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Again Long PositionsTitle:
Crude ends higher as Bernanke view lifts markets
Crude futures edged up on Monday as comments from Federal Reserve Chairman Ben Bernanke reinforced expectations that interest rates will be kept low and as strong gasoline futures provided lift to the oil complex.
Bernanke said the U.S. economy needs to grow more quickly to bring the unemployment rate down further, defending the central bank's policy of very low interest rates.
While he gave no indication the Fed intended to start on a third round of bond purchases, Bernanke also made clear the central bank is in no rush to reverse course after responding aggressively to a deep recession.
Bernanke's comments weighed on the dollar by reinforcing hopes for more quantitative easing and lessening expectations that interest rates might be raised any time soon.
Ahead of weekly reports on U.S. ...
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Ifo Suggests Germany Remains Resilient
Forex News and Events:
FX market pulled back on the "risk-on" trades last week as PMI reads from China and Europe indicated the fragile recovery was still unbalanced. And we have seem to pick up this week right where we have left off. While the numbers were slightly worse than expected, there seemed a slight over reaction due to the lack of other news. While we wouldn't completely discount the erosion in outlook, we suspect that as markets become used to a bouncy economic recovery, strong data followed by weak, the risk rally should continue (ie not panic every time a soft number prints). That said, these numbers further suggest that there is more trouble brewing in Europe. A weak PMI in the US or China is completely different than one in Europe. The Eurozone objective is not just trying ...
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Euro slips on dollar ahead of German Ifo data
The dollar was higher against the euro and the Japanese yen on Monday, supported by a rise in U.S. bond yields, with any further signs of weaker euro zone economic activity likely to help it sustain gains against the common currency.
A key German business survey is due for release at 0800 GMT (4.00 am EDT) and while analysts forecast the Ifo think tank's business climate index will stay steady, many traders are bracing for a soft number after last week's weak reading of flash purchasing managers' indices (PMIs) across the euro zone.
That could stoke concerns about a recession and may trigger a sell-off in the euro.
The euro was down 0.2 percent at $1.3245, moving away from a three-week high of $1.3294. Traders said that with the euro failing to breach resistance at $1.3302 last week, a ...
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Euro Rallies vs. USD to Finish Week
The euro hit a three-week high vs. the US dollar on Friday, following a disappointing US housing figure. The New Home Sales figure came in at 313K, well below the 326K analysts had been forecasting. The EUR/USD moved up as a result, reaching as high as 1.3282 before staging a slight downward correction to close out the week at 1.3268. Turning to today, traders will want to note the US Pending Home Sales figure, scheduled to be released at 14:00 GMT. Should the figure come in below the forecasted 1.0%, the euro may be able to extend its bullish run against the USD.
Economic News
USD - Dollar Turns Bearish amid Disappointing Housing Data
The dollar fell against most of its main currency rivals on Friday, following the release of a disappointing housing statistic. While most other sectors ...
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Crude ends over 1 percent up on lower Iran exports
(Reuters) - Crude oil futures rose more than 1 percent on Friday, on news that some buyers have stopped or scaled back imports of Iranian oil due to Western sanctions that seek to rein in Tehran's disputed nuclear program.
Crude exports from Iran appear to have dropped this month to around 300,000 barrels per day, or 14 percent, estimates by UK industry consultant Petrologistics and a large European oil company show.
Oil futures also rose on rumors that Israel was mobilizing its forces. Israel later denied any such move.
A mixed report on U.S. housing, in which single family home sales fell in February while prices jump to an eight-month high caused crude futures to pare gains.
Even with the day's gains, however, U.S. crude oil futures ended the week down for a second week in a row.
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Title:
Crude ends over 1 pct up on lower Iran exports
(Reuters) - Crude oil futures rose more than 1 percent on Friday, on news that some buyers have stopped or scaled back imports of Iranian oil due to Western sanctions that seek to rein in Tehran's disputed nuclear program.
Crude exports from Iran appear to have dropped this month to around 300,000 barrels per day, or 14 percent, estimates by UK industry consultant Petrologistics and a large European oil company show.
Oil futures also rose on rumors that Israel was mobilizing its forces. Israel later denied any such move.
A mixed report on U.S. housing, in which single family home sales fell in February while prices jump to an eight-month high caused crude futures to pare gains.
Even with the day's gains, however, U.S. crude oil futures ended the week down for a second week in a row.
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Title:
SNB Quarterly Bulletin Released
Forex News and Events:
The SNB's Quarterly Bulletin release didn't really provide any surprises. The key take-aways were that the SNB will stay true to its price stability mandate (while balancing policies with economic developments) through the enforcement of the “minimum exchange rate of EURCHF 1.2000” as “target range for the three month Libor will remain unchanged at 0.0–0.25%”. In addition, the bank will continue to “maintain liquidity on the money market at an exceptionally high level.” We would like to note, there is a slightly optimistic tone in the report. As risks have remained marginally unchanged, the bulletin notes improvements in the financial markets and mixed developments on the global growth front. While the SNB still views the overvalued CHF as a “challenge to the ...
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USDCNY fixed at a new all-time-low
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
WORLD
The absence of fresh economic data releases overnight did nothing to address lingering investor uncertainty over the sustainability of the global recovery. This made for generally range-bound FX trading conditions, although optimism was momentarily boosted when USDCNY fixed at a new all-time-low of 6.2891. US President Obama and China‘s President Hu are due to meet in Seoul on Monday. The Japanese government nominated Ryutaro Kono as a new member of the BoJ Policy Board to replace one of two policymakers whose terms end in early April. Our economists note that Kono has hawkish tendencies and his endorsement by parliament – which is a prerequisite for his appointment to the board – is therefore not a foregone conclusion. Former RBA board ...
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Riskier Assets Tumble amid Global Growth Worries
Riskier assets, like the euro and AUD, tumbled on Thursday following the release of a string of negative global data. Worse than expected German news confirmed fears that the euro-zone has gone back into recession. Meanwhile, a decline in Chinese manufacturing caused the aussie to slip against its main currency rivals. Turning to today, traders will want to pay attention to the US New Home Sales figure, scheduled to be released at 14:00 GMT. Analysts are forecasting the figure to increase slightly over last month. If true, the US dollar may see gains against the JPY to close out the week.
Economic News
USD - Risk Aversion Leads to Major USD Gains
The safe-haven US dollar saw significant gains on Thursday, as negative Chinese and euro-zone data led to fears regarding the pace of the ...
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