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Against A TradeTitle:
Market edges up, Wall Street awaits Facebook debut
Stocks rose in early trading on Friday but were gearing up to close their worst week of the year, while Facebook's market debut could help lift battered investor sentiment.
The S&P has fallen 6.7 percent so far in May, and while volatility is expected to continue, some analysts were forecasting a near-term rebound as valuations become more attractive.
Investors are awaiting Facebook's debut after the world's No. 1 online social network raised about $16 billion in one of the biggest initial public offerings in U.S. history. Facebook priced its offering at $38 a share on Thursday, and shares are expected to begin trading under the FB symbol on Nasdaq (FB.O) at around 11 a.m. New York time.(1500 GMT).
The large weekly decline in equities has come amid uncertainty over a political crisis in ...
Title:
Risk Appetite, Better Situation Help UK Pound
UK pound is being helped on two fronts today. General risk appetite, with the focus on the Facebook IPO, is helping the sterling against the US dollar. On the other hand, pound is higher against the euro, as concerns about what’s happening in the eurozone make the pound a preferred choice as a European safe haven currency.
Right now, pound is gaining against the US dollar as some disappointing news (including the unemployment claims data released this week) provides a foundation for risk appetite. Also providing a foundation for risk appetite is the Facebook IPO. Equities are responding well to the excitement of one of the biggest IPOs of all time, and that is helping the pound.
Against the euro, pound is gaining in large part because it’s not the euro. With Moody’s unleashing downgrades ...
Title:
Gold rises 1 percent, eyes weekly gain, as euro recovers
Gold prices rose more than 1 percent on Friday, building on the previous session's hefty gains, as a recovery in the euro prompted some buying of the precious metal, with shorts covering amid expectations prices could rise further.
Gold posted its biggest one-day gain since January 25 on Thursday, recovering some ground lost during its longest run of losses in five months. Its reversal has put it on track to end the week 0.4 percent higher.
Spot gold was up 1 percent at $1,589.16 an ounce at 1148 GMT, having earlier touched a high of $1,594.10, while U.S. gold futures for June delivery were up $14.40 an ounce at $1,589.30.
The euro recovered from a four-month lows against the dollar to move into positive territory, taking some pressure off gold, though concerns over a Greek euro exit ...
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, ...
Title:
Euro hovers near 4-month low as crisis brews
The euro lifted off a four-month low against the dollar on Friday, as investors pared bearish bets after earlier falls but concerns about a Greek euro exit and instability in the Spanish banking system were likely to keep it under pressure.
Investors preferred the relative safety of the U.S. dollar and the Japanese yen and were reluctant to buy riskier assets after Moody's cut the credit ratings of 16 Spanish banks on Thursday.
The euro tumbled to $1.2642, not far from its lowest of the year, before recovering to trade 0.2 percent higher at $1.2715. Traders cited large option expiries at $1.2700 which were likely to cap gains.
Some traders 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:
Downgrades Day
Forex News and Events:
In a race for downgrades, rating agencies took action targeting the two most burdened countries in the EMU. Moody’s confirmed today a rumor about the downgrade of 16 Spanish banks after having downgraded four Spanish regions, which added more pressure to the the Spanish economy. The increase in risk was reflected by 4-year Spanish Bonos yields, higher at 5.106% against a previous 4.319%. Fitch took over the Greek front by downgrading the country to CCC, adding that all EU countries would be on “Rating Watch Negative” if no pro-bailout government were formed following the elections on June 17. What’s more, while Greek banks are struggling for liquidity from EUR 700mn withdrawals since the elections and Greek central bank governor Provopoulos expecting EUR 100mn more, ...
Title:
Euro at four month low against dollar as crisis spins
The euro hit a four-month low against the dollar and 3-1/2 month trough versus the yen on Friday as concerns about a chaotic Greek exit from the euro zone and instability in the Spanish banking system fuelled demand for safer currencies.
Investors were reluctant to buy riskier assets after Moody's cut the credit ratings of 16 Spanish banks on Thursday. Fellow ratings agency Fitch downgraded Greece deeper into junk territory.
The euro tumbled to $1.2642, within sight its 2012 low of $1.2624. It has shed 4.1 percent against the dollar so far in May, while demand for the highly liquid dollar pushed it up 0.3 percent against a basket of currency .DXY on the day to a four-month peak of 81.758.
Against the yen, the euro fell to 100.219 yen, its lowest level since early February.
Many ...
Title:
Gold erases early gains as euro weakens
Gold reversed course and edged down on Friday after posting its biggest daily rise in more than three months the previous session, as the euro weakened on mounting worries over the euro zone debt crisis.
The single currency dropped to a four-month low against the dollar as investors fretted about the possibility of Greece's exit from the euro zone and about Spain's banking sector after Moody's downgraded 16 Spanish banks.
Gold eased $1.45 to $1,571.80 an ounce by 0653 GMT, on course for a weekly fall of 0.6 percent - its third losing week in a row.
Gold rallied more than 2 percent on Thursday, its biggest one-day rise since January, supported by a decline in regional U.S. factory activity that fueled hope for more monetary stimulus.
U.S. gold for June delivery edged down 0.2 percent to ...
Title:
Dukascopy Morning Forex Overview : 05/18/2012
Fundamental Analysis
EUR
"Spain, once again, is where the confidence game is played"
- Sebastian Paris Horvitz, strategist at HSBC Private Bank Suisse
Spain sold the maximum targeted amount of debt, 2.5 billion euros, during yesterday’s auction with spiking borrowing costs. The interest rate of three-year bonds rose to 4.373% from April’s figure of 2.89% while interest rate of five-year bonds surged to 5.106% from 3.374 in March.
USD
"What we’re seeing in foreign-exchange markets is strong demand for the U.S. dollar"
- Steven Saywell, head of foreign-exchange strategy for Europe at BNP Paribas SA
Latest US initial unemployment claim data was released yesterday – 370 000 Americans demanded their jobless benefits last week versus a 368 000 consensus forecast. The Labor Department revised ...
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