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Euro weak around $1.30 as Spanish debt costs mount
(Reuters) - The euro fell broadly on Monday, dropping to a two-month low against the dollar and the safe-haven yen and reaching a 1-1/2 year trough against the British pound, as Spain rekindled worries about the fragile state of the euro zone economy.
As Spanish 10-year government bond yields rose above 6 percent for the first time this year and the cost of insuring its debt hit a record high, sentiment was cautious across financial markets. That weighed on growth-linked currencies such as the Australian dollar while keeping the yen near a seven-week high against the U.S. dollar.
News over the weekend that China had doubled the yuan's daily trading band against the dollar to one percent has so far had limited impact on major currencies.
Spain's failure to convince investors that it can ...
Title:
Dukascopy Morning Forex Overview : 16/04/2012
Fundamental Analysis
EUR
"Market stresses will eventually force the ECB to restart the bond program"
- Market stresses will eventually force the ECB to restart the bond program
The European Central Bank is expected to restart government bond purchases rather than proceed with another round of long term refinancing operation.
USD
"Disposable incomes of consumers are still being squeezed. That does make it difficult for consumption to accelerate from here"
- Jeremy Lawson, an economist at BNP Paribas in New York
U.S. consumer confidence deteriorated slightly in April. The Thomson Reuters/University of Michigan’s preliminary index of sentiment declined to 75.7 from 76.2 in March.
GBP
U.K. "has a wealthy, open, and diversified economy"
- S&P
Standard & Poor's reaffirmed the U.K.'s triple ...
Title:
Dukascopy Afternnon Forex Overview : 13/04/2012
Fundamental Analysis
EUR
Italy's borrowing costs increased during last bond sale, escalating worries about Italy's ability to repay its obligations. Three-year bonds faced a rise in the interest rate from 2.76% to 3.89%. Adding to concerns over the Euro Zone's economic state, Greek unemployment rate surged to 21.8% in January as compared to 14.8% in January 2011.
USD
US March CPI increased by 0.3% thus outpacing the 0.2% investor consensus forecast. Core CPI was in line with the expectations at 0.2% last month, Bureau of Labor Statistics reported today.
GBP
FTSE 100 index traded lower on Friday as lower than expected China's GDP growth weighed on investor sentiment. Additionally Spanish shares tumbled as country's bond yields climbed. Sage Group lost 2.2% after Jefferies cut the stock' ...
Title:
Oil slips as China growth lags forecast
(Reuters) - Oil eased towards $121 a barrel on Friday after the economy of energy-hungry China expanded at the slowest rate in nearly three years, reinforcing the prospect of slower growth in demand for oil.
Braking the price slide was caution ahead of talks between Iran and five permanent members of the U.N. Security Council plus Germany about Tehran's disputed nuclear programme.
"The Chinese numbers were a little bit disappointing ... (but) we're not heading into a new substantial downward trend," said Tony Machacek, an oil futures broker at Jefferies Bache Ltd. "There's still quite a few geopolitical issues knocking about."
Brent crude, which expires later in the day, slid 30 cents to $121.41 a barrel by 1150 GMT. The contract is heading for a fourth straight weekly decline.
U.S. ...
Title:
Dukascopy Morning Forex Overview : 13/04/2012
Fundamental Analysis
EUR
"The outlook for the industrial sector is bleak"
- Martin van Vliet, an economist at ING Group
Euro-area industrial production unexpectedly rose in February, even as the region’s economy continued to slide into a recession. Production increased 0.5 per cent from January, said the European Union’s statistics office in Luxembourg on Thursday.
USD
"Import prices were certainly a problem for businesses in the last three months, but we’ve seen those pressures ease"
- Jacob Oubina, a senior U.S. economist at RBC Capital Markets LLC
The number of Americans claiming for unemployment benefits rose to 380 thousand in the week ended April 7 from the week before, said the Department of Labor on Thursday.
GBP
"Concern persists that U.K. exports will be limited in the near ...
Title:
Dukascopy Afternnon Forex Overview : 12/04/2012
Fundamental Analysis
EUR
Germany's bond yield advanced after the country did not manage to meet maximum sales target. The average yield on the new benchmark 10-year bunds rose by six basis points, advancing to 1.71%. At the same time yields on two-year notes added four basis points approaching 0.13%.
USD
Natural gas futures fell below its key support level of 2.00 US Dollars per BTU, approaching 10-year low late on Wednesday as traders continued to sell off the fuel. Natural gas for May delivery traded at 1.98 US Dollars per BTU on the New York Mercantile Exchange, sinking by 2.39% in late US trade.
GBP
FTSE 100 index fluctuated between gains and losses on Thursday as government reported UK's trade deficit widened more than expected in February. Royal Dutch Shell tumbled 5% on news an ...
Title:
Dukascopy Morning Forex Overview : 12/04/2012
Fundamental Analysis
EUR
"The ECB should be preparing itself" for "the return of significant financial market tensions"
- Silvio Peruzzo, an economist at Royal Bank of Scotland Group Plc
Spanish "market conditions are not justified," said ECB Executive Board member Benoit Coeure on Wednesday. "Will the ECB intervene? We have an instrument, the securities markets program, which hasn’t been used recently but it still exists."
USD
"Import prices were certainly a problem for businesses in the last three months, but we’ve seen those pressures ease"
- Jacob Oubina, a senior U.S. economist at RBC Capital Markets LLC
U.S. import prices increased more than expected in March, 1.3 per cent, reflecting higher fuel costs, the Labor Department said Wednesday.
GBP
"The unusually warm weather in ...
Title:
Optimism remains evident in European markets, eyes on the Italian bond sale
Another week approaches the end while the European common currency might end this week with gains after recording huge losses in the past week, supported by the improvement seen in the debt market yesterday, where the tension eased pushing bonds higher and yields lower, the thing the supported the sentiment to improve and optimism to spread.
The European Central Bank Executive Board member, Benoit Coeure, clarified yesterday that the mounting pressure in the Spanish debt market may force the ECB to revive the bond-purchase program, where the Bank recognize the dangers behind leaving Spain vulnerable to rising borrowing costs, which have previously forced other highly indebted nations including Greece to seek bailout from the European Union.
Spain struggles with rising costs of borrowing, ...
Title:
Dukascopy Afternnon Forex Overview : 11/04/2012
Fundamental Analysis
EUR
Spain's EUR 10 billion austerity measures did not ease investor worries the country is likely to be the next to demand a bailout. The borrowing costs for Spanish benchmark 10-year bills rallied almost 20 basis points to 5.94% on Tuesday after Miguel Angel Fernandez Ordonez, the Governor of the Bank of Spain said the country's financials may need extra capital in case the economy slows more than predicted.
USD
Canadian currency declined reaching a 6-week record low against US Dollar on concern European crisis is regaining momentum amid slowing US recovery. The loonie fell 0.7% to CAD 1.0045 on Tuesday, the lowest figure since February 27. Currently USD/CAD is trading at CAD 1.0018.
GBP
After a steep loss of 2.2% on Tuesday, FTSE 100 index recovered on Wednesday ...
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