Global Economic Calendar (23-September-2011)

Global Economic Calendar for 23rd September 2011

**Time is with respect to Singapore Time (GMT+8:00)

Global Economic Calendar (22-September-2011)

Global Economic Calendar for 22nd September 2011

**Time is with respect to Singapore Time (GMT+8:00)

Asia Currencies Drop to Six-Month Low on Europe Debt Woes

Asian currencies weakened, with South Korea’s won and Malaysia’s ringgit reaching 2011 lows, on concern Europe’s worsening debt crisis will spur an exodus from emerging-market assets.

The Bloomberg-JPMorgan Asia Dollar Index fell to a six- month low after Italy’s credit rating was cut one level to A by Standard & Poor’s. Taiwan said today export orders, an indication of shipments in the next one to three months, gained less than economists estimated, while a report this week may show Thailand’s overseas sales increased by less than the previous month, according to economists surveyed by Bloomberg.

The won dropped 1 percent to 1,148.90 per dollar as of 3 p.m. in Seoul, according to data compiled by Bloomberg. India’s rupee fell 0.5 percent to 48.065 and Taiwan’s dollar dropped 0.4 percent to NT$29.888.

“Risk aversion has gone to the next level and the losses are justified given that European officials have not been able to reassure the markets on the default risk,” said Suresh Kumar Ramanathan, a currency strategist at CIMB Investment Bank Bhd. in Kuala Lumpur. “Asian assets are getting sold off in favor of cash.”

The Asian Development Bank cut its 2011 growth forecast for Asia excluding Japan to 7.5 percent from an April estimate of 7.8 percent, according to a report issued on Sept. 14. Global funds sold $2.9 billion more Indonesian, South Korean and Taiwanese equities than they bought this month through yesterday, exchange data show.

Global Economic Calendar (21-September-2011)

Global Economic Calendar for 21st September 2011

**Time is with respect to Singapore Time (GMT+8:00)

Euro Weakens as Finance Chiefs Fail to Offer Plan for Greece

The euro weakened for a second day against the dollar and yen after European officials failed to offer a plan to halt the region’s debt crisis and as Greece struggles to avoid default.

The 17-nation currency approached a 10-year low versus the yen before European Union and International Monetary Fund officials speak today with Greek Finance Minister Evangelos Venizelos to judge whether his government is eligible for its next aid payment. The dollar rose against all its major counterparts as stocks declined, spurring demand for safer assets. South Korea’s won slid to a six-month low as concern Greece will default damped demand for emerging-market assets.

“With little progress, and still plenty of uncertainty, the market will remain nervous” about the situation in Greece, said Adrian Schmidt, a currency strategist at Lloyds Banking Group Plc in London. “That should weigh on euro-dollar.”

The euro depreciated 0.9 percent to $1.3670 at 7:11 a.m. in New York, almost erasing last week’s 1 percent gain. The currency weakened 1.1 percent to 104.79 yen, after sliding to 103.90 on Sept. 12, the lowest level since June 2001. The dollar was little changed at 76.67 yen.

The Dollar Index, which tracks the U.S. currency against those of six major trading partners including the euro, yen and pound, advanced 0.7 percent to 77.098.

Global Economic Calendar (20-September-2011)

Global Economic Calendar for 20th September 2011

**Time is with respect to Singapore Time (GMT+8:00)

Global Economic Calendar (19-September-2011)

Global Economic Calendar for 19th September 2011

**Time is with respect to Singapore Time (GMT+8:00)

Canadian Dollar Trades Within One Cent of Parity on European-Debt Concern

Canada’s dollar traded within one cent of parity with its U.S. counterpart as stocks and commodities fluctuated on concern Europe’s debt crisis will erode demand for higher-returning assets.

The Canadian currency approached a seven-month low earlier, before a report tomorrow forecast to show growth slowed in Canadian industrial companies’ use of their production capacity from April to June. Toronto-Dominion Bank reduced its forecast for the nation’s growth. The currency erased losses after German Chancellor Angela Merkel said she’s confident the euro’s stability can be secured.

“Europe, and more specifically developments in Greece, are clearly dictating the flow in foreign exchange,” Jack Spitz, managing director of foreign exchange at National Bank of Canada, said by phone today from Toronto.

The Canadian currency appreciated 0.2 percent to 99.03 cents per U.S. dollar at 12:01 p.m. in Toronto, after earlier falling as much as 0.5 percent to 99.77 cents. It closed at 99.27 cents yesterday, when it reached C$1.0027, the weakest level since Jan. 31. One Canadian dollar buys $1.0098.

The Standard & Poor’s 500 Index gained 0.2 percent after rising as much as 1 percent and falling 0.4 percent. The S&P GSCI Spot Index of commodities was little changed after increasing 0.6 percent and falling 0.4 percent. Raw materials account for about half of Canada’s export revenue.

Canada’s currency, nicknamed the loonie, reached the weakest level since January yesterday against the greenback, which touched the strongest since February versus Europe’s 17- nation currency on speculation a Greek default will lead to a spiraling sovereign-debt crisis and spread to banks.

Global Economic Calendar (14-September-2011)

Global Economic Calendar for 14th September 2011

**Time is with respect to Singapore Time (GMT+8:00)

Global Economic Calendar (12-September-2011)

Global Economic Calendar for 12th September 2011

**Time is with respect to Singapore Time (GMT+8:00)

Canada’s Dollar Falls Amid Lower Global Growth Forecasts; Bond Yields Drop

Canada’s dollar fell from the strongest this week versus its U.S. counterpart as the Organization for Economic Cooperation and Development slashed growth forecasts and European Central Bank President Jean-Claude Trichet said threats to the euro region have worsened.

The currency rose yesterday the most this month versus the greenback as crude oil, Canada’s biggest export, topped $90 a barrel and the central bank reiterated a forecast for growth to resume in the second half, damping bets it might cut borrowing costs this year. Yields on 10-year Canadian government notes slid to within one basis point of a record today.

“The risks have increased,” Camilla Sutton, chief currencies strategist at Bank of Nova Scotia’s Scotia Capital unit, said in a telephone interview from Toronto. “We’re in a very mixed holding pattern now; we’re looking to the major central banks and governments. Temporarily the focus is off currencies like the Canadian dollar.”

Canada’s currency fell 0.3 percent to 98.66 cents per U.S. dollar at 12:48 p.m. in Toronto. It touched 98.30 cents earlier today after closing at 98.33 cents yesterday, up 0.7 percent. One Canadian dollar buys $1.0136.

Government bonds rose as investors sought safety amid concern the global economic slowdown is worsening. Yields on benchmark 10-year bonds dropped as much as five basis points, or 0.05 percentage point, to 2.221 percent. They reached a record 2.218 percent Sept. 6. The price of the 3.25 percent security maturing in June 2021 increased 36 cents to C$108.90.

Crude oil fluctuated, with October futures rising as much as 1 percent to $90.23 a barrel in New York and falling as much as 0.8 percent.

Global Economic Calendar (09-September-2011)

Global Economic Calendar for 9th September 2011

**Time is with respect to Singapore Time (GMT+8:00)

Canada Keeps Key Interest Rate at 1%, Sees Diminished Need for Increase

The Bank of Canada kept its main interest rate unchanged for an eighth meeting and said there is a “diminished” need for an increase as Europe’s fiscal crisis and a slow U.S. rebound hobble the global recovery.

The Ottawa-based central bank left the target for overnight loans between commercial banks at 1 percent, where it has been since last September, as forecast by all 27 economists surveyed by Bloomberg News.

The world’s 10th largest economy shrank in the second quarter as a strong dollar and weak U.S. demand weighed on Canada, which depends on exports for one-third of its output. The central bank’s decision echoed signals sent by policy makers in Sweden, Australia and Japan.

“In light of slowing global economic momentum and heightened financial uncertainty, the need to withdraw monetary policy stimulus has diminished,” the bank’s governing council, led by Governor Mark Carney, 46, said in a statement today.

The Bank of Canada reiterated today it expects economic growth to resume in the second half of this year, led by business investment and consumer spending. Output shrank at an annualized 0.4 percent rate in the second quarter, which the bank said was “largely due to temporary factors.”

Global Economic Calendar (08-September-2011)

Global Economic Calendar for 8th September 2011

**Time is with respect to Singapore Time (GMT+8:00)

Canadian Dollar Trades Within 2 Cents of Parity Before Central Bank Meets

Canada’s dollar traded within two cents of parity with the greenback before tomorrow’s Bank of Canada meeting as stocks fell and government bond yields slid to record lows on concern Europe’s debt crisis is worsening.

The currency, called the loonie, erased losses after an index of service industries in the U.S., Canada’s biggest trade partner, unexpectedly rose. The loonie fell in August on concern a slowing global economy will crimp Canada’s exports. Futures indicate odds are about even Bank of Canada Governor Mark Carney will cut borrowing costs by year-end after data showed last week the nation’s economy unexpectedly shrank in the second quarter.

“The market is taking a cautionary tone until we get data from the Bank of Canada tomorrow,” Steve Butler, managing director of foreign-exchange trading at Bank of Nova Scotia’s Scotia Capital, said by phone from Toronto. “The Canadian dollar has hung in quite well, but at some point this week I think we will probably drift back toward parity given that the market right now doesn’t want to know about risk.”

The Canadian currency gained 0.1 percent to 98.95 cents per U.S. dollar at 2 p.m. in Toronto, compared with 99.07 cents yesterday. Earlier it weakened as much as 0.6 percent. One Canadian dollar buys $1.0106. The currency last traded on a one- for-one basis with the greenback Aug. 9.

The loonie rose against the euro and New Zealand’s dollar.

“We see a fair amount of corporate interest to buy Canada at these levels,” said Butler.

Global Economic Calendar (07-September-2011)

Global Economic Calendar for 7th September 2011

**Time is with respect to Singapore Time (GMT+8:00)

Global Economic Calendar (05-September-2011)

Global Economic Calendar for 5th September 2011

**Time is with respect to Singapore Time (GMT+8:00)