Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Markets worried over US fiscal cliff - NBK report  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 19/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Kuwait News Agency (KUNA)) Since the end of the US election, The US Dollar index failed to make new highs despite the sharp drop in stocks, National Bank of Kuwait (NBK) said in its currency report Sunday.

The weakness in currencies last week was in commodity currencies and the Yen. Indeed, equity markets sold off heavily during the week on worries that the US politicians would not be able to solve the fiscal cliff.

The main game in the US remains the ongoing painfully slow negotiations between both parties while the end of the year is approaching quickly and investors continue their profit taking.

Over in Asia, market attention turned this week to Japanese politics, where opposition leader Abe called for "unlimited" monetary policy easing while Japanese Prime Minister Yoshihiko Noda dissolved the parliament ahead of a general election. In China, the Chinese leadership transition continues while Asian markets remain skeptical about the potential reforms, the report indicated.

As European headlines took a backseat this week, the Euro remained resilient as European politicians continue to negotiate another Greek debt relief program and announced that they agreed to give Greece two more years to meet their budget deficit targets.

The Euro range traded this week started Monday at a low of 1.2714, reaching a high of 1.2802 after the Greek decision however could not maintain gains to end the week at 1.2743.

After starting the week on a positive note, The Sterling Pound dropped after Bank of England Mervin King mentioned that they had decided to freeze their main stimulus program due to the higher inflation in the U.K. The Pound ended the week at 1.5883.

Meanwhile, and in a speech delivered on Thursday in Atlanta, US Federal Reserve Chairman Ben Bernanke, said the improving housing market is "far from being out of the woods" and "although there are good reasons to be encouraged by the recent direction of the housing market, we should not be satisfied with the progress we have seen so far." On global demand on gold, the report said that it dropped 11 percent in the three months to September from record levels seen in the same period last year.

Main reasons cited were fading Chinese demand as its economy slowed, with Indian demand experiencing a larger fall according to the world gold council.

Chinese gold consumption fell eight percent in the July to September period, while bar and coin investment dropped 12 percent.

Gold prices however were supported over the USD 1,700 level on prospect that the Fed would continue its quantitative easing program well into 2013, the report noted.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help