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Across Financial MarketsTitle:
Gold retreats as softer euro curbs rebound
(Reuters) - Gold eased a touch on Monday as a retreat in the euro arrested the metal's rebound from its 2012 lows, but prices remained supported near $1,600 an ounce as investors bet the metal's price correction had been overdone.
Spot gold was down 0.2 percent at $1,588.69 an ounce at 1220 GMT, while U.S. gold futures for June delivery were down $3.30 an ounce at $1,588.60.
Last week, gold fell to its lowest this year at $1,527 an ounce, before staging its biggest two-day rally since October as traders holding short positions rushed to cover.
"I suspect that what we saw last week was partly short covering, and that has helped us on the way up, with maybe a little bit of extra safe-haven interest," Mitsui Precious Metals analyst David Jollie said.
"In the next few weeks leading up to ...
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Gold steadies as softer euro curbs rebound
(Reuters) - Gold steadied in Europe on Monday as a retreat in the euro arrested the metal's rebound from its 2012 lows, but prices remained supported near $1,600 an ounce as investors bet the metal's price correction had been overdone.
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Spot gold was at $1,591.50 an ounce at 0932 GMT against $1,592.00 late on Friday. U.S. gold futures for June delivery were down $1.30 an ounce at $1,590.60.
Last week, gold fell to its lowest this year at $1,527 an ounce, before staging its biggest two-day rally since October as traders holding short positions rushed to cover.
"I suspect that what we saw last week was partly short covering, and that has helped us on the way up, with maybe a little bit of extra safe-haven interest," Mitsui Precious Metals analyst David Jollie said.
"In the next few weeks ...
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Euro gets respite, but stays under pressure
(Reuters) - The euro traded firm above recent four-month low on Monday as some investors who had bet on the currency falling booked profits, but deep-seated concerns about financial turmoil in Greece and Spain will keep it under pressure.
The common currency earned respite from this month's relentless bout of selling, as speculators who had piled up a record amount of bets against it cut some of those positions.
The euro was steady at $1.2781, well above Friday's four-month low of $1.2642 struck on trading platform EBS. The euro has managed to stay above its 2012 low of $1.2624, a major support, a break of which would take the single currency back down to levels not seen since August 2010.
Traders cited sell-side stops above $1.2835 with plenty of offers ahead of that level, all of ...
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BoJ Rate Decision the Highlight for Asia this Week
Asian markets are waiting heavy data during the upcoming week starting with the Bank of Japan decision and the release of HSBC flash Manufacturing PMI for China.
The Bank of Japan has left rates between 0.0% and 0.10%, in order to support the nation’s growth against the current instability and although inevitable will not change rates, investors await any move with more stimulus as the USDJPY falls below 80 levels again.
The Japanese economy showed signs of recovery where last week the decline in machinery orders slowed in March, as well as recording more-than-expected expansion during the first quarter to begin exiting deflation that faced the nation’s economy since 2011.
The BOJ is expected to keep the monetary policy unchanged and keep monitoring markets closely with a slight ...
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Weekly Economic and Financial Commentary : 19/05/2012
U.S. Review
To QE3 or Not To QE3: That is the Question
- Some market participants are beginning to speculate about another round of quantitative easing. Although recent growth indicators have not been particularly stellar, the economy is still growing. Moreover, core CPI inflation in the neighborhood of 2 percent means that the threshold for more QE is relatively high.
- Overall, indicators were positive during the week. Housing starts increased by 2.6 percent in April, the Empire Manufacturing index improved to 17.09 in May from a 6.56 print in April and retail sales printed a 0.1 percent increase in April, in line with expectations.
To QE3 or Not To QE3: That is the Question
QE3 seems to have more lives that a cat; it comes back into the forefront of the U.S. economy discussion ...
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The Weekly Bottom Line : 19/05/2012
The Weekly Bottom Line : 19/05/2012
HIGHLIGHTS OF THE WEEK
United States
- Global economic concerns ratcheted up this week. Widespread discussion of a Greek exit continued, Spanish banks faced rating downgrades and periphery sovereign debt yields moved higher.
- Financial markets have responded to these global worries with increased risk aversion. The S&P is poised to end the week 3% lower, and 10-year treasuries are yielding just 1.7%.
- U.S. economic data has proved somewhat more encouraging, but growth is still struggling to breakout beyond a moderate pace. This has kept the possibility of additional monetary stimulus alive even if the threshold remains quite high.
Canada
- Recent economic indicators are showing a resurgence of strength in the Canadian economy. Strong ...
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Global shares slide amid fears for Spanish banks, growth
Asian shares tumbled on Friday and were set for their worst weekly showing since September, amid political turmoil in Greece and signs of growing instability in Spanish banks, with investors adding the latest weak U.S. data to the list of risk factors.
Assets across the board, from commodities such as oil and gold to riskier currencies such as the euro and the Australian dollar were all heading for their weekly losses.
Financial stocks were hammered after the head of Australia and New Zealand Banking Group (ANZ.AX) said volatile conditions in global markets have caused the wholesale funding market for Australian banks to freeze again, a worrying echo of the global financial crisis.
European shares were also set to fall, with financial spreadbetters predicting that major European markets ...
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U.S. stocks, euro fall on ECB news, Fed minutes
U.S. stocks and the euro slid on Wednesday on news that some Greek banks face emergency funding needs, while minutes from the Federal Reserve's April meeting showed U.S. economic prospects remain sobering.
The European Central Bank stopped funding operations for some Greek banks as they are undercapitalized, the ECB said, confirming a Reuters report that fanned concerns about Greece's financial difficulties.
The Reuters report highlighted the weak state of the banking sector in Greece, where many Greeks are withdrawing money from banks out of fear their country may soon leave the euro zone.
The euro traded just below break-even and shares in Europe closed lower in choppy trade as worries mounted over the stability of the euro zone. Greece plans to hold elections in mid-June that will ...
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European markets set to open with more losses amid political woes
The tension is evident and the market remains negative amid the uncertainty over the euro outlook and growing fear of a Greek exit. The selloff was reignited midday yesterday after Greece said talks have failed and elections are now the only option.
Investors are worried that anti-austerity parties will be able to now win the vote and negate the agreement with lenders which will leave Greece insolvent and bankrupt, and eventually drop out of the euro! This tension is keeping the market on the edge and pressured stocks to their 2012 lows with the lead of financials of course.
The euro was surely on the receiving end and still trading under heavy bearish pressure. The EUR/USD as of 03:00 EST is hovering around $1.2695 trading below the critical $1.27 areas. The pair recorded the high of $1. ...
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