Beige Book business survey yesterday.

The pound dropped to the lowest since July 2010 before the Bank of England concludes a two-day meeting today. The BOE will keep its interest rate at 0.5 percent, according to economists in a separate Bloomberg poll. Poland’s central bank lowered its seven-day reference rate by 50 basis points to 3.25 percent yesterday. None of the 38 economists surveyed by Bloomberg predicted the move.

Demand for the euro was bolstered after S&P affirmed Portugal’s rating and raised its outlook to stable from negative. European lenders will probably extend support to the government and make the nation’s fiscal tightening “more sustainable,” S&P said in a statement today. The central bank will probably maintain its benchmark rate at 0.75 percent today, according to economists in a Bloomberg survey. The ECB will update its December economic forecasts.

The yen rose after the Bank of Japan refrained from expanding monetary stimulus at the conclusion of its policy meeting. The Bank of Japan today kept its asset-purchase program at 76 trillion yen ($809 billion) and its monthly government bond purchases at 1.8 trillion, in line with estimates of economists surveyed by Bloomberg.


EUR / USD: during the Asian session, the pair rose to $1.3000.

GBP / USD: during the Asian session, the pair rose to $1.5010.

USD / JPY: during the Asian session the pair fell to Y93.80.


BOE MPC announcement at 1200GMT, market mainly looking for no change in rates/QE, though are open to a possible QE extension following the last meeting Minutes which showed King moving to the extension camp. ECB in focus today, no change expected for rates (1245GMT), though ECB Draghi expected to be dovish (1330GMT).
06:46
Switzerland: Unemployment Rate, February 3.1% (forecast 3.1%)
06:24
Commodities. Daily history for Mar 6’2013:

Change % Change Last

Oil $90.41 -0.02 -0.02%

Gold $1,582.90 +8.00 +0.51%


06:24
Stocks. Daily history for Mar 6'2013:

Change % Change Last

Nikkei 225 11,932.27 +248.82 +2.13%

Hang Seng 22,777.84 +217.34 +0.96%

S&P/ASX 200 5,116.79 +41.43 +0.82%

Shanghai Composite 2,347.18 +20.87 +0.90%

FTSE 100 6,427.64 -4.31 -0.07%

CAC 40 3,773.76 -13.43 -0.35%

DAX 7,919.33 +49.02 +0.62%

S&P 500 1,541.46 +1.67 +0.11%

NASDAQ 3,222.36 -1.77 -0.05%

Dow 14,296.24 +42.47 +0.30%


06:24
Currencies. Daily history for Mar 6'2013:

(pare/closed(00:00 GMT +02:00)/change, %)

EUR/USD $1,2966 -0,64%

GBP/USD $1,5015 -0,73%

USD/CHF Chf0,9487 +0,84%

USD/JPY Y94,05 +0,82%

EUR/JPY Y121,96 +0,18%

GBP/JPY Y141,23 +0,11%

AUD/USD $1,0232 -0,22%

NZD/USD $0,8282 -0,33%

USD/CAD C$1,0318 +0,47%
06:03
Schedule for today, Thursday, Mar 7’2013:

00:30 Australia Trade Balance January -0.43 -0.51

03:00 Japan BoJ Interest Rate Decision 0.10% 0.10%

03:00 Japan BoJ Monetary Policy Statement

06:45 Switzerland Unemployment Rate February 3.1% 3.1%

07:00 Japan BOJ Press Conference

08:00 Switzerland Foreign Currency Reserves February 427.0

09:00 Switzerland SNB Chairman Jordan Speaks February

11:00 Germany Factory Orders s.a. (MoM) January +0.8% +0.6%

11:00 Germany Factory Orders n.s.a. (YoY) January -1.8% +1.6%

12:00 United Kingdom BoE Interest Rate Decision 0.50% 0.50%

12:00 United Kingdom Asset Purchase Facility

12:00 United Kingdom MPC Rate Statement

12:45 Eurozone ECB Interest Rate Decision 0.75% 0.75%

13:30 Canada Building Permits (MoM) January -11.2% +5.4%

13:30 Canada Trade balance, billions January -0.9 -0.6

13:30 U.S. International trade, bln January -38.5 -42.8

13:30 U.S. Nonfarm Productivity, q/q (Revised) Quarter IV -2.0% -1.5%

13:30 U.S. Initial Jobless Claims 344 356

13:30 Eurozone ECB Press Conference

18:15 U.S. FOMC Member Jerome Powell Speaks

20:00 U.S. Consumer Credit January 14.6 14.4

21:30 U.S. Bank Stress Test Results

23:50 Japan Current Account (adjusted), bln January 98.1 112.2

23:50 Japan GDP, q/q (Finally) Quarter IV -0.1% -0.1%

23:50 Japan GDP, y/y (Finally) Quarter IV -0.4%

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