Euro Zone Growth Report Indicates Worst May Be Over
An unexpected improvement in Euro Zone
economies during the second quarter is helping to firm up the currency markets
and trigger more demand for risky assets this morning.
Overnight it was reported that surprise
growth in the German and French economies helped improve the Euro Zone
economy.Economists had predicted a
decline in the economy of 0.50% during the second quarter, but instead the
region fell only 0.1%.
Appetite for risk increased on the surprise
news as European stocks and the Euro rose sharply.Gains spilled over to other global equity and
foreign currency markets as this news marked the first sign that the recession
in the Euro Zone may be over.
The same bullishness which struck the Dollar
on August 7th when it was announced that U.S. unemployment data came out better
than expected could help drive foreign currency, equity and commodity prices
higher all day.
The September Euro is soaring on the news
of the improvement in the Euro Zone economy.Since there is now more solid evidence that the Euro Zone economy may be
pulling out of the recession, traders are buying the Euro on the belief that
the European Central Bank will not have to apply any more economy stimulus to
The September Canadian Dollar is also
posting gains this morning driven by the strength in September Crude Oil and
the equity markets.
December Gold and September Silver are on
the rebound because of the weaker Dollar.Some traders feel that the surprise rise in German GDP may spark an
inflationary flare-up over the short-term.September Copper is gaining on the prospect of greater demand.
As the Dollar grows weaker this morning,
September Crude Oil is gaining.The
bulls are citing a weaker Dollar and the potential for greater demand as the
key reasons behind the strength.
Renewed interest in higher risk assets is
helping the U.S. equity markets to rally.So
far in the pre-market the early indication are for a higher opening. Improved
earnings from Wal-Mart are also a bullish factor driving equity prices higher.
Treasuries are mixed.A huge rally in the equity markets could
trigger a sell-off in the September Bonds and Notes but a better than expected
auction could help to limit losses.
Grain markets are trading better.Yesterdayâ€™s USDA report should help November
Soybean prices improve as the government is calling for smaller inventories at
the end of the growing season.December
Corn is also trading a little firmer despite somewhat bearish news from the
USDA.Traders may focus on hot, dry
conditions in the Ukraine and Russia today.The poor growing
conditions are hurting the corn and wheat crops.
The weaker Dollar is expected to help
demand for September Cocoa and Coffee.Cocoa can get
especially bullish because of lingering crop production issues.
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