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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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The Weekly Bottom Line : 19/05/2012
The Weekly Bottom Line : 19/05/2012
HIGHLIGHTS OF THE WEEK
United States
- Global economic concerns ratcheted up this week. Widespread discussion of a Greek exit continued, Spanish banks faced rating downgrades and periphery sovereign debt yields moved higher.
- Financial markets have responded to these global worries with increased risk aversion. The S&P is poised to end the week 3% lower, and 10-year treasuries are yielding just 1.7%.
- U.S. economic data has proved somewhat more encouraging, but growth is still struggling to breakout beyond a moderate pace. This has kept the possibility of additional monetary stimulus alive even if the threshold remains quite high.
Canada
- Recent economic indicators are showing a resurgence of strength in the Canadian economy. Strong ...
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Dukascopy Morning Forex Overview : 05/18/2012
Fundamental Analysis
EUR
"Spain, once again, is where the confidence game is played"
- Sebastian Paris Horvitz, strategist at HSBC Private Bank Suisse
Spain sold the maximum targeted amount of debt, 2.5 billion euros, during yesterday’s auction with spiking borrowing costs. The interest rate of three-year bonds rose to 4.373% from April’s figure of 2.89% while interest rate of five-year bonds surged to 5.106% from 3.374 in March.
USD
"What we’re seeing in foreign-exchange markets is strong demand for the U.S. dollar"
- Steven Saywell, head of foreign-exchange strategy for Europe at BNP Paribas SA
Latest US initial unemployment claim data was released yesterday – 370 000 Americans demanded their jobless benefits last week versus a 368 000 consensus forecast. The Labor Department revised ...
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S&P on track for 5th straight day of losses
Stocks fell on Thursday, with the S&P on track for a fifth straight day of declines as weak economic data spooked investors already concerned about the ongoing situation in Europe.
Both the S&P and the Nasdaq fell as much as 1 percent, with the Nasdaq's losses wider as large-cap tech shares fell.
A gauge of future U.S. economic activity fell in April for the first time in seven months and the Philadelphia Fed business conditions index hit its lowest since September, compounding worries about a struggling economic recovery.
Spain's El Mundo newspaper reported that customers at troubled Spanish lender Bankia had withdrawn more than 1 billion euros over the past week, though the Spanish government denied the report. Bankia shares (BKIA.MC) fell 14 percent after sliding as much as 30 ...
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Dukascopy Afternoon Forex Overview : 05/17/2012
Dukascopy Fundamental Analysis
EUR
Mario Draghi, the ECB President, insisted on Greece to stay in the Euro bloc during his public speech on Wednesday regarding the possibility of Greece withdrawal from the Eurozone. Nevertheless, according to him, the ECB will stick to its anti-inflation mandate. The ECB President's comments came after Irish and Belgian central banks reported that Greek exit would not be disastrous for the Eurozone.
USD
Jobless claims in the U.S. didn't live up to the expectations that it will decrease by 5K and remained unchanged, at 370K level, in the week from 6th to 12th of May. Amount of people on rolling unemployment claims increased by around 18K while the number of people on prolonged payments decreased by around 45K. 31 out of 52 states or territory's reported ...
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Dukascopy Afternoon Forex Overview : 05/16/2012
Dukascopy Fundamental Analysis
EUR
Stoxx Europe 600 index have dropped for third consecutive day and reached the lowest level since the start of this year as specialists speculate that elections in Greece could take place as early as 10 of June. The index lost 0.5% of its value by noon in London and around 10% from its peak this year in mid-March.
USD
Facebook increases the share offering by 25% to 421.2M shares to collect near $16B. At the offering's price of $34-$38 per share Facebook is rushing towards the largest technology IPO in the history. Production of utilities, mines and factory's in the U.S. surpassed expected 0.6% level and increased by 1.1% in April.
GBP
The number of unemployed people for January-March decreased to 2.63 million, 45,000 down on the quarter, the Office for ...
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Dukascopy Morning Forex Overview : 15/05/2012
Fundamental Analysis
EUR
"Industrial producion is a imely reminder that firstquarter GDP will likely show a contracion."
- Marin van Vliet, an economist at ING
Industrial producion in the Eurozone contracted unexpectedly in March, Eurostat data showed on Monday. Producion fell 0.3 per cent from February, when it rose 0.8 per cent.
USD
"The fear factor is definitely higher."
- Madelynn Matlock, a fund manager at Hunington Asset Advisor
U.S. stocks retreated on Monday on a poliical impasse in Greece.
GBP
"I can’t see even after the next Greek election a government appearing that will be able to do anything else than perhaps manage the Greek exit."
- Simon Sole, chief execuive officer of Exclusive Analysis Ltd.
U.K. stocks tumbled on Monday. The benchmark FTSE 100 Index fell 1.97%, or ...
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Dukascopy Afternoon Forex Overview : 04/11/2012
Dukascopy Fundamental Analysis
EUR
European stocks declined as company earnings missed estimates, talks on forming a Greek government entered a fifth day and JPMorgan Chase & Co. posted a $2 billion trading loss. Asian shares and U.S. futures fell.
USD
Wholesale prices in the U.S. fell in April for the first time in four months, led by a decline in fuel costs that signals inflation may cool. The producer price index dropped 0.2 percent after no change in March, Labor Department figures showed today in Washington.
GBP
Britons turned gloomier last month as a slump in construction pointed to an even deeper recession and producers ramped up prices, highlighting the long and difficult road back to economic health.
CHF
Swiss stocks fell for the seventh day, heading for the biggest weekly ...
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Dukascopy Afternoon Forex Overview : 04/10/2012
Dukascopy Fundamental Analysis
EUR
Greece’s next government may hold a trump card worth more than $510 billion if it heeds voters’ demands to renegotiate its bailout with the European Union.
USD
Treasury prices declined on Thursday, pushing yields up from their lowest levels since February, as news out of Europe eased some near-term uncertainty and reduced demand for the relative safe-haven status of U.S. debt.
GBP
Bank of England officials halted stimulus expansion after seven months of bond purchases as the threat of inflation trumped concerns about an economy that’s succumbed to a double-dip recession. The nine-member Monetary Policy Committee led by Governor Mervyn King today held its quantitative-easing target at 325 billion pounds ($525 billion), ending a second round of stimulus. ...
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