New Zealand unemployment is expected to continued rising for some time, said the country’s Finance Minister Bill English. “Lagging indicators such as unemployment are still worsening and we expect unemployment to keep rising for some time,” said the 48-year-old head of the treasury.
Written by David Song, Currency Analyst
U.K. Nationwide house prices rose 1.3% m/m in July, marking a third consecutive month of price increases and yet again surprising on the upside. The reading compares to our survey median for a 0.3% m/m increase and follows June’s 0.9% m/m rise. The y/y reading improved to -6.2% from -9.3%, [...]
Current Yesterday USD 0.22938 0.22563 GBP 0.54750 0.54625 EUR 0.26938 0.26750 JPY 0.13250 0.12375 CHF 0.08000 0.08000 AUD 2.92000 2.90750 CAD 0.22167 0.22167 NZD 2.50750 2.50000
Japan’s Industrial Production managed to strengthen for a fourth straight month in June by 2.4%. While improving, the metric gained at the slowest pace since March
Written by Ilya Spivak, Currency Analyst
The Euro may extend recent losses in European trading hours as Germany’s unemployment rate rises to 8.4% in July, the highest since November 2007, as the Euro Zone’s largest economy sheds 43,000 jobs. Euro Zone Economic Confidence is also on tap.
Key Overnight Developments
• Japan’s Industrial [...]
Written by David Song, Currency Analyst
The U.S. dollar saw a slight correction in Asia after the strong gains Wednesday in NY trading but fresh weakness in the Shanghai Composite stock index renewed concerns over a further correction in China’s stock market bubble. PBOC comments that it would maintain appropriately loose monetary policy was unable to [...]
The euro finished sharply lower against the US Dollar on a bad day for risk sentiment, with analysts blaming poor German CPI results for noteworthy underperformance against the British Pound. Preliminary Consumer Price Index data showed that domestic prices fell 0.6 percent in the year-ending in July—the first year-over-year decline since German unification. The CPI pullback forced a commensurate pullback in European Central Bank interest rate expectations.
Oil prices plunged 6% Wednesday after the government reported a surprise increase in oil stockpiles, U.S. and Asian stock markets fell, and a report on durable goods came in much weaker than expected.
Is the Chinese economy in the same state as the American economy was in the summer of 2007? In other words, all pumped up and ready to pop?
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