Aug 08


  • BY: Nati
  • August, 08th, 2013 7:42 +00:00

Chinese exports came in stronger than expected, and on the news shares in Asia, excluding Japan, gained. Data showed a 5.1% advance, above the 3% that had been expected. The Yen strengthened further and the USD/JPY is trading at 96.19 with a high of 96.93 and a low of 96.09 so far. Japanese Finance Minister, Amari, said that an increase in sales tax may not be the best option if the economy loses momentum and that there is a report to be given to government on the proposed increase in September. The AUD gained ground against the USD, the pair trading at 0.9083 with a high of 0.9088 and a low of 0.8971.

The NIKKEI closed at 13605.60 down 219.38 points or minus 1.59%

The Bank of England yesterday set a 7% unemployment target before the 0.5% rate would be changed, saying it may take as long as three years to get there. The proviso however had some conditions attached including further asset purchased as the need arose, and also that the inflation rate could be a factor in any future decisions made. The Portuguese unemployment rate fell for the first time in two years and it is now at 16.4%. The drop may be attributed to seasonal factors, as Portugal is a popular European summer vacation destination. Real improvement will be felt if the rate continues lower for the winter months. CABLE was trading at 1.5506 with a high 1.5518 with a low of 1.5484 so far.

The FTSE100 closed at 6511.21 down 93.00 points or minus 1.41% while the DAX fell 8260.48 down 39.25 or minus 0.47%

American President Barack Obama has yesterday pulled out of a proposed meeting with Russian President Vladimir Putin, straining the relationship between the two nations further. The countries are at opposing sides over Syria, and also in the support for Iran in the Middle East region. US Jobless Claims figures are out today; the expectation’s that it will decrease from last month’s 341,250. EUR/USD was trading at 1.3355 with a high of 1.3368 and a low of 1.3327 so far.

The DOW closed at 15470.70 down 48.07 points or minus 0.31%

Have a nice day.