Germany showing signs of recovery
The euro remained steady against the dollar despite further improvement in German business confidence. Analysts believe most of the rise in the closely watched ZEW survey yesterday was already priced in to the market.
There is a growing belief that the German economy is getting stronger, and as the largest economy in the Euro zone this could have a significant impact on the Euro going forward. The poll, which is based on the economic expectations of 294 analysts and institutional investors, rose to 50 points, against expectations of a more modest rise to 37.
Germany’s key IFO business climate survey, out tomorrow could provide further evidence that Germany's economy is on the up. Those waiting for a rate cut by the Central Bank might now be left standing as the recent data stands in stark contrast to all the negative data from the Euro zone only a few months ago.
The first data of note today is the CBI Industrial Trends data from the UK. Thereafter focus will shift to the US where possibly the strongest indicator for this week, the durable goods orders will be announced at 1:30pm GMT.
With Boeing aircraft orders down to 88 from 162 in July this figure is expected to come in at 1.2% down on the previous month, anymore could lead to dollar sell off.
The new home sales data out just a bit later at 3:00pm GMT is also expected to dip down from last month’s 1.374m to around the 1.3m mark, this will fit in with the decline in the number of existing US home sales that came out yesterday.
Oil might come down from its recent highs today as US inventory data is expected to show a rise in crude stockpiles. The oil price has been hit all this week by concerns over supply so positive inventory data will come as a welcome breather.
Gold rose yesterday as the dollar failed to make any ground against the Euro.
The Rand slipped against the dollar despite slightly higher gold prices. The Rand might be taking its cue from the Euro while it would also look to consumer inflation data released this morning at 10:30 GMT for direction.
There is a growing belief that the German economy is getting stronger, and as the largest economy in the Euro zone this could have a significant impact on the Euro going forward. The poll, which is based on the economic expectations of 294 analysts and institutional investors, rose to 50 points, against expectations of a more modest rise to 37.
Germany’s key IFO business climate survey, out tomorrow could provide further evidence that Germany's economy is on the up. Those waiting for a rate cut by the Central Bank might now be left standing as the recent data stands in stark contrast to all the negative data from the Euro zone only a few months ago.
The first data of note today is the CBI Industrial Trends data from the UK. Thereafter focus will shift to the US where possibly the strongest indicator for this week, the durable goods orders will be announced at 1:30pm GMT.
With Boeing aircraft orders down to 88 from 162 in July this figure is expected to come in at 1.2% down on the previous month, anymore could lead to dollar sell off.
The new home sales data out just a bit later at 3:00pm GMT is also expected to dip down from last month’s 1.374m to around the 1.3m mark, this will fit in with the decline in the number of existing US home sales that came out yesterday.
Oil might come down from its recent highs today as US inventory data is expected to show a rise in crude stockpiles. The oil price has been hit all this week by concerns over supply so positive inventory data will come as a welcome breather.
Gold rose yesterday as the dollar failed to make any ground against the Euro.
The Rand slipped against the dollar despite slightly higher gold prices. The Rand might be taking its cue from the Euro while it would also look to consumer inflation data released this morning at 10:30 GMT for direction.
posted by Drs Search @ 8:39 AM
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