Dollar sold off across the board on gain in risk appetite as equities rally
• Euro hits 3-week high versus dollar on speculation Greece to get more aid
• Dollar sold off across the board on gain in risk appetite as equities rally
• Sterling down slightly on euro strength but cable rises
• NZ $ the big mover as New Zealand business confidence hit 1year high
• Yen falls as Moody’s placed Japans credit rating on review for downgrade
• Dollar has its biggest rally in 6 months ahead of today’s NFPs
• Euro collapses as the ECB’s Neutral stance pull rate expectations back to earth
• Sterling advances against Euro and Aussie dollar as the BoE hold steady
• Aussie dollar stages a convincing recovery on RBA commentary
US Dollar:
A long overdue correction was finally played out by the heavily battered dollar through Thursday’s session. For the short-term the ‘why’ is of little concern as the move has been made. For those that want to gauge the greenback’s course beyond the breakout effort, the fundamental catalyst behind the biggest one-day rally since October 19th is an imperative assessment. Running down the headlines for the trading session, there is no lack of potential catalysts. The economic docket provided a potentially easy explanation for the currency’s sudden rally. The release of the April 30th initial jobless claims happened to coincide with the sudden reversal for EURUSD and broad dollar-bid that was noted across the board. The 474,000 fillings on an annual basis for unemployment benefits marks the second biggest miss for the series on record which could have theoretically undermined expectations for growth and today’s Non-Farm Payrolls and growth in general, thereby playing to the dollar’s safe haven status. Yet, that assumption is dismissed when we look at the performance of the more risk-sensitive S&P 500 during the same period. The equities index was virtually unmoved after the release of the data.
DATA : Non-Farm Payrolls and Unemployment rate.
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• US Dollar faces disappointing durable goods report
• British pound rallies after GDP figures present mixed picture
• Euro advances but the financial crises still looms over Greece
• Gold looks like its on the up as dollar declines further
• JPY slides as sentiment weighs the funding currency
Pound:
The British pound extended its rebound Wednesday on somewhat ambiguous fundamentals. A boost in momentum behind the sterling buying effort lines up nicely to the release of the UK GDP figures. However, as a second reading of the data and given the disappointment in certain details it is difficult to draw the confidence in this move. The headline growth reading offered a 0.5 percent quarterly improvement and 1.8 percent year-over-year improvement that we were originally presented. Yet, it was the details that were valuable here. From those areas that we generally consider to offer sustainable growth, the figures were disappointing. Personal consump¬tion dropped 0.6 percent while investment dropped 4.4 percent through the period. That should set off a few alarms for medium-term growth prospects when we consider it was a 1.0 percent increase in growth and the biggest contribution to activity from net trade on record that kept the underlying figure propped up. MPC mem¬ber Andrew Sentance perhaps added a level of legitimacy to the bullish drive later on when he suggested rate hikes should be implemented now to avoid more dramatic efforts later down the line but like Kocherlakota, the market is well aware of Sentance’s position. If this is indeed a based on ethereal factors or mere risk appetite trends the pound could soon lose its buoyancy.
DATA : No major data to be released today.
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Sterling reverses most of Tuesdays losses against the euro
• Sterling reverses most of Tuesdays losses against the euro
• Moody’s puts 14 UK banks on review
• Debt concerns in Europe continue to put pressure on single currency
• Dollar advances against majors in a ‘risk off’ move
• Asian stocks slump and commodities including oil decline
BOE economist calls for higher Interest Rates
• Fresh tremors hit Eurozone
• BOE economist calls for higher Interest Rates
• Vince Cable tells banks to increase lending to small firms.
• Australia and New Zealand Dollars Strengthen as commodities and Stocks advance
Lack of lending hits US property sales
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Portuguese property market still slowing
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Private sector activity boosts UK property construction sector
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US sees surge in foreign property owners
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Mortgage market in UK improving but property deposits too high for many
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UK developers focus on sites with planning already in place, according to consultants
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Property owners in US don’t see recovery until at least 2014, survey shows
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Average first time buyer in the UK puts down a deposit of 17% to buy a property
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Egyptian property market stalled over land sale probes
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Property market and mortgage changes affect Canadian real estate figures
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Exciting times in Asia Pacific office property market, according to consultants
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Baltic and Eastern European property markets showing slight improvement
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Strong demand from overseas buyers keeping London property market moving
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New property price calculations in Guernsey introduced
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Buying and running property costs at highest level since 2008 in Scotland
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Prime London property rents up for 20th month in a row
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Irish property prices down almost 12% in last year, new index shows
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Central London prime property prices up £767 per day
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Strong outlook for London residential lettings market
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UK property market holding up, new report shows
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Severe housing shortage in England not going to be met, according to analysts
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Strong growth predicted for many global commercial real estate markets
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Third index in a row gives gloomy picture of UK property prices
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Residential property prices in Bulgaria down again, latest index shows
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Sellers return to test the Spring property market in UK
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Strong international demand boosts UK office market
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Bottom in US residential property sector unlikely until 2012, analysts predict
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London office property market outshines rest of UK
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UK property industry calls for commitment on energy savings in buildings
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Cape Town market proving popular with foreign property buyers, report suggests
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Dubai takes tallest residential tower title from Australia
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French developer brings forward Alps chalet project
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Property investment analysts predict opportunities in European markets
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