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AppealTitle:
Euro, Pound and Yen Technical Buzz
The week kicks-off with fear, where the recent risk-on trade was interrupted and high yielders lost their appeal as investors run towards the U.S. dollar.
The recent news we discussed in our previous update triggered haven demand, where the U.S. dollar index surged after opening the day at 78.36 to currently trade around 78.60. The 78.30 support managed to halt the recent sell-off; however this upside action is considered a mere rebound for correction.
Over the short term the downside bias remains in favor and targeting mainly the bottom of the main ascending channel for the index currently around 77.30 areas. A breach below 78.30 shall hint the continuation towards the aforementioned level. However, we prefer intraday resistance at 78.80 to reject the index bullish attempts, otherwise ...
Title:
Gold slips as Europe concerns linger; oil supportive
(Reuters) - Gold prices slipped on Monday, weighed down by modest risk aversion across financial markets as concerns about the euro zone persisted, although high oil prices cushioned the slide.
Bullion prices rallied more than 3 percent last week, as investors got some relief after Greece secured a bailout and expectations of further monetary easing boosted gold's appeal as an inflation hedge.
During a weekend meeting of Group of 20 finance ministers and central bankers, euro zone nations were told to put up more money to fight their debt crisis if they wanted more help from the rest of the world.
"There is a softer turn across commodities after the G20 added to the risk anxiety," said Nick Trevethan, senior commodity strategist at ANZ in Singapore.
"Gold failed to break the $1,780 ...
Title:
Mixed Week for Pound, Good from Fundamental Point of View
The Great Britain pound had a mixed week after positive macroeconomic fundamentals reduced need for stimulating measures, but the minutes of the central bank’s policy meeting showed that some policy makers think that the UK economy needs even more stimulus.
Most economic reports were positive for the pound. Among them were larger-than-forecast budget surplus, increasing mortgage approvals and growing gross domestic product. Skepticism about ability of the European Union to resolve its debt problems allowed the sterling to retain its appeal as a safe haven from the European crisis, though the attractiveness was diminished after Greece received its bailout. The minutes of the Bank of England monetary policy meeting were the major downside factor for the UK currency, indicating that ...
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Brent oil over $125; S&P 500 ends at 4-year high
(Reuters) - Brent oil rose above $125 a barrel to end near a 10-month high on Friday as the United Nations' nuclear watchdog said Iran has sharply stepped up work on uranium enrichment, while the S&P 500 closed at the highest level since June 2008.
The sharp run higher in oil prices has increased worries that slower consumer demand will stymie global economic growth, particularly as the euro zone remains mired in a debt crisis and appears headed for recession.
A day after hitting a record high in euro terms, Brent crude jumped $1.85 to settle at $125.47, its fifth day of gains.
The news on Iran, in a report from the United Nation's International Atomic Energy Agency, was seen as certain to intensify concerns about Iran's atomic aims. For the week, Brent crude is up 4.9 percent, its ...
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Won Gains on Positive Data from Europe & USA
The South Korean won gained today as positive data from Europe was followed by some really good numbers from the United States, including new home sales and consumer sentiment, that increased appeal of riskier currencies.
US new homes sales were at a seasonally adjusted annual rate of 321,000 in January, compared to the median forecast of 316,000. The University of Michigan consumer sentiment index was at 75.3 in the final revision, showing a big improvement compared to the preliminary figure of 72.5. This week was very positive for currencies with higher yield and investors who were willing to risk as news from both Europe and the USA was rather good, resulting in a shift of sentiment to optimism after a long period of pessimistic outlook.
USD/KRW fell from 1,129.1000 to 1,125.9000 as ...
Title:
Gold slips but notches largest gain in four weeks
(Reuters) - Gold prices fell on Friday, breaking ranks with the euro, as sharp gains from earlier in the week based on economic optimism and a Greek bailout deal prompted investors to take profits.
Silver touched a five-month high after climbing past its 200-day moving average. Analysts, however, said it looks vulnerable for a pullback after the sharp rise.
Bullion posted its largest weekly rise in four weeks, as expectations for further easing by China and a near-zero interest-rate outlook for the next several years boosted the metal's inflation-hedge appeal.
News that Europe sealed a rescue package for Greece to avert an imminent chaotic default lifted gold along with the euro and other riskier assets. Other investors bought gold on fears of more European monetary easing and lingering ...
Title:
Bonds extend gains as investors eye energy, Europe
(Reuters) - U.S. Treasury debt prices rose modestly on Friday, extending the week's gains as a tepid U.S. economic recovery and concern over the euro zone's debt woes underpinned demand for low-risk assets.
Treasuries were on track for their best weekly performance in four weeks, although yields remain mired in the middle of a range that has held since early November.
With oil trading above $108 per barrel on tensions in the Middle East, rising energy costs have raised worries about the potential for slower consumer demand, which has supported the safe-haven appeal of U.S. government debt.
"The market's focus continues to be on energy, the strong performance of U.S. equities and of course one eye on Europe," said John Briggs, Treasury strategist at RBS Securities in Stamford, ...
Title:
Gold rises for 4th day on easing worries, Greece
(Reuters) - Gold rose to a three-month high on Thursday, extending to a fourth straight day of gains, as a dollar drop and expectations of easy monetary policies underpinned gold's inflation hedge appeal.
Profit taking weighed on platinum price, which eased after touching a five-month peak earlier in the session as a damaging strike in major producer South Africa ground on.
Increase in risk appetite lifted gold along with the euro and U.S. equities after data showed the number of Americans filing new claims for jobless benefits held at the lowest level since the early day of the 2007-2009 recession. Silver also jumped 3 percent.
Bullion has benefited from expectations for further easing by China and after the U.S. Federal Reserve last month said it would keep rates near zero at least ...
Title:
The Japanese currency weakened to a seven-month low
The Japanese currency weakened to a seven-month low against the U.S. dollar as the highest yield premium on Treasuries when compared with Japanese debt since August damped the appeal of yen-denominated assets.
The Japanese yen fell for the fifth consecutive day, which is considered the lowest level since last April, after a report showed sales of previously owned U.S. homes rose to the highest in almost two years, bolstering expectations for growth in North America. It has weakened 3.7 percent since the Bank of Japan on Feb. 14 unexpectedly expanded its asset-purchase program.
This move is pretty significant for the nation's growth, as the chronic yen's appreciation also hurt the Japanese manufacturers along with Thailand's floods that disrupted production, while energy imports because ...
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