| Market Analysis Forex - 23 11 2011 |
 Stocks/commodities rallied after Standard and Poor's and Moody's kept the credit rating of the US unchanged after Congress failed to reach a budget agreement, which sets the stage for $1.2 trillion in automatic spending cuts. Gains in the EUR/USD were ‘limited’ after a finance spokesperson for German Chancellor Merkel's government said "we haven't any new bazooka to pull out of the bag" to end the European sovereign debt crisis.Japan's Nikkei 225 Stock Index tumbled to an 8-month low after the ‘Super Committee’ failed to agree on deficit cuts. China's Shanghai Stock Index recovered most of its losses and settled only slightly lower after the World Bank said China is heading for a ‘soft landing’ with GDP growth of 8.4% next year from 9.1% this year and that China's inflation rate will slooooow to 4.1% in 2012 from 5.3% this year. Q3 GDP was revised down to +2.0% from the initial reading of +2.5%; this had been expected to be unrevised. However, the key Personal Consumption component was taken down by only 0.10% to +2.3%. The reduction in the headline growth was the result of Gross Private Investment being dropped to -0.9% on the quarter from an original report of +4.1%; this change moves this component’s contribution from +0.52% down to a negative 0.10%. On the other hand, Net Exports were an improvement, up from +0.22% to +0.49%. The sterling pound depreciated against major counterparties after a report showed that housing prices in the UK declined the most in a year. The euro zone crisis seems to be affecting the UK economy which sees its economic outlook broadly flat during the first half of 2012 according to the Governor of Bank of England, Mervyn King. |
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