As I grow older, I pay less attention to what men say. I just watch what they do.
~Andrew Carnegie (1835-1919)
REUTERS By Wanfeng Zhou NEW YORK | Tue Apr 30, 2013 12:05pm EDT
(Reuters) – The dollar fell to a two-month low against a basket of currencies on Tuesday after a U.S. Midwest business barometer unexpectedly contracted in April, feeding worries about the economy.
The euro regained strength after falling earlier on disappointing euro zoneeconomic data, which boosted expectations the European Central Bank will lower interest rates at a policy meeting this week.
Business activity in the U.S. Midwest unexpectedly shrank in April to its lowest level since September 2009, according to the ISM-Chicago Business Survey. It followed weaker-than-expected U.S. first-quarter economic growth data released last week.
“People are worrying about the U.S. economy again,” said Ronald Simpson, managing director of global currency analysis at Action Economics in Tampa, Florida.
The euro rose as high as $1.3185, the strongest since April 17, after breaking above resistance around the London session high of $1.3120, according to Reuters data. It was last at $1.3170, up 0.6 percent on the day, with traders citing buying by a German bank.
Gains in the single currency accelerated at around 9:38 a.m. EDT. The Chicago PMI was released to subscribers via conference call about 3 minutes before the public release of the data at 9:45.
On the month, the euro rose 2.7 percent against the dollar, its first monthly gain since January.
The dollar fell 0.3 percent to 97.30 yen, having hit as low as 97.01 yen earlier, the weakest since April 16. In April, the dollar rose 3.5 percent against the yen, the largest monthly gain since January.
The Fed kicks off its two-day policy meeting on Tuesday and investors are watching to see if a sluggish recovery and slowing inflation could not only end talk of tapering its bond-buying but push the central bank into buying more assets.
“We are currently seeing significant dollar weakness… reason for this is mainly speculation on further Fed quantitative easing policy,” said Ulrich Leuchtmann, head of FX research at Commerzbank.
“The view that the Fed would scale down QE is coming more and more under question due to poor U.S. data.”
The ECB meets on Thursday, with a narrow majority of economists expecting a 25 basis point cut, according to a Reuters poll.
Inflation in the euro zone hit a three-year low and unemployment rose to a record high, data showed on Tuesday. Adding to worries, German retail sales unexpectedly fell in March while Spain’s economy shrank for the seventh straight quarter in the first three months of the year.
Some analysts said while a rate cut could see the euro initially fall, announcing further easing measures would be interpreted as a positive move by the central bank and this could lend the euro some support.
“If the ECB were to resort to a refinancing rate cut on Thursday and announce non-standard measures to boost credit flow, we could see a bounce in the euro. But anything above $1.32 is a sell,” said Jeremy Stretch, currency strategist at CIBC World Markets.
The dollar index, which measures its value against a basket of six major currencies, earlier hit its lowest since the end of February at 81.598. It was last down 0.5 percent at 81.729 .DXY.
(Editing by David Gregorio)
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 15 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial and Landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
In my opinion we are at bottom of the cycle in Commercial Real Estate in Phoenix, so there is only one way and it’s called we are going up again and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
IF YOU OR ANYBODY YOU KNOW IS IN TROUBLE WITH YOUR BUSINESS, AS MANY AMERICANS ARE IN THE MOMENT, AND ARE ABOUT TO LOSE YOUR COMMERCIAL PROPERTY, PLEASE CONTACT ME. IF YOUR BANK IS BEHAVING BADLY I MAY BE ABLE TO HELP YOU GET OUT OF SOME OR MAYBE A LOT OF FUTURE HEADACHES.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
Since I was a Land Specialist in Arizona and a Land Speciaost in Phoenix many of my clients, Sellers and Buyers remember me and now they are calling me again, so this is the time to get back into land and none of my clients, including future clients, will miss out on getting their best deal.
Also, if you are up-side down on your land, like many Americans, and the lender is giving you a hard time, now is the time to put your land on the market. Lenders are making deals now with short sales. I have been working with banks for many years – I learned how to work with them.
If you have any questions about the 1 to 3 above, about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail email@example.com or call me 520-975-5207 (cell) 602-778-5110 (office direct).
Walter Unger CCIM
Kasten Long Commercial
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Phoenix, AZ 85016
Office : 602-445-4141
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