Yen and Dollar Gain on Global Recession Fears, US Trade Data Surprises on Upside
Tuesday, January 13th, 2009
Trade data from around the world showed global trade slowing. The UK, Japan and Canada saw deteriorating balances, while the US deficit shrank more thane expected. The Pound was pressured, as were carry trade pairs, as risk aversion continued in global equities.
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Technorati Tags: currencies, dollar, economy, euro, Exchange, finance, Foreign, FOREX, FX, News, pound, trading, yen
Analysis by Neil Mackinnon of ECu Group
Duration : 0:5:17
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Technorati Tags: Banking, Business, economy, Government, International, News, politics, U.S.
http://www.reuters.com/news/video?videoId=91858&videoChannel=5
The party’s over for Iceland, the island that tried to buy the world
The snow has arrived early in Reykjavik after an unusually long and warm summer. The freeze has brought out the ghostly green haze of the aurora borealis - the Northern Lights - the shape of which shifts dramatically across the tiny city’s black skies.
The bars and restaurants of Iceland’s capital are packed, the Range Rovers and BMWs are parked nose to tail all along the streets of the central 101 district, and music is pumping from a black stretch Hummer limousine cruising by.
‘What can we do? Its difficult times but we’ve spent all day talking about it, watching the news getting worse and worse. We had to go out and be with friends. Maybe it’s like the party at the end of the world,’ says Egill Tomasson, 32, sitting in the Kaffeebarinn bar.
Iceland is on the brink of collapse. Inflation and interest rates are raging upwards. The krona, Iceland’s currency, is in freefall and is rated just above those of Zimbabwe and Turkmenistan. One of the country’s three independent banks has been nationalised, another is asking customers for money, and the discredited government and officials from the central bank have been huddled behind closed doors for three days with still no sign of a plan. International banks won’t send any more money and supplies of foreign currency are running out.
People talk about whether a new emergency unity government is needed and if the EU would fast-track the country to membership. On Friday the queues at the banks were huge, as people moved savings into the most secure accounts. Yesterday people were buying up supplies of olive oil and pasta after a supermarket spokesman announced on Friday night that they had no means of paying the foreign currency advances needed to import more foodstuffs.
This North Atlantic volcanic island, which is the size of Cuba, with a population of 320,000 - the size of Coventry’s - is an unlikely player on the global financial stage. It is famous for its fish, geysers and for winning the UN’s 2007 ‘best country to live in’ poll. But Iceland built its extraordinary wealth on the crest of the worldwide credit boom and now the crunch is sweeping it away, bankrupting a people for whom the past eight years have been, for most of them and by their own admission, one long party.
Story continued at:
http://www.guardian.co.uk/world/2008/oct/05/iceland.creditcrunch
Duration : 0:2:3
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Technorati Tags: banks, collapse, crisis, economic, economy, financial, iceland, nationalisation, world, zimbabwe
Monday, June 16th, 2008
The Dollar lost ground to the Euro and Pound following higher consumer inflation data out of the Euro-zone, and a hawkish inflation report from the Bank of England. Also, Dollar bulls were disappointed by the G8 meeting, along with a weaker NY Empire release.
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UK Sees Higher Inflation while US Retail Sales Turn Negative
In the UK, CPI stayed above 2% year-over-year, pushing up the Pound overnight and into NY trading. The Dollar fell vs. the Yen and further vs. the Pound after US Retail Sales data showed a 0.4% decrease in Dec, causing equities to sink.
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Data From Japan, UK and US Show Economies Struggling
Japan reported 10-year high inflation and flat consumer spending in February. UK consumer confidence hit a 15-year low, and growth of housing prices fell to its lowest level in 12 years. In the US, consumers were also pessimistic, and showed it by spending less.
Fundamental Releases Covered:
JPN Tokyo Consumer Price Index y/y
JPN National Consumer Price Index y/y
JPN Unemployment Rate
JPN Household Spending y/y
JPN Retail Sales y/y
UK Retail Sales y/y
UK Nationwide House Prices m/m
US Personal Income
US Personal Spending
US Core PCE Price Index m/m
US UMich Consumer Sentiment (f)
Pairs Covered:
GBP/JPY
GBP/EUR
GBP/USD
EUR/USD
NZD/USD
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Duration : 0:3:56
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Greenback Takes Advantage of Weak UK and Euro-zone Data, Plus Bernanke Comments to End Week on Positive Note
Friday, August 22nd, 2008
The Euro-zone showed that its current account deficit widened while industrial new orders hit a 6-year low in annual terms, helping the Dollar regain its footing. GDP growth in the UK for the 2nd quarter was revised down, causing the Pound to sink to end the week.
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Duration : 0:3:42
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As UK Retail Sales Slip, Pound Falls vs Dollar and Yen; Carry Trade Reverses in NY Trading.
The Dollar and carry trade pairs fell in NY trading as concerns about the slowing US economy were not abated by President Bush’s stimulus package. The UK unexpectedly saw retail sales decline for the month of December.
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Duration : 0:2:49
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