Our Two Cents – Week of 4/9/12
Spring has teed off as golfer Bubba Watson won his first green jacket at the 2012 Masters Tournament and the Easter Bunny delivered chocolates this past weekend. While we enjoyed some time with family and friends, we kept up with the latest news in the currency markets.
In the U.S., jobless claims in March tallied 357,000 as the unemployment rate dipped to 8.2 percent from 8.3 percent. While last month’s figures were less than anticipated, they still illustrated optimism of a rebounding economy. Economists said the U.S. economy, which is in its third year of expansion, is better equipped to overcome a slowdown in Europe and inflating fuel costs. Also, the private sector in March added 209,000 jobs, which aligned with expectations.
In the eurozone, Greece saw good news for its economy as the country’s prime minister said the nation could see a 2.5-to-3-percent growth during the next two years. Lucas Papademos said current forecasts show that Greece’s gross domestic product will start rebounding from five straight years of recession in the second half of 2013. The country also extended its deadline to April 20 for its final bond swap.
In Ireland, the Irish Central Bank showed signs of economic stability. Officials said the bank remains on track to meet its budget bailout targets and unlikely won’t need to bring in more spending cuts and tax increases in 2012.
Following their second-worst year in history, hedge funds posted a positive first quarter as the Dow Jones Credit Suisse Core Hedge Fund Index ended Q1 up 2.75 percent.
- ADP Report Says 209K Jobs Added In March, Business Insider, April 4, 2012
- US Jobless Claims at 357K – Within Expectations, Forex Crunch, April 5, 2012
- Greece extends deadline for final bond swap, Associated Press, April 5, 2012
- Irish Central Bank Sees Signs of Stability, The Wall Street Journal April 5, 2012
- Hedge Funds Dip In March, FINalternatives, April 6, 2012
- U.S. Hiring Seen Recovering, Reflects Optimism, Bloomberg BusinessWeek, April 9, 2012
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