Afternnon Forex Overview


Fundamental Analysis EUR Euro Area officials are going to Washington this week in order to demand larger war chest from overseas partners to prevent debt crisis as Spanish government struggles with surging borrowing costs. US though insists Europe can tackle crisis by its own financial firewall while Euro Zone representatives claim they already have done enough and deserve global help. USD Temasek Holdings is preparing to buy a part of Goldman Sachs Group's stake of Industrial & Commercial Bank of China (ICBC). Goldman Sachs is going to sell 3.55 billion of ICBC shares valued at USD 2.5 billion or about 4% of total amount traded in Hong Kong. ICBC shares lost 0.8% in Hong Kong on the news. Temasek has been raising holdings in China Construction Bank and Bank of China. GBP UK managed ...



Fundamental Analysis EUR Italy's borrowing costs increased during last bond sale, escalating worries about Italy's ability to repay its obligations. Three-year bonds faced a rise in the interest rate from 2.76% to 3.89%. Adding to concerns over the Euro Zone's economic state, Greek unemployment rate surged to 21.8% in January as compared to 14.8% in January 2011. USD US March CPI increased by 0.3% thus outpacing the 0.2% investor consensus forecast. Core CPI was in line with the expectations at 0.2% last month, Bureau of Labor Statistics reported today. GBP FTSE 100 index traded lower on Friday as lower than expected China's GDP growth weighed on investor sentiment. Additionally Spanish shares tumbled as country's bond yields climbed. Sage Group lost 2.2% after Jefferies cut the stock' ...



Fundamental Analysis EUR Germany's bond yield advanced after the country did not manage to meet maximum sales target. The average yield on the new benchmark 10-year bunds rose by six basis points, advancing to 1.71%. At the same time yields on two-year notes added four basis points approaching 0.13%. USD Natural gas futures fell below its key support level of 2.00 US Dollars per BTU, approaching 10-year low late on Wednesday as traders continued to sell off the fuel. Natural gas for May delivery traded at 1.98 US Dollars per BTU on the New York Mercantile Exchange, sinking by 2.39% in late US trade. GBP FTSE 100 index fluctuated between gains and losses on Thursday as government reported UK's trade deficit widened more than expected in February. Royal Dutch Shell tumbled 5% on news an ...



Fundamental Analysis EUR Spain's EUR 10 billion austerity measures did not ease investor worries the country is likely to be the next to demand a bailout. The borrowing costs for Spanish benchmark 10-year bills rallied almost 20 basis points to 5.94% on Tuesday after Miguel Angel Fernandez Ordonez, the Governor of the Bank of Spain said the country's financials may need extra capital in case the economy slows more than predicted. USD Canadian currency declined reaching a 6-week record low against US Dollar on concern European crisis is regaining momentum amid slowing US recovery. The loonie fell 0.7% to CAD 1.0045 on Tuesday, the lowest figure since February 27. Currently USD/CAD is trading at CAD 1.0018. GBP After a steep loss of 2.2% on Tuesday, FTSE 100 index recovered on Wednesday ...



Fundamental Analysis EUR Spanish banks are likely to need additional funds as economic state of the country has continued to deteriorate, announced Miguel Angel Fernandez Ordonez from bank of Spain. Spanish banks are facing next round of increase in bad loans as country enters the second wave of crisis in the last three years. Experts predict Spain to apply for a new bailout in the nearest future. USD US wholesalers outperformed their sale forecasts in February, as they tried to keep up with the growing demand. Wholesale inventories rose 0.9% - slightly higher than the 0.5% forecast. The Sales grew by 1.2%, unchanged from January. GBP Bank of England reported that recent monetary policy easing by the ECB is not expected to improve the labour market in the region. The rate of ...



Dukascopy Fundamental Analysis EUR Spanish PM Rajoy claimed that the country is an extreme difficulty after a sharp drop in demand for the Spanish bonds in an auction last week. Experts believe there could potentially be a competition between Italy and Spain for funds of international investors, as both countries are experiencing deep fiscal obstacles. USD Iran has agreed to continue talks about contracting its nuclear program after a 15 month pause in Tehran. European allies and US is going to require Iran a solid action to restrict its nuclear agenda including enriching uranium. Discussions broke down In January 2011 and later were followed by oil embargo. GBP Due to Easter celebration in most of the European countries, Monday was a banking holiday in the Great Britain. CHF The ...



Fundamental Analysis EUR European stocks fluctuated between gains and losses on Thursday as region's debt worries were partly offset by small improvement in Wall Street. Stoxx Europe 600 index added 0.1%, Italian FTSE MIB index slipped 0.2% while Spanish IBEX 35 traded flat. UK FTSE 100 index advanced 0.4% whereas German DAX lost 0.1%. French CAC 40 index improved 0.2%. USD The US applications for jobless benefits dropped less than predicted for the week ended in March 31, Labor Department reported on Thursday. According to data 357 000 people submitted new claims last week. Economists earlier predicted the number of applications to reach 355 000. The US unemployment level was 8.3% in February. GBP UK manufacturing fell for the second consecutive month in February, signalling the ...



Dukascopy Fundamental Analysis EUR Spain, the euro region’s fourth-largest economy, is in “extreme difficulty,” Rajoy said yesterday, raising the likelihood of a bailout for the second time this week. The Ibex stock index slid 0.7 percent in Madrid today. The benchmark Stoxx Europe 600 Index extended its biggest retreat in four weeks and the MSCI Emerging Markets Index slipped 0.3 percent to 1,034.65 as of 3:14 p.m. in Madrid. USD Ben S. Bernanke’s Federal Reserve signaled this week it isn’t ready to buy more bonds to stimulate the economy. Mortgage investors aren’t convinced. Stocks, commodities and bonds declined after the statement, which showed certain members support easing only “if the economy lost momentum.” Treasuries and mortgage securities pared losses yesterday with some ...



Fundamental Analysis EUR The primary reading of the Euro Zone's composite PMI indicated further contraction of the economic activity in the region. However, the final estimate of the PMI was above the preliminary reading of 48.7. The final PMI in the Euro Zone attained 49.6 in Q1, signaling on the mild contraction as compared to the preceding quarter reading of 47.2. USD The greenback advanced against 17-nation currency on Tuesday as Federal Reserve cooled speculations for extra monetary stimulus. The US Dollar added 0.3% versus Euro to USD 1.3199 and slipped 0.2% versus Yen to JPY 82.64. Currently EUR/USD is trading at USD 1.3205 and USD/JPY is trading at JPY 82.68. GBP The gauge measuring British construction activity through a number of new orders unexpectedly surged in March, ...





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