Global Economic Intersection
Advertisement
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result

Forexpros Weekly Wrap-Up 10 August 2012

admin by admin
August 10, 2012
in Uncategorized
0
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

Closing the Week with Forexpros

by Forexpros Staff

The dollar traded lower against most major global currencies on Friday as investors sold the currency on sentiment that softer-than-expected Chinese export data and aforexpros-logoslumping Europe will prompt the Federal Reserve to stimulate the economy to stave off a U.S. downturn.

In U.S. trading on Friday, EUR/USD was down 0.09% at 1.2295.China reported earlier that its trade surplus narrowed unexpectedly in July, dropping to USD25.1 billion from a USD31.7 billion surplus.  Economists were expecting a USD35.1 billion surplus.  Ebbing demand for Chinese exports spooked markets worldwide on fears the global economy may be battling stronger headwinds than once thought.

Meanwhile in Europe, the European Central Bank on Thursday trimmed its forecast for economic growth to 0.6% in 2013, down from 1% previously.

The ECB also forecast a 0.3% contraction in growth this year, slightly worse than its previous forecast for a 0.2% contraction.

The news cemented views that central banks around the world will take steps to stimulate their respective economies with monetary policy tools, which tend to weaken safe-haven currencies like the dollar and send higher-yielding currencies and stocks rising.

Federal Reserve officials have said they cannot rule out rolling out a third round of asset purchases from banks, a stimulus tool known as quantitative easing that pumps liquidity into the economy to spur recovery, weakening the greenback in the process.

European Central Bank President Mario Draghi has said monetary policy officials will do whatever it takes to bolster the economy, which kept the euro down against an otherwise weakening dollar.

The greenback, meanwhile, was down against the pound, with GBP/USD trading up 0.22% at 1.5672.

The dollar was down against the yen, with USD/JPY trading down 0.40% at 78.25, and up against the Swiss franc, with USD/CHF trading up 0.07% at 0.9767.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.07% at 0.9918, AUD/USD down 0.12% at 1.0567 and NZD/USD up 0.03% at 0.8124.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.06% at 82.63.

Gold

On the Comex division of the New York Mercantile Exchange, gold futures for October delivery were up 0.26% and trading at USD1,620.25 a troy ounce, up from a session low of USD1,606.35 and down from a high of USD1,626.85 a troy ounce early during the session.

Gold futures were likely to test support at USD1,606.35 a troy ounce, the earlier low, and resistance at USD1,626.85, the earlier high.

Elsewhere on the Comex, silver for September delivery was down 0.17% and trading at USD28.048 a troy ounce, while copper for September delivery was down 0.95% and trading at USD3.392 a pound.

Oil

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD92.81 a barrel on Friday, down 0.59%, off from a session high of USD93.53 and up from an earlier session low of USD91.72.

Soft demand for Chinese exports sent shudders across energy markets on fears the global economy may be battling stronger headwinds than once thought and will need less fuels to grow.  China, meanwhile, is importing less oil.

Natural Gas

Natural gas futures continued to fall Friday, on profit taking after spiking more than 5% Thursday, as U.S. government data revealed inventory levels rose less-than-expected last week, easing concerns over a supply overhang.

On the New York Mercantile Exchange, natural gas futures for delivery in September traded at USD2.796 per million British thermal units during U.S. morning trade, plunging 5.08%.

The Energy Information Administration reported natural gas in storage grew by 24 billion cubic feet to 3.241 trillion cubic feet for the week ended August 3.  Analysts had forecast an increase of 30 billion cubic feet.

Total natural gas inventories are now 13.5% above the five-year average of 2.855 trillion cubic feet for this week and 16.8% above last year’s level of 2.776 trillion cubic feet, according to the government data.

Stocks

European stocks closed mixed Friday, as concerns over the outlook for economic growth in the euro zone weighed on market sentiment, while hopes for fresh action by the European Central Bank to stimulate the economy began to fade.

At the close of European trade, the EURO STOXX 50 dropped 0.52%, France’s CAC 40 declined 0.48%, while Germany’s DAX 30 retreated 0.21%.

Stocks remained under pressure, after the ECB on Thursday revised down its forecast for economic growth to 0.6% in 2013, down from 1% previously and forecast a 0.3% contraction in growth this year, slightly worse than its previous forecast of for a 0.2% contraction.

In the U.S. stocks closed higher after opening sharply lower.

Previous Post

Risk Rally At Close Moves Markets Higher

Next Post

Mars: Crustal Plate Tectonics like a ‘Primitive Earth’

Related Posts

When Will The XRP versus SEC Case End?
Econ Intersect News

When Will The XRP versus SEC Case End?

by John Wanguba
March 29, 2023
Will The US Banking System Collapse?
Economics

Will The US Banking System Collapse?

by John Wanguba
March 29, 2023
Gold Versus Bitcoin, Which Is A Better Investment In 2023?
Econ Intersect News

Gold Versus Bitcoin, Which Is A Better Investment In 2023?

by John Wanguba
March 28, 2023
World Bank Cautions Of 'Lost Decade' In Global Growth Without Drastic Policy Shifts
Business

World Bank Cautions Of ‘Lost Decade’ In Global Growth Without Drastic Policy Shifts

by John Wanguba
March 28, 2023
How Is The Banking Crisis Affecting Ripple’s XRP Crypto?
Economics

How Is The Banking Crisis Affecting Ripple’s XRP Crypto?

by John Wanguba
March 28, 2023
Next Post

Mars: Crustal Plate Tectonics like a ‘Primitive Earth’

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin adoption Bitcoin market Bitcoin mining blockchain BTC business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe FTX inflation investment market analysis Metaverse mining NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • When Will The XRP versus SEC Case End?
  • Will The US Banking System Collapse?
  • Gold Versus Bitcoin, Which Is A Better Investment In 2023?

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

en English
ar Arabicbg Bulgarianda Danishnl Dutchen Englishfi Finnishfr Frenchde Germanel Greekit Italianja Japaneselv Latvianno Norwegianpl Polishpt Portuguesero Romanianes Spanishsv Swedish