daily forex news february 5th 2013

Daily Forex News February 5th 2013FCTOFX: Global equities are weighed down by political uncertainties in Europe. The DOW Jones dropped nearly 130 points overnight while the S&P 500 also dropped 17.5 points to close below the 1500 level again at 1495.71. Asian stocks followed with the Nikkei dropping 213 points while the Hong Kong HSI dropped over 400 points. In the currency markets, the Euro's broad based pull back continues with Euro Dollar trading back below the 1.35 level while EUR/JPY is below 125. AUD/USD weakened ahead of the Reserve Bank of Australia rate decision earlier today but stabilized quickly and is still engaging in sideway consolidations.

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Daily Forex News February 5th 2013The Reserve Bank of Australia left the cash rate unchanged at 3%. Yet, policymakers indicated in the accompanying statement that possibility remained for a further rate cut as inflation was contained by sluggish job market. The statement was dovish, reiterating the view that the mining sector has almost peaked. The Reserve Bank's outlook on growth showed little change from the December statement, noting that 'global growth is forecast to be a little below average for a time' but risks around this central scenario 'appear to have abated'.


Daily Forex News February 5th 2013A Spanish newspaper reported last week that Prime Minister Mariano Rajoy and his party members had received illegal payments from a fund paid for by construction companies and Rajoy has faced opposition calls for his resignation. The Prime Minister has denied the allegations and he gained support from Germany's Chancellor Merkel who stated after a meeting that she was "convinced that the Spanish government and Mariano Rajoy as Prime Minister can solve this task, and Germany will help him with all our strength".


Daily Forex News February 5th 2013In Italy, investors worried about the resurgence of Silvio Berlusconi. His opponents accused him of using "dangerous electoral propaganda" as he pledged to ease the tax burden on Italian taxpayers if his coalition wins elections on February 25th. The former Prime Minister stated that he would serve as the economy minister if his party wins. At a speech to the supporters of his People of Freedom party, he said that "the tax caused Italian families worry, anxiety, fear of the future" and he would ease such burden upon victory.


Daily Forex News February 5th 2013On the data front, UK BRC sales monitor rose 1.9% year on year in January. Australian trade deficit came in narrower than expected at point 43 billion Australian Dollars in December and the House price index rose much more than expected by 1.6% quarter on quarter in Q4. Swiss trade surplus came in narrower than expected at 1 billion Swiss Francs in December. UK PMI services is the main focus in European session while the Eurozone will also release retail sales. The US will release the ISM non manufacturing composite.


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daily forex news february 5th 2013

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