• US nonfarm payrolls fell 54,000 in August and the unemployment rate was 9.6% (BLS)
• US Private-sector payroll employment continued to trend up modestly 67,000 (BLS)
• US home prices in June were 3.6% above their year-earlier levels (S&P)
• Euro area and EU27 GDP grew by 1.9% compared with Q2 of 2009 (Eurostat)
• Canada’s economy grew by 2% in the second quarter of 2010, compared with a 5.8% growth in Q1 (Economist)
• Australia's economy grew by 1.2% in the second quarter and by 3.3% on the previous year (Economist)
• China's purchasing managers index rose by a surprisingly robust 0.5 points to 51.7 (Eurointelligence)
• India's economy grows most since 2007, GDP rose 8.% in Q2 from a year earlier (Bloomberg)
• Global foreign exchange reaches an average daily turnover of $4 trillion compared to $3.3 trillion in 2007 (BIS)
• Germany's unemployment rate fell to 6.9% from 7.6% a year earlier (Economist)
• US consumer confidence improved to 53.5 (1985=100), up from 51.0 in July (Conference Board)
• Japan announced a $130 bn stimulus package including low interest loans for financial institutions (Economist)
• US Dollar fell to new 15 year low against the Japanese Yen at 83.58 (Reuters)
• Euro area unemployment rate stable at 10.0%, EU27 stable at 9.6% (Eurostat)
• SEC declined to charge Moody’s for violating securities laws rating derivatives (NY Times)
|Weekly Market Barometers|
Chart Of The Week
Having just travelled a fair amount in the past two weeks, I had the impression that there are some positive signs in the real economy. The hotels I stayed at were not fully booked, but it was more difficult to find rooms than during the last two years. Courtesy of www.calculatedriskblog.com comes a nice chart reflecting that experience as well. US consumers are certainly not back to their pre-crisis spending sprees but there are some positive signs on the horizon.
While banks and institutions are busy studying the new financial overhaul bill, some of the institutions who had been contributing players in creating the bubble leading to the credit crisis have gotten away with a slap on the wrist; others simply got away on technicalities. Please consider: No Charges for Moody’s in Ratings Violation.
“Because of uncertainty regarding a jurisdictional nexus to the United States in this matter, the commission declined to pursue a fraud enforcement investigation,” the S.E.C. said in its report.
Wonderfully crafted words such as the “uncertainty regarding a jurisdictional nexus” is what does it for me; the inquiring mind has to wonder how “jurisdictional nexi” are going to be handled in the new financial overhaul bill...
Good luck and good investing!
Neither the information nor any opinion contained in this communication constitutes a solicitation or offer by us to buy or to sell any securities, futures, options or other financial instruments or to provide any investment advice or service. Each decision by you to do any investment transactions and each decision whether a particular investment is appropriate or proper for you is an independent decision to be taken by you. In no event should the content of this communication be construed as an express or an implied promise, guarantee or implication by or from us that you will profit or that losses can or will be limited in any manner whatsoever. Past results are no indication of future performance. Please note that there is no requirement and no commitment to make any payments to FX Investment Strategies LLC in order to access our published information be it via email or via website publication. All information is publicly available without any required monetary consideration. Any payments or donations made by you are deemed to be voluntary and cannot be considered as payments for investment advice given to you.