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As A Result Of The EuropeanTitle:
Gold down almost 1.5 percent as selling snowballs
(Reuters) - Gold traded near intraday lows on Tuesday afternoon with selling accelerating on low volumes as the euro lost further ground ahead of a much-anticipated European summit.
The pressure started on Monday after bullion failed to break through key resistance at $1,600 per ounce, sending prices below near-term technical support levels.
That selling snowballed on Tuesday afternoon in New York, sending prices below $1,570 an ounce as the euro weakened with investors betting Wednesday's meeting of European leaders would do little to tackle the region's debt crisis.
"The euro continued to sag. It's not going to make a decisive move until the EU summit," said James Steel, chief commodity analyst at HSBC.
Weaker oil prices on news of a potential deal between Iran and the U.N. nuclear ...
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Gold still down, weaker euro blamed
(Reuters) - Gold remained under pressure trading below a near-term technical support level on Tuesday due to a weaker euro, with investors betting against a meeting of European leaders this week doing much to tackle the region's debt crisis.
Platinum tracked gold lower, shrugging off news of a fresh production outage in South Africa.
The euro remained clear of last week's four-month lows but was stuck in negative territory against the dollar as worries about Greek politics and Spanish banking problems kept the currency under pressure.
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Euro falls vs. dollar as EU summit hopes dim
(Reuters) - The euro fell against the dollar on Tuesday after two days of gains as investors pared back expectations that an informal meeting of European leaders would yield much progress in tackling the region's debt crisis.
However, given the market's stretched bearish positioning and oversold signals on the technical charts, the euro could see a short-term squeeze higher ahead of the European summit.
While there have been hopes in some quarters that Wednesday's summit may lead to agreement on measures to boost growth, investors were not confident of a breakthrough given apparent differences in opinion between Germany and France.
French President Francois Hollande is expected to push for a joint euro zone bond, a measure backed by Italy, Spain and the European Commission.
However ...
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EUR Resumes Bearish Trend
After steadily gaining on the dollar and yen yesterday in overnight trading, the euro once again turned bearish during the European session. Renewed concerns regarding the political situation in Greece triggered the bearish correction. Still, the common currency was able to avoid dropping to the four-month low hit last week. Turning to today, traders will want to pay attention to a batch of British and US economic indicators. Both the British CPI and Public Sector Net Borrowing figures are forecasted to come in well below last month's figures. If true, the GBP could take losses during mid-day trading. Later in the day, analysts are predicting that the US Existing Home Sales figure will show improvements in the American Real Estate sector. If true, the dollar could move up as a result.
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Brent steady near $109 ahead of EU summit, Iran talks
(Reuters) - Brent crude held steady near $109 on Tuesday, awaiting the results of two meetings to tackle Europe's debt crisis and Iran's nuclear programme, which could determine the future of global oil demand and supply.
EU leaders may introduce new measures to tackle the euro zone's worsening debt crisis during Wednesday's informal meeting to seek solutions to the Greek political crisis mired in conflict over debt and austerity policies.
Major powers will also meet Iran on Wednesday to discuss its nuclear programme, but tensions with the West remain high as the U.S. Senate unanimously approved a package of new economic sanctions on Iran's oil sector on Monday.
Brent crude edged up 7 cents to $108.88 a barrel by 0448 GMT, but is still about $20 down from March's high. U.S. crude for ...
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European Market Update : 21/05/2012
Spain's banking sector said to be calling on market regulator for renewed ban on short-selling
Economic Data
(EU) ECB: €809M borrowed in overnight loan facility €839M prior; €762.4B parked in deposit facility v €785.1B prior
(JP) Japan Apr Nationwide Dept. Sales Y/Y: 1.3% v 14.1% prior; Tokyo Dept. Store Sales Y/Y: 6.7% v 26.7% prior
(IN) India Apr CPI Y/Y: 10.4% v 9.4% prior
(DE) Germany Apr Producer Prices M/M: 0.2% v 0.3%e; Y/Y: 2.4% v 2.5%e
(HU) Hungary Mar Avg Gross Wages Y/Y: 2.7% v 6.5%e v 6.9% prior
(RU) Russia Narrow Money Supply w/e May 14th (RUB): 6.93T v 6.88T prior
(ES) Spain Central Bank (BOS): Mar Bad Loan Ratio at 8.37% v 8.16% prior; - Lending -3.1% y/ym, Deposits -4.2% y/y
(IT) Italy Mar Industrial Orders M/M: 3.5% v 1.0%e; Y/Y: -14.3% v -13.2% prior
(IT) Italy ...
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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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Asian Market Update : 21/05/2012
Equities and risky FX bounce after G8 commitment to Greece and China hints of easing
Economic Data
(JP) JAPAN MAR ALL INDUSTRY ACTIVITY INDEX M/M: -0.3% V -0.1%E (3rd consecutive decline)
(NZ) NEW ZEALAND APR NET MIGRATION: -850 V 230 PRIOR
(NZ) NEW ZEALAND APR CREDIT CARD SPENDING M/M: 0.2% V 0.4% PRIOR; Y/Y: 3.7% V 5.3% PRIOR
(TH) THAILAND Q1 GDP Q/Q: 11.0% V 10.0%E; Y/Y: +0.3% V -0.5%E
(UK) UK MAY RIGHTMOVE HOUSE PRICE M/M: 0.0% V 2.9% PRIOR (4-month low); Y/Y: 2.0% V 3.4% PRIOR
Markets Snapshot (as of 04:30GMT)
Nikkei225 +0.7%
S&P/ASX +0.3%
Kospi +0.9%
Shanghai Composite +0.2%
Hang Seng -0.1%
Jun S&P Futures +0.5% at 1,297
June gold +0.4% at $1,599/oz
June Crude +0.5% at $91.90
Overview/Top Headlines
Asian equity markets, commodities, and risk-on FX opened the new week ...
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Weekly Economic and Financial Commentary : 19/05/2012
U.S. Review
To QE3 or Not To QE3: That is the Question
- Some market participants are beginning to speculate about another round of quantitative easing. Although recent growth indicators have not been particularly stellar, the economy is still growing. Moreover, core CPI inflation in the neighborhood of 2 percent means that the threshold for more QE is relatively high.
- Overall, indicators were positive during the week. Housing starts increased by 2.6 percent in April, the Empire Manufacturing index improved to 17.09 in May from a 6.56 print in April and retail sales printed a 0.1 percent increase in April, in line with expectations.
To QE3 or Not To QE3: That is the Question
QE3 seems to have more lives that a cat; it comes back into the forefront of the U.S. economy discussion ...
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