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Euro Succeeds Short Squeeze
Sunrise Market Commentary
- Fixed Income: Global core bonds take a breather
- Investors remained mostly sidelined in an uneventful session on Friday. The G-8 meeting stressed the need for growth, besides fiscal consolidation and sees Greece staying inside EMU. This shouldn’t surprise markets today. With a razor thin calendar, trading might start the week in a lackluster mode.
- Currencies: Euro succeeds short squeeze
- On Friday, the decline of the euro halted and EUR/USD succeeded a cautious rebound, even as uncertainty on the EMU debt crisis persisted. Technical considerations will also dominate trading today as the G8 meeting provided no high profile measures to address the debt crisis.
The Sunrise Headlines
- US Equities rose for a second consecutive session on ...
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Germany To The Rescue?
This is the fifth day without a firm government in place for Greece; if a coalition is not found soon then we could be heading back to the polls, which open up the possibility of a prolonged period of Greek political instability. There was some hope this morning of the Conservatives forming a coalition with the Socialists and other moderate pro-bailout parties that would have a mandate to govern until 2014. This helped to lift the euro from its daily lows; however for a sustained rally in risk we need to get a firm commitment that a 'moderate' pro-European government will take the reins of power in Athens. Unless that happens then the markets are likely to remain jittery.
Mixed signals
The markets are particularly cloudy today. Some bullish reversal patterns that formed yesterday were ...
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Stocks, euro advance on Europe, jobs data
Global stocks advanced for the first time in seven sessions on Thursday on relatively encouraging U.S. jobs data and improved investor sentiment regarding Europe's festering debt crisis.
U.S. and European equity markets rose after data showed U.S. claims for unemployment benefits edged lower last week, a sign of comfort after April's weak employment growth was perceived as a harbinger of a worsening U.S. labor market.
Investors also used a recent streak of declines to buy beaten-down assets, lifting the euro against the dollar for the first time in nine sessions and snapping a six-day losing streak for the Dow Jones industrial average.
"You are seeing traders and investors come into some of these very oversold sectors and buying on the dips. Then suddenly, the people who are scared ...
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Copper pushes up despite weaker Chinese data
Copper rose for the first time in six sessions Thursday, recovering from the prior day's three-week low below $8,000 a tonne after a double-dose of upbeat data from the United States helped draw in buyers.
Copper rose in tandem with global equities, which were up for the first time in seven sessions, after data showing a fall in weekly claims for jobless benefits and a record surge in exports in March offset weak trade data from top copper consumer China.
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Global stocks, euro gain after U.S. jobs data
Global stocks rose for the first time in seven sessions on Thursday after relatively encouraging U.S. jobs data and as investor sentiment improved regarding Europe's festering debt crisis.
U.S. and European stocks climbed after data showed U.S. claims for unemployment benefits fell last week, an upbeat sign after April's weak employment growth was seen as a harbinger of a deteriorating U.S. labor market.
Investors also used a recent streak of declines to step into the markets, lifting the euro against the dollar for the first time in nine sessions and the Dow Jones industrial average for the first time in seven sessions.
In a move aimed at ending a four-year banking crisis, the Spanish government effectively took over Bankia SA (BKIA.MC), one of the country's biggest banks, late on ...
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Euro wallows near 3 1/2-month low on Greek deadlock
(Reuters) - The euro wallowed near a 3 1/2-month low against the dollar on Thursday as political deadlock in Greece threatens its rescue deal and raises the spectre of the country risking insolvency and leaving the euro zone.
Worries that the euro zone could plunge back into a debt crisis, after a semblance of stability in the past few months, were also supporting the yen near a three-month high.
"Uncertainty over Greece is going to weigh on markets," said Sumino Kamei, senior currency analyst at the Bank of Tokyo-Mitsubishi UFJ.
"There's now open talk about Greece's exit from the euro. The euro is likely to have moved into a new range below $1.30."
The euro fell as low as $1.29115 on Wednesday, the lowest since Jan 23.
It last stood at $1.2947, with next possible support seen around $ ...
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Market Drivers - Currencies : 09/05/2012
Today's Comment
Yesterday the gold price was 'tested' and breached initially an important long-term trend level at 1620. Today's chart shows that gold and EURUSD have shown a high degree of positive correlation for a long period of time. What fuels what in the long term (causality) is debatable, but we have checked the past six significant tops/bottoms (over the past year we see the same trend). In five out of six instances (one observation is debatable), gold topped/bottomed 1 – 14 days before EURUSD (average 7 days). Without offering a view on the underlying cause, this means that if gold continues to fall from here, EURUSD will continue to fall. If we see that gold forms a bottom, investors should (if the 'theory' holds true) close their EURUSD positions. Incidentally, the broad ...
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U.S. sees China pushed to let market forces work
(Reuters) - China will be compelled to let market forces play a larger role in managing its economy as it faces complicated challenges ranging from an aging population to rising wages and prices, a senior U.S. Treasury Department official said on Tuesday.
Lael Brainard, the Treasury's undersecretary for international affairs, told a group of business people, diplomats and academics that China faces "an extraordinarily steep demographic cliff" that will reduce the advantage of a young labor force willing to work cheaply.
"Wages and costs are rising rapidly. There is a self-reinforcing momentum to have market forces determine how capital is allocated, how exchange rates adjust," Brainard said during a discussion about last week's Strategic and Economic Dialogue talks in Beijing.
...
Title:
Euro Limits The Damage After French And Greek Elections
Sunrise Market Commentary
- Fixed Income: Little support from elections
- Global core bonds set new contract highs at the start of the European session after the French and Greek elections. However, the negative sentiment surprisingly didn't push through and many markets bounced off key levels.
- Currencies: euro limits the damage after French and Greek elections.
- On Monday, the euro opened sharply lower after the election results in Greece and Spain. However, the price moves developed in an orderly way. Even more, the single currency showed remarkable resilience and reversed part of the early losses. The test of the 1.2974 support was rejected. The EUR/GBP 0.8068 support remains under pressure.
The Sunrise Headlines
- US Equities hovered sideways on Monday, halting a ...
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