Daily Highlights: 6.3.09

Apologies for the delay Pending US Home Resales rises 6.7% in April – the most since 2001 as lower prices lure buyers. New netbook from Acer will use Google Inc.’s Android OS. AIG to sell consumer finance ops in Argentina; terms undisclosed. Altera backs Q2 rev seq growth of 2-7% as Asia demand stays strong. [...]

Rand Falls Against Dollar on Bets Rate Cuts Won’t Stop Slowdown (Bloomberg)

Feb. 4 (Bloomberg) — South Africa’s rand weakened against the dollar on concern slowing economic growth will make it difficult for the nation to finance its current-account deficit even as policy makers cut interest rates to boost the economy. Read more….

UK Services Bounces Offers Glimmer of Hope

In what may be a small glimmer of hope, UK PMI Services printed better than forecast at 42.5 against 40.3 suggesting that UK economy may be finally showing some signs of stabilization. This was the third consecutive PMI reading this week that surprised to the upside lending more credence to the sterling bullish view that [...]

Mexican Peso Trades Near Record Low on Economic Growth Concerns (Bloomberg)

Feb. 3 (Bloomberg) — Mexico’s peso fell to near a record low on mounting concern the slumping U.S. economy will further curb export demand and trim investment flows to Latin America’s second-biggest economy. Read more….

Australian Dollar Extends Gain as Rates Cut to Lowest Since 1964 (Bloomberg)

Feb. 3 (Bloomberg) — The Australian dollar strengthened after the central bank cut rates to the lowest since 1964 to help the economy avoid recession. The 1 percentage point reduction to 3.25 percent matched the median forecast from 20 economists surveyed by Bloomberg News. Read more….

Dollar, Yen Rise as Economy Stokes Haven Demand; Pound Tumbles (Bloomberg)

Feb. 2 (Bloomberg) — The dollar rose to an eight-week high against the euro and the yen advanced as the deepening economic slowdown stoked haven demand for the currencies. Read more….

Rand Trades Near One-Week Low Against Dollar on Growth Concern (Bloomberg)

Feb. 2 (Bloomberg) — South Africa’s rand traded near its weakest level in a week against the dollar on bets the biggest interest-rate cut in more than five years this week won’t help prevent Africa’s largest economy from sinking into a recession. Read more….

Rand Trades Near One-Week Low Against Dollar on Growth Concern (Bloomberg)

Feb. 2 (Bloomberg) — South Africa’s rand traded near its lowest level in more than a week against the dollar on speculation the biggest interest-rate cut in more than five years on Feb. 5 won’t revive Africa’s largest economy. Read more….

GBPJPY analysis – British Pound Dominates Against the Majors on Massive Retracement – Can This Continue?

The British pound was the strongest of all the majors not only on Friday, but during the entire week, as the currency trades in a highly speculative manner. Indeed, over the past 5 days, the British pound has rallied 8.6 percent against the New Zealand dollar and roughly 6.3 percent against the euro and Japanese [...]

Rand Set for Biggest Monthly Drop Since October as Growth Slows (Bloomberg)

Jan. 30 (Bloomberg) — South Africa’s rand weakened against the dollar, extending its biggest monthly decline since October, as signs the continent’s largest economy is slowing crimped demand for the nation’s assets. Read more….

Euro zone inflation drops to 1.1 percent in Jan. (AP via Yahoo! News)

The European Union says inflation in the countries that use the euro currency dropped to 1.1 percent in January, according to preliminary estimates. Read more….

Greenspan: This Is The Worst Economy I’ve Ever Seen

Former Federal Reserve Chairman Alan Greenspan offered a woeful outlook of America’s economic situation on Sunday, saying the crisis with the country’s financial institutions was as dire as he had ever seen in his long career, and predicting that one or more of those institutions would likely collapse in the near future. “Oh, by far,” [...]

Rand Posts Third Weekly Decline Against Dollar as Economy Slows (Bloomberg)

Jan. 23 (Bloomberg) — South Africa’s rand posted a third week of declines against the dollar, on more evidence the continent’s biggest economy is slowing while a deepening global recession makes investors wary of riskier assets. Read more….

Pound Hits New Lows as UK Officially Enters Recession

UK GDP data printed much worse than expected sending pound to fresh multi year lows as the report confirmed that the country has officially entered into its first recession since 1991. The UK GDP showed a contraction of -1.5% versus -1.2% expected as the full impact of the collapse of global capital markets has finally [...]

Pound Falls to Record Low Versus Yen on U.K. Economic Concern (Bloomberg)

Jan. 21 (Bloomberg) — The pound fell to a record low against the yen for a second day and the weakest since 2001 versus the dollar after the Bank of England said it may start buying assets to revive the economy. Read more….

Rand Pares Gain Versus Dollar After Retail Sales Decline (Bloomberg)

Jan. 21 (Bloomberg) — South Africa’s rand pared a 1.6 percent appreciation against the dollar after reports showed retail sales in the continent’s biggest economy fell for a seventh month, pointing to slower economic growth. Read more….

Rand Posts Third Weekly Decline Against Dollar as Economy Slows (Bloomberg)

Jan. 23 (Bloomberg) — South Africa’s rand posted a third week of declines against the dollar, on more evidence the continent’s biggest economy is slowing while a deepening global recession makes investors wary of riskier assets. Read more….

Currencies: British pound plummets as data show deeper U.K. recession (Market Watch)

The pound plunges to a 23-year low against the dollar, undermined as government data confirmed the U.K. economy fell into a deep and potentially long-lasting recession in the final three months of 2008. Read more….

British pound slumps to new multi-year low against US dollar (Nasdaq)

(RTTNews) – Friday, the British pound plunged to a new multi-year low against the US dollar after a report by the Office for National Statistics showed that the UK economy entered the first recession since 1991. The pound also declined to a 2-day low against the Swiss franc and the Japanese yen. Read more….

Obama’s New Strategy on China is USD Negative

The US dollar and the Japanese Yen, the two lowest yielding G10 currencies continue to be the two best performing. It is important to remember that the dollar and the Yen are not rallying because investors have grown more optimistic about those currencies but because they are more pessimistic about the outlook for the US [...]

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