What to expect from ECB meeting, impact on the euro

  • 18/07/2017 12:34 PM
  • Ahmed Mamdouh
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All eyes will focus Thursday’s monetary policy decision by the European Central Bank, in addition to remarks from President of the ECB Mario Draghi. The ECB will hold interest rates and amount of monthly asset purchases worth 60 billion euros, as the central bank aims to beef up growth and inflation. Markets expect to see an announcement of exiting the massive 2.3 trillion-euro stimulus or d...

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Pound retreats from 10-month high on concerns over political rift

  • 17/07/2017 12:44 PM
  • Ahmed Mamdouh
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The British pound fell from a 10-month high versus the U.S. dollar on Monday amid worries of political disarray among May’s Cabinet ahead of the start of the second round of Brexit talks. After three straight sessions of gains, hitting a peak of 1.3112 on Friday, the pound hit a bottom of 1.3057 against the green currency.Traders are currently wary as Britain started a four-day negotiation w...

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Oil drops more than 1% amidst oversupply apprehensions

  • 10/07/2017 12:00 PM
  • Ahmed Mamdouh
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After hefty losses last week, oil prices resumed drop on Monday amid lingering oversupply concerns on high production by the United States as well as OPEC and non-OPEC producers. Brent crude tumbled more than 1 percent to a low of $46.10 a barrel, while currently trading at $46.30, set for the fourth daily decline out of five.Crude oil dipped to $43.85 a barrel from the session’s open at $44.57, a...

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US nonfarm payrolls beat forecasts, yet unemployment rises

  • 07/07/2017 12:42 PM
  • Ahmed Mamdouh
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The awaited jobs report showed that non-farm figures showed further progress in the pace of job creation, yet unemployment rate soared and pay growth missed forecasts. Analysts predicted a job creation of 175,000 jobs, but the reading showed 222,000 jobs from an upwardly revised of 152,000 job-gain in May, which was 138,000 before revision.Unemployment rate soared from a 16-year low of 4.3 per...

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US private employers create 158,000 jobs in June

  • 06/07/2017 12:43 PM
  • Ahmed Mamdouh
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U.S. private employers created 158,000 jobs in June, according to the ADP non-farm employment report released on Thursday. Analysts had predicted a job creation pace of 184,000 after a robust 230,000 jobs in May."The job market continues to power forward," Moody's Analytics chief economist Mark Zandi said in a statement. "At this pace, which is double the rate of labor force growth, the tigh...

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German factory orders rebound on stronger eurozone demand

  • 06/07/2017 07:34 AM
  • Ahmed Mamdouh
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German factory orders rebounded in May as strong demand from the euro area countries dwarfed the retreat in domestic demand.  Orders advanced 1.0 percent in May, following a 2.2 percent decline in April, while analysts had predicted a 1.9 percent rise. Orders from euro area countries edged up 1.7 percent, compensating a similar drop in domestic demand, whilst total foreign orders increased b...

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UK services PMI slows to four-month low

  • 05/07/2017 09:05 AM
  • Ahmed Mamdouh
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U.K. services sector’s expansion eased last month, hitting the lowest level in four months, according to Markit’s Purchasing Managers’ Index. Services PMI slowed to 53.4 in June, down from 53.8 in May. Analysts had predicted a retreat to 53.6.  Manufacturing PMI signaled a drop to 54.3 in June from a revised of 56.3 in May, while construction PMI slipped 54.8 in June, down from 56.0 in May....

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Aussie collapses as RBA ignores talks about policy change

  • 04/07/2017 08:10 AM
  • Ahmed Mamdouh
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The Australian dollar fell against major currencies on Tuesday after the Reserve Bank of Australia decided to hold interest rates while ignored talks about possible change in monetary policy.The AUDUSD pair slipped to a bottom of 0.7604, losing 0.96 percent from the session’s open at 0.7678.The central bank opted to hold the borrowing for 10th consecutive month at 1.50 percent, where RBA go...

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Gold tumbles to seven-week low on rebound in dollar

  • 03/07/2017 13:01 PM
  • Ahmed Mamdouh
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Gold prices resumed drop for fifth straight session on Monday, trading near the lowest level in month and a half, as the recovery in dollar dented the appeal of gold as an alternative investment. As of 12:32 GMT, gold ounce traded at $1231.90 after setting a low of $131.38. Since the beginning of 2017, gold has reported only a one monthly decline, which occurred in June, as the metal’s rally...

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Eurozone manufacturing reports best quarter in six years

  • 03/07/2017 08:27 AM
  • Ahmed Mamdouh
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Eurozone manufacturing activity reported the best quarterly gain in more than six years after further improvement in June, the final Purchasing Managers’ Index showed.Manufacturing PMI across the 19-nation region saw an upside revision in June to 57.4, the highest reading since April 2011, from both preliminary and predicted readings of 57.3, up from May’s reading of 57.0.“Manufacturing grow...

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Oil prices extend rally, yet set for sharp first half loss

  • 30/06/2017 12:18 PM
  • Ahmed Mamdouh
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Oil prices extended their gains for a seventh session in a row on Friday, yet set for the sharpest first half drop since 1998 amid lingering oversupply concerns.  Crude oil futures resumed rise for a seventh straight session, hitting a peak of $45.42 a barrel, set for the strongest rally of gains in six months. Prices succeeded in finding a solid ground after falling to 10-month lows last wee...

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Are global stocks on the brink of significant correction?

  • 29/06/2017 09:40 AM
  • Ahmed Mamdouh
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The MSCI All-Country World Index is currently near a record high, raising questions about whether stocks are overvalued given the undergoing weak global economic growth.  Stock valuation is basically a method used to calculate a stock value in order to estimate its future price, where, in general, overvalued stocks should be sold while undervalue ones should be bought. The S&P 500 index is a...

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Pound jumps as BOE Carney hints to stimulus removal

  • 28/06/2017 13:52 PM
  • Ahmed Mamdouh
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The pound advanced against major currencies on Wednesday after BOE Governor Mark Carney said removing monetary stimulus could become necessary. The GBPUSD hit a peak high of 1.12944, compared to the session’s open at 1.2816, set for a second straight daily gain. “Some removal of monetary stimulus is likely to become necessary if the trade-off facing the MPC continues to lessen and the policy...

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Euro hits one-year high, yet faces pressure

  • 28/06/2017 09:30 AM
  • Ahmed Mamdouh
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The euro remained firm on Wednesday after hawkish remarks from ECB President Mario Draghi yesterday, where Draghi will talk again later in the day. The EURUSD hit a one-year peak of 1.1388, yet it faced some pressure to ease gains to 1.1365 after opening today at 1.1349.The support line depicted on the daily chart helped the pair to resume its rally, but it will probably face some resistance...

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Pound retreats vs. euro after BOE report, Carney’s warnings

  • 27/06/2017 11:14 AM
  • Ahmed Mamdouh
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The pound retreated against the euro after the release of the Bank of England Financial Stability Report and warnings from Governor Mark Carney.The EURGBP set a session’s high of 0.8836 after opening at 0.8793, as of 10:57 GMT.The BOE ordered banks to raise capital requirements to protect them from expected shocks from Brexit, the Financial Stability Report showed. U.K. banks will be forced...

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Draghi’s upbeat comments push euro higher

  • 27/06/2017 09:33 AM
  • Ahmed Mamdouh
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At the ECB Forum held in Sintra, Portugal on Tuesday, President of the European Central Bank Mario Draghi gave an upbeat assessment about the economy, helping the euro to advance.Draghi pointed that recent data has suggested that recovery in the euro area economy is strengthening, while positive factors have replaced deflationary pressures.    “All the signs now point to a strengthening and...

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What happened to the Pound after one year of Brexit vote?

  • 23/06/2017 12:41 PM
  • Ahmed Mamdouh
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The pound resumed its rise for a third straight session on Friday in the anniversary of the historical Brexit vote. The pound soared to a high of 1.2746 versus the U.S. dollar, yet set for a weekly loss after sharp falls earlier this week.Against the euro, the pound strengthened to take the EURGBP lower to 0.8777 after a report showing euro area private sector growth eased to a five-month lo...

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Euro area private sector activities retreat to 5-month low

  • 23/06/2017 09:33 AM
  • Ahmed Mamdouh
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Euro area private sector economic activities retreated to a five-month low in June, according to the flash Purchasing Managers’ Index data released on Friday.The PMI Composite of manufacturing and services recorded 55.7 from 56.8 in May, yet over the second quarter, the composite reported the strongest figure in more than six years.Manufacturing PMI accelerated to 57.3 from a previous of 57....

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Oversupply pulls oil prices to seven month lows

  • 20/06/2017 11:47 AM
  • Ahmed Mamdouh
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Oversupply in the oil market pulled prices to a seven-month low on Tuesday, where a rise on Libya and Nigeria’s production added to concerns that OPEC efforts to cut output would go in vein.Crude oil futures fell to a low of $43.39 a barrel, extending losses for a third straight session and resuming the bearish direction that began since hitting a peak of $52 late May.Brent crude slumped to...

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Pound skids after Carney’s dovish comments

  • 20/06/2017 08:38 AM
  • Ahmed Mamdouh
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The British pound fell to the lowest level in a week after Bank of England Mark Carney said interest rates should not rise yet.The GBPUSD pair slipped to a low of 1.2670, extending its drop for a second straight session, as of 08:19 GMT.Carney stressed that Britain is not prepared for a rise in interest rates, where there the outcome of the Brexit talks must be known first.“Mixed signals on...

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