Macroecomonic Analysis
This currency has been overbought forever - I'm actually looking for a major correction. I do love fish and chips and Bass Ale - but this rampant speculation, with europe's weakest economy makes no sense. GBP, come on down - you're the next contestant on "The Price is Wrong!"
The Pound weakened across the board and was the only major currency that did not join the rally against the Dollar. The Sterling failed to hold gains after peaking up and shortly plunged to the lower levels following the release of the UK Industrial Production that showed a non-expected decline in August to the lowest level in 17 years, adding to speculation the economic recovery in Britain will reduce. Overall, GBP/USD traded with a low of 1.5875 and with a high of 1.6048.
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Shares in Asia are growing, due to the Gold reaching it's maximum, companies such as BHP and Newcrest are leading
October 7 – Since gold has been climbing up to its maximum, led by mining companies and banks, the Asian shares have been rising for 2 consecutive days now. Brokers have raised the value of Sumitomo Mitsui Financial Group
In Sydney BHP Billiton Ltd., the largest mining company in the world have increased of 3.4 % and the gold mining company Newcrest Mining Ltd - of 6.5 %. The reference index of the country showed its biggest rise within six weeks, after the central bank have raised interest rates explaining that the reasons for low interest have been "depleted". In Tokyo after Nomura Inc. raised its target price on shares so Sumitomo Mitsui have profited by 6.7 percent.
Managers of Pengana Capital Ltd handling 1 billion assets in Melbourne believe: “Rise in Asian shares might be the proof that global economy is getting back its strength”"Investors who are waiting for correction to buy stocks are getting disappointed.
In Tokyo Asia-Pacific MSCI index rose by 1.5 % to 117.36 at 1:59 pm, continuing yesterday's growth of 1.7 %. Over the past seven months the index rose by 63% confirming the the signs that the world economy is recovering.
S & P / ASX 200 Index of Australia rose by 2.4 %, this is the biggest increase since the 24th of August. The index yesterday rose by 0.4 %, after an unexpected increase in interest rates of the central bank of Australia. Due to the increase in value of Credit Suisse Group AG., the largest operator of lead, Crane Group Ltd. rose by 2.1 %.