Market Vibrations Hourly Updates: March 29
11:46 GMT: France's economy minister has been on the wores, saying France has avoided a recession and that the French economy will rebound in 2012's second half. Meanwhile, Morgan Stanley has upped its forecast for global economic growth in 2012 from 3.5% to 3.7%.
10:30 GMT: Consumer confidence in the 17-member Euro area declined in March, missing expectations and providing fodder for speculation that Europe has not yet emerged from the recent far-reaching debt crisis. A gauge of European consumer confidence came in today at -19.1, worse than the previous -19.0 which was also the number economists had predicted for today. Meanwhile, Italian bond spreads continue to narroe in today's auction.
09:30 GMT: German unemployment fell by 18,000 during the month of March, the Federal Labor Agency said today in a release. The drop in unemployment numbers beat analysts’ estimates by 8,000. Germany has 2.84 million unemployed people. The unemployment rate fell from 6.8% to 6.7% over the same period, reaching a two decade low
08:30 GMT: S&P's Kraemer has been on the wires discussing the potential European rescue fund. He said a EUR 940bln fund is "more than most would expect." ECB officials earlier voiced support for combining the ESM and EFSF.
07:30GMT: Quiet Asian trade into the European open with EURUSD staying within a 30 point range. The Yen could see a boost from stronger than expected retail sales data out of Japan earlier in the Asian session. Meanwhile, the leaders of BRICS (Brazil, Russia, China, India, and South Africa) have voiced concern on the state of the global economy, mentioning that developed nations need to carefully prevent excess liquidity.
Meanwhile, UK nationwide house prices fell 1.0% in March on the month (0.2% rise expected). Stay tuned for German unemployment numbers later in the session.
Market Vibrations provides hourly updates from the European session.
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