Thursday, 29 November 2012

Daily Afternoon Report 29/11/2012 | Forex Trading Analysis



The U.S. dollar was broadly lower against the other major currencies on Thursday, as hopes for headway in tackling the U.S. fiscal cliff dampened safe haven demand for the greenback ahead of U.S. data on third quarter growth later in the session.
Meanwhile, the euro hit fresh session highs against the U.S. Click Here! dollar on Thursday, after official data showed that the U.S. economy grew at a faster rate than initially estimated during the third quarter of 2012, as export figures were revised up.
As the Commerce Department said, gross domestic product expanded by 2.7% in the three months to September, up from a preliminary estimate of 2.0%, but below expectations for growth of 2.8%.

Separately, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell 393,000 from 416,000 the previous week, slightly less than expectations for a decline to 390,000.
Elsewhere Europe, Italy saw borrowing costs fall sharply at an auction of five and 10-year government bonds on Thursday, with the yield on 10-year bonds down to 4.45%, a two year low and the yield on five-year bonds falling to 3.23%, also a two-year low.
In addition to that, official data showed that the German unemployment rate remained unchanged at 6.9% in November as the number of unemployed people rose by 5,000, better than expectations for an increase of 15,000.
In other news, the Bank of England warned earlier that U.K. banks may not have enough capital put aside to insulate them from future financial market shocks.
Finally, the yen remained under pressure amid expectations that upcoming elections on December 16 will result in growing political pressure on the Bank of Japan to implement more aggressive monetary easing measures.
Later Thursday, German Bundesbank President is due to speak at the Christian Democratic Union Economics Council in Berlin.


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Daily Morning Report 29/11/2012 | Forex Trading Analysis

The dollar fell against the major currencies on Thursday. President Obama told the world that “something will be done” to steer the country away from the fiscal cliff, which boosted the euro on sentiment U.S. policymakers will put politics aside and make tough tax and spending reforms needed to avoid the cliff. U.S., the Commerce Department reported earlier that new home sales fell by 0.3% to a seasonally adjusted 368,000 units in October, confounding expectations for an increase to 390,000.
Later Thursday, the U.S. is to produce revised data on third quarter gross domestic product, as well as data on pending home sales and initial jobless claims.
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