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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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  • The Euro Trade Calm Above 1.32 Level 0 comments
    Sep 2, 2013 4:24 AM

    The euro trade calm above 1.32 level as market activity was limited so far and could remain so with the United States closed for a Labor Day holiday.

    Asian shares: Japan's Nikkei 1.37%, Hong Kong's Hang Seng 1.88%(07:00 GMT), Korea's Kospi -0.08%, Australia's ASX 200 1.03% and China's Shanghai 0.01%.

    U.S. President Barack Obama decided to seek congressional approval for possible action against Syria.

    US Payrolls rose by 180,000 following a 162,000 gain the prior month, according to the median forecast by Bloomberg ahead of Labor Department figures Sept. 6 .

    The Bank of England will probably keep its asset-purchase program and benchmark interest rate unchanged as Governor Mark Carney and officials assess the impact of the central bank's forward guidance. The Monetary Policy Committee will keep its bond-buying program at 375 billion pounds ($580 billion), according to all 37 economists in a Bloomberg survey. Will also hold the key rate at a record low of 0.5 percent, a separate survey showed.

    The yen eased against the dollar on Monday, while commodity currencies such as the Australian dollar edged higher in the wake of upbeat Chinese data and worries about an imminent military strike against Syria diminished.

    China's HSBC Purchasing Managers' Index posted at 50.1 in August, signaling that operating conditions were relatively unchanged from the previous month. This was up from an 11-month low of 47.7 in July, and ended a three-month period of deterioration.

    Asia dollar-denominated bonds have dropped below par for the first time since 2011 as investors pull money out of the region amid concerns that growth is slowing and as currencies from the rupee to rupiah plunge.

    Singapore stocks tumbled by the most among developed markets last month as investors pulled cash from Southeast Asia on concern about the future of global stimulus. Singapore's Straits Times Index, dropped 7.5 percent in the 10 days through Aug. 28, its longest losing streak since 2002.

    India's economy has stalled. Growth in the second quarter fell to 4.4 percent at an annual rate, down from 8 percent two years ago. The rupee has slumped. Consumer-price inflation is about 10 percent and rising. The country faces what could be a full-scale financial crisis. This would be a testing situation even if India had a well-functioning government, but it doesn't. With a general election due next May, politics are paralyzed.

    Major central banks, including the Reserve Bank of Australia, the European Central Bank and Bank of England, also hold their policy meetings this week.

    Watch today: EU, UK PMI, (markets in the US are closed today for the Labor Day holiday).

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