Online Forex Blog

Olivier Sastel: Berlin’s attitude to the crisis is unacceptable

Chris — Wed, 31 Aug 2011 11:23:27 +0000

Minister for European Affairs of Belgium Olivier Sastel blames Germany for lack of solidarity in crisis management in the euro area and criticizes the claim of Berlin and Paris to rule Europe in an interview published in the newspaper Le Soir. “The benefits Germany provides the single (European) market will be offset by the acceptance of the Eurobond, which would help the countries of the monetary union to secure uniformity of credit conditions in the markets, “said the Belgian minister. The Belgian Minister also says that Germany and France tend to determine the course of Europe, particularly as regards the euro crisis. “Europe no longer take decisions only after a Franco-German meeting! It is too complex as a practice. ” In the same climate, Jacek Rostofski, Finance Minister of Poland, which holds the EU presidency, warned against the dismantling of the eurozone. “Europe’s elite, among them the German will have to decide if they want to keep the euro, albeit overpriced, or not,” he warned in an interview in the Polish press earlier this week.

Euro markets retain their profits after the positive macro

Chris — Wed, 31 Aug 2011 11:20:34 +0000

with profits in excess of 1% move in the last meeting in August European markets, and the macro of the eurozone suggests that the ECB will leave its aggressive strategy of firming, while discussions are continuing on the security of Greece and the new bail. “More generally, macro supports the view that the ECB will leave … the edge policy tightening at the next monetary policy meeting and will relax the rhetoric about inflation risks,” says the ING. In cutting estimates of the profits of the year went to Carrefour, the second largest retail chains worldwide, announcing that it expects 15% drop because of falling demand in France. The company’s previous forecast made for an increase in operating profit compared with epanadimosiefmena 2010 figures. The mean estimates were for 11% drop in profits to 2.4 billion euros. In six months, at the Carrefour net result showed a loss of EUR 249 million compared to net income of 97 million euros a year ago , while EBIT fell to 772 million euros from 989 million last year. On the dashboard, the estimator of the state of the stock markets of member countries of the Eurozone, the Euro Stoxx 50 record gains 1.33%. In London, FTSE100 notes gains 0.95%, the German DAX is reinforced at a rate of 1.28%, while in Paris the CAC-40 moved to 1.46%. Gains 1.61% notes IBEX in Spain, at a rate of 1.36 % supported the Italian MIB, while in Portugal the PSI record 1.10% rise. The Swiss SMI strengthened 0.75%. Positive signs show the indicators in Russia, the RTS at 0.92% and 1.15% in Micex. In Turkey, the market will remain closed until Thursday. On the forex market, Euro is moving stablizing around the $1.4440 against the US dollar while against the Japanese Yen the common european currency is currently at 110.55 yen.

The prices for gold safes increased dramatically in London

Chris — Wed, 10 Aug 2011 11:49:40 +0000

Banks raise fees for the storage of gold in London, and the tremendous increase in demand for the precious metal has made scarce counters gold in the British capital, which is a world center for gold. As the U.S. network CNBC, almost all banks traded gold prices have increased since March this year for the gold deposit. This development is a further indication of how the demand for investment-safe havens is creating tensions in the financial system, he notes. Moreover, last week the Bank of New York Mellon announced that it will start billing on large deposits, after the sudden inflow of cash. Investors are turning to gold in an effort to protect their wealth from the turbulence in financial markets.

Germany: at 2.4% the annual inflation in July

Chris — Wed, 10 Aug 2011 11:47:49 +0000

Increased once again the annual inflation in Germany in July due to higher energy prices as announced by the statistical office Destatis. Consumer prices rose 0.4% on a monthly basis and 2.4% annually according to final data confirming the initial estimates were made public last month and the forecast of economists polled by Dow Jones Newswires. Inflation in Germany is moving upward throughout the course of 2011 more than 2%. The European Central Bank has based its decisions on interest-rate policy in shaping the inflation just below 2%. As in previous months, inflation in July rose due to energy prices, which strengthened 10.6% over the corresponding month of 2010, while food and non-alcoholic beverages rose 2.7%. The harmonized inflation, based on the EU stood at 0.5% in the month and 2.6% in the year.

IMF: The debt crisis threatens the recovery of the Eurozone

Chris — Mon, 20 Jun 2011 14:48:53 +0000

The debt crisis in the ‘region’ of the eurozone threatens to “overwhelm” the economic recovery in the region and could cause global economic disruption if not stopped, warned the International Monetary Fund. “A broad strong recovery continues, but the sovereign debt crisis in the region threatens squandered this favorable outlook and many are what must be done to ensure a dynamic and robust monetary union,” the IMF said, summing up a regular report on the political area of 17 States. “A failure to take decisive decisions can spread rapidly in the turbulent core of the Eurozone and lead to greater global expansion,” he added.

Euro reduces its losses

Chris — Thu, 16 Jun 2011 14:02:16 +0000

The common European currency reduces the losses since the beginning of the European forex trading transactions, as the initial panic of the developments in Greece is outweighed by the European “voice” for final effort to compromise the Greek debt. The situation in Europe is becoming worse and the debt crisis is out of control, threatening not only the consistency of the Greek economy in general but also the entire European project as well as the global banking industry, a development for which we have gave a brief idea to our readers several months ago. Many forex brokers also believe that the problems appear to have no end because the ever worsening debt crisis should not stop the relentless struggle of China and other emerging economies like Brazil, India and Russia to combat inflationary pressures.

The euro was trading at $1.4154, with losses of 0.06% against the U.S. currency while it was losing 0.27% against the Japanese yen to 114.355 yen. In relation to the Swiss franc, the euro declined by 0.61% to 1.2014 francs, after the new historical low of 1.1947. In contrast, the euro records profits against the British pound moves up by 0.24% on profit 0.8774 pounds.

Sarkozy calls EU members to show responsibility for Greece

Chris — Thu, 16 Jun 2011 13:54:32 +0000

According to foreign news agencies, French President Nicolas Sarkozy called the members of the European Union “to show responsibility in the case of Greece”. This statement – which was published today – made in order to protect the euro in the midst of the Greek debt crisis. “What we need above all is unity. We must leave behind the national controversy and rediscover a sense of common destiny”, said Mr. Sarkozy, in a rural conference in Paris. “We must protect the common currency and the European institutions,” he said, just a day before his trip to Berlin where he will meet with German Chancellor Anglela Merkel for the debt crisis of the Eurozone. “Without the euro, there is no Europe and without Europe there is no possibility of peace and stability,” said Mr. Sarkozy. “We have no right to hurt the euro”.

The common European currency lost abount 400 pips within a week in the forex market and it is well behind the Fibonacci extension of 261.8%.

Groupon: The $ 750 million goal of IPO

Chris — Fri, 03 Jun 2011 13:39:09 +0000

Approximately $ 750 million plans to bring together the public offering on Wall Street, the Internet company Groupon, which has submitted an application for admission to the SEC. This is the next internet company tries her luck on the stock after the business networking site LinkedIn, the share of which almost doubled in value the first day of trading.

Sharp: Forecast for Losses of 50 Billion Yen

Chris — Fri, 03 Jun 2011 13:38:02 +0000

Big losses expects Sharp for the period of April – June and foresees a reduction of the annual net income by 69%, mainly due to losses from the temporary suspension of production panel LCD. Specifically, the Japanese electronics company expects net loss of 50 billion yen for the first quarter of fiscal year, compared to profits of 10.69 billion yen a year earlier. Operating profit is expected to fall to 2 billion yen from 22.52 billion yen the same period was of last year. For the full fiscal year ending March 2012, the company expects net profit of 6 billion yen, significantly reduced compared with 19.40 billion yen the previous year.

U.S: Worst of the estimations the GDP data

Chris — Thu, 26 May 2011 13:33:38 +0000

The Ministry of Commerce maintained its estimations for the growth in the U.S. economy in the first quarter, confounding analysts’ expectations that waited for the announcement of improved figures. The U.S. GDP grew by 1.8% in the first quarter, slowing considerably in the last quarter of 2010 when it had risen 3.1%, according to government figures today saw the light of day. The latest figures for GDP was unchanged compared with the initial estimate of the Ministry of Commerce.

Analysts polled by Dow Jones Newswires spoke for upward revision of growth at 2.2%. The last report of the ministry data on consumer spending were revised downwards and showed an increase of 2.2% from baseline to increase 2.7%. In the fourth quarter of 2010, consumer spending had risen 4%. U.S. exports increased by 9.2% in the first quarter, magnitude improvement over the original estimate of 4.9% rise and the last quarter of 2010 when they had risen 8.6%. The federal government spending fell 7.9%, recording the biggest drop in 11 years time, while the costs of state and local governments fell 3.2%. As our Forex broker reported: The Commerce Department will publish its third and final report for the first quarter GDP on June 24. The GDP report also showed rising inflation because of higher prices on goods. The price index for personal consumption expenditures jumped 3.8% in the first quarter after rising 1.7% in late 2010. However, the index preferred by the Federal Reserve, the price index excluding prices of food and energy rose 1.4% in the first quarter remained within the tolerance margin of the central bank.