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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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  • 2014, 'The Year Of The Greenback' 0 comments
    Dec 12, 2013 5:33 AM

    Asian shares down and Euro trade stable below to 1.38 level, as dollar tries to find the trigger for a correction.

    Japan's Nikkei -1.12%, Hong Kong's Hang Seng -0.51%, Korea's Kospi -0.51 %, Australia's ASX 200 -0.79% and China's Shanghai -0.06%.

    The single currency was also not far from a near one-year high of $1.3833 set in October.

    Asian shares stumbled to a 2-1/2 month low on Thursday on heightened expectations the Federal Reserve may act sooner than later to unwind its stimulus after a provisional budget deal in Washington eased some of the fiscal drag on the U.S. economy.

    Market will be keeping an eye out for the possibility of a surprise move by the Fed next week at its final policy meeting for 2013 on December 17 and 18.

    ECB's Coeure says does not rule out additional steps by ECB.

    The world economy is primed for its fastest expansion in four years, with the U.S. propelling the improvement in output. Global growth will accelerate at least 3.4 percent in 2014 from less than 3 percent this year as the euro area recovers from recession and China and other emerging markets stabilize, according to economists at Goldman Sachs Group Inc., Deutsche Bank AG and Morgan Stanley. The U.K. will be a standout, while Japan risks damping the mood by suffering a mid-year slowdown after an April increase in sales taxes.

    Credit Agricole: 2014, 'The Year Of The Greenback'. Expect broad USD strength to be the key dominant theme for much of 2014. While many observers had expected a secular USD rally to begin in earnest in early 2013, several headwinds ultimately derailed the USD's bullish sentiment. First, the combination of tapering fears and bond market volatility forced many investors to abandon US assets, leading to a weaker USD. Secondly, the Fed failed to convince the market that tapering is not tightening.

    The Australia jobless rate has risen to 5.8 per cent last month, with 21,000 jobs added to the economy. Full-time positions grew by 15,500 while part-time jobs rose by 5,500.

    The expected inflation rate in Australia rose by 0.2 percentage points to 2.1 per cent in December from 1.9 per cent in November.

    The Reserve Bank is leaving official interest rates unchanged at 2.5 per cent, but is projecting rates will rise more over the two years than expected three months ago. The improving economy and rising inflation meant the central bank is likely to start pushing up interest rates next year.

    RBNZ's Wheeler: Concerned that China accounts for so much of NZ exports. The same can be said for a lot of countries.

    Concerns over U.S. tapering also weighed on emerging Asian currencies. The Indonesian rupiah fell 0.4 percent to 12,030 per dollar after earlier touching 12,035, matching a near five-year low set on December 5. The decline came ahead of an interest rate decision by the country's central bank later on Thursday.

    Gold trade to around $1,255.5 an ounce, recouping some of Wednesday's 0.6 percent decline. Still, gold is down 25 percent so far this year, on track for its worst yearly fall since 1981.

    Watch today: EU output, US jobless claims and retail sales.

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