Fx- Foreign Currency Exchange News: Monday 5th December 2011
This week the FX market is looking forward to the “Make or Break of the single currency as the European Central Banks decision about interest rates is to be held and the meeting being held later this week between France and Germany. There is a long list for the Eurozone to get through and Merkel and Sarkozy are scheduled to meet on Monday to resume talks which are aimed at sorting out the “stability Pact” in which much stricter fiscal rules are expected to be established. Many say that the week ahead is shaping up to be the most important of the year!
In the US the unemployment rate has declined to 8.6 percent in November from 9 percent in October. Economists are expecting the reading to remain at 9 percent.
The Japanese stocks gained on Friday and this was due to better than expected manufacturing data from the US. The Nikkei 225 rose 0.54% to 8.643.75, while the broader advice.
The USD recovery from 0.9065 the low of last Wednesday has extended on Friday and this have been favored by the upbeat employment figures in the US where the USD/CHF has surged about 130 pips to cap at 0.9240 and consolidate during the quiet Asian session between 0.9200 and 0.9230.
In Chine China’s service sector slowed slightly in November to its weakest growth in three months. This latest data shows an economy slowing quickly and in need of policy support.
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