German business confidence improved more than predicted in February on EU leader progress in tackling debt turmoil. According to Ifo institute the business climate index rose from 108.3 last month to 109.6 in February. Economists questioned by Bloomberg earlier predicted an improvement to 108.8. The approval of Greece’s rescue package and falling borrowing costs in Italy and Spain fuelled investor confidence, suggest analysts.
The number of Americans filing first-time claims for unemployment insurance payments last week held at a four-year low, more evidence the labor market is improving. Applications for jobless benefits were unchanged in the week ended Feb. 18 at 351,000, the fewest since March 2008, Labor Department figures showed today.
BBA Mortgage Approval released on Thursday rose more than expected (38.1K act./37.3K est.) and CBI Industrial order expectations recovered today more than analysts forecast (-3 act./-14 est.)
The strong Swiss franc and a stagnating euro zone will prevent growth this year for Swiss firms in the mechanical, electrical and engineering sector, industry lobby group Swissmem said on Thursday.
Japanese stocks rose for a second day on Thursday, with the Nikkei 225 (NKY) Stock Average extending a six-month high, as the yen’s drop to its lowest against the dollar since July boosted the earnings outlook for exporters.
Daily maximum: 1.3341
Daily minimum: 1.3232
The pair broke through the 1.33 level today as the German Ifo Business Climate index rose to the seven month high – 109.6 versus analysts estimate at 108.7. Daily Resistance: 1.3274; 1.3443; 1.3590. Daily Support: 1.3219; 1.2981; 1.2725. Daily Bias: Bullish.
Daily maximum: 106.86
Daily minimum: 106.16
Right after EUR/JPY touched the daily forecast mean at 106.02, the pair rebounded, continuing weekly rally as the German business sentiment improved. Daily Resistance: 106.12; 107.46; 108.34. Daily Support: 105.69; 102.64; 97.12. Daily Bias: Bullish.
Daily maximum: 1.5731
Daily minimum: 1.5651
The British pound attempted to rebound today as the BBA mortgage approvals (38.1K act./37.3K est.) and CBI industrial order expectations (-3K act./-14 est.) rose today. Daily Resistance: 1.5771; 1.5906; 1.6159. Daily Support: 1.5689; 1.5558; 1.5397. Daily Bias: Bearish.
Daily maximum: 80.34
Daily minimum: 80.04
USD/JPY continued trading above the 80 mark today as the US unemployment claims remained at the 4-year low (352K act./351K est.). Daily Resistance: 79.77; 80.56; 81.08. Daily Support: 79.39; 78.04; 75.51. Daily Bias: Bullish.
Daily maximum: 0.9113
Daily minimum: 0.9036
The American dollar weakened today against the Swiss Franc today as the business climate in Germany improved. Daily Resistance: 0.9126; 0.9295; 0.9493. Daily Support: 0.9085; 0.9001; 0.8823. Daily Bias: Bearish.
Euro zone economy to shrink in 2012
The euro zone’s economy is heading into its second recession in just three years, while the wider European Union will stagnate, the EU’s executive said on Thursday, warning that the currency area has yet to break its vicious cycle of debt.
Initial Jobless Claims in U.S. Held Last Week at Four-Year Low of 351,000
The number of Americans filing first-time claims for unemployment insurance payments last week held at a four-year low, more evidence the labor market is improving.
Japan Manufacturing Mood Dips to Levels After Quake
Japanese manufacturing sentiment this month slid to its lowest since the aftermath of the earthquake last March, a Reuters poll showed, indicating the world’s No.3 economy may struggle to recover quickly from a slump on weak global demand and a strong yen.