Eur/usd - page 149
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The euro held steady against the dollar in European morning after the unemployment rate in the eurozone remain unchanged in July and August CPI estimate conform to expectations. However, the fall in inflation to 0.3% yoy in August, the lowest level since November last year 2009, added pressure for the European Central Bank to introduce new stimulus measures, along with TLTROs expected at next week's meeting. Recent weak data from the Eurozone, especially for its strong economy, have left no option for the ECB, but to act as fast as possible to reverse the negative sentiment and spur growth in the region.
unfortunately the German , Italian, Spanish data all came negative. im surprised that until now price didn't go under 1.3100
Schaeuble Sees Draghi’s Instruments for Growth Exhausted
The European Central Bank has run out of ways to help the euro area, putting the burden on governments to spur growth without running excessive deficits, German Finance Minister Wolfgang Schaeuble said.
In an interview with Bloomberg Television at the Medef business leaders’ conference near Paris, Schaeuble said he agrees “100 percent” with ECB President Mario Draghi’s appeals for governments in the 18-country currency union to complement monetary policy with “structural reforms” to boost competitiveness and overcome the legacy of Europe’s debt crisis.
‘‘Monetary policy can only buy time,’’ Schaeuble said in the interview yesterday. “Liquidity in markets is not too low, it’s even too high. Therefore I think monetary policy has come to the end of its instruments and therefore what we urgently need is investments, regaining confidence by investors, by markets, by consumers.”
Schaeuble’s comments reflect the mainstream view in Chancellor Angela Merkel’s coalition and Europe’s biggest economy as policy makers debate how to boost growth and Draghi signals the euro area may need more monetary stimulus. French Prime Minister Manuel Valls urged the ECB on Aug. 27 to use all means at its disposal to lift inflation to its target level.
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EUR/USD forecast for the week of September 1, 2014
The EUR/USD pair tried to rally during the course of the week, but as you can see ended up falling significantly. We closed slightly above the 1.31 handle, and it appears of the market is in fact going to head to the 1.30 level given enough time. We also think that the real support is down at the 1.28 level, so without a doubt we are very bearish of this market. We have no scenario in which we buy quite yet, and look at every rally as a potential selling opportunity.
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Worried EU leaders call jobs, growth summit for October 7: draft
European Union leaders are set to hold an emergency summit on promoting growth and jobs on Oct. 7 at the suggestion of Italy, according to a draft of a statement to be issued after an EU summit on Saturday.
Previous drafts before weak euro zone economic data in the past few days made no mention of the economic situation. In contrast the latest document read: "In recent weeks economic data have confirmed that the recovery, particularly in the euro area, is weak, inflation exceptionally low and unemployment unacceptably high."
As a result there would be a summit, hosted by Italian Prime Minister Matteo Renzi on Oct. 7, that would focus on "employment, especially youth employment, investment and growth". A "dedicated Euro Summit" would also be held in the autumn.
France Asks for More ECB Action to Weaken Overvalued Euro
French Prime Minister Manuel Valls called for more action from the European Central Bank to lower the value of the euro, amid concerns the 18-nation region might be headed toward deflation.
“The monetary policy has started to change,” Valls said today in a speech made at the Socialist Party’s summer school in La Rochelle, France. While he called the ECB’s package of measures taken in June a “strong signal,” he also said that “one will have to go even further.”
Valls’s comments come after ECB President Mario Draghi, who’ll meet French President Francois Hollande tomorrow in Paris, signaled this month that declining inflation (ECCPEST) expectations are pushing the central bank toward introducing quantitative easing. Policy makers will gather in Frankfurt on Sept. 4 for their monetary-policy meeting.
Draghi also suggested it would be “helpful” if EU governments with room to ease fiscal policy did so, prompting German leaders to sharpen their tone. Governments in France and Italy, the second and third-biggest euro-area economies, chafe at German Chancellor Angela Merkel’s insistence on debt reduction even as Europe’s debt crisis wanes.
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situation doesn't look good on the euro there is no hope of uptrend with all negative data, deflation rate. and if the Europe will put more sanctions on russia we might see a major drop again if not historical.
German GDP -0.2% vs. -0.2% forecast
Germany’s gross domestic product fell in the last quarter, official data showed on Monday.
In a report, Statistisches Bundesamt Deutschland said that German GDP fell to a seasonally adjusted -0.2%, from -0.2% in the preceding quarter.
Analysts had expected German GDP to fall -0.2% in the last quarter.
Spain Manufacturing Continues To Expand In August
Spain's manufacturing sector continued to expand in August but the operating conditions strengthened at the slowest pace since April, survey data from Markit Economics showed Monday.
The seasonally adjusted Purchasing Managers' Index fell to 52.8 in August from 53.9 in July. A score above 50 indicates expansion in the manufacturing sector.
New orders increased at the fastest pace since April 2007. As a result, firms continued to raise their staffing levels.
Output prices decreased for the first time in four months, with panellists commenting on the use of discounting in order to help secure sales.
"One note of caution is that discounting was required in order to secure sales in a number of cases, providing the impression that client demand remains fragile," Andrew Harker, senior economist at Markit and author of the report, said.
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Euro zone manufacturing PMI 50.7 vs. 50.8 forecast
The euro zone’s manufacturing PMI fell unexpectedly last month, data showed on Monday.
In a report, research group Markit said the euro zone’s manufacturing PMI fell to 50.7, from 50.8 in the preceding month.
Analysts had expected the euro zone’s manufacturing PMI to remain unchanged at 50.8 last month.