Aug 30


  • BY: Nati
  • August, 30th, 2013 8:01 +00:00

Last night’s Japanese data release shows that unemployment is at the lowest rate since 2008 at 3.8%, household spending is up and industrial production is up. Abenomics has been aiming towards an inflation target of 2% and a proposed hike in sales tax will take effect early next year. The Dank of Japan Tankan survey will be released over the weekend, and will give further indication as to how the economy is doing. The Fukushima disaster effects have yet to be dealt with, and the likelihood of there being some follow on consequences is quite high. USD/JPY was trading at 97.96 with a high of 98.47 and a low of 97.89 so far.

The NIKKEI closed at 13388.90 down 70.85 or minus 0.53%

The UK House of Commons voted by 285 votes to 272, not to authorize military action in Syria. The Minister of Defence, Philip Hammond, said he did not expect lack of British participation would stop any action by other nations. The Euro Zone unemployment figures are out today, and give some indication as to the overall health of the economy in the area. Italian Consumer Price Index figures will also be released. CABLE was trading at 1.5516 with a high of 1.5527 and a low of 1.5497 so far.

The FTSE100 closed at 6479.96 down just 3.09 or minus 0.05%while the DAX closed at 8178.08 down 16.47 or minus 0.20%

The US releases personal income and outlay figures this afternoon at the same time the Canadian GDP figures will be released. Canadian figures are expected to decline month on month from 0.2% to -0.5%. This follows better than expected GDP performance from the US with 2.5% growth. The markets wait to see how the Middle East developments involving Syria pan out. The US military is on standby it seems, as a buildup of the Navy fleet is seen in the region. Expect Oil prices to be most volatile should missiles be fired. EUR/USD was trading at 1.3236 with a high of 1.3254 and a low of 1.3221 so far.

The DOW closed at 14841.00 up 16.44 or 0.11%

Hope you all have a nice weekend.