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January 30, 2014

Global News January 30, 2014

Posted by: ffs @ 15:46 GMT Category: Daily Forex,Forex Market News

⇒ U.S. stocks rebounded, trimming the worst January loss in four years, as earnings beat estimates at companies from Facebook Inc. to PulteGroup Inc. and consumer spending picked up. The Standard and Poor’s 500 Index gained 0.4 percent to 1,781.3 at 9:30 a.m. in New York, rising from a two-month low. The equity benchmark lost 1 percent yesterday as the Federal Reserve decided to reduce its monthly bond purchases by $10 billion. The SandP 500 was down 4 percent for the month at todays open. The Dow Jones Industrial Average added 68.72 points, or 0.4 percent, to 15,807.51 today – Source: Bloomberg

⇒ Investors are pulling money from exchange-traded funds that track emerging markets at the fastest rate on record, as China’s slowing growth and cuts to central-bank stimulus sink currencies from Turkey to Brazil. More than $7 billion flowed from ETFs investing in developing-nation assets in January, the most since the securities were created, data compiled by Bloomberg show. The iShares MSCI Emerging Markets ETF (EEM) has seen its assets shrink by 11 percent, while the Vanguard FTSE Emerging Markets ETF is poised for the biggest monthly redemption since the fund was started in 2005. The WisdomTree Emerging Markets Local Debt Fund (ELD) is on track for an eighth straight month of withdrawals – Source: Bloomberg

⇒ The pound fell for a third day versus the dollar as Federal Reserve policy makers yesterday trimmed stimulus after Bank of England Governor Mark Carney repeated his pledge to keep U.K. interest rates low. Sterling strengthened against the euro as a Bank of England report showed mortgage approvals climbed to the highest level in six years last month. The Federal Open Market Committee said yesterday that it will cut monthly bond purchases by $10 billion to $65 billion, boosting the dollar. U.K. government bonds were little changed after 10-year yields fell to the lowest level since November. The pound dropped 0.4 percent to $1.6494 at 2:35 p.m. London time. It rose to $1.6668 on Jan. 24, the highest since May 2011. The U.K. currency gained 0.3 percent to 82.26 pence per euro after appreciating to 81.68 pence on Jan. 22, the strongest level since Jan. 10, 2013 – Source: Bloomberg

⇒ The U.S. dollar rose against major rivals Thursday, a day after the Federal Reserve decided to push ahead with its plan to reduce monetary stimulus. Hard-hit emerging-market currencies such as the Turkish lira and South African rand took a breather from recent losses, but the Hungarian forint hit a two-year low. The ICE dollar index , a measure of the dollar’s strength, rose to 80.994 from 80.537 late Wednesday. The WSJ Dollar Index , a rival gauge of the greenback, increased to 74.28 from 74.06 late Wednesday – Source: Marketwatch

⇒ Robust household spending and strong exports kept the U.S. economy on solid ground in the fourth quarter, but stagnant wages could chip away some of the momentum in early 2014. Gross domestic product grew at a 3.2 percent annual rate, the Commerce Department said on Thursday, in line with economists’ expectations. While that was a slowdown from the third-quarter’s brisk 4.1 percent pace, it was a far stronger performance than anticipated earlier in the quarter – Source: Reuters

⇒ The number of people who sought U.S. unemployment benefits near the end of January rose to the highest level in six weeks, but it’s unclear whether the increase is the residue of holiday-season distortions or reflects a deterioration in the labor market. In the seven days ended Jan. 25, initial jobless claims jumped by 19,000 to a seasonally adjusted 348,000, the Labor Department said Thursday. Economists polled by MarketWatch had expected claims to edge up to 330,000 – Source: Marketwatch

⇒ German unemployment declined far more than expected in January in seasonally adjusted terms, data from the country’s labor agency showed Thursday. In seasonally adjusted terms, the number of unemployed in Europe’s largest economy fell 28,000. Experts polled by The Wall Street Journal had forecast a drop of 5,000. The adjusted unemployment rate came in at 6.8%, matching December, which was revised from 6.9% – Source: Marketwatch

⇒ Consumer confidence dropped last week to the lowest level in two months as more Americans said it was not a good time to shop. The Bloomberg Consumer Comfort Index declined to minus 31.8 in the week ended Jan. 26 from minus 31 reading the prior period. The buying-climate gauge slumped to a three-month low – Source: Bloomberg

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