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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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  • Yen Fell As Tokyo's Winning Bid To Host The 2020 Olympics 0 comments
    Sep 9, 2013 4:25 AM

    Euro tries to come back at 1.32 level as Payrolls in U.S. rose less than forecast on Friday.

    Asian shares: Japan's Nikkei 2.48%, Hong Kong's Hang Seng 0.37%(07:00 GMT), Korea's Kospi 0.99%, Australia's ASX 200 0.69% and China's Shanghai 3.39%.

    Switzerland's jobless rate remained unchanged in August. The unemployment rate came in at seasonally adjusted 3.2 percent. Likewise, the unadjusted jobless rate stood unchanged at 3 percent.

    BoE's Fisher, who has been one of its biggest proponents of more bond buying said in an interview on Sunday that the bank could hold off from pumping more money into the economy if its new forward guidance plan works.

    Japan's economy expanded 0.9 percent in April-June from the previous quarter, revised up from a prelim. The revised gross domestic product figure translates into an annualized 3.8 percent growth, up from an initial reading of 2.6 percent and against a median market forecast for a 3.7 percent increase.

    Japan's consumer confidence deteriorated for the third successive month in August, contrary to economists' forecast for an improvement. The consumer confidence index dropped to 43 in August from 43.6 in July.

    The yen fell as Tokyo's winning bid to host the 2020 Olympics boosted optimism in Japanese Prime Minister Shinzo Abe's package of fiscal and monetary policies that have helped weaken the currency 13 percent this year. The yen dropped against all of its major peers.

    China's inflation stayed subdued in August, while the decline in factory-gate prices eased. The consumer price index rose 2.6 percent from a year earlier. Producer prices fell 1.6 percent from a year earlier.

    China's government may cut the country's annual growth target to 7 percent next year, although the actual pace of expansion will be higher, said Fan Jianping, chief economist at a state research institute.

    Australia's business community cheered the election victory of Tony Abbott over the weekend and British investors and companies also have cause to welcome a more stable conservative government "down under". Declaring that Australia is now "open for business" was Mr Abbott's first statement. Australia's dollar touched a three-week high.

    Australia job ads point to further labour market weakness. Job advertisements have declined further, dropping 2.0 per cent in August after falling 1.1 per cent in July. Following six consecutive monthly declines, the job ads numbers are 19 per cent below year-ago levels in August and only 5 per cent above the lowest level reached during the global financial crisis.

    U.S. payrolls rose by 169,000 last month data show on Friday.

    Watch toaday: EU Sentix, US consumer credit. Monday's a slow day for economic news.

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