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Michael Michaud is the founder of ( and the Invest2Success Blog ( He has been investing and trading in the financial markets since 1989. He founded to empower individual institutional... More
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  • Euro Downtrend Momentum Still On 0 comments
    Sep 5, 2013 4:20 AM

    The Euro drop again below 1.32 after yesterday's limited rally and ahead of the ECB meeting today. Downtrend momentum still on …

    Some Asian stocks rose for a sixth day, the longest streak in nine months: Japan's Nikkei 0.08%, Hong Kong's Hang Seng 1.28%(07:00 GMT), Korea's Kospi 0.96%, Australia's ASX 200 -0.35% and China's Shanghai -0.24%.

    Today's meeting of G20 nations is expected to sign an agreement to fight tax avoidance by multinationals. The G20 formally backed plans to tackle international tax avoidance and evasion at its meeting in July. The gathering, in the Russian city of St Petersburg, is officially about global economic matters. However, the most meaty topic of conversation is likely to be Syria and how to handle the crisis there.

    US Auto sales hit six-year high.

    Bank of Canada kept his main interest rate unchanged yesterday and reiterated that current monetary policy remains appropriate as an expected rotation of demand to exports and investment is being delayed. Policy makers kept the benchmark rate at 1 percent for the 24th consecutive meeting and said slack in the economy will start to disappear in 2014.

    The Bank of Japan declared the Japan economy is recovering as it voted on Thursday to maintain its monetary stimulus, offering a more upbeat view than last month on growing signs the benefits of its expansionary policy are broadening. As widely expected, the central bank voted unanimously to maintain its pledge of increasing base money, or cash and deposits at the central bank, at an annual pace of 60 trillion yen ($603 billion) to 70 trillion yen. "Japan's economy is recovering moderately," the BOJ said in a statement, revising up its assessment from August when it said the economy was "starting to recover moderately."

    USDJPY broke back over 100.00 for the first time since July 25th.

    US Treasury curve collapses to flattest in 13 months. The spread between 5Y Treasuries and 30Y has plunged over 30bps in the last month and now hovers just above 200bps - its lowest in 13 months.

    China record drop in credit growth. New yuan loans were probably little changed in August, after aggregate financing, the broadest measure of credit, posted a fourth straight drop in July, the longest streak in 11 years of data.

    Australia's trade balance fell back into the red in July. The July deficit was $765 million, following a surplus of $243 million in June.

    The Baltic Dry Index of commodity shipping prices rose 4 percent yesterday to 1,215, its highest level since January 2012.

    Watch today: German Ind. Orders, BOE, US ADP

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