Chinese Trade Data Better Than Expected
LiteForex Europe | Aug 09, 2013 05:34AM ET
Chinese trading data in July proved better than expected. Both export and import figures improved and gave stock markets, which declined this week, a firmer ceiling. The US market rose in the first part of the session helped by strong results from Microsoft – up 3 % - and Tesla Motors which jumped 14.2 %. The market turned around and went into red territory for the fourth consecutive day on criminal charges against J.P.Morgan related to its mortgage backed securities. The leading US bank declined 0.8 %.
The Dollar demonstrated new weakness and fell to a seven week low. DXY Dollar index, where USD is weighed against a basket of 6 major currencies, fell 0.5 %. EUR/USD showed new strength and rose 0.4 % to 1.3392. USD/JPY continues to weaken, paying 96.25 Yen to a Dollar which is far off the peak on 103 seen only months ago. “Abeism” - after the new Japanese Premier 'Abe' - meant to spur inflation into a Japanese economy stagnating for decades, has lost momentum with steady declines in the Nikkei stock index.
US jobless numbers registering the number of unemployed requesting unemployment benefits, which surprisingly jumped the last week of June , did not prove any substantial progress starting a new month. This did neither help the mood in the stock market nor the strength of the Euro, but raised new question marks in the ongoing guessing game on when the US Federal Reserve (FED) eventually will start tapering its bond buying program of USD 85 billion monthly.
In Russia, two of the leading oil company players, in letters to President Vladimir Putin, mutually accused each other for wrong business decisions. Both the head of the biggest Russian oil company, Rosneft, Igor Sechin, and the head of the monopoly oil pipe company, Transneft, Vladimir Tokarev, who both are former colleagues of Putin in the intelligence services, accuse each other respectively for excessive pipeline prices and ambitious and expensive oil terminal projects in Nahodka in the Russian far East.
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