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Again Bearish AheadTitle:
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 ...
Title:
Facebook IPO Fails to Make a Dent in the Marketplace
Following weeks of speculation regarding how Facebook's debut on the New York Stock Exchange would turn out, investors were mildly disappointed with the social media site's performance on Friday night. Facebook closed out the week at 37.96, slightly below its opening price. What direction Facebook takes from here is a hotly debated topic among market analysts. Some are warning that the site may be overvalued already, and Friday's disappointing performance could be a sign of things to come. That being said, any moves by Facebook to expand its already massive subscribership could generate excitement in the marketplace which could help boost the value of this site.
Economic News
USD - Dollar Comes off 4-Month High vs. Euro
The US dollar turned bearish against most of its main currency ...
Title:
Euro rallies from 4-month low versus dollar
The euro rallied from a four-month low against the dollar on Friday as investors pared bets against the single currency after a more than 3 percent drop this month, but concerns about Greece and Spain were likely to keep it under pressure.
Positioning ahead of the weekend meeting of the Group of 8 major industrialized nations and technical support also helped, traders said, as the euro approached its January low of $1.2623. Gains accelerated after a wave of stops were triggered in the euro's grind higher.
Despite Friday's rebound, investors preferred the relative safety of the U.S. dollar and the Japanese yen as worries about Europe persisted after Moody's cut the credit ratings of 16 Spanish banks late on Thursday.
Some traders said investors were wary of placing bets ahead of the ...
Title:
Euro comes off 4-month low but worries remain
The euro rose from a four-month low against the dollar on Friday as investors pared bets against the single currency after a 4 percent drop this month but concerns about Greece and Spain were likely to keep it under pressure.
Technical support also helped, traders said, as the euro approached its January low of $1.2623. A break beneath that would opened the door to a slide toward the 2010 lows around $1.1875.
Despite Friday's gains, investors preferred the relative safety of the U.S. dollar and the Japanese yen as worries about Europe persisted after Moody's cut the credit ratings of 16 Spanish banks on Thursday.
Some traders had earlier said the euro's recent decline could slow, given investors may be wary of holding positions over the weekend when leaders of the G8 major industrial ...
Title:
Euro rallies from 4-month low but crisis remains
The euro rose from a four-month low against the dollar on Friday as investors pared bets against the single currency after a 4 percent drop this month, but concerns about Greece and Spain were likely to keep it under pressure.
Despite Friday's gains, investors preferred the relative safety of the U.S. dollar and the Japanese yen. They were reluctant to increase risk exposure after Moody's cut the credit ratings of 16 Spanish banks on Thursday.
With no U.S. data to drive foreign exchange markets, investors are most likely to consolidate positions ahead of the weekend following days of euro losses.
"The biggest risk today is position squaring into the weekend; however there appears to be increasing evidence that the euro is likely to move lower in the days ahead," said Camilla Sutton, ...
Title:
Crude Oil Remains Negatively Biased on Growth Concerns
Crude oil is still trading bearishly ahead of the results of the G8 summit, where the commodity is affected sharply by the deteriorated sentiment and growth-concerns, taking into consideration several European nations have already slipped into recession fueling the debt crisis to hinder the pace of global recovery.
Crude oil futures for June settlement are hovering at the moment around $91.85 per barrel, continuing the downside movement that started for $105.00 levels. The futures started the session at $92.62 and recorded so far a high of $92.89 and a low of $91.60.
Confirmations regarding the coming recession in Europe are mounting, where the political turmoil in Greece in addition to the double-dip recession in Spain raised fears today after rating agencies downgraded the Greek credit ...
Title:
Markets Correct Some of the Weekly Losses Ahead of the G8 Summit
As the end of this week approaches, markets started to correct some of the losses incurred through the week. Investors started to close their bearish positions ahead of the coming week, before the G8 summit, which is taking place in the U.S, the thing that supported the euro to rebound over daily basis, cutting most of the losses.
Today, pessimism dominated the euro with the start of the session, where negativity was driven by the Greek downgrade, as Fitch Ratings cut the credit ranking of Greece by one notch to CCC from B- on concerns the nation might exit the euro as more and more Greeks are joining anti-austerity parties.
Moreover, Moody`s downgraded sixteen Spanish banks due to the current turmoil in the debt market in addition to the technical recession and rising unemployment, ...
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Crude oil resumes the selloff as the outlook continues to worsen
Crude oil resumes the strong decline and heading to the third consecutive weekly decline as the outlook for global growth and stability in Europe continues to worsen. Oil ended again with losses in NY yesterday for the sixth consecutive session and futures this morning and trading to the downside attempting to breach $92 areas.
The selloff across the board is surely fueled by the fears over the relapse in the global recovery and inevitably influenced by resurfacing debt problems in Europe, where Greece is on the verge of being forced to declare bankruptcy and drop the euro which might pull the footing under wobbling Spain.
Haven demand is keeping the dollar strong and that is further pressure on commodities. The GSCI ended yesterday with losses and was led by energy that dropped 1.10% ...
Title:
European Nations Observe Ascension Day; So Do the USD and JPY
European Nations Observe Ascension Day; So Do the USD and JPY
5/17 - Banks are closed for European nations observing Day of Ascension, a Catholic holiday that commemorates the rise of Jesus into heaven after being crucified. US banks however are open.
During the European session, there was certainly a continuing ascension of the safe haven currencies - USD and JPY as the market continues to unwind risk.
EUR/USD saw another corrective rally attempt before that stalled in the 5/17 Asian session, and then fell sharply again in the European session. Gearing up for the US session, the market is trading it at about 1.2680. The 1.2625 support is still in sight .
EUR/JPY broke down new lows and continues its March at least toward the 100 psychological level.
The sterling (GBP), which was ...
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