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Against The Euro WithTitle:
Inertia Will Sink The Euro Again
The G8 Summit achieved very little in public which was no real surprise, but there was also an apparent lack of urgency surrounding the Euro-zone situation which was a much greater surprise given a sharp deterioration in the financial sector last week. Where was the urgency for fresh action to help support the Euro banking sector? The absence must surely indicate that Euro-zone and G8 leaders, while paying lip-service to the current strategy, have effectively moved on and are actively planning the next stage of the crisis.
Fear is likely to dominate in the short term and this is likely to keep strong defensive demand for the dollar and yen. In these circumstances, there is no real chance of a sustained Euro rally with 2012 lows likely to be seen. Bond markets will be watched very closely ...
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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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Gold eases after failing to breach $1,600 an ounce
(Reuters) - Gold prices slipped on Monday after early buying failed to lift prices past $1,600 an ounce, with investors still cautious about the precious metal as they awaited clearer signals on the euro-zone debt crisis.
Last week, gold slid to its lowest level since December, then rallied 4.5 percent late in the week. Buying resumed early on Monday but ran out of steam, as mild technical selling set in around the session high of $1,599 an ounce -- gold's priciest level in a week and a half.
Spot gold was down 0.08 percent at $1,590.80 an ounce at 3:43 p.m. EDT (1910 GMT), while U.S. gold futures for June delivery settled at $1,588.70 per ounce, down 0.2 percent from Friday.
A close above $1,605 an ounce would trigger significant buying, traders said, but after last week's tumultuous ...
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Major pairs currently narrow trading
Today on a daily scale we watched on one hand the yen plunging in front of most of its conterparts after that it was speculated that the Bank of Japan will add stimulus this week to support the country`s growth while that on the other hand the euro gained prior losses against the dollar as the German Finance Minister announced that "everything necessary" will be done by France and Germany to keep Greece in the Union.
Yet so far some technical movements are taking place throughout the currencies market within the U.S session to accordingly watch the major pairs and currencies narrow trade and therefore the dollar index, which measures the dollar performance against a basket of currencies including the Euro, the Pound, and the Yen is actually consolidating on the four-hour and one-hour ...
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Greek Chaos Continues But Solution Ultimately Found
- While waiting for the Greek election on 17 June we are likely to see continued high uncertainty and continued high stress in the markets. Things are likely to get worse before they get better.
- Amid this uncertainty, Greek citizens are likely to withdraw more money from their banks and this could escalate into a real bank run.
- A major game of chicken has started between the EU on the one hand and Greek politicians on the other.
- The EU is likely to stand firm on its demands for Greece to deliver austerity and give only a few concessions. The rethoric from the left coalition party Syriza is likely to continue to be fiercely against the EU as it is aiming to become the biggest party and get 50 bonus mandates for this.
- We look at three different post-election scenarios. ...
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Exclusive: South Korea poised to halt Iran oil imports from July: sources
(Reuters) - South Korea will effectively become the first of Iran's major Asian customers to halt oil purchases from July 1, when a European Union insurance ban will prevent further imports.
South Korea's largest oil refiner SK Energy (096770.KS) will stop Iranian oil imports after the ban takes effect, two sources with direct knowledge of the matter said on Monday.
Last month, industry sources said the only other South Korean refinery that buys Iranian crude, Hyundai Oilbank, would stop imports from June.
Iran exports most of its 2.2 million barrels of crude per day to Asia, home to its four biggest buyers China, India, Japan and South Korea.
But U.S. and EU sanctions aimed at halting Iran's nuclear program by reducing its oil revenues have made purchases difficult, with the impending ...
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Gold retreats as softer euro curbs rebound
(Reuters) - Gold eased a touch on Monday as a retreat in the euro arrested the metal's rebound from its 2012 lows, but prices remained supported near $1,600 an ounce as investors bet the metal's price correction had been overdone.
Spot gold was down 0.2 percent at $1,588.69 an ounce at 1220 GMT, while U.S. gold futures for June delivery were down $3.30 an ounce at $1,588.60.
Last week, gold fell to its lowest this year at $1,527 an ounce, before staging its biggest two-day rally since October as traders holding short positions rushed to cover.
"I suspect that what we saw last week was partly short covering, and that has helped us on the way up, with maybe a little bit of extra safe-haven interest," Mitsui Precious Metals analyst David Jollie said.
"In the next few weeks leading up to ...
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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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Safe-Haven Dollar
Forex News and Events:
Friday’s trading session was mostly uneventful with all the focus shifted to Facebook’s IPO. Many markets that had been freefalling these last two weeks caught a breather, with gold, silver, and the EUR gaining 1.12%, 2.57% and 0.63% respectively against the USD. The reversal has been attributed to a weak Philly Fed reading on economic activity in a sign that the world’s reserve currency is riskier than panicked markets are pricing. The weak number raised speculation over a new round of interventions from the part of the Fed in order to boost its economy. WTI however, was not able to profit from this reversal as it dropped to a six-month low before closing at 91.33. A 22-year high in inventory levels for the US could explain the decoupling of oil from the rest of ...
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