Argentinian retail sales falls more-than-expected

Investing.com - Retail sales in Argentina fell more-than-expected last month, official data showed on Friday.

In a report, Instituto Nacional De Estadistic y Censos said that Argentinian Retail Sales fell to a seasonally adjusted 23.0%, from 36.6% in the preceding month whose figure was revised up from 35.8%.

Analysts had expected Argentinian Retail Sales to fall to 25.9% last month.

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Forex - GBP/USD slumps as bargain hunters view dollar as oversold

Investing.com - The pound moved lower against the dollar on Friday after investors viewed the greenback as oversold in wake of a soft U.S. consumer report.

In U.S. trading on Friday, GBP/USD was trading at 1.6170, down 0.20%, up from a session low of 1.6151 and off from a high of 1.6247.

Cable was likely to find support at 1.6116, Tuesday's low, and resistance at 1.6257, Wednesday's high.

The Thomson Reuters/University of Michigan final consumer sentiment index for October fell to 73.2 from 75.2 in September, worse than expectations for a downtick to 75.0.

The report added that inflation expectations ticked up to 3.0% in October, from 2.9% the previous month.

The data came after the Census Bureau said that U.S. core durable goods orders, which exclude transportation items, fell 0.1% in September, defying expectations for a 0.5% rise after a 0.1% decline the previous month.

Broad U.S. durable goods orders rose 3.7% last month, exceeding expectations for a 2.0% increase after a 0.1% rise in August.

Friday's lackluster data, which came in wake of weak labor-market data earlier this week, kept expectations going for the Federal Reserve to continue stimulating the economy with its USD85 billion in monthly bond purchases that drive down interest rates to spur recovery, weakening the greenback in the process.

The dollar, however, eventually reached levels that brought in the bottom fishers late Friday.

Meanwhile in the U.K., preliminary data earlier showed that the U.K. gross domestic product rose 0.8% in the third quarter, in line with expectations and up from 0.7% in the previous quarter.

The pound, meanwhile, was down against the euro and down against the yen, with EUR/GBP up 0.19% at 0.8535 and GBP/JPY down 0.08% at 157.47.

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Forex - USD/JPY dips on jobs data, Chinese factory report supports

Investing.com - The dollar moved lower against the yen on Thursday after a fresh batch of disappointing U.S. employment numbers hit the wire though a better-than-expected Chinese manufacturing barometer enticed investors out of safe-haven yen positions and gave the greenback some support.

In U.S. trading on Thursday, USD/JPY was trading at 97.35, down 0.05%, up from a session low of 97.18 and off a high of 97.62.

The pair was likely to find support at 97.16, Wednesday's low, and resistance at 98.48, Tuesday's high.

In the U.S. earlier, the Department of Labor reported that the number of individuals filing for initial jobless benefits declined by 12,000 to a seasonally adjusted 350,000. Analysts had expected U.S. jobless claims to fall by 22,000 to 340,000 last week.

Earlier this week, the Department of Labor reported that U.S. economy added 148,000 jobs in September, well below expectations for an increase of 180,000.

While the jobs figures painted a picture of a sluggish U.S. economy, the numbers did fuel expectations for the Federal Reserve to continue stimulating the economy with its USD85 billion in monthly bond purchases that drive down interest rates to spur recovery, weakening the greenback in the process.

Many in recent weeks were expecting the Fed to announce plans to taper its asset purchases in late October or early December, though soft jobs data now have market watchers pushing back estimates for a start date to tapering into 2014.

Elsewhere, the preliminary reading of China's HSBC manufacturing index for October rose to a seven-month high of 50.9, up from a final reading of 50.2 in September. Economists had expected the index to tick up to 50.5.

The numbers sparked demand for Asian equities that enticed investors out of the yen despite ongoing expectations that China's central bank may tighten monetary policy soon, which gave the greenback some support against its Japanese counterpart.

The yen was down against the pound and down against the euro, with GBP/JPY up 0.17% and trading at 157.69 and EUR/JPY trading up 0.11% at 134.33.

On Friday, the U.S. is to round up the week with data on durable goods orders, a leading indicator of production, as well as revised data on consumer sentiment from the University of Michigan.

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U.S. stocks end up on Chinese data, earnings; Dow rises 0.62%

Investing.com - Better-than-expected quarterly earnings coupled with advancing Chinese manufacturing data sent U.S. stocks rising on Thursday, while disappointing data out of the labor market gave stocks an added boost by stoking expectations for loose monetary policy to stick around.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.62%, the S&P 500 index rose 0.33%, while the Nasdaq Composite index rose 0.56%.

Earlier in Asia, the preliminary reading of China's HSBC manufacturing index for October rose to a seven-month high of 50.9, up from a final reading of 50.2 in September. Economists had expected the index to tick up to 50.5.

The numbers sparked demand for equities worldwide, including in the U.S., where benchmarks Ford and 3M beat earnings.

Offsetting gains, U.K.-based Markit reported that its U.S. manufacturing purchasing managers index dropped to 51.1 in October from 52.8 in September, missing market calls for a 52.5 reading.

Elsewhere in the U.S., the Department of Labor reported that the number of individuals filing for initial jobless benefits declined by 12,000 to a seasonally adjusted 350,000 last week. Analysts had expected U.S. jobless claims to fall by 22,000 to 340,000.

Earlier this week, the Department of Labor reported that U.S. economy added 148,000 jobs in September, well below expectations for an increase of 180,000.

The string of disappointing jobs reports fueled already growing expectations for the Federal Reserve to continue stimulating the economy with its USD85 billion in monthly bond purchases that drive down interest rates to spur recovery, boosting stock prices in the process.

Many in recent weeks were expecting the Fed to announce plans to taper its asset purchases in late October or early December, though soft jobs numbers have market watchers pushing back estimates for a start date to tapering into 2014, which gave stocks an added bounce.

Leading Dow Jones Industrial Average performers included Home Depot, up 2.26%, DuPont, up 1.99%, and Visa, up 1.90%.

The Dow Jones Industrial Average's worst performers included AT&T, down 1.86%, Verizon, down 0.79%, and Merck, down 0.76%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.64%, France's CAC 40 rose 0.35%, while Germany's DAX 30 rose 0.68%. Meanwhile, in the U.K. the FTSE 100 finished up 0.58%.

On Friday, the U.S. is to round up the week with data on durable goods orders, a leading indicator of production, as well as revised data on consumer sentiment from the University of Michigan.

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Forex - USD/JPY drops on jobs data, Chinese tightening concerns

Investing.com - The dollar sank against the yen on Wednesday amid growing expectations for the Federal Reserve to continue stimulating the U.S. economy, while the yen gained on expectations for China's central bank to begin tightening policy in the near future.

In U.S. trading on Wednesday, USD/JPY was trading at 97.34, down 0.82%, up from a session low of 97.16 and off a high of 98.20.

The pair was likely to find support at 96.57, the low from Oct. 7, and resistance at 98.48, Tuesday's high.

The dollar continued to come under selling pressure after the Department of Labor revealed on Tuesday that U.S. economy added 148,000 jobs in September, well below expectations for an increase of 180,000.

The previous month's figure was revised up to a gain of 193,000 from a previously reported increase of 169,000.

July's figure was revised down to 89,000 from 104,000.

The unemployment rate ticked down to a four-and-a-half year low of 7.2% from 7.3% in August due in part to more people dropping out of the labor force.

The data kept expectations going strong that the Federal Reserve will continue stimulating the economy to boost job creation by buying assets each month, possibly well into 2014.

The Fed is currently purchasing USD85 billion in Treasury holdings and mortgage debt a month to boost the economy, a monetary policy tool known as quantitative easing that drives down interest rates to spur recovery and job creation, weakening the dollar in the process.

Separately, concerns that China's central bank may tighten monetary policy to help control inflation in the world's second-largest economy sent investors chasing safe-haven currency positions.

The yen saw particularly robust demand on rising Chinese money-market rates, a sign the financial sector may be anticipating China's central bank to tighten policy.

The yen was up against the pound and up against the euro, with GBP/JPY down 1.21% and trading at 157.40 and EUR/JPY trading down 0.79% at 134.15.

On Thursday, the U.S. is to release the weekly report on initial jobless claims as well as data on new home sales.

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U.S. stocks end lower on profit taking, mixed earnings; Dow dips 0.35%

Investing.com - U.S. stocks fell on Wednesday after investors locked in gains from Tuesday's rally and sold for profits on concerns that despite bullish monetary forces supporting stocks, other fundamentals may be facing headwinds.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.35%, the S&P 500 index fell 0.47%, while the Nasdaq Composite index fell 0.57%.

Stocks rose on Tuesday after the Department of Labor reported that the U.S. economy added 148,000 jobs in September, well below expectations for an increase of 180,000.

The unemployment rate ticked down to a four-and-a-half year low of 7.2% from 7.3% in August due in part to more people dropping out of the labor force, which also weighed on the greenback.

The disappointing data fueled expectations for the Federal Reserve to continue stimulating the economy to boost job creation by buying bonds each month.

The Fed is currently purchasing USD85 billion in Treasury holdings and mortgage debt a month to boost the economy, a monetary policy tool known as quantitative easing that drives down interest rates to spur recovery and job creation, boosting stock prices in the process.

The rally stemming for expectations for the Fed to keep policy ultra-loose ended Wednesday.
While airplane maker Boeing beat quarterly expectations, earth-mover Caterpillar missed, which spooked investors somewhat.

Expectations that China's central bank will tighten monetary policy to help control inflation in the world's second-largest economy sent some investors chasing safe-haven dollar positions and ditching equities.

Leading Dow Jones Industrial Average performers included Boeing, up 5.36%, Procter & Gamble, up 0.67%, and IBM, up 0.45%.

The Dow Jones Industrial Average's worst performers included Caterpillar, down 6.04%, Microsoft, down 2.39%, and Cisco, down 1.74%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 1.07%, France's CAC 40 fell 0.81%, while Germany's DAX 30 fell 0.31%. Meanwhile, in the U.K. the FTSE 100 finished down 0.32%.

On Thursday, the U.S. is to release the weekly report on initial jobless claims as well as data on new home sales.

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Argentinian trade balance rises unexpectedly

Investing.com - Argentina's trade balance rose unexpectedly last month, official data showed on Tuesday.

In a report, INDEC-National Institute of Statistics and Censuses. said that Argentinian Trade Balance rose to a seasonally adjusted annual rate of 849M, from 568M in the preceding month.

Analysts had expected Argentinian Trade Balance to fall to 490M last month.

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U.S. stocks gain on expectations for loose Fed stance; Dow gains 0.49%

Investing.com - U.S. stocks rose on Tuesday after a weak September jobs report fueled already growing expectations for the Federal Reserve to continue stimulating the economy via monthly bond purchases well into 2014.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.49%, the S&P 500 index rose 0.57%, while the Nasdaq Composite index rose 0.24%.

Stocks advanced after the Department of Labor said the U.S. economy added 148,000 jobs in September, well below expectations for an increase of 180,000. The previous month's figure was revised up to a gain of 193,000 from a previously reported increase of 169,000.
July's figure was revised down to 89,000 from 104,000.

The unemployment rate ticked down to a four-and-a-half year low of 7.2% from 7.3% in August due in part to more people dropping out of the labor force, which also weighed on the greenback.

The disappointing data fueled expectations for the Federal Reserve to continue stimulating the economy to boost job creation by buying bonds each month.

The Fed is currently purchasing USD85 billion in Treasury holdings and mortgage debt a month to boost the economy, a monetary policy tool known as quantitative easing that drives down interest rates to spur recovery and job creation, boosting stock prices in the process.

Fed officials have said they would pay close attention to economic indicators before deciding on the fate of monetary stimulus programs.

Market talk grew on Tuesday after the jobs report that the Fed won't announce a start date to begin tapering asset purchase until well into 2014, possibly as late as March or even June by some estimates.

Leading Dow Jones Industrial Average performers included Walt Disney, up 2.06%, Procter & Gamble, up 1.80%, and Caterpillar, up 1.65%.

The Dow Jones Industrial Average's worst performers included Cisco, down 1.24%, Microsoft, down 1.19%, and United Technologies, down 0.96%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.47%, France's CAC 40 rose 0.43%, while Germany's DAX 30 rose 0.90%. Meanwhile, in the U.K. the FTSE 100 finished up 0.62%.

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Forex - USD/JPY gains ahead of release of September jobs report

Investing.com - The dollar firmed against the yen on Monday as investors remained camped out in the safety of the liquid greenback ahead of the release of the U.S. September unemployment report due out Tuesday.

In U.S. trading on Friday, USD/JPY was trading at 98.15, up 0.37%, up from a session low of 97.79 and off a high of 98.25.

The pair was likely to find support at 96.56, Friday's low, and resistance at 99.00, Thursday's high.

A U.S. government shutdown that began Oct. 1 and ended last week left the dollar without one of its chief steering currents, the monthly U.S. jobs report.

September's unemployment data will hopefully give investors a weather vane over the direction of U.S. monetary policy.

The Fed is currently buying USD85 billion in Treasury holdings and mortgage debt a month to boost the economy, a monetary policy tool known as quantitative easing that drives down interest rates to spur recovery, weakening the dollar in the process.

The government shutdown and accompanying default fears along with the naming of dovish Janet Yellen as the new Chair of the Federal Reserve left may investors guessing when the U.S. central bank will announce plans to taper its quantitative easing program, which could push the dollar up in the long term.

Investors hope the September jobs data, originally due out Oct. 4, will provide a fresh weather vane for the dollar.

Elsewhere, lackluster data out of the U.S. housing sector softened the dollar's advance over the yen, which served as a safe-haven currency during Washington's fiscal showdown.

The National Association of Realtors reported earlier that total existing home sales declined 1.9% to a seasonally adjusted annual rate of 5.29 million units in September from a downwardly revised 5.39 million in August, mainly due to home prices outpacing income growth.
Analysts were expecting to see 5.30 million units sold.

Meanwhile in Japan, the yen came under pressure after Bank of Japan Governor Haruhiko Kuroda reiterated Monday that the bank would stick to its stimulus program and added that the economy was on track to reach the bank's 2% inflation target.

The yen was down against the pound and down against the euro, with GBP/JPY up 0.26% and trading at 158.50 and EUR/JPY trading up 0.35% at 134.28.

On Tuesday, expect the pair to trade on the U.S. jobs report.

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U.S. stocks end flat ahead of U.S. jobs data; Dow dips 0.05%

Investing.com - U.S. stocks finished a lackluster Monday session largely flat as investors avoided equities ahead of the Tuesday release of the September unemployment report.

The jobs report was due for release on Oct. 4 though a government shutdown delayed publication.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.05%, the S&P 500 index rose 0.01%, while the Nasdaq Composite index rose 0.15%.

A U.S. government shutdown that began Oct. 1 and ended last week left the stock market without one of its chief steering currents, the monthly U.S. nonfarm payrolls report.

Investors largely avoided equities ahead of the release of the September jobs report on Tuesday, which many hope will provide guidance as to when the Federal Reserve will scale back stimulus measures.

The Fed is currently buying USD85 billion in Treasury holdings and mortgage debt a month to boost the economy, a monetary policy tool known as quantitative easing that drives down interest rates to spur recovery, boosting stock prices in the process.

Expectations for the Federal Reserve to hold off on tapering its quantitative easing program to offset the effects the government shut down may have had on recovery sent stock prices rising in recent sessions, though investors largely avoided stocks and jumped to the sidelines on Monday to await the jobs report.

Elsewhere, lackluster data out of the U.S. housing sector watered down share prices as well.

The National Association of Realtors reported earlier that total existing home sales declined 1.9% to a seasonally adjusted annual rate of 5.29 million units in September from a downwardly revised 5.39 million in August, mainly due to home prices outpacing income growth.

Analysts were expecting to see 5.30 million units sold.

Leading Dow Jones Industrial Average performers included General Electric, up 2.25%, AT&T, up 1.72%, and Verizon, up 1.14%.

The Dow Jones Industrial Average's worst performers included Boeing, down 0.85%, UnitedHealth, down 0.82%, and Wal-Mart Stores, down 0.73%.

European indices, meanwhile, finished mixed.

After the close of European trade, the EURO STOXX 50 fell 0.14%, France's CAC 40 fell 0.21%, while Germany's DAX 30 rose 0.02%. Meanwhile, in the U.K. the FTSE 100 finished up 0.48%.

On Tuesday, expect the pair to trade on the U.S. jobs report.

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Forex - NZD/USD down during Asian trade

Investing.com - The New Zealand Dollar was lower against the U.S. Dollar on Sunday.

NZD/USD was trading at 0.8494, down 0.15% at time of writing.

The pair was likely to find support at 0.8358, Tuesday's low, and resistance at 0.8525, Thursday's high.

Meanwhile, the New Zealand Dollar was down against the Australian Dollar and the Euro, with AUD/NZD gaining 0.08% to hit 1.1383 and EUR/NZD rising 0.14% to hit 1.6109.

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Forex - GBP/USD up during the Asian session

Investing.com - The British Pound was higher against the U.S. Dollar on Sunday.

GBP/USD was trading at 1.6174, up 0.04% at time of writing.

The pair was likely to find support at 1.5894, Wednesday's low, and resistance at 1.6224, Friday's high.

Meanwhile, the British Pound was up against the Euro and the Japanese Yen, with EUR/GBP shedding 0.02% to hit 0.8462 and GBP/JPY rising 0.13% to hit 158.29.

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