*Riksbank Dy. Governor Floden Infected With COVID19 After Italy Visit: Reports

Trading 09 mar 2020 Commentaire »

Riksbank Dy. Governor Floden Infected With COVID19 After Italy Visit: Reports


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*NZ Dollar Rises To 0.6368 Against U.S. Dollar

Trading 09 mar 2020 Commentaire »

NZ Dollar Rises To 0.6368 Against U.S. Dollar


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Loonie Little Changed After Canada Building Permits

Trading 09 mar 2020 Commentaire »

After the release of Canada building permits for January at 8:30 am ET Monday, the loonie changed little against its major rivals.

The loonie was trading at 1.3648 against the greenback, 74.99 against the yen, 1.5569 against the euro and 0.9013 against the aussie around 8:35 am ET.


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German Industrial Output Rebounds; Exports Remain Flat

Trading 09 mar 2020 Commentaire »

Germany's industrial production rebounded at the fastest pace in more than two years, while overall exports remained unchanged in January as shipments to China went down, data from Destatis revealed on Monday.

However, the outlook remains bleak as the coronavirus, or COVID19, has hurt economic activity in a big way and caused supply chain disruptions across the world. At the start of the week, the government announced support measures for companies and workers.

Industrial production grew 3 percent on a monthly basis, reversing a revised 2.2 percent drop in December. Production was forecast to grow moderately by 1.7 percent. This was the biggest growth since November 2017.

At the same time, industrial output fell 1.3 percent from last year, but slower than the 5.3 percent decrease logged in December, and the expected annual fall of 3.8 percent.

Excluding energy and construction, industrial production was up 2.9 percent. Energy production slid 0.2 percent, while construction output increased 4.7 percent due to mild weather.

In spite of the recently more favorable development of incoming orders and the business climate, the outlook for the manufacturing industry remains uncertain due to the new risks from the spread of the Corona virus, the economy ministry said.

Ralph Solveen, a Commerzbank economist said, despite the good start, GDP is likely to decline in the first quarter, in particular as parts of the previously very stable service sector are currently suffering massively from the spread of the coronavirus.

The grand coalition of Chancellor Angela Merkel decided to increase investments by EUR 3.1 billion in each of the years from 2021 to 2024.

"As a result of the coronavirus, no company in Germany should go bankrupt, nor should any job be lost as much as possible," the coalition said in a statement on Monday. The measures were decided after talks late Sunday.

The coalition also lowered the threshold for companies to claim short-term work benefits.

Separate data from Destatis revealed that exports remained unchanged in January, while imports recovered after falling for two straight months.

Exports remained flat in January from December, when shipments were up 0.2 percent. Economists had forecast exports to grow 0.8 percent.

Meanwhile, imports advanced 0.5 percent, following a 0.3 percent drop in December. Imports were forecast to gain 0.6 percent.

Consequently, the trade surplus declined to a seasonally adjusted EUR 18.5 billion from EUR 19 billion a month ago.

Exports to China decreased 6.5 percent and imports from China fell only 0.5 percent. However, the results available so far do not clearly show any coronavirus effect, Destatis said.

On a yearly basis, exports and imports fell 2.1 percent and 1.8 percent, respectively. As a result, the trade surplus decreased to an unadjusted EUR 13.9 billion from EUR 14.5 billion in the previous year.

Further, data showed that the current account surplus dropped to EUR 16.6 billion from EUR 17.6 billion in the same period last year.


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Loonie Little Changed After Canada Housing Starts

Trading 09 mar 2020 Commentaire »

Following the release of Canada housing starts for February at 8:15 am ET Monday, the loonie changed little against its major rivals.

The loonie was trading at 1.3641 against the greenback, 74.98 against the yen, 1.5575 against the euro and 0.9009 against the aussie around 8:20 am ET.

Canada building permits for January will be released at 8:30 am ET.


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Loonie Mixed Ahead Of Canada Housing Starts

Trading 09 mar 2020 Commentaire »

At 8:15 am ET Monday, Canada housing starts for February are set for release. Ahead of the data, the loonie traded mixed against its major rivals. While the loonie fell against the aussie, it held steady against the rest of major rivals.

The loonie was worth 1.3658 against the greenback, 74.88 against the yen, 1.5614 against the euro and 0.9019 against the aussie at 8:10 am ET.


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Mexican Peso Slides To All-time Low Against U.S. Dollar

Trading 09 mar 2020 Commentaire »

The Mexican Peso fell sharply against the U.S. dollar in the European session on Monday, as the sell-off in crude oil rattled stock markets and added to fears over the spread of the coronavirus.

Oil prices fell after the OPEC meeting last week failed to reach a deal on output cuts.

Saudi launched an all-out oil price war by cutting its official oil prices and pledging to ramp up production following the breakdown in talks between OPEC and Russia.

The spread of virus sparked fears over a worldwide recession.

The Mexican Peso fell to a record low of 22.06 against the greenback, compared to Friday's closing value of 20.11.


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Russian Ruble Weakens To 4-year Low Against U.S. Dollar

Trading 09 mar 2020 Commentaire »

The Russian Ruble depreciated against the U.S. dollar in the European session on Monday, as oil prices collapsed after Russia rejected deeper oil production cuts proposed by Saudi Arabia at the talks in Vienna.

Saudi launched an all-out oil price war by cutting its official oil prices and pledging to ramp up production following the breakdown in talks between OPEC and Russia.

The spread of virus sparked fears over a worldwide recession.

The Russian Ruble fell to a 4-year low of 75.47 versus the greenback, compared to Friday's closing value of 68.55. Next key support for the Russian currency is seen around the 80.00 level.


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Gold Edges Up Amid Equity Selloff

Trading 09 mar 2020 Commentaire »

Gold prices edged higher on Monday amid safe-haven demand as equity markets across the world plunged deep into bear market amid concerns surrounding the rapidly spreading coronavirus and a free fall in oil prices sparked by top exporter Saudi Arabia slashing price.

Spot gold edged up 0.2 percent to $1,678.35, after having hit its highest since December 2012 at $1,702.56. U.S. gold futures were up 0.4 percent at $1,679.75.

Gold prices hovered nearly a seven-year high as concerns about the widening coronavirus outbreak and its economic impact drove investors to safe-haven assets.

Roughly 11,000 people have been infected worldwide and more than 3,800 have died from the virus.

The Italian government extended a coronavirus quarantine to cover a quarter of its population, raising fears the lockdown could push the country into recession.

Germany's government announced measures including additional investment over next four years to boost the economy as the coronavirus, or COVID19, outbreak hurt activity.

"As a result of the coronavirus, no company in Germany should go bankrupt, nor should any job be lost as much as possible," the coalition said in a statement today. The measures were decided after talks late Sunday.

The European Union (EU) needs a "massive" economic stimulus package to fight with the negative impact of the coronavirus outbreak, French Finance Minister Bruno Le Maire said today.

China's exports contracted sharply in first two months of 2020 and a measure of investor morale in the euro zone plummeted in March to its lowest level since April 2013, further denting risk sentiment.

Elsewhere, Japan's gross domestic product saw a downward revision to -7.1 percent year on year in the fourth quarter of 2019 - worse than expectations for -6.6 percent after last month's preliminary reading suggested a decline of 6.3 percent.


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Sweden Current Account Surplus Increases In Q4

Trading 09 mar 2020 Commentaire »

Sweden's current account surplus increased in the fourth quarter from the last year, data from Statistics Sweden reported Monday.

The current account surplus rose to SEK 38.8 billion in the fourth quarter from SEK 26.2 billion in last year. In the third quarter, the current account surplus was SEK 65.0 billion.

The current account surplus was equivalent to 3.9 percent of GDP in the fourth quarter. The current account as a share of the GDP last reached this level in the first quarter of 2016.

The goods trade surplus was SEK 30.2 billion and the surplus on trade in services was SEK 7.7 billion. Primary income showed a surplus of SEK 33.4 billion and secondary income resulted in a deficit of SEK 32.4 billion.

The financial account showed that net lending with the rest of the world totaled SEK 108.9 billion versus SEK 149.3 billion last year.


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