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AfternoonTitle:
EUR Recovers Following Successful Debt Auction
The euro staged a slight recovery against the US dollar yesterday, following a successful Dutch debt auction which calmed investor fears regarding the recent political turmoil in Holland. After tumbling over 100 pips earlier in the week, the EUR/USD was once again above the 1.3200 level during the afternoon session. Turning to today, traders will want to pay attention to US news, including the FOMC Statement, FOMC Economic Projections and FOMC Press Conference. Any mention of future quantitative easing measures could cause the US dollar to take losses during the second half of the week.
Economic News
USD - FOMC Economic Projections Could Lead to Market Volatility
The US dollar saw slight bearish movement yesterday, following positive euro-zone news that led to an increase in risk taking ...
Title:
Asian Market Update : 25/04/2012
Markets look ahead to FOMC today; Yen awaits possible new easing measures from the BoJ
Economic Data
(KR) SOUTH KOREA APR CONSUMER CONFIDENCE: 104 V 101 PRIOR (11-month high)
(JP) Japan Apr Small Business Confidence: 47.6 v 48.7 prior
Markets Snapshot (as of 04:30GMT)
Nikkei225 +1.0%
S&P/ASX closed
Kospi +0.3%
Taiwan Taiex +0.8%
Singapore Straits Times unchanged
Shanghai Composite +0.3%
Hang Seng +0.1%
Jun S&P Futures +0.4% at 1,375
June gold -0.1% at $1,642/oz
June Crude +0.2% at $103.70
Overview/Top Headlines
Markets across the region were positive today, the USD/JPY traded in a 30 pip range around ¥81.55. There continues to be speculation that on Friday the BoJ will announce new easing measures. Corn, $6.24, and cattle, +0.3%, futures gained after a case of mad-cow disease was ...
Title:
Dukascopy Afternoon Forex Overview : 24/04/2012
Dukascopy Fundamental Analysis
EUR
Dutch Premier Mark Rutte offered his minority coalition's resignation after his cabinet lost backing from Freedom Party caused by disagreements over deficit cut plans. The Freedom Party supported PM Rutte for about 18 months. Political uncertainty in the Netherlands cause boost concerns across whole Europe as the Netherlands was one of the nations than strongly favoured European Union fiscal treaty and in case of political collapse may turn to less EU-supportive policies.
USD
S&P/Case-Shiller 20-city composite index dropped to its lowest level since 2002, representing the cheapest house prices in a decade. Among 20 cities observed in the index, in 16 house prices have contracted while only three showed an increase.
GBP
Great Britain reported a bigger ...
Title:
EUR Reverses Earlier Gains
The euro gave up its recent gains against the US dollar and Japanese yen yesterday, following a combination of negative euro-zone news which led to an increase in risk aversion. Worse than expected indicators out of both Germany and France, along with political uncertainty following the first round of elections in France was largely to blame for the euro's bearish trend. Today, euro traders will want to pay attention to debt auctions out of Italy and the Netherlands. Positive results from the auctions could help the common currency. Furthermore, the US CB Consumer Confidence and New Home Sales figures are set to generate market volatility when they are released at 14:00 GMT.
Economic News
USD - Risk Aversion Leads to Bullish Dollar
The US dollar saw gains against most of its main ...
Title:
Euro slammed by poor data, European political risks
The euro slid against the dollar on Monday after two days of gains, rattled by poor euro zone data and concerns that the region's debt crisis could spread to other healthier European nations after Dutch officials failed to agree on budget cuts.
Analysts said sentiment toward the common currency was bearish, with most investors looking to sell it on any rally before debt auctions this week in Italy and the Netherlands.
After the breakdown in budget negotiations, Dutch Prime Minister Mark Rutte said he tendered his cabinet's resignation to the Dutch queen, adding that she will consider it and had asked for the government in the meantime to keep doing whatever was in the country's interest.
The budget impasse in the Netherlands could threaten its triple-A rating and weighed on the euro.
A ...
Title:
Dukascopy Afternoon Forex Overview : 23/04/2012
Dukascopy Fundamental Analysis
EUR
Spain faced increasing borrowing costs during successful sale of bonds with two and ten-year maturity. The country's Treasury sold 1,116 billion Euros of two-year bonds at yield of 3.463% and 1,425 billion Euros in ten-year bonds with yield of 5.743%. Demand for Spain's debt was strong as bids surpassed demand 3.3 times.
USD
Stock index futures indicated a lower opening on today’s USA session on the EU concerns. Additionally, news from Wal-mart on a possible bribery case had negative influence on stock indices.
GBP
According to experts from zifx.com, following an extensive rally of GBP/USD, the currency pair is presently overgoing a bearish correction. While the initial support and resistance levels are situated at 1.6037 and 1.6154, respectively, ...
Title:
One unpleasant day
The week started with a flow of negative charges starting from downbeat data from China, elections in France showed anti-fiscal pact Mr. Hollande win the first round, followed by a deeper contraction in Euro’s manufacturing and services sectors. Markets were unpleasant; where risky assets took a harsh hit, looked powerless awaiting a helping hand, which may find in the awaited FED meeting Wednesday.
With the lack of economic releases this afternoon, the negative sentiment is expected to continue dominating the scene. The EUR/USD pair fell sharply after completing a test of the 50-days SMA, where the overall ranging stance remains intact so far. The pair has formed a possible bearish pattern, thus we look for a retest of the major psychological support at 1.3000, which is the main barrier ...
Title:
Dukascopy Afternoon Forex Overview : 20/04/2012
Fundamental Analysis
EUR
Spain faced increasing borrowing costs during successful sale of bonds with two and ten-year maturity. The country's Treasury sold 1,116 billion Euros of two-year bonds at yield of 3.463% and 1,425 billion Euros in ten-year bonds with yield of 5.743%. Demand for Spain's debt was strong as bids surpassed demand 3.3 times.
USD
The American session also gained from the higher-than-estimated German Ifo business climate reading released today. The increase in stocks was also accompanied by a gain in commodity prices and a decline of treasury yields.
GBP
British FTSE 100 index traded modestly higher on Friday as data showed UK retail sales rallied in March, reaching 1.8% growth instead of predicted 0.4% gain. IMI Plc jumped 1.8% after engineering group reported an ...
Title:
Break Lower In EUR/GBP Confirmed
Sunrise Market Commentary
Fixed Income: Core global bonds remain well bid, but fail to profit from weak data
While the Bund set a new contract high, the price action showed little momentum. Rumours about a French rating downgrade gave core bonds a shot in the arm, but subsequent weak eco data were largely ignored, triggering some profit taking in late US session.
Currencies: Break lower in EUR/GBP confirmed
Also in EUR/USD rather dull session leaving the pair little changed in the close. Intra-day decline on French rating rumours was later on reversed. Upcoming IMF meeting, French presidential elections and FOMC meeting might keep investors sidelined today.
The Sunrise Headlines
US Equities dropped for a second straight session on Thursday. The S&P fell 0.59% as weak ...
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