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AppealTitle:
Dukascopy Morning Forex Overview : 21/03/2012
Fundamental Analysis
EUR
"There’s been a growing realization that in fact the economic numbers particularly out of the States have been better than expected"
- David Miller, a partner at Cheviot Asset Management
The Stoxx Europe 600 Index declined 1.14 per cent to 268.97. Germany’s DAX Index slid 1.39 per cent and France’s CAC 40 Index lost 1.32 per cent. The U.K.’s FTSE 100 Index tumbled 1.17 per cent to 5,891.41.
USD
"The housing market continues to recover at a very gradual rate"
- Sal Guatieri, a senior economist at BMO Capital Markets
U.S. housing starts declined slightly in February, but the biggest increase in building permits in more than three years shows the industry is recovering. Housing starts fell 1.1% to an annual rate of 698,000 last month.
GBP
"The Bank of England is ...
Title:
Dollar rises as China fears boost safe-haven allure
(Reuters) - The dollar gained across the board on Tuesday, lifted by safe-haven demand that was driven by worries about a potential slowdown in China, which hurt both European and U.S. stocks.
Global miner BHP Billiton said it saw signs that growth in iron-ore demand was flattening in China, Australia's single biggest export market. That pushed the Australian dollar down more than 1 percent.
In addition, China's National Development and Reform Commission raised domestic retail energy prices, effective Tuesday, the second time in less than two months. Even though that still leaves a wide gap between international and domestic prices, investors were concerned that higher energy costs could further undermine an already slowing Chinese economy.
"The dollar is gaining because of its safe- ...
Title:
Gold falls as economic optimism boosts dollar
(Reuters) - Gold fell on Tuesday, on track to snap a three-day winning streak, amid selling prompted by lower crude oil and U.S. equity markets and a spate of positive U.S. economic data that eroded hopes of more U.S. monetary easing.
Spot gold narrowed its losses by 1:18 p.m. EDT/5:18 p.m. GMT to $1,652.21 an ounce from $1,660.40 late Monday, having slid by nearly 3 percent so far this month.
The COMEX April gold contract was down $20.1, or 1.2 percent at $1,647.1 per ounce.
The yellow metal, which has been following riskier assets such as stocks, also fell after a disappointing U.S. housing starts report.
"Money managers are reallocating capital into risk assets they had been shying away from, while liquidating some of their gold holdings (as) the economic picture painted in the ...
Title:
Gold drops as economic optimism boosts dollar
(Reuters) - Gold fell for the first time in four days on Tuesday, hampered by the strength in the dollar, which profited from the growing view in the market that the U.S. economy is on a firmer footing.
The dollar benefited from wariness in the market stemming from talks between Italy's government and unions on the reforms needed to turn around the euro zone's third-largest economy, which kept the euro under pressure and dented equities.
Data from the United States in the last couple of weeks has suggested the economy is recovering more quickly than anticipated, lessening the need for the Federal Reserve to buy government bonds to anchor interest rates and support growth.
Adding to the negative mood in gold was a sharp rise in benchmark 10-year U.S. Treasury yields, which have gained ...
Title:
Gold falls as economic optimism helps dollar
(Reuters) - Gold came under pressure on Tuesday from the strength in the dollar, which profited from the growing view in the market that the U.S. economy is on a firmer footing, ending a three-day rally in the bullion price.
The dollar benefited from the wariness in the market stemming from talks between Italy's government and unions on the reforms needed to turn around the euro zone's third largest economy, which kept the euro under pressure and dented equities.
Data from the United States in the last couple of weeks has suggested the economy is recovering more quickly than anticipated, lessening the need for the Federal Reserve to buy government bonds to anchor interest rates and support growth.
Adding to the negative mood in gold was a sharp rise in benchmark 10-year U.S. Treasury ...
Title:
Gold edges down, positive U.S. outlook dents demand
(Reuters) - Gold edged lower on Tuesday as a brightened U.S. economic outlook dented its safe-haven appeal, while a buoyant equity market also prompted investors to take money out of bullion.
The expectations of further monetary easing worldwide amid a sluggish growth outlook had boosted investment in gold as a hedge against inflation, sending cash gold prices up as much as 14 percent this year to near $1,800 an ounce.
But the flight to safety has started to lose its appeal with upbeat U.S. data in recent months increasing investor confidence in the recovery of the world's largest economy.
"Investors are looking at other investment options, as they are less concerned about economic growth and more wanting to hop on the equity rally, which clearly works against some of the reasons why ...
Title:
Euro hits more than one-week high against dollar
(Reuters) - The euro climbed to a more than one-week high against the dollar on Monday after an orderly auction of Greek default insurance supported views that Greece's threat to the euro zone has diminished.
The euro also gained against the yen, hitting its strongest level in the almost five months since the Bank of Japan intervened to stem the currency's advance.
Investors unwound bearish bets on the euro and focused on a Greek credit default swap auction that set the payout for holders of CDS totaling about 3.2 billion euros. The auction fixed a fair value price of 21.5 cents on the euro for Greek bonds, within expectations.
That means an owner of Greek CDS would be paid 78.5 cents on the euro, which analysts said was enough to compensate for the roughly 75 percent loss investors ...
Title:
Euro at highest in more than a week vs dollar
(Reuters) - The euro climbed to its highest in more than a week against the dollar on Monday after an orderly auction of Greek default insurance lent support to views that Greece presents less of a threat to the euro zone.
The euro also gained against the yen, hitting its strongest level in the almost five months since the Bank of Japan intervened to stem its currency's advance.
Investors unwound bearish bets on the euro and were focused on a Greek credit default swap auction to set the payout for holders of CDS totaling about 3.2 billion euros. The auction fixed a fair value price of 21.5 cents on the euro for Greek bonds, within expectations.
That means an owner of Greek CDS would be paid 78.5 cents on the euro, which analysts said was enough to compensate for the roughly 75 percent ...
Title:
Dollar Slumps Amid Increased Risk-Asset Demand
The U.S. dollar ran out of steam versus its most-traded counterparts, as traders were more appealed to risk assets, particularly the euro and the swiss franc, which weighed further on the greenback with a start of new week.
The Greenback fell after a mixed start, leaving the dollar index which tracks the performance of the U.S. dollar against major counterparts to trade around 79.44 after recording a fresh daily low of 79.35. The index started the day at 79.73 the printed a high of 79.88.
Gold spot price was little changed today to trade around $1663.04 after kissing a high of $1669.43. The metal started the day at $1659.73 and printed a low of $1652.54.
Oil futures for April delivery steadied as well to trade around $107.55 from the opening level of $107.25, recording a high of $108. ...
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