Global Economy
AUD/USD at major support 0.9860
AUD/USD is testing major support at 0.9860 at the time of this article. As mentioned in earlier analysis, the currencies pair is having a major technical correction at this time. When AUD/USD broke major weekly uptrend support at 101.40 last week, it opened the door for further downside possibility. Today, the first target at 0.9960 [...]
Keeping an Eye on gold at the $1300 Level
The value of gold continues to decline as the U.S dollar gains strength in recent days. There are good supports at $1404 then $1320. It is important for gold to stay above $1300, a break of this level may signal the end of the decade bull market. Resistances are $1450 then $1490.
It’s Time to Start Taxing Internet Sales
The Senate recently passed a bill that would require internet retailers to collect sales taxes on behalf of local governments. This bill has flaws that could be fixed in the House, and should be passed. I don’t like the idea of the state and local governments collecting more taxes-they know no limits to their capacity [...]
Jobs Growth Rebounds in April but More Trouble Ahead
The Labor Department announced the economy created 165,000 jobs in April, and the unemployment rate slipped a notch to 7.5 percent. That’s better than March but hardly enough-getting unemployment down to 6 percent over the next three years would require 365,000 jobs a month, and that is not likely to happen. Adding in discouraged adults [...]
Gold Continues to Move Higher
by Dixon Fung Gold continues to move higher in a correction after hitting the low at $1,322. Last Friday, gold traded above the 50 percent Fibonacci retracement at $1,454 and it is now trying to test the 61.8 percent retracement at $1,485 at the time of this article.
First Quarter GDP up 2.5 Percent on One-Time Factors, Second Quarter Growth Anemic
The Commerce Department reported GDP grew at a 2.5 percent pace in the first quarter but don’t break out the champagne. Several one-time factors contributed to this seemingly robust performance. The economy is already slowing and new crises threaten. Most of first quarter growth likely was concentrated in January and February and the economy slowed, [...]
Fresh Evidence Spring Swoon Grips the Economy
Fresh evidence is emerging that the U.S. economy is slowing in the second quarter. Stock prices continued to slide as earnings disappointed, and the Conference Board’s index of leading economic indicators pointed down.
Trade Pacts with Europe and Japan Will Boost Unemployment
President Obama is betting a lot on free trade. Recently, he has agreed to open talks for mega trade deals with the European Union and Japan in hopes of jump-starting growth in both places and boosting U.S. exports and jobs. However, far from an elixir, free trade has been a rock on the back of [...]
Euro Higher versus the USD
by Dixon Fung Euro/USD is trading above the key resistance level at 1.3115, at the time of this article. Technically, we have to wait until the close of the day to see if the currency pair can stay above this resistance level.
Japan`s Bond Markets Vulnerable for Attacks
The massive QE policy by the BOJ is yielding temporary results, but the Japanese government is playing with fire. The depreciation of the Yen is helping the Japanese exports, but it is also risking flight in capital by the major Japanese corporations. The exiting from the Japanese markets is not because of the low yields [...]
Top News
- Politics, bribery charges swirl around Ugandan oil May 18, 2013KAMPALA, Uganda (AP) β Even before the first drops flow, Uganda's oil sector is beset by bribery allegations against officials, tax-related cases abroad that cost the government millions in legal fees, and the alleged interference of a president whose firm control of the sector worries transparency campaigners. […]
- New Xbox more than a game console for Microsoft May 18, 2013By Malathi Nayak and Bill Rigby SAN FRANCISCO/SEATTLE (Reuters) - Microsoft Corp is set to make a splash this week with the eagerly awaited unveiling of its new Xbox game console, eight years after the last version, as it seeks a larger share of the $65 billion a year global computer gaming industry. But the small device faces some big competition from the P […]
- Google's wearable Glass gadget: cool or creepy? May 18, 2013By Alexei Oreskovic SAN FRANCISCO (Reuters) - Google staged four discussions expounding on the finer points of its "Glass" wearable computer during this week's developer conference. Missing from the agenda, however, was a session on etiquette when using the recording-capable gadget, which some attendees faithfully wore everywhere - including t […]
- LATAM Airlines to resume Argentina flights later Saturday May 18, 2013SANTIAGO (Reuters) - LATAM Airlines Group SA said on Saturday it will resume flights to, from and within Argentina by 1530 GMT after state company Intercargo unilaterally decided on Friday to stop providing services to the carrier. Argentine state company Intercargo manages services for the loading and unloading of luggage on airplanes, the transportation of […]
- Bernanke upbeat on innovation outlook in commencement address May 18, 2013WASHINGTON (Reuters) - Federal Reserve Chairman Ben Bernanke painted an upbeat picture on Saturday for the potential of innovation to lift living standards, delivering a sweeping look at the last 100 years that included memories of his 1963 South Carolina home. Bernanke made no reference to monetary policy or the immediate outlook for the U.S. economy in pre […]