The Yen Strengthens Against The Euro
15 April 2011 - ACM
ACM
Moody's Cuts Ireland's Credit Outlook To Negative
Snap-Shot
G10 Advancers and Decliners vs USD |
|
DKK |
0.21 |

|
|
EUR |
0.15 |

|
|
CAD |
0.04 |

|

|
NOK |
-0.22 |
|

|
AUD |
-0.28 |
|

|
GBP |
-0.32 |
|

|
CHF |
-0.36 |
|

|
SEK |
-0.37 |
|

|
NZD |
-0.40 |
|

|
JPY |
-0.56 |
| |
Global indexes |
Current level |
% Change | |
Nikkei 225 Index |
9,591.52 |
- 0.65 |
Hang Seng Index |
24,033.46 |
+ 0.08 |
FTSE 100 Index |
5,963.80 |
- 0.78 |
DAX Index |
7,146.56 |
- 0.44 |
SMI Index |
6,357.03 |
- 0.11 | |
World markets |
Current level |
% Change | |
|
Gold |
1475.67 |
- 0.16 |
Silver |
42.38 |
+ 0.31 | |
|
Todays calender |
Estimates |
Previous |
Country / GMT | |
Final HICP, % y/y Mar |
2.6 |
2.6 |
EUR/09:00 |
Trade balance, € bn (sa) Feb |
--- |
-3.3 |
EUR/09:00 |
CPI, % m/m (y/y) Mar |
0.5 (2.6) |
0.5 (2.1) |
USD/12:30 |
Empire State mfg index Apr |
17.6 |
17.5 |
USD/12:30 |
Net long-term TIC flows, $bn Feb |
--- |
51.5 |
USD/13:00 |
Industrial production, % m/m Mar |
0.5 |
0.0 |
USD/13:15 |
Capacity utilization, % Mar |
77.4 |
77.0 |
USD/13:15 |
U. Michigan consumer sentiment index Apr |
69.0 |
67.5 |
USD/13:55 |
Market Brief
Moody’s cut Ireland’s credit rating by two levels to Baa3 from Baa1 to the lowest investment grade with a negative outlook as the government struggles to plug the budget deficit and restore economic growth. Prospects for the nation have dimmed a bit as the nation lowered its economic growth forecast for 2011 and 2012 saying consumer demand remains subdued, GDP will grow 0.9% this year against 1% and 2.2% for 2012. On the other hand, Greece will announce measures today to meet its deficit reduction goals after the country’s bond yields hit new highs amid talks it may restructure its debt. Details of more than 22 Billion Euro of deficit-reduction measures through 2014 will be put up and the Greek government is expected to raise 15 Billion Euro by 2013 through asset-sales. The measures are aimed at meeting a target, agreed with the EU and IMF as a condition for the bailout, to cut the deficit to less than 3 percent of GDP by 2014 and a self-imposed goal of cutting the shortfall below 1 percent by 2015. The government is still aiming for a deficit of 7.4 percent of GDP this year, even as first-quarter revenue missed the target by 1.4 billion Euros. The EURUSD weakened after the downgrade news moving down to 1.4451 after reaching highs of 1.4503 earlier in the Asian session.
Inflation concerns have been haunting markets as Chinese CPI data exceeded expectations at 5.4% against 5.2% to the fastest pace since March 2008 and GDP rose 9.7% adding pressure for more monetary tightening. The central bank may boost reserve requirements for lenders as early as this evening to drain cash from the fastest-growing major economy and as food and commodity costs drove inflation higher than the government’s 2011 target for a third month. A jump in China’s foreign-exchange reserves to a world record $3 trillion, reported yesterday, highlighted the additional risk that inflows of capital may stoke inflation. Fitch Ratings cut the outlook for China’s local-currency sovereign debt rating to “negative” from “stable” this week, citing a likely deterioration in bank asset quality. Moody’s Investors Service lowered its outlook for the property sector to “negative” from “stable” on concern residential sales could decline by as much as 30 percent as local governments enforce housing curbs.
Currency action the Yen strengthening against majors after the Chinese data and Indian inflation data could prompt the nation to act to cool growth. USDJPY traded at 82.96, EURUSD at 1.4474, GBPUSD at 1.6353, AUDUSD at 1.0516. The Dollar could gain in strength as we head towards US inflation data this evening but positive data from EU w.r.t. inflation could keep the Euro buoyant.
EU inflation along with US inflation could be market movers along with Consumer confidence and Empire manufacturing in the US followed by Fed’s Evans speaking.
|
Today's Economic Calender
|

PRODUCT RANGES:
CURRENCY EXCHANGE Compare Foreign Exchange and Currency >>
INVESTMENT TRADING Compare Investment and Trading >>
LOAN PRODUCTS Compare Loan and Debt Products >>
CARD PRODUCTS Compare Cards Products >>
MONEY PRODUCTS Compare Money Products >>
|
|