Eur/usd - page 14
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Portugal Jobless Rate Falls For First Time Since 2011
Portugal's unemployment rate declined for the first time in two years during the second quarter, data released by Statistics Portugal showed on Wednesday.
The unemployment rate fell to 16.4 percent in the second quarter from a record 17.7 percent in the first quarter. It was the first decline in the rate since the second quarter of 2011. A year ago, the jobless rate was 15 percent.
The youth unemployment rate also declined, down to 37.1 percent from 42.1 percent in the first quarter.
The number of unemployed declined to 886,000 from 952,200 recorded in the first quarter. The figure, however, was higher than the 826,900 recorded a year ago.
The number of employed rose 1.6 percent sequentially to 4.5 million, but fell 3.9 percent from last year.
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ont vu le Saint Graal
ECB Forecasters Cut GDP Estimates
Professional forecasters downgraded their Eurozone economic outlook citing weak domestic demand and the subdued outlook for exports to China and Brazil.
According to results of the Survey of Professional Forecasters released Thursday with the European Central Bank monthly bulletin, real gross domestic product will shrink 0.6 percent in 2013, sharper than the 0.4 percent drop estimated in the previous survey period.
Respondents cited the weaker-than-expected euro area domestic demand in the first quarter of this year as the main factor behind the downward revisions for 2013.
Going forward, the economy will grow 0.9 percent in 2014 and 1.5 percent in 2015, it said. But the projections reflect downward revisions from 1 percent and 1.6 percent, respectively. The slight downward revisions are also mainly attributed to lower domestic demand, the report said.
The ECB targets inflation of 'close to, but below 2 percent'. Forecasters project 1.5 percent inflation this year and next and 1.8 percent in 2015.
The estimates for 2013 and 2014 were revised downward from 1.7 percent and 1.6 percent, respectively, while the forecast for 2015 was left unrevised.
Respondents attributed these revisions to weaker economic activity and labor markets, lower commodity prices, and smaller contributions to inflation from indirect taxes and administered prices as a result of delayed fiscal consolidation measures.
Unemployment expectations were revised upward, except those for 2013. The jobless rate is seen at 12.3 percent this year, and 12.4 percent next year, up from the previous estimate of 12.2 percent. The survey was conducted between July 16 and 19.
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The resistance of 1.3420 is closer: is it an opportunity to buy dollar or better wait for 1.40? this is the dilemma.
The dollar hit seven-week lows against the euro, with EUR/USD gaining 0.18% to trade at 1.3360.
Euro advances to fresh 7-week highs vs. dollar
The euro rose to fresh seven-week highs against the broadly weaker dollar on Thursday amid ongoing uncertainty over when the Federal Reserve may begin to pull back its stimulus program weighed on dollar demand.
EUR/USD hit 1.3389 during U.S. morning trade, the highest since June 19; the pair subsequently consolidated at 1.3388, rising 0.39%.
The pair was likely to find support at 1.3227, the session low and resistance at 1.3415.
The dollar remained under pressure amid doubts about when the Federal Reserve will begin to unwind its asset purchase program.
Two senior Fed officials said Tuesday that they would not rule out the withdrawal of stimulus measures at the bank’s September meeting.
The greenback showed little reaction after official data showed U.S. initial jobless claims stayed close to the lowest level since January 2008 last week.
The Labor Department said the number of people who filed for unemployment assistance in the U.S. last week rose by 5,000 to a seasonally adjusted 333,000, while claims for the previous week were revised up to 328,000 from 326,000.
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Greek unemployment rate reaches record high in May
Greece's unemployment rate hit another record high in May of 27.6%, according to the country's statistics body.
The figure, from the Hellenic Statistics Authority, compares with a jobless rate of 23.8% in May last year.
The biggest age group without a job remains those aged between 15-24, where the rate is 64.9%.
The news emerged as the Greek prime minister, Antonis Samaras prepares to meet US President Barack Obama in Washington.
Among the topics on the list for discussion are Greece's efforts to reform its economy.
Greece is in its sixth year of recession, and has seen a 25% drop in output since 2007.
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EUR/USD steady, near 7-week highs
The euro was steady against the U.S. dollar on Friday, trading near seven-week highs as the previous day's German data continued to support the single currency, while uncertainty over the future of the Federal Reserve's stimulus program weighed on the greenback.
EUR/USD hit 1.3388 during late Asian trade, the session high; the pair subsequently consolidated at 1.3389, easing up 0.07%.
The pair was likely to find support at 1.3321, Thursday's low and resistance at 1.3416, the high of June 19.
The euro gained ground after data released on Thursday showed that German exports were up 0.6% from the previous month in June, but the report also showed that imports fell 0.8%, sparking concerns over weakening domestic demand.
Market sentiment also improved after data on Friday showed that industrial production in China rose 9.7% in July, beating expectations for a 9.0% increase and easing concerns over a slowdown in the world’s second-largest economy.
Meanwhile, the dollar remained under pressure amid after two senior Fed officials said Tuesday that they would not rule out the withdrawal of stimulus measures at the bank’s September meeting.
The euro was also steady against the pound with EUR/JPY dipping 0.01%, to hit 0.8611.
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EUR/USD can be reach 100% of Fibonacci. I think that is can reach 1.3415 today.