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Against The Euro For The SecondTitle:
U.S shares continue raise to close in green
U.S. stocks inclined throughout the day; opening and midday sessions, to accordingly close in green after China and G-8 countries vowed to spur growth in their countries ahead of German-Franco finance ministers meeting later on the day.
Keeping in mind that leaders of the Group of eight nations aligned to keep Greece in the euro and committed to spur growth in their countries, raising growth prospects of the global economy and easing Greece`s debt concerns.
In China, Premier Wen Jiabao vowed to keep an eye on boosting growth in the world`s second-largest economy. In Berlin, German Finance minister Wolfgang Schaeuble will for the first time discuss the euro with his French counterpart, Pierre Moscovici.
The Dow Jones Industrial Average index gained 135.10 points or 1.09% to close at ...
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Cautious correction with the start of the week on growth pledges
The market remains under evident pressure. The uncertainty surrounding the growth outlook and a Greek exit of the euro continues to weigh on the sentiment, yet signs of relief started the week especially for stocks as investors find some hope in leaders pledges to support growth.
The Group of Eight (G8) weekend summit was indeed with an American flavor, as calls for growth stimulants are clearly heard and demands on Europe to balance its cards is the tough task now. The G8 reaffirmed the commitment to help Greece as long as it helps itself by staying in the euro and a new growth biased alliances is seemingly in the making between Germany and France.
Obama stressed on Europe to get its house in order and said that he believes they are strong to face the challenge as the consequences will ...
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Copper up but Greek contagion fears weigh
(Reuters) - Copper extended gains on Monday, rising from four-month lows hit last week despite investors' concern about the risk of contagion if Greece defaults on its debt and leaves the euro.
Leaders of G8 major industrialized nations meeting at the weekend vowed to take steps to combat financial turmoil and revitalize a global economy threatened by Europe's debt crisis, but they offered no specific prescription for debt-crippled Greece which is to hold elections on June 17.
Recent opinion polls show Greek voters are returning to the establishment parties that negotiated its bailout, offering potential salvation for European leaders.
But deepening banking sector instability in Spain heightened concerns about contagion from Greece's political turmoil, meaning investors will likely stay ...
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LME copper gains on soft dollar; Europe eyed
(Reuters) - London copper rose on Monday after last week's steep losses, as a weak dollar, technical buying and a pickup in Chinese spot demand supported prices, although worries about the euro zone debt crisis capped gains.
Hopes for stimulus from top consumer China after the country's premier called for additional efforts to support growth on Sunday proved to be a bright spot for copper, which has shed about 9 percent in London over the last three weeks.
But market participants warned the upward momentum may be short-lived, given the chaos in Europe, where political problems threaten to drive Greece out of the euro zone and indebted Spanish banks keep their country's borrowing costs high.
Three-month copper on the London Metal Exchange rose 1.2 percent to $7,742 a tonne by 0713 GMT, ...
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Dukascopy Morning Forex Overview : 21/05/2012
Fundamental Analysis
EUR
"Fears of a Greek exit from the euro zone and the negative consequences from that are prevailing"
- Ben Kwong, KGI Asia
European stocks edged lower after Fitch downgraded Greece’s credit rating to ‘CCC’, implying that the country is vulnerable and highly dependent on favourable economic conditions to fulfill its financial obligations.
USD
"If there were scope to do another twist of some type it would be prudent to consider it, especially in the scenario where things are worse and the Fed feels like it needs to move"
- Nathan Sheets, Citigroup Inc.
Fed policymakers might potentially launch another round of Operation Twist rather than a direct asset purchases in case of increased risks or further weakening of the US economy.
GBP
"We must work together to give ...
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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 ...
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Vale sees iron ore price rising in second half of 2012
Brazilian mining company Vale SA (VALE5.SA) remains confident the price of iron-ore, its main product, will rise in the second half of 2012, relieving environmental and economic pressures on the company which have hurt growth and delayed new projects.
Iron ore .IO62-CNI=SI fell to its lowest level in nearly six months on Friday, slipping 1.7 percent to $131.30 a metric ton (1.1023 tons). The medium- to long-term price, though, should be in the range of $120 to $180 a metric ton, Jose Carlos Martins, Vale's head of ferrous metals and strategy, said at a lunchtime gathering with reporters in Rio de Janeiro.
Demand for steel remains strong in China, thanks to housing, Vale Chief Financial Officer Tito Martins added. At the same time, declines in prices push higher-cost Chinese producers out ...
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Gold jumps, heads for biggest 2-day gain since October
Gold rose more than 1 percent on Friday, on track for its largest two-day gain since October, boosted by investors' consolidation of positions ahead of the weekend and a stronger euro.
The second day of gains helped bolster confidence, which had been shaken by gold's fall earlier this week to a four-month low at $1,527 an ounce, near critical long-term support levels.
But traders remained cautious given how the escalating crisis in Europe has driven the single currency lower this month.
"There is still no conviction in the market. If gold was a safe haven, it should be higher. Physical demand is mediocre and the Europeans want the dollar, which is why it is so strong," a physical U.S. gold trader said.
The psychologically important $1,600-per-ounce mark remained elusive.
It got close, ...
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Greek And Spanish Woes Weigh On The Euro
Greek And Spanish Woes Weigh On The Euro
The euro (EUR) plummeted against the dollar sliding to a four-month low at 1.2655 from 1.2748 as risk aversion dominates the markets. World equities tumbled as investors fear that Greece may leave the euro after the second election in the country in June. Poor economic data from the US and concerns about the growing instability among Spanish banks further weighed on the single currency. Credit rating agency Moody’s downgraded 16 Spanish banks while shares in Bankia, the state-rescued lender plunged on news that clients have withdrawn 1 billion in the past week. Fitch downgraded Greece’s rating from BI to CCC, the lowest possible grade for a country not in default, citing the heightened risk that the country may leave the eurozone.
The US dollar ( ...
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