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Against A TradeTitle:
Euro near 3-1/2-month low vs dollar as Greece churns
The euro edged higher against the dollar on Friday but hovered near a 3-1/2-month low as political uncertainty in Greece and hefty losses unveiled by U.S. bank JPMorgan Chase kept investors wary of placing bets in favor of the currency.
The euro rose for a second day after falling for eight straight sessions, with investors squarely focused on Greece, where inconclusive election results last Sunday threw the country into political disarray and raised the risk of it exiting the euro zone.
"The recent decline in the euro/dollar is clearly a direct response to the decline in global equity markets," said Gareth Sylvester, senior currency strategist at Klarity FX in San Francisco.
"These declines have been driven by the shifting political landscape in Europe, most notably in Greece and ...
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Gold pares some of the losses, yet heading for another weekly decline
Gold pared some of its earlier losses after the release of better than expected U.S. confidence report which improved the sentiment amid the mounting worries from the euro area which pushed the shiny metal to four-month low. However, gold is heading for the sharpest weekly loss since March.
The shiny metal found support at the day`s low of $1570 an ounce to trade around $1588.38 compared to the day`s opening of $1593.45.
A U.S. report released today showed that consumer confidence rose to the highest level in four years to 77. 8 in May compared to the prior and expected readings of 76.4 and 76.0 respectively.
Gold managed to recover some of the losses after the report, yet it will record another weekly decline as the worries from the euro area caused investors to be wary of ...
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Canadian Dollar Gets Boost on Employment Gains
Canadian dollar is getting a boost today against the US dollar as employment news turns out more positive than expected. Loonie is higher against its US counterpart on the good news, even as risk aversion in general weighs on other high beta currencies.
Canadian dollar is heading higher today, thanks to a strong employment report. According to Statistics Canada, employment rose to 58,200 in April. This came on the heels of a jump of 82,300 in March. The good news is supporting the idea of a relatively strong Canadian economy especially when compared against the US economy.
Additionally, some analysts and Forex traders are seeing this news as an argument in favor of boost the interest rate. So far, the Bank of Canada has been reluctant to raise borrowing costs. Now, with evidence of ...
Title:
Euro near 3-1/2 month low vs dollar as Greece wrangles
The euro hovered near a 3-1/2-month low on Friday as Greek political parties made efforts to form a coalition government, and looked fragile as risk sentiment struggled on weak Chinese data and JPMorgan's shock trading losses.
The common currency was steady at $1.2936 after earlier hitting a trough of $1.2905, its lowest level since January 23. Investors were heavily focused on Greece, where inconclusive election results on Sunday threw the country into political disarray and raised the risk of it exiting the euro zone.
The euro climbed to a session high of $1.2956 as Greek conservative leader Antonis Samaras said there were still hopes a government could be formed, but came further pressure when the leader of the moderate Democratic Left said the country was heading for a repeat poll.
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Gold hits 4-month low as dollar rises, stocks slide
Gold prices fell to a four-month low on Friday as worries over the financial health of Greece and Spain and huge trading losses for JPMorgan hurt stock markets and the euro, prompting investors to seek refuge in the dollar.
Investors liquidated gold holdings to cover losses on other markets, analysts said, as a rise in risk aversion sparked selling across assets seen as higher risk, while lifting the U.S. currency and safe-haven German Bunds.
Spot gold slid to $1,573.29 an ounce, its weakest since January 3, after support gave way at $1,579, and was down 0.7 percent at $1,582.19 an ounce at 1145 GMT.
Prices pared the worst of their losses as hopes that a Greek government may be formed soon lifted the euro from lows, but spot prices were still down nearly 4 percent so far this week, ...
Title:
Euro Falls as Greece Continues to Wrangle
Greek political leaders continue to wrangle in an effort to form a government, and that is weighing on the euro, especially against the US dollar. Yesterday, the euro showed some spunk, and riskier assets received a bit of a boost. Today, though, risk aversion is back in full force over Greece, and over the latest news from JP Morgan Chase.
In Greece, the political wrangling continues. Political leaders differ on what they think will happen, with some insisting that a government can be formed, while others say that its likely that Greek citizens will be headed back to the polls. The uncertainty about what is happening in Greece and whether or not the eurozone will be able to overcome its woes once again weighs on the euro.
Also contributing to a climate of risk aversion today is the ...
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EUR/GBP Testing 80.00 Barrier, As BoE Stops Printing Press
Sunrise Market Commentary
- Fixed Income: Largely uneventful session for core bonds
- Core bonds had an insignificant, technical and sentiment-driven session that left bond yields slightly higher in the close. Overnight, negative headline news on JP Morgan and Greece triggered a moderately strong opening of the Bund. Europe will be in the focus today with the publication of the Spanish banking plan and the EU spring forecasts.
- Currencies: EUR/GBP testing 80.00 barrier, as BoE stops printing press
- On Thursday, sentiment on risk turned slightly less negative, even without progress in the Greek debt/election crisis. Nevertheless, the decline in EUR/USD slowed. EUR/GBP reached a minor low just below 0.8000 as the BoE halted its program of asset purchases. For now, we see no ...
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Euro hits 3-1/2-month low, Aussie eyes parity
(Reuters) - The euro fell to a 3-1/2-month low while growth-linked currencies like the Australian dollar tumbled on Friday as news of JPMorgan's trading losses from a failed hedging strategy and soft Chinese economic data spooked investors.
These concerns lifted the safe-haven U.S. dollar with the euro vulnerable to more losses as political deadlock keeps Greece without a government.
That has left investors fretting over the risk of the nation exiting the euro zone and fanned worries that the region's debt crisis may worsen. Traders said a reported euro option barrier at $1.2900 was the near term focus.
The euro fell at one point to $1.2905 on trading platform EBS, its lowest level since late January, with stop-loss selling adding to its drop. It last stood at $1.2915, down 0.2 percent ...
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Gold set for a weekly decline amid worries from the euro area
Gold continued its drop neat the lowest level in four months on Friday, after doing an upside correction yesterday, heading for the sharpest weekly loss since March, on worries from the euro area and slowdown in China.
The shiny metal tracked is currently trading around $1594.69 an ounce from the day`s opening of $1589.35, where it is expected to face resistance at the psychological level of $1600.
In Greece, political worries as five days of negotiations between political parties failed to create a new coalition government, thereby casting doubts regarding the adoption of spending cuts vows.
Today, the turn is on Pasok leader Evangelos Venizelos to form a government, where his failure means that another election will take place by mid-June.
Yesterday, Germany warned Greece that ...
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