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Greenback Bearish Ahead of Fed Meeting

Following the losses the US dollar took during the European trading session today, investors will be eagerly watching for news out of the two-day Federal Reserve Policy Meeting scheduled to start tomorrow. The USD started off the week on a bearish note following an increase in risk taking due to apparent signs of a euro-zone economic recovery. The trend brought the EUR/USD above the 1.3000 for the first time in nearly three-weeks, while the AUD/USD shot up over 100 pips over the course of the day.

Whether the greenback will maintain its downward trend for the rest of the week will largely be determined by the results of the Fed meeting. While the Federal Funds Rate is not expected to go up when the indicator is announced on Wednesday, investors will be watching the meeting closely for clues as to when US interest rates will go up.

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Verizon Backs Out of Google Wallet

Savings Accounts and Money Market Rates provided by 8 December 2011 Google has suffered yet another setback in its attempts to re-imagine electronic payments.

The Associated Press reports that Verizon, one of Google’s key allies in the mobile sphere, has decided not to include the company’s new Google Wallet function in its latest smartphone, the Samsung Galaxy Nexus.

Verizon was integral in the promotion of Android-based phones as an alternative to iPhones, but the company has been slow to warm up to the Wallet app, which is designed to allow users to attach virtual “credit cards” to the phone and pay by simply tapping the phone on a type of reader. Read more text…

AUD Declines, Still Can End Week with Gains

The Australian dollar fell today on the speculation that the European leaders will struggle to find an accord regarding measures for dealing with the region’s crisis. Still, the currency is likely to end this week with impressive gains.

The joint effort of the major central banks to bring the costs of dollar swaps down set the tone for the whole week and that tone was positive. The Aussie profited from the good market sentiment and isn’t likely to give away its weekly gains unless some major negative event would happen. The rally was simply too big to easily erased on just one session that left before the end of this week.

In the longer term, though, the outlook for the currency isn’t that great. The leaders of the European countries w

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Sony Finally Enters Smartphone Market

Now that the company has a phone, Sony can finally answer opportunity’s calls.

The Japanese tech company’s latest revival efforts are partly hinged on selling customers every type of gadget, all seamlessly integrated. But without a cellular phone division to call its own until recently, Sony was missing the one electronics product that people tend to carry with them most often.

Now, a newly acquired division called Sony Mobile Communications is tasked with building smartphones that align with its parent company’s strategies and plays well with other types of Sony gadgets.

Phones are not only central to how people stay connected. Read more text…

FX: Rose Colored Glasses On, BoC Keeps Rates Unchanged

Bank of Canada Keeps Rates Unchanged Meanwhile the Bank of Canada left interest rates unchanged at 1.00 percent and adjusted their growth forecasts. For 2012, they expect a “more modest recovery” that will boost GDP growth to 2 percent from a prior forecast of 1.9 percent.  They also believe that the economy grew by 2.4 percent last year compared to a prior forecast of 2.1 percent. Even though the BoC predicts a stronger growth this year, the tone of the monetary policy statement wasless optimistic than the previous month.  The central bank started off by saying that the outlook for the global economy has deteriorated and uncertainty has increased since their last monetary policy report.  The sovereign debt crisis in Europe has intensified and measures to pare debt around the world will slow growth in Europe and the recovery in the U.S.  For this reason, the central bank remains comfortably on hold for the time being and will monitor developments in Europe and North America before making any new decisions.

Euro Stumbles After Italian Auction

Weak demand for Italian 3 year bond auction sent EUR/USD tumbling off it session highs as the pair fell back to the 1.2800 figure in mid-morning European trade. Italy was able to auction off its full allotment of 4.75B of paper with yields dropping to 482% from 5.62% the period prior. However, the bid to cover ratio was a paltry 1.22 raising concerns amongst currency traders that next week’s 10 year bond auction may not attract enough interest. <

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Alcoa in line; slow macro day awaits

Alcoa kicked off the earnings season as per tradition yesterday after markets had closed. Consensus was spot on as Alcoa reported a USD 0.03 loss per share for 4Q’11, its first quarterly loss since 2009. It is a quiet day today with a couple of small US reports and Canadian Housing Starts as we await the coming days which offer the Federal Reserve’s Beige Book (Wed), meetings of the European Central Bank and Bank of England (Thu) and a host of data, including US Retail Sales (Thu) and Trade Balance (Fri). Alcoa reports in line with consensus: As usual Alcoa served as an appetiser for the upcoming earnings season and the aluminum producer confirmed consensus’ projections for (diluted) EPS (before abnormal items) reporting a loss per share of USD 0.03 for 4Q’11 yesterday (after market). It i Read more text…

Daily Report: Aussie Jumps on Risk Appetite and Housing Data

Aussie rebounds strongly in Asia today following rebound in risk markets as well as positive housing data. Asian stocks are somewhat lifted by earnings report of Aloca. The company’s outlook is seen as a bellwether of economic growth because of aluminium’s important role in manufacturing. The company posted a Q4 loss due to sharp decline in aluminium prices but revenue beat expectations. It also posted a positive outlook in demand, expecting 7% growth this year. Asian equities are broadly higher with Nikkei up more than 30 pts at the time of writing. Aussie is further boosted by building approvals data, which rose 8.4% mom in November. EUR/AUD dives to new record low.

China’s trade data showed export grew 13.4% yoy in December, inline with expectation but was the slowest since November 2009.

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