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Michael Michaud
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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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  • Euro Almost Touching This Year's Peak Of $1.3711 On Friday 0 comments
    Oct 21, 2013 4:38 AM

    Euro trade on correction mode below 1.37 level, as almost touching this year's peak of $1.3711 on Friday. All eyes now on Tuesdays US Payrolls...

    Asian shares: Japan's Nikkei 0.91%, Hong Kong's Hang Seng 0.35%(07:00 GMT), Korea's Kospi 0.03%, Australia's ASX 200 0.57% and China's Shanghai 1.62%.

    The dollar index was mired near an 8-month low on Monday on growing expectations the U.S. Federal Reserve will have to delay scaling back its stimulus following a 16-day government shutdown. The index held steady at 79.675, not very far from a trough of 79.478 touched on Friday, its lowest level since February. A majority of market players now expect the Fed will begin reducing stimulus next year, though some analysts believe tapering of its bond-buying program is still possible in December. The Fed has two policy meetings scheduled this year, one on October 29-30 and the other on December 17-18.

    Data on currency futures positions on the Chicago Mercantile Exchange shows that speculators had increased their net long position in the euro to 65,844 contracts in the week to September 24, the highest since May 2011.

    European Central Bank President Mario Draghi said banks should be able to access public aid without wiping out junior bondholders if regulators decide a lender needs more capital and isn't on the brink of failure. Draghi urged the European Union to make clear when it will allow exceptions to state-aid rules that require private-sector creditors to take losses before government backstops can step in.

    BoE's Broadbent: The Bank of England has some leeway to raise record low interest rates without hitting borrowers buying homes with the help of government lending schemes.

    German producer prices for industrial products fell by 0.5% from the corresponding month of the preceding year. While prices of consumer non-durable goods increased by 2.1% prices of intermediate goods were 2.0% low and energy, 1.4% low compared with September 2012. In August 2013 the annual rate of change all over was -0.5%, too.

    BoJ Kuroda sees no change in view that BOJ can achieve 2% inflation. Japanese price growth spreading beyond rises in food and energy prices. Expects CPI to gradually head towards 2% target. Too early to debate exit strategy for BOJ's QE policy.

    BOJ October 2013 Economic Report: Compared with the last assessment in July 2013, all regions reported upward revisions to their economic assessments from the previous report, with some improvement observed in the employment and income situation, amid firm domestic demand and a moderate increase in production.

    Japan posted a record 15th straight monthly trade deficit in September, as growth in exports slowed. Exports last month rose 11.5% from a year earlier, slipping from a 14.7% gain in August. Imports rose 16.5%, up from a 16% increase the previous month, as high energy prices continued to take a toll on the Japanese trade account. The results put September's trade deficit at 932.2 billion yen ($9.5 billion), narrowing slightly from August's ¥960.3 billion.

    The Australian dollar held near four-month highs. The Aussie eased 0.1 percent to $0.9660, staying near Friday's four-month high of $0.9680.

    Watch today: Italy industry orders, US home sales, S&P .

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