Euro Without SupportEURO Without Support The EUR certainly received no support from a better than expected ZEW survey yesterday (-53.5 vs. -63 expected) as the focus on continued risk aversion spelled trouble for the single currency and EURUSD and EURJPY posted new two-week lows late yesterday and overnight Read More Japan EconomyEconomy At Risk? Japan's economy is at risk of deteriorating further as the global financial turmoil slows growth worldwide, BoJ board member Seiji Nakamura said. "Japan could be on the verge of long-term economic adjustments and the downside risks to the economy are increasing further,'' Read More China IndustrialOutput Growth Is Slowest China's industrial output grew at a slower pace than any economist forecast in Oct., stoking concern that the biggest contributor to global growth is running out of steam. Output grew 11.4 percent in September. Read More Real-time Business, Forex & Stocks News
EUR / USD Live ChartForex Rates Real-time DataG7Japan October power output dips, industrial demand weakJapan's utilities generated slightly less electricity in October than a year earlier, as a drop in power demand from the industrial sector outweighed an increase in air-conditioner use amid warm weather. EuroZoneEuro zone in recession as economy shrinks in Q3The Euro zone is in its first ever technical recession after the economy contracted for the second time in a row quarter-on-quarter in the July-September period, an official estimate showed on Friday. Economic IndicatorsUS retail sales fall by record 2.8% in October Sales at USA retailers suffered a record decline in October, government data on Friday showed, as shoppers took fright over falling home prices and a widening credit crunch pushing the economy toward deep recession. Fed ReserveFederal Reserve Fed Chairman Ben Bernanke said "The continuing volatility of markets and recent indicators of economic performance confirm that challenges remain. For this reason, policy-makers will remain in close contact, monitor developments closely and stand ready to take additional steps should conditions warrant." Cleveland Fed President Sandra Pianalto said: "At the moment, the signs point to a recession beyond just 'garden variety' downturn. The length and severity of the recession will depend on how quickly credit markets return to normal." European Central BankEuropean Central Bank The Euro zone economy is stagnating with negative figures, Jean-Claude Trichet President of the ECB said on Friday. It is perhaps unfortunate that the current crisis distracts our minds from the subject of the Conference: the euro coming of age. In different conditions, I would have argued – as I did in the past – that, far from suppressing growth and entrenching divergences, the euro has spurred a spectacular drive of job creation virtually everywhere in the Union. By helping and fostering a long-due redressing of economic priorities and processes, the euro has enabled many countries participating in Monetary Union to do their best to compete successfully. We see signs that this restructuring is spreading to other parts of the Union that have been less successful so far in taking up the challenge... Bank of JapanBank of Japan cut interest rate by 20bp to 0.3% The US Dollar rose against the Yen on Thursday, but was little changed against the Euro, after gains in world stock markets and an interest rate cut by the Federal Reserve on Wednesday helped ease the recent flight into the dollar. Adding to pressure on the Yen was growing speculation ahead of the Bank of Japan interest rates cut this night by 20bp to 0.3%.Bank of EnglandMr. King's Turned in an Ultra-bearish Performance The BoE was out yesterday with its quarterly inflation report, and Mr. King's turned in an ultra-bearish performance, forecasting that national income would drop by almost 2% on year on year comparisons by Q2 of next year and that the overall economy would shrink as much as 1.3% in 2009. This would mean that BOE rates are likely to eventually fall below 2.00%, meaning a multi-century lows. Yesterday also saw the release of unemployment data that shows the employment situation reaching its worst levels in 11 years. The combination of a very low interest rate outlook on accelerating negative economic indications and renewed trouble in the financial sector has the pound experiencing the most pain in this environment. GBP is now scraping along at a 12-year low on a trade-weighted basis. EURGBP blasted through 0.8200 and posted new highs above 0.8400 before finding resistance... State Bank of Pakistan |
Spotlight
Pakistan Agrees to $7.6 Billion IMF Bailout...Pakistan agreed to a $7.6 billion bailout loan plan with the International Monet...
Japan's Economy in RecessionThe world's second largest, Japan's economy entered its first recession since 20...Pakistan Economic Indicators
The Beige Book Reports indicated that economic activity weakened in September across all twelve Federal Reserve Districts. Several Districts also noted that their contacts had become more pessimistic about the economic outlook. Consumer spending decreased in most Districts, with declines reported in retailing, auto sales and tourism. Nearly all Districts commenting on nonfinancial service industries noted reduced activity. Manufacturing slowed in most Districts. Residential real estate markets remained weak, and commercial real estate activity slowed in many Districts. Read More |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The world's second largest, Japan's economy entered its first recession since 2001 last quarter. The economists and the government say conditions may get even worse.
GDP shrank an annualized 0.4 percent in the 3 months ended Sept. 30, the Cabinet Office said today in Tokyo. Leading economists predicted the economy would grow 0.1 percent after contracting a revised 3.7 percent in the previous period.
Leaders from the leading developed and emerging countries agreed to further steps to shore up a global economy sliding into recession, and laid out regulatory proposals to prevent a recurrence of the financial crisis.
Updating..
Sell below $60 with stops above 61.30. Target $58. Currently, WTI Crude inventories and Imports vs. Domestic production appear to be rock solid, which shows no difference at the moment.... 
The Chinese stimulus package announced over the weekend only managed to stimulate markets for half a day as the North American session yesterday saw the pendulum swinging back to bearish mode... 