Monday, February 14, 2011

DailyMarkets.com - New IMF Report: U.S. Dollar Needs To Be Replaced As The World Reserve Currency And SDRs “Could Constitute An Embryo Of Global Currency”

DailyMarkets.com - New IMF Report: U.S. Dollar Needs To Be Replaced As The World Reserve Currency And SDRs “Could Constitute An Embryo Of Global Currency”

New IMF Report: U.S. Dollar Needs To Be Replaced As The World Reserve Currency And SDRs “Could Constitute An Embryo Of Global Currency”

Posted: 14 Feb 2011 03:35 AM PST

The IMF is trying to move the world away from the U.S. dollar and towards a global currency once again.  In a new report entitled “Enhancing International Monetary Stability—A Role for the SDR”, the IMF details the “problems” with having the U.S. dollar as the reserve currency of the globe and the IMF discusses the potential for a larger role for SDRs (Special Drawing Rights).  But the IMF certainly does not view SDRs as the “final solution” to global currency problems.  Rather, the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/GBP Hits 1-week Low As Sovereign Debt Woes Persist

Posted: 14 Feb 2011 03:09 AM PST

Forex Pros – The euro fell to a one-week low against the pound on Monday, ahead of peripheral euro zone bond auctions and amid reports that the future of ailing German lender WestLB was hanging in the balance.

EUR/GBP hit 0.8403, the pair's lowest since February 7, during European morning trade; the pair subsequently consolidated at 0.8417, shedding 0.56%.

The pair was likely to find support at 0.8376, the low of January 19 and resistance at 0.8476, last Friday's high.

Over the … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/CHF Erases Losses, Nears 5-week High

Posted: 14 Feb 2011 02:32 AM PST

Forex Pros – The U.S. dollar erased losses against the Swiss franc on Monday, to re-approach Friday's five-week high as the dollar remained supported by expectations of higher U.S. interest rates.

USD/CHF pulled back up from 0.9711, the daily low, to hit 0.9734 during European morning trade, easing up 0.02%.

The pair was likely to find support at 0.9677, Friday's low and resistance at 0.9775, Friday's high and a five-week high.

The dollar has been supported by rising U.S. yields, … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex Trading: Eurozone Industrial Production Declines 0.1% In December

Posted: 14 Feb 2011 02:06 AM PST

EZ Industrial Production for December came in at -0.1%, inline with expectations but weaker than the prior reading of 1.4%.
Eur/Usd traded down to 1.3460 on news and currently hovers just above at … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Euro Zone Industrial Production Falls Less-than-expected

Posted: 14 Feb 2011 02:06 AM PST

Forex Pros – Industrial production in the euro zone fell less-than-expected in December, official data showed on Monday.

In a report, Eurostat, the European statistics agency said industrial production declined by a seasonally adjusted 0.1% in December, after rising by 1.4% in November, whose figure was revised up from 1.2%.

Analysts had expected industrial production in the euro zone to decline by 0.2% in December.

The data showed that year-over-year, the rate of industrial production … [visit site to read more] or compare Best Credit Cards and Best CD Rates

European Stocks Rise As Credit Suisse, Banks Gain; DAX Up 0.33%

Posted: 14 Feb 2011 01:58 AM PST

Forex Pros – European stock markets were up on Monday, as shares in the financial sector were boosted by gains in Swiss banking giant Credit Suisse, while U.S. futures indexes pointed to a mixed open on Wall Street.

During European morning trade, the EURO STOXX 50 climbed 0.07%, France's CAC 40 added 0.17%, while Germany’s DAX was up 0.33%.

Switzerland's second largest bank Credit Suisse saw shares rally 3.57% after it sold CHF6 billion of contingent convertible bonds to its two largest … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – Dollar Mixed Vs. Rivals As Concerns Over Euro Zone Debt Weigh

Posted: 14 Feb 2011 01:34 AM PST

Forex Pros – The U.S. dollar was mixed against its major counterparts on Monday, as concerns over the sovereign debt crisis in the euro zone weighed on sentiment ahead of peripheral bond auctions later in the week.

During European morning trade, the greenback was up against the euro, with EUR/USD shedding 0.5% to hit 1.3479.

But the greenback was down against the pound, with GBP/USD easing up 0.13% to hit 1.6028.

Elsewhere, the greenback was also down against the yen and the Swiss franc, … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex Trading: Eur/Usd Trading Below 38.2% Fibo On Daily

Posted: 14 Feb 2011 01:13 AM PST

Eur/Usd is trading below 1.3488, which is the 38.2% fibo of move up from 1.2873 to 1.3868. If the pair can close below this would be a bearish signal with 1.3350-60 acting as next support. If Euro can hold 1.3541 is the 100 day M/A and be the first hurdleon its way to 1.3620-30 where better resistance … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – GBP/USD Trims Gains Amid Uncertainty On BOE Rate View

Posted: 14 Feb 2011 01:13 AM PST

Forex Pros – The pound trimmed gains against the U.S. dollar on Monday, retreating from the daily high, as buying driven by speculation over a near-term rate hike by the Bank of England faltered.

GBP/USD retreated from 1.6077, the daily high, to hit 16021 during European morning trade, easing up 0.09%.

Cable was likely to find support at 1.5962, Friday's low and a two-week low and resistance at 1.6112, Friday's high.

The BOE left its benchmark interest rate unchanged at a record low of … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Earnings Scorecard: Zimmer Holdings

Posted: 14 Feb 2011 01:05 AM PST

Following the release of fourth quarter and fiscal 2010 results of Zimmer Holdings (NYSE:ZMH) on January 27, 2011, estimate revisions by analysts have been inclined towards the positive direction.
Previous quarter highlights
Zimmer Holdings reported an EPS of 18 cents during the fourth quarter of fiscal 2010, 76% lower than 74 cents in the year-ago quarter. However, after considering one-time adjustments, the EPS was $1.27, surpassing the Zacks Consensus Estimate of $1.19 and $1.12 in the fourth … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/JPY Retreats From 5-week High Amid Profit Taking

Posted: 14 Feb 2011 12:24 AM PST

Forex Pros – The U.S. dollar retreated from a five-week high against the yen on Monday, after the greenbacks gains prompted heavy selling by Japanese exporters to lock in profits.

USD/JPY hit 83.1 during late Asian trade, the daily low; the pair subsequently consolidated at 83.22, shedding 0.23%.

The pair was likely to find supoport at 82.32, last Thursday's low and resistance at 83.66, Friday's high and a five-week high.

The greenback has been supported higher U.S. Treasury yields and … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – NZD/USD Down After Soft N.Z. Retail Sales Data

Posted: 14 Feb 2011 12:08 AM PST

Forex Pros – The New Zealand dollar was down against its U.S. counterpart on Monday, following the release of worse-than-expected domestic data on retail sales.

NZD/USD hit 0.7555 during late Asian trade, the daily low; the pair subsequently consolidated at 0.7583, shedding 0.27%.

The pair was likely to find support at 0.7551, Friday's low and a three-week low and resistance at 0.764, Friday's high.

Earlier in the day, official data showed that retail sales tumbled more-than-expected in … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – AUD/USD Moves Back Above Parity After Home Loans Data

Posted: 13 Feb 2011 11:51 PM PST

Forex Pros – The Australian dollar moved back above parity with its U.S. counterpart on Monday, after official data showed that Australian home-loan approvals rose more-than-expected in December.

AUD/USD hit 1.0074 during late Asian trade, the pair's highest since Thursday; the pair subsequently consolidated at 1.0061, gaining 0.35%.

The pair was likely to find support at 0.996, Friday's low and a two-week low and resistance at 1.0139, Thursday's high.

The Australian Statistics … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Asia Stocks Rally, GDP Data Lifts Tokyo; Nikkei Jumps 1.13%

Posted: 13 Feb 2011 11:48 PM PST

Forex Pros – Asian stocks were broadly higher on Monday, amid receding tensions in Egypt after President Hosni Mubarak resigned, while the Nikkei was boosted by better-than-expected Japanese GDP data.  

During late Asian trade, Hong Kong’s Hang Seng Index surged 1.28%, South Korea’s Kospi Composite rallied 1.89%, while Japan's Nikkei 225 Index jumped 1.13%.

On Friday, Mr. Mubarak stepped down and handed power to the military, bowing to the demands of protesters who occupied … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/USD Edges Higher But Downsides Remain

Posted: 13 Feb 2011 11:36 PM PST

Forex Pros – The euro edged higher against the U.S. dollar on Monday, amid profit taking on the dollar, but the single currency remained under pressure as concerns over the regions debt crisis weighed.

EUR/USD hit 1.3557 during late Asian trade, the daily high; the pair subsequently consolidated at 1.3551, easing up 0.02%.

The pair was likely to find support at 1.3448, the low of January 21 and resistance at 1.3734, last Thursday's high.

Speculation that Portugal would have to follow … [visit site to read more] or compare Best Credit Cards and Best CD Rates

TiVo Faces Reopened Suit

Posted: 13 Feb 2011 11:25 PM PST

TiVo Inc. (NASDAQ:TIVO), a developer of advanced television services including digital video recorders (DVR), will have to face a reopened patent infringement lawsuit originally filed by Echostar Corp. (NASDAQ:SATS) in 2005, according to a recent U.S. District Court order.
Under the order, the U.S. District Court for the Eastern District of Texas lifted its stay on EchoStar’s patent infringement suit against TiVo. The suit, originally filed by EchoStar on four patents, has been brought down to one … [visit site to read more] or compare Best Credit Cards and Best CD Rates

BRE Properties Beats Estimates

Posted: 13 Feb 2011 11:06 PM PST

BRE Properties Inc. (BRE), a real estate investment trust (REIT) that operates apartment communities, reported fourth quarter 2010 fund from operations (FFO) of $9.8 million or 15 cents per share versus $16.0 million or 29 cents in the year-earlier quarter.
Funds from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Excluding the non-recurring items, FFO for fourth quarter 2010 … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Growth & Income Stock: Costco Wholesale Club

Posted: 13 Feb 2011 11:06 PM PST

Estimates have been rising for Costco Wholesale Corporation (NASDAQ:COST) after the retailer posted better than expected same-store sales for January.
The company has been expanding rather aggressively overseas but has been able to fund this growth without incurring a lot of debt or issuing additional shares. In fact, the retailer has actually been buying back stock and raising its dividend.
It is a Zacks #2 Rank (Buy) stock.
Comp Sales Beat Expectations
The company reported an impressive 6% … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Aggressive Growth Stock: Motorcar Parts Of America, Inc.

Posted: 13 Feb 2011 11:05 PM PST

Motorcar Parts of America, Inc. (NASDAQ:MPAA) analysts are raising estimates after the recent record-setting quarter. Growth rates are strong and shares are trading at a value as well. This Zacks #1 Rank (Strong Buy) is the top rated company in a hot industry.
Company Description
Motorcar Parts of America is a remanufacturer of alternators and starters for all types of automobiles. Products are sold through auto retailers and professional repair markets.
Net Income Soars Past Expectations
On Feb 7 … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Momentum Stock: The Andersons, Inc.

Posted: 13 Feb 2011 11:05 PM PST

The Andersons, Inc. (NASDAQ:ANDE) just spiked to a new multi-year high after reporting awesome Q4 results that handily beat expectations. With the grain and agriculture story gaining momentum, this Zacks #1 rank stock looks like a serious player.
Company Description
The Andersons, Inc. operates primarily as an agriculture company in the United States. The company also operates rail transportation and crop protection businesses. The Anderson’s has been around since 1947 and has a market cap of $650 … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Bear Of The Day: DryShips, Inc. (DRYS)

Posted: 13 Feb 2011 11:05 PM PST

We downgrade our recommendation for DryShips Inc. (NASDAQ:DRYS) to Underperform ahead of its fourth quarter 2010 financial results. The drybulk shipping industry is through its most depressive situation where the vessel rate collapsed even below the rate under recession just a year ago.
The spot rate has fallen to such a low level that even surging commodity prices in the Asian markets will fail to offset the loss of the vessel owners. We believe continuation of this pricing trend may significantly … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Bull Of The Day: RLI Corporation (RLI)

Posted: 13 Feb 2011 11:05 PM PST

We are upgrading RLI Corporation (NYSE:RLI) to Outperform on the back of strong results during the fourth quarter. The company’s fourth quarter earnings results exceeded the Zacks Consensus Estimate largely on the heels of lower expenses and better performance at the Property and Surety segment.
The company continues to benefit from its business expansion drive diversification into crop and other assumed property reinsurance. Also its extensive product offerings, strong local branch network and … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/USD Down During The Asian Session

Posted: 13 Feb 2011 10:10 PM PST

Forex Pros – The Euro was lower against the U.S. Dollar on Monday.

EUR/USD was trading at 1.3546, down 0.02% at time of writing.

The pair was likely to find support at 1.3498, Friday's low, and resistance at 1.3744, Wednesday's high.

Meanwhile, the Euro was down against the British Pound and the Japanese Yen, with EUR/GBP shedding 0.34% to hit 0.8435 and EUR/JPY falling 0.31% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – GBP/USD Up In Asian Trading Hours

Posted: 13 Feb 2011 09:45 PM PST

Forex Pros – The British Pound was higher against the U.S. Dollar on Monday.

GBP/USD was trading at 1.6070, up 0.39% at time of writing.

The pair was likely to find support at 1.5964, Friday's low, and resistance at 1.6138, Thursday's high.

Meanwhile, the British Pound was up against the Euro and the Japanese Yen, with EUR/GBP shedding 0.43% to hit 0.8428 and GBP/JPY rising 0.10% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – AUD/USD Up In Asian Trade

Posted: 13 Feb 2011 09:25 PM PST

Forex Pros – The Australian Dollar was higher against the U.S. Dollar on Monday after the release of Australian data on Home Loans.

AUD/USD was trading at 1.0054, up 0.31% at time of writing.

The pair was likely to find support at 0.9961, Friday's low, and resistance at 1.0152, Wednesday's high.

Earlier in the day, official data showed that The number of new home loans granted in Australia rose more-than-expected to a seasonally adjusted 2.10% last month from 2.50% in the preceding … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/CHF Down During The Asian Session

Posted: 13 Feb 2011 09:10 PM PST

Forex Pros – The Euro was lower against the Swiss Franc on Monday.

EUR/CHF was trading at 1.3162, down 0.19% at time of writing.

The pair was likely to find support at 1.3086, Thursday's low, and resistance at 1.3204, Friday's high.

Meanwhile, the Euro was down against the U.S. Dollar and the Japanese Yen, with EUR/USD shedding 0.10% to hit 1.3536 and EUR/JPY falling 0.39% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/CHF Down In Asian Trading Hours

Posted: 13 Feb 2011 08:40 PM PST

Forex Pros – The U.S. Dollar was lower against the Swiss Franc on Monday.

USD/CHF was trading at 0.9722, down 0.11% at time of writing.

The pair was likely to find support at 0.9553, Wednesday's low, and resistance at 0.9776, Friday's high.

Meanwhile, the U.S. Dollar was up against the Euro and down against the Japanese Yen, with EUR/USD shedding 0.11% to hit 1.3534 and USD/JPY falling 0.27% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – GBP/JPY Up In Asian Trade

Posted: 13 Feb 2011 08:25 PM PST

Forex Pros – The British Pound was higher against the Japanese Yen on Monday after the release of Japanese data on GDP.

GBP/JPY was trading at 133.72, up 0.13% at time of writing.

The pair was likely to find support at 132.12, Wednesday's low, and resistance at 134.26, Thursday's high.

Earlier in the day, preliminary official data showed that Japanese gross domestic product fell less-than-expected to a seasonally adjusted -0.30% in the last quarter from 0.80% in the preceding quarter … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/GBP Down During The Asian Session

Posted: 13 Feb 2011 08:10 PM PST

Forex Pros – The Euro was lower against the British Pound on Monday.

EUR/GBP was trading at 0.8424, down 0.47% at time of writing.

The pair was likely to find support at 0.8423, today's low, and resistance at 0.8530, Wednesday's high.

Meanwhile, the Euro was down against the U.S. Dollar and the Japanese Yen, with EUR/USD shedding 0.13% to hit 1.3532 and EUR/JPY falling 0.37% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/JPY Down In Asian Trading Hours

Posted: 13 Feb 2011 07:40 PM PST

Forex Pros – The U.S. Dollar was lower against the Japanese Yen on Monday.

USD/JPY was trading at 83.19, down 0.29% at time of writing.

The pair was likely to find support at 82.21, Wednesday's low, and resistance at 83.67, Friday's high.

Meanwhile, the U.S. Dollar was up against the Euro and down against the British Pound, with EUR/USD shedding 0.05% to hit 1.3542 and GBP/USD rising 0.41% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/CAD Down In Asian Trade

Posted: 13 Feb 2011 07:10 PM PST

Forex Pros – The U.S. Dollar was lower against the Canadian Dollar on Monday.

USD/CAD was trading at 0.9857, down 0.19% at time of writing.

The pair was likely to find support at 0.9855, today's low, and resistance at 0.9988, Thursday's high.

Meanwhile, the U.S. Dollar was up against the Euro and down against the British Pound, with EUR/USD shedding 0.04% to hit 1.3543 and GBP/USD rising 0.39% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

2010 Global Air Traffic: The World Is Moving Again

Posted: 13 Feb 2011 06:35 PM PST

Geneva – “The International Air Transport Association (IATA) reported full-year 2010 demand statistics for international scheduled air traffic that showed an 8.2% increase in the passenger business and a 20.6% increase in freight. For the month of December, passenger traffic was up by 5% compared to December 2009, and freight volume was up year-to-year by 6.7% (see chart above). 

Compared to the pre-recession levels of early 2008, December air travel volumes were 4% higher. Air freight … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – NZD/USD Down During The Asian Session

Posted: 13 Feb 2011 06:30 PM PST

Forex Pros – The New Zealand Dollar was lower against the U.S. Dollar on Monday after the release of N.Z. data on Retail Sales.

NZD/USD was trading at 0.7584, down 0.27% at time of writing.

The pair was likely to find support at 0.7554, Friday's low, and resistance at 0.7756, Wednesday's high.

Earlier in the day, official data showed that retail sales in New Zealand fell more-than-expected to a seasonally adjusted -1.10% last month, from 1.20% in the preceding month whose figure was … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – GBP/CHF Up In Asian Trading Hours

Posted: 13 Feb 2011 06:05 PM PST

Forex Pros – The British Pound was higher against the Swiss Franc on Monday.

GBP/CHF was trading at 1.5606, up 0.17% at time of writing.

The pair was likely to find support at 1.5394, Wednesday's low, and resistance at 1.5623, Friday's high.

Meanwhile, the British Pound was up against the U.S. Dollar and the Euro, with GBP/USD gaining 0.24% to hit 1.6045 and EUR/GBP falling 0.35% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/USD Down In Asian Trade

Posted: 13 Feb 2011 05:35 PM PST

Forex Pros – The Euro was lower against the U.S. Dollar on Monday.

EUR/USD was trading at 1.3523, down 0.19% at time of writing.

The pair was likely to find support at 1.3498, Friday's low, and resistance at 1.3744, Wednesday's high.

Meanwhile, the Euro was down against the British Pound and the Japanese Yen, with EUR/GBP shedding 0.37% to hit 0.8432 and EUR/JPY falling 0.40% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – EUR/JPY Down During The Asian Session

Posted: 13 Feb 2011 05:10 PM PST

Forex Pros – The Euro was lower against the Japanese Yen on Monday.

EUR/JPY was trading at 112.53, down 0.45% at time of writing.

The pair was likely to find support at 112.08, Wednesday's low, and resistance at 113.44, Friday's high.

Meanwhile, the Euro was down against the U.S. Dollar and the British Pound, with EUR/USD shedding 0.19% to hit 1.3523 and EUR/GBP falling 0.35% to hit … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – AUD/USD Up On Economic Data

Posted: 13 Feb 2011 04:45 PM PST

Forex Pros – The Australian Dollar was higher against the U.S. Dollar on Monday after the release of Australian data on Home Loans.

AUD/USD was trading at 1.0027, up 0.04% at time of writing.

The pair was likely to find support at 0.9961, Friday's low, and resistance at 1.0152, Wednesday's high.

Earlier in the day, official data showed that The number of new home loans granted in Australia rose more-than-expected to a seasonally adjusted 2.10% last month from 2.50% in the preceding … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Australian Home Loans Rise More-than-expected

Posted: 13 Feb 2011 04:40 PM PST

Forex Pros – The number of new home loans granted in Australia rose more-than-expected last month, official data showed on Monday.

In a report, Australian Bureau of Statistics said that Australian home loans rose to a seasonally adjusted 2.10%, from 2.50% in the preceding month.

Analysts had expected Australian home loans to rise 1.60% last … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Forex – USD/JPY Down On Economic Data

Posted: 13 Feb 2011 04:10 PM PST

Forex Pros – The U.S. Dollar was lower against the Japanese Yen on Monday after the release of Japanese data on GDP.

USD/JPY was trading at 83.37, down 0.07% at time of writing.

The pair was likely to find support at 82.21, Wednesday's low, and resistance at 83.67, Friday's high.

Earlier in the day, preliminary official data showed that Japanese gross domestic product fell less-than-expected to a seasonally adjusted -0.30% in the last quarter from 1.10% in the preceding … [visit site to read more] or compare Best Credit Cards and Best CD Rates

Beyond Hong Kong: Staying Bullish For Now

Posted: 12 Feb 2011 08:26 AM PST

Barry Ritholz wrote last week that he was watching the Hang Seng Index closely for signs that risk aversion is rising. Should the index violate support at 22,600, then it would be a sign to get more defensive in their portfolios.

Like Barry, I do watch the Hong Kong market as an important “tell” to China and the Chinese economy. But there are other important indicators for China and for investor risk aversion. For instance, while the Hang Seng Index has been taking a tumble after their … [visit site to read more] or compare Best Credit Cards and Best CD Rates
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