BRUSSELS -- France will nominate former Minister of Agriculture Michel Barnier as its representative on the European Commission, French President Nicolas Sarkozy said Friday.
Barnier previously was European Commissioner for regional policy. His future role at the commission, the European Union's executive arm, is unclear.
The bloc's member countries nominate individual representatives, before the commission president, currently Jose Manuel Barroso, decides their role.
This process involves a lot of horse-trading and back-room negotiation with national governments. France and other large countries typical vie for powerful posts handling antitrust issues, trade and financial-market regulation.
Forex: USD/CHF jumps to 1.0260
Posted in on byDollar is rising sharply against the Swiss Franc. USD/CHF fell earlier to 1.0154, (intra-day low) but rebounded and started to rally to the upside. A possible intervention by the Swiss National Bank and falling stocks fueled the pair that jumped a hundred pips from the lows. USD/CHF rose to 1.0261, posting a fresh intra-day high.
Currently trades near the highs at 1.0252/55, 0.67% above today’s opening price. On the upside the next resistance lies at 1.0290/1.0300 and above at 1.0330.
“ECB policymaker Noyer signaled some concern at recent FX moves, saying that a weaker pound and U.S. dollar were a ‘problem’ for Europe. The Swiss National Bank seemingly went one step further, with the intraday price action suggesting the central bank intervened to weaken the franc.”
USD/CHF (Oct 30 at 16:16 GMT)
1.0237/38 (0.51%)
H 1.0276 L 1.0154
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.0166 | 1.0192 | 1.0218 | 1.0256 | 1.0282 | 1.0308 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bullish | Neutral |
| Data updated on Oct 30 at 16:10 (15-minute timeframe) | |
U.S. markets decline as risk aversion returns, Dollar and Yen pick up
Posted in on byU.S. markets are going through losses with financials and materials leading the path, as risk aversion returned after Thursday's optimism. Dollar and Yen are trimming yesterday's losses.
Declines 0.9%, while the Nasdaq Index drops 0.5%, and the S&P Index sheds 0.75 two hours after the opening times.
Stock markets seems to have returned to the downward path seen in the four sessions previous to Thursday, when stocks soared following a sharper than expected GDP growth. On Friday's session, financials are leading losses with JP Morgan Chase and Bank of America dropping beyond 2.0% each.
On the macroeconomic front¡t, U.S. consumer spending declined 0.5% in September, the largest decline since December 2008. Personal income remained flat compared to August.
Dollar trims Thursday's losses
EUR/USD rally reached 1.4855 high on early European session and the Euro has remained consolidating above 1.4820 for some time until the pair broke to the downside reaching 1.4750 low on early U.S. session.
GBP/USD rally was capped at 1.6600 and the Pound has pulled down slowly to reach levels right below 1.6500, hitting a session low at 1.6487. At the moment, the pair trades at 1.6515.
USD/JPY pullback from 91.60 high on Thursday has found support at 90.85, and the Dollar remains consolidating in a range from the mentioned support to 91.25/30 on the upside.
EUR/USD (Oct 30 at 16:14 GMT)
1.4763/65 (-0.49%)
H 1.4859 L 1.472
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.4663 | 1.4700 | 1.4736 | 1.4772 | 1.4809 | 1.4846 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bearish | Neutral |
| Data updated on Oct 30 at 16:10 (15-minute timeframe) | |
Forex: AUD/USD: Aussie pullback from 0.9180 extends below 0.9050
Posted in on by Australian Dollar´s recovery was capped at 0.9180 high and, after a brief consolidation period, the Aussie has pulled lower, breaking back below 91.00 and reaching levels below 0.9050 at the moment of writing.
According to the current downmove could bottom around current levels: "a break below 0.9080 might see a downmove towards 0.9050-30 in the US session today. Note that the projected Max-Low for the day is 0.9048."
AUD/USD (Oct 30 at 16:13 GMT)
0.9062/65 (-1.05%)
H 0.9176 L 0.902
| S3 | S2 | S1 | R1 | R2 | R3 |
| 0.8967 | 0.8989 | 0.9012 | 0.9044 | 0.9067 | 0.9089 |
| [?]Trend Index | [?]OB/OS Index |
| Slightly Bearish | Neutral |
| Data updated on Oct 30 at 16:10 (15-minute timeframe) | |
Australian Private Sector Credit -0.2% In Sep Vs Aug
Posted in on by
SYDNEY -- Credit to the Australian private sector fell a seasonally adjusted 0.2% in September from August and rose 1.7% from a year earlier, the Reserve Bank of Australia said Friday.
Economists surveyed had forecast a rise in private sector credit of 0.2% in September from August.
Housing sector credit rose 0.7% in September from August and rose 7.7% from a year earlier, the RBA said.
Personal sector credit fell 0.2% in September from August and fell 5.6% from a year earlier, while business sector credit fell 1.3% from August and fell 4.6% from a year earlier.
Economists surveyed had forecast a rise in private sector credit of 0.2% in September from August.
Housing sector credit rose 0.7% in September from August and rose 7.7% from a year earlier, the RBA said.
Personal sector credit fell 0.2% in September from August and fell 5.6% from a year earlier, while business sector credit fell 1.3% from August and fell 4.6% from a year earlier.
Asian Shares Rise But Lag Wall St; Samsung Up After Results
Posted in on by
SINGAPORE -- Asian share markets were higher Friday after an encouraging session in the U.S., with Samsung Electronics gaining in South Korea as its third quarter results slightly beat expectations.
The gains in Asia though weren't as large as those made by Wall Street, with some caution before the weekend and as earnings season continued to roll out in the region.
Japan's Nikkei 225 was up 1.2% with Australia's S&P/ASX 200 up 1.2% and South Korea's Kospi Composite adding 0.4%, while New Zealand's NZX-50 was up 0.4%. Dow Jones Industrial Average futures were flat in screen trade.
"The U.S. economy is now (unofficially) out of recession (given the third quarter gross domestic product data Thursday). But it may just come down to the simple fact that after a sell-off in many markets, investors saw it as a good level to step in," said ANZ bank Economist Philip Borkin In Wellington.
Some analysts were doubtful the gains would last. "People still lack confidence about the pace of the economic recovery in the current quarter and the first quarter of next year," said Min Sang-il at E*Trade Securities in Seoul.
Samsung Electronics was supporting in Korea, rising 2.0% after its third quarter results. Net profit came in at KRW3.72 trillion, against a Dow Jones Newswires poll forecast of KRW3.37 trillion, with the company saying it expected the fourth quarter to be solid on seasonal demand.
But Song Myung-sub at HI Investment & Securities didn't expect the shares to rise much further. "People will likely continue to worry about a potential slowdown in demand...following an end to various stimulus programs. There's no sign of a brisk recovery in U.S. consumer spending in the near term."
In Australia, materials stocks recovered after their recent declines, with Rio Tinto rising 4.4% and Woodside up 2.3%. Some defensive stocks fell with Telstra off 0.3% and Amcor down 1.1%.
Tokyo shares were also led by economy-sensitive stocks such as energy, steel and trading houses. Steel maker JFE Holdings was up 3.4% while Inpex rose 2.1% and Mitsui & Co. added 2.2%.
In New Zealand, courier company Freightways was up 2.0% and rural services company PGG Wrightson tacked on 3.2%.
Casino operator Sky City advanced 1.2% after the company reiterated it expected double-digit earnings growth in the current fiscal year. But a rebound in the New Zealand dollar, along with other risk currencies, hurt exporter Fisher & Paykel Healthcare, which fell 1.6%.
In currency markets the euro was trading in a narrow range against the U.S. dollar. The single currency was at $1.4830, from $1.4835 late in New York, and at Y135.54 against the Japanese yen, from Y135.73. The U.S. dollar was slightly lower against the yen, at Y91.35 from Y91.51.
Traders were awaiting the outcome of the Bank Of Japan meeting, with the bank's board expected later Friday to keep rates at an ultra-low 0.1%. The main factor for markets would be whether the board announces moves to scrap part of its unorthodox steps, including its special lending program to provide three-month funds at a 0.1% rate, outright buying of commercial paper and corporate bonds at the end of December as scheduled.
Earlier, data showed Japan's core consumer price index fell for the seventh-straight month in September, as commodities remained cheaper than a year earlier and consumers continued to limit spending. Core CPI fell 2.3% on year in September, a slightly smaller drop than the 2.4% decline tipped in a poll of economists by Dow Jones Newswires and the Nikkei.
"I believe the current price trend will remain until some time in 2011 at least because we can't expect any near-term pick up in domestic demand. And I think the BOJ has a similar view. It's difficult for anybody to expect that prices will start rising by next year," said Shinko Research Institute economist Norio Miyagawa.
Spot gold was steady from New York, around $1,045.80 a troy ounce.
Crude oil remained supported after rising Thursday on hopes for a U.S. economic recovery. Nymex December crude was up four cents from New York, at $79.91 a barrel on Globex.
The gains in Asia though weren't as large as those made by Wall Street, with some caution before the weekend and as earnings season continued to roll out in the region.
Japan's Nikkei 225 was up 1.2% with Australia's S&P/ASX 200 up 1.2% and South Korea's Kospi Composite adding 0.4%, while New Zealand's NZX-50 was up 0.4%. Dow Jones Industrial Average futures were flat in screen trade.
"The U.S. economy is now (unofficially) out of recession (given the third quarter gross domestic product data Thursday). But it may just come down to the simple fact that after a sell-off in many markets, investors saw it as a good level to step in," said ANZ bank Economist Philip Borkin In Wellington.
Some analysts were doubtful the gains would last. "People still lack confidence about the pace of the economic recovery in the current quarter and the first quarter of next year," said Min Sang-il at E*Trade Securities in Seoul.
Samsung Electronics was supporting in Korea, rising 2.0% after its third quarter results. Net profit came in at KRW3.72 trillion, against a Dow Jones Newswires poll forecast of KRW3.37 trillion, with the company saying it expected the fourth quarter to be solid on seasonal demand.
But Song Myung-sub at HI Investment & Securities didn't expect the shares to rise much further. "People will likely continue to worry about a potential slowdown in demand...following an end to various stimulus programs. There's no sign of a brisk recovery in U.S. consumer spending in the near term."
In Australia, materials stocks recovered after their recent declines, with Rio Tinto rising 4.4% and Woodside up 2.3%. Some defensive stocks fell with Telstra off 0.3% and Amcor down 1.1%.
Tokyo shares were also led by economy-sensitive stocks such as energy, steel and trading houses. Steel maker JFE Holdings was up 3.4% while Inpex rose 2.1% and Mitsui & Co. added 2.2%.
In New Zealand, courier company Freightways was up 2.0% and rural services company PGG Wrightson tacked on 3.2%.
Casino operator Sky City advanced 1.2% after the company reiterated it expected double-digit earnings growth in the current fiscal year. But a rebound in the New Zealand dollar, along with other risk currencies, hurt exporter Fisher & Paykel Healthcare, which fell 1.6%.
In currency markets the euro was trading in a narrow range against the U.S. dollar. The single currency was at $1.4830, from $1.4835 late in New York, and at Y135.54 against the Japanese yen, from Y135.73. The U.S. dollar was slightly lower against the yen, at Y91.35 from Y91.51.
Traders were awaiting the outcome of the Bank Of Japan meeting, with the bank's board expected later Friday to keep rates at an ultra-low 0.1%. The main factor for markets would be whether the board announces moves to scrap part of its unorthodox steps, including its special lending program to provide three-month funds at a 0.1% rate, outright buying of commercial paper and corporate bonds at the end of December as scheduled.
Earlier, data showed Japan's core consumer price index fell for the seventh-straight month in September, as commodities remained cheaper than a year earlier and consumers continued to limit spending. Core CPI fell 2.3% on year in September, a slightly smaller drop than the 2.4% decline tipped in a poll of economists by Dow Jones Newswires and the Nikkei.
"I believe the current price trend will remain until some time in 2011 at least because we can't expect any near-term pick up in domestic demand. And I think the BOJ has a similar view. It's difficult for anybody to expect that prices will start rising by next year," said Shinko Research Institute economist Norio Miyagawa.
Spot gold was steady from New York, around $1,045.80 a troy ounce.
Crude oil remained supported after rising Thursday on hopes for a U.S. economic recovery. Nymex December crude was up four cents from New York, at $79.91 a barrel on Globex.
EUR/USD Current Price: 1.4837
Posted in on byEUR/USD Current Price: 1.4837. Barely holding under the 38.2% of the last daily up leg, hourly indicators seem exhausted to the upside suggesting some downside correction to come, as long as pair don’t break above yesterday’s high zone of 1.4860.
“Bigger time frames however remain strongly bullish, and with NIKKEI 225 opening 1.3% up above 10000, expect the pair to extend current rally, as long as above 1.4770 support zone and local shares remain in positive territory.
Support levels: 1.4810 1.4770 1.4740. Resistance levels1.4860 1.4890 1.4930.
EUR/USD (Oct 30 at 05:17 GMT)
1.4848/50 (0.09%)
H 1.4859 L 1.4824
| S3 | S2 | S1 | R1 | R2 | R3 |
| 1.4766 | 1.4803 | 1.4841 | 1.4850 | 1.4888 | 1.4925 |
| [?]Trend Index | [?]OB/OS Index |
| Strongly Bullish | Neutral |
| Data updated on Oct 30 at 04:50 (15-minute timeframe) | |
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