Economic News July 17, 2012
Japan's Finance Minister Jun Azumi said Tuesday that speculative moves are pushing up yen and the currency gains do not reflect the country's economic fundamentals. (Jul 17, 2012) Full Article
The Chinese economy is likely to achieve a "soft landing" despite a considerable slowdown in economic growth, Fitch Ratings said in a report late Monday. (Jul 17, 2012) Full Article
The downtrend in European new car registrations continued in June, the European Automobile Manufacturers' Association reported Tuesday. (Jul 17, 2012) Full Article
Policymakers at the Swedish central bank has noted that the unease in Europe is casting a shadow over the Swedish economy, the minutes from Riksbank's July meeting showed Tuesday. (Jul 17, 2012) Full Article
With a steep drop in energy prices offset by higher prices for food, medical care, and apparel, the Labor Department released a report on Tuesday showing that overall U.S. consumer prices were unchanged in the month of June. (Jul 17, 2012) Full Article
Forex Top Story
Consumer prices in New Zealand rose 0.3 percent in the second quarter of 2012 compared to the previous three months, Statistics New Zealand said on Tuesday. (Jul 17, 2012) Full Article
The members of the Reserve Bank of Australia's monetary policy board felt that there was no need to change its key interest rate, minutes from the bank's July 3 meeting revealed on Tuesday. (Jul 17, 2012) Full Article
Singapore's export growth accelerated more than expected in June, driven by higher global demand for its non-electronic products, particularly pharmaceuticals. (Jul 17, 2012) Full Article
Reserve Bank of India Governor Duvvuri Subbarao said Tuesday that the core inflation, that excludes prices of food and energy, gives a better sense of the future price trends as it is less volatile. (Jul 17, 2012) Full Article
U.K.'s annual consumer price inflation eased for a third straight month in June to the lowest level since November 2009, helped by falling fuel prices and heavy discounting to boost sales, the latest figures from the Office for National Statistics showed Tuesday. (Jul 17, 2012) Full Article
Spanish borrowing costs declined on Tuesday in its first debt auction since the government announced the latest round of austerity measures last week in a bid to attain deficit targets amid a severe recession. The Spanish Treasury sold a total EUR 3.56 billion of 12- and 18-month bills, slightly exceeding the target of EUR 2.5 billion - EUR 3.5 billion set for the sale. (Jul 17, 2012) Full Article
German investor sentiment declined for the third month in a row to its lowest level in six months, adding to signs that the euro area debt crisis is hurting the outlook for the region's biggest economy. (Jul 17, 2012) Full Article
Commodities
The price of gold was little changed Tuesday morning as the U.S. dollar was mixed ahead of inflation report, due out later today. (Jul 17, 2012) Full Article
The price of crude oil was ticking higher Tuesday morning amid speculation that the Federal Reserve would hint on some monetary easing measures. (Jul 17, 2012) Full Article
Political News
U.S. Deputy Defense Secretary Ashton Carter will visit Japan this week amid widespread protest over Pentagon's plan to deploy the controversial Osprey military aircraft in the U.S. Marine Futenma Air Station in Japan's Okinawa island. (Jul 17, 2012) Full Article
North Korea on Tuesday announced promotion of Army General Hyon Yong-chol to the post of Vice Marshal, a day after the unexpected sacking of incumbent Ri Yong-ho, a well-known confidant of the Communist nation's young leader Kim Jong-un. (Jul 17, 2012) Full Article
China has supported move for the extension of the U.N. Supervision Mission in Syria (UNSMIS) in order to coordinate mediation efforts by U.N.-Arab League envoy Kofi Annan and safeguard the direction of political solution to the Syria crisis, its permanent representative to the world body Li Baodong said on Monday. (Jul 17, 2012) Full Article
Analyst Currency Comments
Analysts at Westpac noted on Tuesday that the forex market continued to hold firm to its overnight risk appetite even after the U.S. retail sales disappointed. At this juncture, Bernanke's upcoming testimony is clearly the key focus, although the firm does not expect the Fed Chairman to unveil a policy shift so soon after delivering an extension of Operation Twist. (Jul 17, 2012) Full Article
Currency Alerts
The Australian and New Zealand dollars climbed against their major counterparts in early Asian trading on Tuesday as investors are focusing on U.S. Federal Reserve Chairman Ben Bernanke's semi-annual testimony for any hints of new stimulus to help the economy. (Jul 17, 2012) Full Article
The U.S. dollar and the Japanese yen declined against their major counterparts in the early Asian session on Tuesday as investors await Federal Reserve Chairman Ben Bernanke's testimony before Congress later in the day. (Jul 17, 2012) Full Article
In early European deals on Tuesday, the pound fell to new multi-day lows against the franc and the euro after a report showed that the U.K. inflation annual inflation unexpectedly eased in June to reach the lowest level since November 2009. (Jul 17, 2012) Full Article
The euro took the upper hand against most major currencies on Tuesday morning in Europe but caution ahead of Federal Reserve Chairman Ben Bernanke's testimony capped its gains to some extent. (Jul 17, 2012) Full Article
General News
An Indian fisherman was killed and three others were injured when a U.S. Navy ship fired at their boat off Dubai in the United Arab Emirates (UAE), reports quoting UAE officials said on Monday. (Jul 17, 2012) Full Article
Russian Coast Guards in the country's Far East opened fire on a suspected Chinese fishing vessel to stop it from poaching in the Sea of Japan, a spokesman for the Border Guards Service said on Tuesday. (Jul 17, 2012) Full Article
Russia's Soyuz spacecraft docked with the International Space Station (ISS) on Tuesday, the Mission Control said. (Jul 17, 2012) Full Article
A village in Japan's Fukushima prefecture was divided into three zones on Tuesday and one was fenced off because of high level of radioactive contamination. (Jul 17, 2012) Full Article
A foreign doctor working on a U.N. polio immunization campaign was injured when unidentified gunmen opened fire on his vehicle in the southern Pakistani city of Karachi on Tuesday, Pak media reported quoting officials. (Jul 17, 2012) Full Article
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