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As Euro ExitTitle:
Euro tumbles on Greek exit fears
(Reuters) - The euro slumped 1 percent against the U.S. dollar on Tuesday, ahead of an informal meeting of European leaders, on growing fears of a Greek exit from the euro zone.
Dow Jones quoted former Greek prime minister Lucas Papademos as saying that Greeks had no choice but to stick with a painful austerity program or face a damaging exit from the euro zone, a risk he said was unlikely to materialize but that was real.
He also told the news agency that some European states and institutions were considering contingency plans for any eventuality.
"Sentiment is heavily against the euro," said Joseph Trevisani, chief market strategist at Worldwide Markets, Woodcliff Lake in New Jersey. "Any negative comment from former or current Greek officials sends the euro plummeting. There were ...
Title:
Dukascopy Afternoon Forex Overview : 22/05/2012
Fundamental Analysis
EUR
Gold extended previous gains in Asian session on Tuesday as concerns over Greek exit from the single currency union eased. At G8 summit leaders of eighth largest economies stated that they would do everything possible to retain Greece in the Euro Zone. COMEX gold June contract traded at 1,592.35 US Dollars per troy ounce on the New York Mercantile Exchange, advancing by 0.23%.
USD
The US Senate has passed a bill aimed at tightening sanctions imposed on Iran to force the country to cease its nuclear program. The new sanctions imply investigation of role of Iran's Revolutionary Guard in oil exports as well as obliging the US companies to disclose any business activities with Iranian partners. The move came ahead of negotiations between Iran and six major ...
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JPY Underperforms Amid Downgrade, Ahead of BoJ
USD stronger today against most of the majors amid higher global equities and higher U.S. treasury yields. A ratings downgrade in Japan, dampened EU Summit expectations and low growth projections in Europe, and slowing inflation in the UK are benefitting the USD. The dollar index rebounded from the 81.00 figure but remains below the double top around the 81.75 level and the dollar is currently strongest against the JPY as UST yields advance. On the data front, the May Richmond Fed manufacturing index (expected to soften to 11 from 14) and April existing home sales (forecast to increase 2.9% m/m to 4.61M) are set for release at the top of the hour.
EUR is weaker against most of the G10 currencies amid growth concerns and low expectations of the upcoming EU Summit. The OECD released update ...
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The Endgame of the Greek Crisis
Forex News and Events:
It has taken two-and-a-half years, and nearly USD 300bn of IMF/EU funds for markets to finally weigh in a more probable than not exit of the debt-laden country. Greece’s EMU exit is imminent for the second time in the last six months. Surprisingly though, the trigger for the recent gloomy expectations for Greece was not exclusively of an economic nature but also politics. During May 6 elections, the Greeks expressed their unwillingness to abide by the agreed-upon austerity measures. It wouldn’t have been a very dangerous position had Greece been solvent, but regardless of EU officials’ reassurance of continued help for Greece throughout the process, the country would run out of funds for the next installments due end of June and early July. In addition to markets ...
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European Market Update : 22/05/2012
Fitch cuts Japan's sovereign rating two notches
Economic Data
(JP) Japan Apr Supermarket Sales Y/Y: --1.9% v -2.4% prior
(FI) Finland Apr Unemployment Rate: 8.4% v 8.4%e
(DK) Denmark May Consumer Confidence Indicator: 0.4 v 0.6 prior
(ZA) South Africa Mar Leading Indicator: 134.5 v 134.4 prior
(NL) Netherlands May Consumer Confidence: -38 v -32 prior
(NO) Norway Q1 GDP Q/Q: 1.4% v 0.9%e; GDP Mainland Norway Q/Q: 1.1% v 0.9%e
(UK) Mar ONS UK House Prices Y/Y: -0.4% v +1.0% prior
(UK) Apr Public Finances (PSNCR): -£23.2B v -£6.0Be; Public Sector Net Borrowing: -£18.8B v -£22.8Be; PSNB ex Interventions: -£16.5B v -£20.0Be
(UK) Apr CPI M/M: 0.6% v 0.6%e; Y/Y: 3.0% v 3.1%e; Core CPI Y/Y: 2.1% v 2.0%e
(UK) Apr RPI M/M: 0.7% v 0.6%e; Y/Y: 3.5% v 3.4%e; Core RPI- Ex Mortgages Y/Y: 3.5% ...
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Copper falls as dollar firms, debt crisis weighs
(Reuters) - Copper fell on Tuesday as the dollar firmed and uncertainty about Europe's ability to resolve its debt crisis outweighed reports that top metals consumer China will fast-track infrastructure investment.
Three-month copper on the London Metal Exchange touched a week-high of $7,816 a metric ton (1.1 ton) in the session, before erasing gains to $7,712 at 5:37 a.m. EDT (0937 GMT), down 0.2 percent from Monday's $7,731 close.
One of the price supports for copper on Tuesday was a report in the state-backed China Securities Journal that Beijing will fast track its approval of infrastructure investments to combat slowing growth and a sluggish property sector. Copper is used extensively in construction.
Premier Wen Jiabao has also called for additional efforts to support growth, ...
Title:
EUR/USD Rebound On Profit Taking
Sunrise Market Commentary
- Fixed Income: limited profit taking on core bond markets
- Global core bond markets fell prey to some profit taking in a thin, dull trading session. However, given the strength of equities, bond losses were very limited and occurred at the onset of trading. Today, the eco calendar remains thin and the profit taking might go some further in the run-up to tomorrow's informal EU Summit.
- Currencies EUR/USD rebound on profit taking
- The correction in EUR/USD was prolonged, but the euro gains were modest and mostly technical in nature. The UK inflation report is the eye-catcher of the day as it may influence sterling. However, overall trading might again be thin ahead of tomorrow's euro Summit.
The Sunrise Headlines
- US Equities rose for a second ...
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News Of Secret Support To Greek Banks By ECB Baking
News reports have suggested that ailing Greek banks that are suffering under the crisis with fears of the nation going bankrupt and dropping out of the euro have attained emergency support from the central bank.
Reports by Financial Times suggested that about 100 billion euros of emergency liquidity have been provided by the central bank in Greece to support banks after attaining approval from the European Central Bank (ECB) which comes as a surprise after the ECB itself withdrew some liquidity operations from Greek banks.
There are no confirmations or official comments on the news still, but the possibility that this has been approved downplays the expected euro-exit for Greece and surely means the ECB is willing to take more action to keep the nation afloat, especially that already ...
Title:
Dukascopy Morning Forex Overview : 22/05/2012
Fundamental Analysis
EUR
"Inevitably there is going to be an element of bargain hunting as investors look to top up their holdings on the basis of slightly lower prices"
- Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers
European stocks edged higher on Monday on China’s pledge to boost growth.
USD
"Equity prices have gotten oversold"
- Mark Luschini, chief investment strategist for Janney Montgomery Scott LLC
U.S. equity market edged higher on Monday on China stimulus hopes and after German and French officials said they would cooperate to keep Greece in the monetary union.
GBP
"Obviously, as the euro depreciates, the U.K. gets slightly more expensive"
- Miles Shipside, Rightmove commercial director
U.K. national house prices stagnated in March, announced the ...
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