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An Exit Of The RangeTitle:
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 ...
Title:
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 ...
Title:
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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No News is good News, or?
MORNING BRIEFING: No News is good News, or?
What’s new:
Asia: Awaiting news from Greece and potential spill-over effects. JPY offered on speculation that BoJ will add stimulus to boost growth.
United States: Risk aversion moved flow from stocks to treasuries. 10yr generic fixed income futures in all-time highs at 133-27. USD weak on Friday.
G8: Another round of talk, but no action on Greece.
Europe: Slightly negative across the board in stocks. Only Spain managed to recover some of the losses, closing up 0.4%. EUR/USD re-visiting 1.28+ this morning.
Rates in Asia and Indices:
EUR/USD 1.2742 1.2813 -0.04 %
USD/CHF 0.9375 0.9422 -0.07 %
GBP/USD 1.5795 1.5839 -0.02 %
USD/JPY 79.03 79.31 -0.34 %
EUR/CHF 1.2010 ...
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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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Technical analysis of the XAU/USD (Gold) pair on May 21th, 2012
Commentary of the XAU/USD (Gold) pair:
The pair XAU/USD is currently testing the resistance at 1600 points.
The pair is still moving into its bearish channel (purple lines).
Indicators are getting globaly bullish.
We are neutral between 1580 and 1600 points.
We advise to wait an exit of this range to take position:
- Long above 1600 points. The breakout of 1620 points will give a new buy signal and open the way towards 1650 points.
- Short below 1580 points. The breakout of 1560 points will give a new sell signal and open the way towards 1540 points.
See the previous analysis of the XAU/USD pair of May 18th, 2012
XAU/USD Analysis
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Technical analysis of the EUR/GBP pair on May 21th, 2012
Commentary of the EUR/GBP pair:
The pair EUR/GBP has validated on friday a return above 0.8050.
The pair is still moving into a bearish channel (purple paralell lines).
We are neutral between 0.8050 and 0.81.
We advise to wait an exit of this range to take position:
- Long above 0.81. The breakout of 0.8150 will give a new buy signal.
- Short below 0.8050. The breakout of 0.80 will give a new sell signal.
See the previous analysis of the EUR/GBP pair of May 18th, 2012
EUR/GBP Analysis
Title:
Dukascopy Afternoon Forex Overview : 05/18/2012
Dukascopy Fundamental Analysis
EUR
Moody's reduced credit rating of 16 Span's banks, citing a rise in bad debts in the country's financial sector and overall deterioration of the economic environment. The decision came after shares of Bankia lost another 14%. The largest banks such as Banco Santander and BBVA were downgraded while ten out of 17 banks were put on negative watch, implying that further credit rating cuts are possible.
USD
As the U.S. dollar gets stronger, investors are concerned that aggravating debt crisis in Europe will reduce demand for oil. Therefore, oil shows decline for a third week. Crude oil lost 25 cents yesterday and reached the 6-month low of $92.56. Brent oil for July delivery slid 0.5 percent to finish at $106.99.
GBP
Following a downgrade of 16 Spanish banks, ...
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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 ...
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