Forex - Dollar drops on disappointing U.S. August jobs report

Investing.com - The dollar softened against most major currencies on Friday after a disappointing U.S. August jobs report doused expectations for the Federal Reserve to begin tapering stimulus programs this month.

Stimulus programs such as the Fed's USD85 million in monthly asset purchases weaken the dollar to spur recovery, and talk of their staying in place — often the product of disappointing U.S. data — can soften the greenback.

In U.S. trading on Friday, EUR/USD was up 0.45% at 1.3179.

The U.S. economy added 169,000 jobs in August, according to the Bureau of Labor Statistics, less than market calls for a 180,000 increase.

July 's figure was revised down to 104,000 from 162,000, while June's figure was revised down to 172,000 from 188,000.

The private sector added 152,000 jobs in August, well beneath expectations for a rise of 180,000.

The U.S. unemployment rate fell to 7.3% in August from 7.4% in July, as more people left the workforce.

Analysts were expecting the unemployment rate to remain unchanged last month, and the jobs report sent the dollar falling by dampening expectations for the Federal Reserve announce at its Sept. 17-18 policy meeting a decision to begin winding down asset purchases.

Soft German data capped the euro's gains.

Germany reported that industrial production in Europe's largest economy contracted by 1.7% in July, well beyond expectations for a 0.5% fall after a downwardly revised 2% increase in June.

A separate report revealed that Germany's trade surplus narrowed unexpectedly to EUR14.5 billion in July from an upwardly revised June surplus of EUR15.8 billion. Analysts were expecting the trade surplus to expand to EUR16.1 billion in July.

The greenback was down against the pound, with GBP/USD up 0.27% at 1.5632.

Official data released earlier revealed that U.K. manufacturing production rose 0.2% in July, missing expectations for a 0.3% rise after an upwardly revised 2% increase the previous month.

A separate report showed that the U.K. trade deficit widened to GBP9.85 billion in July, from a downwardly revised GBP8.17 billion deficit the previous month. Analysts had expected the trade deficit to narrow to GBP8.15 billion in July.

U.K. industrial production came in flat in July, missing expectations for a 0.1% gain, though soft

The dollar was down against the yen, with USD/JPY down 0.98% at 99.12, and down against the Swiss franc, with USD/CHF trading down 0.75% at 0.9380.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.97% at 1.0403, AUD/USD up 0.69% at 0.9185 and NZD/USD trading up 1.48% at 0.8001.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.60% at 82.18.

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Mahanagar Gas hikes CNG, PNG prices

Mahanagar Gas today increased retail prices of CNG in the city and nearby areas by Rs 3 per kg to partly offset the impact of rupee fall on its input cost. The new prices will be effective from midnight, the city-based gas supplier said in a statement.

With the latest hike, which is coming within two months, the retail price of CNG (compressed natural gas) inclusive of local taxes will be Rs 38.95 per kg in Mumbai, Rs 39.69 in neighbouring Thane, Rs 39.44 in Navi Mumbai and Rs 39.20 in Kalyan.

Also read: India's untapped potential in oil and gas sector

The company has also revised the domestic PNG (piped natural gas) slabs effective tomorrow. Accordingly, the new Slab I (0 to 0.80 scmd) stands reduced to 0-0.5 scmd (standard cubic meters gas per day) and Slab II (0.81 scmd to 1.2 scmd) stands reduced from 1.2 scmd to 0.51-0.9 scmd and  Slab III (1.2 scmd and above) to 0.9 scmd and above.

The new prices inclusive of all taxes will be Rs 24.09 for Slab I and Rs 26.77 for Slab II and III.

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Recalibrating future investments, says Baba Kalyani

Sep 05, 2013, 11.14 PM IST

Commenting on the slowdown in auto ancillary sector Baba Kalyani, CMD, Bharat Forge Limited said,"You have to calibrate investments based on what market conditions are."

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Recalibrating future investments, says Baba Kalyani

Commenting on the slowdown in auto ancillary sector Baba Kalyani, CMD, Bharat Forge Limited said,"You have to calibrate investments based on what market conditions are."

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Recalibrating future investments, says Baba Kalyani

Commenting on the slowdown in auto ancillary sector Baba Kalyani, CMD, Bharat Forge Limited said,"You have to calibrate investments based on what market conditions are."

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The slowdown in auto sector has also hit the auto ancillary companies. Auto ancillary manufacturers are treading with caution while making their investment decisions.

Commenting on the slowdown in the sector, major auto ancillary marker Baba Kalyani, CMD, Bharat Forge Limited said," You have to calibrate investments based on what market conditions are. Today, as I said earlier, in most of our business, if you're in the components sector, you make investments ahead of demand. We have already made the investments and we are recalibrating future investments. There is no sense in making investments today when you already have investments not being utilised. But our belief is that in the next 2-3 years this problem will be over.

Also read: Tata Motors to launch diesel Nano car by end of March

He further added," I don't even think it's a slowdown. I think it's a new reset of our economy and this is where we are going to start back from. If anyone thinks that we are going to get back to what we were 3 years ago in the next 6 months or 1 year, i don't think that's going to happen.

Raghupati Singhania MD, JK Tyre and Industries said, "We have been looking at de-risking the market. we have presence in Mexico and we are exporting out of there apart from catering to the domestic market. We are looking to opportunities in other emerging markets.

"I think this is a passing phase, maybe 18 months or so, and that much time I will take to set up new capacities. So by the time it's over, we should be there in the market place," he said.

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Forex - Dollar gains on advancing U.S. labor, service-sector data

Investing.com - The dollar firmed against most major currencies on Thursday after better-than-anticipated U.S. labor and service-sector indicators cemented expectations for the Federal Reserve to announce plans to taper stimulus programs later this month.

Stimulus tools such as the Fed's USD85 million in monthly asset purchases weaken the dollar to spur recovery, and talk of their dismantling — often the product of improving U.S. data — can strengthen the greenback.

In U.S. trading on Thursday, EUR/USD was down 0.66% at 1.3120.

The Institute of Supply Management reported earlier that its U.S. non-manufacturing purchasing managers' index hit a 29-month high of 58.6 in August from 56.0 in July.

Analysts were expecting the index to fall to 55.0 last month.

The numbers sparked demand for the dollar by fueling sentiments that the Federal Reserve may announce at its Sept. 17-18 policy meeting plans to begin winding down its USD85 billion in monthly bond purchases, which weaken the greenback to spur recovery.

Better-than-expected economic indicators out of the manufacturing and labor market bolstered dollar demand as well.

Official data showed that U.S. factory orders fell 2.4% in July, less than an expected 3.3% decline, following an upwardly revised 1.6% rise the previous month.

The Department of Labor, meanwhile, reported that the number of individuals filing for initial jobless benefits in the week ending Aug. 30 fell by 9,000 to 323,000, outpacing forecasts for a decline of 2,000.

Investors took in stride an ADP report showing that 176,000 jobs were created in the U.S. private sector in August, less than an expected 180,000 increase after a downwardly revised 198,000 rise the previous month.

Meanwhile across the Atlantic, the European Central Bank earlier left benchmark interest rates unchanged at 0.50%, in line with expectations.

The euro came under pressure after European Central Bank President Mario Draghi told a press conference that monetary policy will remain loose for as long as necessary, adding that interest rates should remain at present or possibly lower levels for an extended period of time.

Also in Europe, Germany reported that the country's factory orders dropped 2.7% in July compared to expectations for a 1% decline and following an upwardly revised 0.5% rise in June.

The greenback was up against the pound, with GBP/USD down 0.23% at 1.5588.

The Bank of England held its benchmark interest rate at 0.50% and kept the size of its asset-purchasing program unchanged at GBP375 billion, in line with expectations.

The dollar was up against the yen, with USD/JPY up 0.38% at 100.13, and up against the Swiss franc, with USD/CHF trading up 0.99% at 0.9446.

At the end of its two-day policy meeting, the Bank of Japan said it was sticking to its commitment to expand the country's monetary base at an annual pace of JPY60 trillion to JPY70 trillion, leaving policy unchanged.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.10% at 1.0505, AUD/USD down 0.46% at 0.9132 and NZD/USD trading down 0.19% at 0.7891.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.56% at 82.67.

On Friday, the U.S. is to round up the week with closely watched government data on nonfarm payrolls and the unemployment rate, as well as data on average hourly earnings.

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Forex - Dollar falls as market braces for jobs report, eyes Syria

Investing.com - The dollar fell against most major currencies on Wednesday as investors avoided the greenback over uncertainty surrounding a possible U.S. military strike against Syria.

In U.S. trading on Wednesday, EUR/USD was up 0.28% at 1.3208.

The U.S. Senate Foreign Relations Committee on Wednesday gave President Barack Obama authority to use military force against Syria for its alleged use of chemical weapons in its civil war.

U.S. President Barack Obama asked Congress for the green light to begin limited strikes against Syria though he said earlier Wednesday that he does not need approval to strike, which softened dollar demand.

Separately, Russian President Vladimir Putin said he might support a U.N. Security Council resolution calling for military strikes provided that body was presented with conclusive proof that the Syrian government employed chemical weapons.

Putin insisted the U.S. had no right to strike Syria, a Russian ally, adding only the U.N. can authorize such a measure.

Investors remained eager for the release of Friday's U.S. nonfarm payrolls report, which is seen as a tipping point over whether the Fed will begin tapering asset purchases this month.

Many investors expect the Federal Reserve to announce plans to unwind its USD85 billion monthly bond-buying program at its Sept. 17-18 policy meeting.

Monthly asset purchases weaken the dollar to spur recovery, though investors avoided the currency on Wednesday before more definitive steering currents appear likely by Thursday or Friday as the release of the August jobs report draws closer.

Elsewhere, the U.S. Commerce Department reported that the U.S. trade deficit widened more than expected in July, hitting USD39.1 billion from a downwardly revised USD34.5 billion deficit in June, mainly due to improving imports.

Analysts were expecting the trade deficit to widen to USD38.7 billion in July.

The greenback was down against the pound, with GBP/USD up 0.43% at 1.5628.

The Markit U.K. services purchasing managers' index rose to 60.5 in August, the highest since December 2006, from 60.2 in July. The numbers defied consensus forecasts, as analysts were calling for a decline to 59.0.

The report, which came a day before the Bank of England unveils its latest decision on interest rates, said new business grew for the eighth successive month and added the latest increase was the largest seen in more than 16 years, fueling expectations that U.K. recovery is gaining steam.

The dollar was up against the yen, with USD/JPY up 0.07% at 99.64, and down against the Swiss franc, with USD/CHF trading down 0.11% at 0.9356.

The dollar was down against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.41% at 1.0491, AUD/USD up 1.21% at 0.9171 and NZD/USD trading up 1.45% at 0.7913.

Australia's economy grew 0.6% in the second quarter, in line with market forecasts.

Separately, the Bank of Canada held its benchmark interest rate at 1% as expected by markets.

The bank added that current monetary policy remains appropriate as an expected rotation of demand to exports and investment is experiencing delays.

Canada's trade deficit widened to CAD0.9 billion in July from an upwardly revised deficit of CAD0.4 billion in June, confounding expectations for the deficit to widen to CAD1 billion.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.28% at 82.15.

On Thursday, the U.S. is to release the ADP nonfarm payrolls report on private-sector job creation, as well as the weekly government report on initial jobless claims.

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U.S. Total Vehicle Sales rises more-than-expected

Investing.com - U.S. total vehicle sales rose more-than-expected last month, official data showed on Thursday.

In a report, Autodata Corp. said that U.S. Total Vehicle Sales rose to a seasonally adjusted 16.09M, from 15.73M in the preceding month.

Analysts had expected U.S. Total Vehicle Sales to rise 15.80M last month.

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High Ground Enterprise's fixes book closure for dividend AGM

Sep 03, 2013, 11.30 PM IST

The Register of Members & Share Transfer Books of High Ground Enterprise will remain closed from September 18, 2013 to September 26, 2013 (both days inclusive) for the purpose of Payment of Dividend & 28th Annual General Meeting (AGM) of the Company to be held on September 27, 2013.

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High Ground Enterprise's fixes book closure for dividend & AGM

The Register of Members & Share Transfer Books of High Ground Enterprise will remain closed from September 18, 2013 to September 26, 2013 (both days inclusive) for the purpose of Payment of Dividend & 28th Annual General Meeting (AGM) of the Company to be held on September 27, 2013.

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High Ground Enterprise's fixes book closure for dividend & AGM

The Register of Members & Share Transfer Books of High Ground Enterprise will remain closed from September 18, 2013 to September 26, 2013 (both days inclusive) for the purpose of Payment of Dividend & 28th Annual General Meeting (AGM) of the Company to be held on September 27, 2013.

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High Ground Enterprise Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 18, 2013 to September 26, 2013 (both days inclusive) for the purpose of Payment of Dividend & 28th Annual General Meeting (AGM) of the Company to be held on September 27, 2013.Source : BSE

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Forex - Dollar rises on data, though concerns of Syria attack weigh

Investing.com - The dollar rose against most major currencies on Tuesday after a widely-watched U.S. manufacturing gauge beat expectations though concerns that the U.S. will proceed with plans to launch military strikes against Syria trimmed the greenback's advance.

In U.S. trading on Tuesday, EUR/USD was down 0.15% at 1.3173.

The Institute for Supply Management reported earlier that its August purchasing managers' index rose to 55.7 from 55.4 in July, beating analysts' calls for a 54.0 reading.

The report cemented views held by many that the Federal Reserve could start to unwind its USD85 billion monthly bond-buying program at its upcoming Sept. 17-18 policy meeting.

Monthly asset purchases weaken the dollar to spur recovery as long as they remain in effect, and talk of their dismantling can bolster the greenback.

Investors returned from a long, holiday weekend eager for the release of Friday's U.S. nonfarm payrolls report, which is seen as a tipping point over whether the Fed will begin tapering asset purchases this month.

The euro, meanwhile, continued to come under pressure amid sentiments that monetary policy will remain unchanged and loose for the foreseeable future.

The dollar, however, ran into headwinds after key Republican lawmakers including House Speaker John Boehner said earlier they'd support presidential calls for U.S. military attacks on Syria.

The dollar also suffered after Russia's news agency said a rocket launch was detected in the Mediterranean. Israel later said it carried out a joint missile test with the U.S.

The greenback was down against the pound, with GBP/USD up 0.15% at 1.5567.

U.K. data released earlier revealed that the construction sector expanded at its fastest pace in six years in August.

The Markit/CIPS August U.K. construction PMI rose to 59.1 from 57.0 in July. Economists were expecting a 58.3 reading.

The data fueled expectations that the Bank of England could raise interest rates sooner than it has previously indicated.

The dollar was up against the yen, with USD/JPY up 0.23% at 99.56, and up against the Swiss franc, with USD/CHF trading up 0.21% at 0.9364.

The dollar was mixed against its cousins in Canada, Australia and New Zealand, with USD/CAD down 0.17% at 1.0532, AUD/USD up 0.86% at 0.9055 and NZD/USD trading down 0.17% at 0.7796.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.10% at 82.39.

On Wednesday, the U.S. is to release data on its trade balance.

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Brazilrsquo;s trade balance rise less-than-expected

Investing.com - Brazil's trade balance rose less-than-expected last week, official data showed on Thursday.

In a report, Instituto Brasiliero de Geografia e Estatistica said that Brazilian Trade Balance rose to 1.23B, from -1.90B in the preceding week.

Analysts had expected Brazilian Trade Balance to rise to 1.50B last week.

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Vodafone to return $84 bn to investors after Verizon deal

Vodafone said its shareholders would receive about USD 84 billion in cash and shares after the company completes the sale of its 45 percent stake in Verizon Wireless to Verizon Communications for USD130 billion.

Under the agreement announced on Monday, the third-largest deal in corporate history, Verizon will take full control of the largest mobile operator in the US by paying Vodafone USD 58.9 billion in cash, USD 60.2 billion in Verizon stock and an additional USD 11 billion from smaller transactions.

Also Read: Vodafone investors split on best use of Verizon windfall

All the stock will go to shareholders, plus USD 23.9 billion in cash, after the deal is finalised, likely to be in the first quarter of 2014.

Vodafone also said it would plough 6 billion pounds into improving its mobile and broadband networks across its footprint over the next three financial years. It said the investment programme dubbed Project Spring would help it boost growth to underpin its increasing dividend payments to shareholders.

It will have a US tax liability of around USD 5 billion.

While Vodafone will lose its best asset, it will get a war chest it will use to reward shareholders and bolster its European operations, which are under pressure from recession and tough regulation.

"We are pleased that our long and successful partnership with Verizon will yield a significant return of value to our shareholders, rewarding them for their continuing support of Vodafone's investment strategy," Chief Executive Vittorio Colao said.

"We wish Lowell and the Verizon team continuing success over the years ahead."

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