Economic News August 14, 2012
Unemployment in Estonia decreased to the lowest level since 2008 in the second quarter, data released by Statistics Estonia showed Tuesday. (Aug 14, 2012) Full Article
The Czech economy moved deeper into recession in the second quarter, the preliminary estimate published by the Czech Statistical Office showed Tuesday. (Aug 14, 2012) Full Article
Romania's economy posted modest growth in the second quarter, recovering from contractions recorded in the previous months, preliminary data released by the National Institute of Statistics showed Tuesday. (Aug 14, 2012) Full Article
Unemployment in Portugal increased to a record high in the second quarter, as the labor market has been hit by the deepening economic recession, data released by Statistics Portugal showed Tuesday. (Aug 14, 2012) Full Article
U.S. retail sales posted an unexpectedly strong rebound in July despite a contraction in June that was worse than initially reported, according to figures released Tuesday by the Commerce Department. Overall U.S. retail sales were up 0.8 percent in July to a seasonally adjusted level of $403.9 billion, a notably stronger growth than the 0.3 percent predicted by most economists. However, June retail sales figures which had initially shown a 0.5 percent decline, were revised even further dow (Aug 14, 2012) Full Article
Forex Top Story
Members of the Bank of Japan's monetary policy board feel that Japan's economy will return to a moderate recovery path, the minutes from its July 11-12 meeting revealed on Tuesday. (Aug 14, 2012) Full Article
House prices in the U.K. declined to the lowest in a year in July, while sales plunged to near four-year low, a survey by the Royal Institution of Chartered Surveyors (RICS) revealed Tuesday. (Aug 14, 2012) Full Article
India has little scope for any kind of fiscal or monetary response to counter future economic crises triggered by global factors, Reserve Bank of India Go
Confidence among Australian businesses rebounded in July after deteriorating steadily over the previous two months, a survey by the National Australia Bank (NAB) showed Tuesday. (Aug 14, 2012) Full Article
The German economy grew more than expected in the second quarter, supported by domestic consumption and net exports. Meanwhile, the French economy stalled for a third successive quarter due to weak demand both at home and abroad. (Aug 14, 2012) Full Article
India's wholesale price inflation slowed more than expected in July as inflationary pressures subsided with weak economic activity. (Aug 14, 2012) Full Article
British inflation bounced back unexpectedly in July as the impact of heavy summer discounting earlier than usual this year started to fade. (Aug 14, 2012) Full Article
German investor confidence unexpectedly declined for the fourth straight month in August to its lowest level so far this year on increasing concerns over economic slowdown and the consequent weakness in exports. (Aug 14, 2012) Full Article
The Eurozone economy contracted for the second time in three quarters as expected, despite the two biggest economies of the region showing some resilience, lifting possibilities of a recession going forward, official data showed Tuesday. (Aug 14, 2012) Full Article
Commodities
The price of gold was steady Tuesday morning as the euro continued to strengthen after economic growth data out of Europe. (Aug 14, 2012) Full Article
The price of crude oil was ticking higher Tuesday morning amid a generally weak U.S. dollar and on hopes for further stimulus measures from the ECB. (Aug 14, 2012) Full Article
Political News
Foreign Ministers of the Organization of Islamic Cooperation (OIC) who met in the Saudi port city of Jeddah on Monday ahead of the Mecca Islamic solidarity summit agreed to expel Syria from the 57-member pan-Islamic body in protest against the Assad regime's "unrelenting bloodbath" against its own people. (Aug 14, 2012) Full Article
U.S. Special Envoy to the Organization of Islamic Conference (OIC) Rashad Hussain will attend the Fourth Extraordinary Session of the Islamic Summit Conference as an observer. (Aug 14, 2012) Full Article
A senior aide to Syrian President Bashar al-Assad has flown to China to hold talks with the Communist nation's Foreign Minister on the current crisis in that Middle East Country, media reports citing officials said on Tuesday. (Aug 14, 2012) Full Article
Japan and North Korea have agreed to hold talks later this month over the repatriation of the remains of Japanese who died on the Korean peninsula around the end of World War II. (Aug 14, 2012) Full Article
South Korean President Lee Myung-bak said on Tuesday that Japan's emperor should sincerely apologize for his country's colonial rule of the Korean peninsula if he wanted to visit South Korea. (Aug 14, 2012) Full Article
Analyst Currency Comments
Westpac analysts noted that trading in the Asian forex market remained quiet on Tuesday as the market awaits key data from Europe and U.S. later in the day. (Aug 14, 2012) Full Article
Currency Alerts
The yen slipped against other major currencies in the early Asian session on Tuesday after the release of Bank of Japan's July meeting minutes. (Aug 14, 2012) Full Article
The euro has extended its Asian session gains against most major currencies on Tuesday after the releases of the preliminary second quarter GDP reports from France and Germany. (Aug 14, 2012) Full Article
The euro paused its Asian session rally on Tuesday in early deals after a report showed that eurozone's economy contracted in the second quarter. (Aug 14, 2012) Full Article
The Japanese yen fell across the board in early New York deals Tuesday as an unexpected rebound of U.S. retail sales increased investors appetite for risk. (Aug 14, 2012) Full Article
General News
U.N. Secretary-General Ban Ki-moon has expressed concerns over the delay in the selection of a new Somali Parliament, and urged the council of elders entrusted with the responsibility to resolve their differences on the issue before a deadline set for the country's transition process ends later this month. (Aug 14, 2012) Full Article
Turkey has collected TL 5.325 million ($2.962 million) in aid for the persecuted Rohingya Muslims in Myanmar. (Aug 14, 2012) Full Article
The Swedish government has warned its citizens in Belarus "to be particularly careful and cautious when traveling and staying in the country." (Aug 14, 2012) Full Article
Kenyan authorities have found the wreckage of two Ugandan military helicopters which went missing two days ago in a remote mountainous region in Kenya, media reports citing unnamed officials said Tuesday. (Aug 14, 2012) Full Article
Three militants engaged in arms delivery were arrested in separate operations carried out by Afghan-NATO security forces in various parts of Afghanistan since Monday. (Aug 14, 2012) Full Article
French payroll employment declined in the second quarter, flash esti
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