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As The Australian DollarTitle:
Euro steadies vs dollar as focus shifts to EU summit
(Reuters) - The euro steadied against the dollar on Tuesday as its rebound from a recent four-month low stalled, although traders said selling was likely to be limited in the run-up to an informal meeting of European leaders this week.
Many in the market were skeptical policymakers could agree measures to help tackle the euro zone debt crisis and soothe concerns about Greek political turmoil and weakness in the Spanish banking system.
But with speculators' short euro positions at a record high, traders were wary of the potential for a squeeze higher on any signs of progress at Wednesday's meeting.
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SunBirdFX Daily Market Analysis : 05/22/2012
www.sunbirdfx.com
Wall Street opened the trading week with the expected short-squeeze that launched NASDAQ 2.4%, mainly because of Apple. The short-positions holders decided to realize their investments and take profits, as the buyers took advantage of that for gaining profits by opening long positions. This momentum might continue in the next few days, and in this point, it is important to remember that the previous bearish session ended with a sharp bullish day, and this might be the signal for this possible turnover. However, it is too soon to know whether the stocks have stopped falling or not and we need to wait few more days.
AUD/USD
The recovery of the US stock markets weakened the USD against most of the currencies, which might start a correcting session against the USD. The ...
Title:
Euro rebound stalls, focus shifts to EU summit
(Reuters) - The euro's rebound from four-month lows stalled on Tuesday, failing to break above technical resistance, though traders said selling could be limited at least until an informal meeting of European leaders this week.
Traders have been reducing their massive bets against the common currency in the past couple of days, taking note of prospects - however slender - that EU leaders may agree measures to bolster investor confidence in the euro zone on Wednesday.
With speculators' short positions on the euro at a record high, traders were wary of the potential for short-squeeze, despite worries about stability of the banking system in Spain and political gridlock in Greece.
"If someone is selling the euro now, I would rather use that as a chance to take profits (from euro short ...
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Inertia Will Sink The Euro Again
The G8 Summit achieved very little in public which was no real surprise, but there was also an apparent lack of urgency surrounding the Euro-zone situation which was a much greater surprise given a sharp deterioration in the financial sector last week. Where was the urgency for fresh action to help support the Euro banking sector? The absence must surely indicate that Euro-zone and G8 leaders, while paying lip-service to the current strategy, have effectively moved on and are actively planning the next stage of the crisis.
Fear is likely to dominate in the short term and this is likely to keep strong defensive demand for the dollar and yen. In these circumstances, there is no real chance of a sustained Euro rally with 2012 lows likely to be seen. Bond markets will be watched very closely ...
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Euro bounces off 4-month low, but remains under pressure
(Reuters) - The euro extended its rebound from last week's four-month low on Monday but investors remained concerned over financial turmoil in Greece and Spain, drawing little comfort from a broad G8 pledge to take steps to fight the euro zone's debt crisis.
The common currency rose on short-covering after speculators piled up a record amount of bets against it, according to data from a U.S. financial watchdog released late last week.
"We are entering a consolidation phase with regard to the euro. It will not be known for a while whether Greece will stay in the euro or not with a Greek election a few weeks away," said Minori Uchida, chief analyst at the Bank of Tokyo-Mitsubishi UFJ.
"The market may show some minor reaction to Greek opinion polls... but it is hard to sell the euro in ...
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Bad Week for Loonie in Spite of Some Good News
The Canadian dollar had a pretty bad week as talks about the European debt crisis plagued the Forex market, driving traders away from riskier commodity currencies.
Fears that Greece would exit the eurozone and that the crisis is spreading to Spain hammered the loonie, as the Canadian currency is usually nicknamed. Domestic fundamentals were actually good for the currency. Manufacturing sales climbed 1.9 percent in March and consumer price inflation was 0.4 percent in April. Economists believe that Canada would the first country from the Group of Eight to raise its interest rates. The loonie is likely to strengthen then, but for now the currency remains depressed.
The Canadian dollar posted losses against the greenback each day of this week. The currency was flat one day against the yen, ...
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Speculators dollar longs hit 4-year high: CFTC
Currency speculators increased bets in favor of the U.S. dollar to the highest level since at least mid-2008, according to data from the Commodity Futures Trading Commission released on Friday.
The value of the dollar's net long position rose to $28.52 billion in the week ended May 15, from $20.95 billion the previous week.
Short euro positions climbed to 173,869 contracts, the highest on record, from 143,984 a week earlier.
The euro zone common currency has sold off in recent weeks as concerns about Spain's banking system and political chaos in Greece threw doubts on whether Europe can commit to austerity plans crucial to tackling the region's debt crisis.
The euro hit a 4 month low of $1.2640 on Friday.
To be short a currency is to bet it will decline in value, while being long is a ...
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Euro zone fears propel dollar, global shares in red for year
The U.S. dollar climbed, world shares fell and German borrowing costs hit record lows on Friday as a deepening Spanish banking crisis, uncertainty about Greece's future in the euro zone and lackluster U.S. data provoked a rush for safe-haven assets.
World stocks, as measured by the MSCI index, .MIWD00000PUS dropped 0.85 percent and are now below where they began the year, having relinquished all their first quarter gains which were fuelled by the European Central Bank's creation of more than a trillion euros of three-year money.
That rally is now a distant memory as an ugly week for stock markets looked likely to end even uglier.
Across the board, riskier assets from commodities such as gold and oil and currencies like the euro and the Australian dollar were all heading for big weekly ...
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Euro at four month low against dollar as crisis spins
The euro hit a four-month low against the dollar and 3-1/2 month trough versus the yen on Friday as concerns about a chaotic Greek exit from the euro zone and instability in the Spanish banking system fuelled demand for safer currencies.
Investors were reluctant to buy riskier assets after Moody's cut the credit ratings of 16 Spanish banks on Thursday. Fellow ratings agency Fitch downgraded Greece deeper into junk territory.
The euro tumbled to $1.2642, within sight its 2012 low of $1.2624. It has shed 4.1 percent against the dollar so far in May, while demand for the highly liquid dollar pushed it up 0.3 percent against a basket of currency .DXY on the day to a four-month peak of 81.758.
Against the yen, the euro fell to 100.219 yen, its lowest level since early February.
Many ...
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