Saxo Bank (Saxo Bank)
Finance  |  September 09, 2010 10:13:03

The Australian economy is apparently still going at full throttle


Overnight U.S. was published only a single figure - and the Fed's Beige Book, which according to the U.S. economy probably continued to grow, albeit at a slower pace. But compared to July economic activity slows down and a slight pressure on prices is reflected in several U.S. regions. It seems that the markets reacted to news of the Beige Book relatively insignificant changes positively, as Wall Street boomed, which partly contributed to the latest plans for the new Obama stimulus package.

For other currencies, JPY also earned its share of attention in connection with the rumors that I might be going in the near future monetary interventions, the BoJ revises interest rates yesterday, and that Japanese banks were the planned intervention prior notice. These rumors are finally confirmed in practice, but it still forced the USDJPY above, because the yields on U.S. bonds rose. EURSEK is failed on their two-year low, which is a reaction to significant revision of the Swedish GDP per second quarter upwards.

During the Asian trading, the main focus was on the Australian report on unemployment - and not without reason. The Australian economy created in August a further 30 500 jobs, which significantly exceeds market expectations, and the total duration of the growing number of jobs, has now lasted for six months.Perhaps even better news is that it was created 53 100 jobs full time jobs and part-time work decreased by 22 100th This result led to a decline in the unemployment rate from 5.3% to 5.1% (versus an expected 5.2%) and AUD quickly climbed 40 points, with this breakthrough came through on his four-month maximum. RBA board member Guy Debelle said in his commentary that the conditions in global financial markets remain fragile, however, more risk appetite recovery entails carry trade transactions, and thus the demand for the AUD. Given today's data, combined with strong GDP results for the 2nd quarter published last week begin with a short-income markets products look for other potential rate increase, which could occur at the October meeting RBA, the probability of increase is now 25% instead of 9% probabilityplaced before the publication of today's data.

Recent developments show that the euro has left its daily highs in response to an article in the German edition, FT, in which the ECB's chief economist Juergen Stark said that German banks need more capital. Like in response to the WSJ report on stress tests of banks at the end of the Asian session somewhat cooled risk appetite.

Looking to Europe, bringing the consumer price index in Germany and Sweden, the trade balance VB and decisions on interest rates, BoE (not expected to change rates or attitudes toward quantitative easing). North American session will follow the construction started and the balance of trade in Canada and the U.S. trade balance and the number of weekly applications for unemployment benefits.

Andrew Robinson, Saxo Bank

 Globální online investiční banka

Saxo Bank je globální investiční banka specializující se na online obchodování a investice na mezinárodních finančních trzích. Saxo Bank umožňuje soukromým investorům a institucionálním klientům obchodovat s FX, CFD, cennými papíry, futures, opcemi a dalšími deriváty a poskytuje i profesionální správu portfolia a fondů díky svým online obchodním platformám oceněným řadou různých ocenění.

Více informací na: www.saxobank.cz

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