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Michael Michaud is the founder of Invest2Success.com (http://www.invest2success.com/) and the Invest2Success Blog (http://invest2success.blogspot.com/). He has been investing and trading in the financial markets since 1989. He founded Invest2Success.com to empower individual institutional... More
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  • Good Economic News Removes Need For Rate Cut 0 comments
    Aug 23, 2013 4:24 AM

    US Dollar trade stable at 1.3350 level waiting the trigger to break the 1.33

    Asian shares: Japan's Nikkei 2.21%, Hong Kong's Hang Seng 0.09%(07:00 GMT), Korea's Kospi 1.14%, Australia's ASX 200 0.96% and China's Shanghai -0.48%.

    ECB's Nowotny: Good economic news removes need for rate cut.

    German Gross domestic product up 0.7% in 2nd quarter of 2013. Following a weak start into the year, the German economy is gaining momentum. According to the most recent calculations, the German economy had stagnated in the first quarter of 2013, following a 0.5% decrease of the GDP in the last quarter of 2012. In the second quarter of 2013, positive contributions were made mainly by domestic demand.

    Factory output in the euro area is improving more than economists estimated.

    U.S. jobless claims in the month ended Aug. 17 declined to 330,500 a week on average, the least since November 2007, reports showed yesterday.

    Moody's Investors Service may cut debt ratings on at least four of the six largest U.S. banks as it examines whether the government would be less likely to ensure creditors are repaid in a crisis.

    According to the China's Sec Journal, the country's economists are predicting that the PBOC may cut RRR (reserve requirement ratio) going into year-end.

    Bank of Japan Governor Haruhiko Kuroda is among speakers tomorrow at the Fed's annual monetary conference in Jackson Hole, Fed Chairman Ben S. Bernanke will not attend.

    Brazil's central bank announced a currency-intervention program yesterday that will provide $60 billion worth of cash and insurance to the foreign-exchange market by year-end, a move aimed at bolstering the country's currency, the real, as it slips to near five-year lows against the dollar.

    Watch today: German GDP, Eurozone consumer confidence, US home sales.

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